Ladies and gentlemen, good day. Welcome to the Q4 FY 2026 and FY 2026 earnings call of National Aluminium Company Limited, NALCO Conference Call hosted by Systematix. 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 touchtone phone. I now hand the conference over to Ms. Shweta Dikshit from Systematix Group. Thank you, and over to you, Mrs. Dikshit. Thank you. Good evening, everyone. On behalf of Systematix, we welcome you to this Q4 FY 2026 and FY 2026 Earnings Conference call of National Aluminium Company Limited. I would like to thank the management for giving us the opportunity to host this call. I now hand over to Mr. Bharat Kumar Sahu, Company Secretary, NALCO, to discuss the company's financial and operational performance. Over to you, sir. Thank you, Shweta ma'am. Namaskar. Good evening. Greetings from National Aluminium Company Limited. On behalf of NALCO collective and specially from NALCO Board, let me welcome all esteemed investors, analysts, fund houses to this earning call hosted by Systematix Group. Today is a historic day for NALCO. The Board of Directors have approved the financial statements for the financial year 2025-2026, registering the best ever performance in every fronts. We have our CMD, Shri Brijendra Pratap Singh, along with our other functional directors, Director Production, Shri Pankaj Kumar Sharma, Director P&TS, Jagdish Arora, Director of HR, Dr. Tapas Kumar Pattanayak, Director Finance, Sri Abhay Kumar Behuria, and Director Commercial, Sri Anil Kumar Singh, is in this conference call. Presentation on this Q4 and FY 2026 is already uploaded with the stock exchanges as well as in the company's website. I hope Systematix Group must have also circulated it to all our esteemed investors. Now I request our CMD, sir, to kindly highlight the results and also the outlook of the company. Over to you, sir. Good evening. Good evening to everyone connected over VC. All our directors are present here in this our boardroom, and our Company Secretary, Bharat Sahu. Everyone connected through VC along with the Systematix Group. Our today, we have declared our results and with a very robust performance of the company, I would like to deliberate on the highlights of the. I would like to deliberate on the highlights, achievements of the organization. This year, we have done best ever physical performance in all the areas. Bauxite excavation, alumina hydrate production, calcined alumina production, metal production, net power generation, wind power generation. All the areas, the growth is there compared to 2025, the actual production of 2024, 2025. Bauxite production around 6% growth. Hydrate and calcined alumina production around 11.5% growth. Cast metal production around 2.61% growth. Coal production from our Utkal coal block around 41.84% growth. Power generation from our power units, 4.7% growth. Wind power around 9.25% growth. Along with that, our sales performance also have been robust. We have done best ever sales, both in terms of alumina and metal, aluminium metal. Alumina sales has grown by around 30.74% and metal sales, that is aluminium sales, has grown by around 2.8%. All the physical performances in all areas and sales performance has been ever best. Backed by this performance, our financials also, we have done best ever financial performance this year. Last year we had best ever in 2024, 2025, and we have surpassed those figures. Revenue from operation in the year 2024, 2025 was INR 16,788 crores, which has gone up to around INR 17,843 crores, a growth of around 6.28%. EBITDA has grown from INR 7,922 crore to INR 8,613 crore, around 8.72% growth. Profit before tax from INR 7,135 crore to INR 7,767 crore, around 8.86% growth. PAT from INR 5,325 to INR 5,816, around 9.22%. All these financials are also ever best. All this achievement, what we have done, the two major reasons of this achievement were dedicated and hard work of each and every employees, support of our stakeholders, support of our ministries and government. Our physical performance was best ever physical performance. We have improved not only on the volume, we have improved on the technoeconomy figures also, like caustic soda consumption, CPC consumption, furnace oil consumption, all these areas also lot of savings we have done. With increase in volumes, increase in our efficiencies, we have increased our profitability in spite of reduction in the alumina prices. The alumina prices, if you see, year on year, around more than $200 it has gone down. In the year 2024, 2025, average alumina realization was around $580, which has come down to around $370 this year. Of course, in metal side, the average realization has increased from around $2,550 to around $2,700 US dollars. Major highlight is that we have been able to tap our potential, reach to the fullest capacity of our potential with a good improvement in our techno-economic figures. Thank you. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may please press star and one on the 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 will wait for a moment while the question queue assembles. The first question is from the line of Aditya Welekar from Axis Securities. Please go ahead. Yeah, thanks for the opportunity and congrats for the great set of numbers. Just wanted to understand on alumina front, if you can throw any guidance on FY 2027 production and sales volume, both on alumina and aluminum. FY 2027, if you see, our target is our 5th stream refinery is coming. We are planning to add, because that commissioning will start in June and maybe take three, four months to reach to the production level. This year we are planning, optimistic planning we have done of 2 lakh tons. Around 25 lakh tons of alumina production and sales we are planning. That is around 2 lakhs more than the previous year. If it will further increase as far as the commissioning process goes. As far as the metal production is concerned, metal production again, we have targeted more than this year, slightly more, because we have already reached to the upper limit. Our capacity is 4.6 lakh. Last year we have done around 4.71 lakhs tons of metal production. This year we have planned around 4.73 lakhs tons of metal production. Both areas in alumina and metal, we have looked for the growth. What is our exposure to Middle East in terms of alumina exports? is there any impact of on the sales volume next year? Our alumina export to the Middle East, of course, that was going earlier, in the previous years, lot of around 40%-50% of our export was going to Middle East, which has got affected. Now, from Indonesia and other places also orders are there. Of course, that has resulted into the reduction in the spot prices. The spot prices has gone down to as low as around $310-$305. That is the effect of the war. Once this smelters of the Middle East, the Middle East smelters, the production curtailment is there. Till they reach to the fullest capacity, there will be effect on the alumina pricing and the spot prices. In terms of volumes, any impact on sales volume because of this disruption there? Sales volume till now, no. Our volumes, whatever spot tender we are doing, we are getting the orders. In fact, in our last 10 spot tender, we got the order of around 36 orders we are getting. We are trying to increase our presence in the domestic market also. Like last two, around 2025, 2024, 2025, our domestic sales was 40,000 tons. This year, 2025, 2026, we have done around 140,000. We have increased the volumes of in domestic sales by around 100,000. This year again, we are targeting to further increase, go to around 2.5-3 lakhs, I think, or something like that. We are targeting domestic market to further increase the volumes, and we are trying to have some long-term relationships, long-term engagement with smelter manufacturer across the globe so that we have the comfortability of selling aluminum to the smelters. Okay. Got it, sir. Thank you. I'll get back to the queue. Thank you. The next question is from the line of Manav Gogia from YES Securities Limited. Please go ahead. Hello. Yes. A very good evening and thank you for the opportunity. First of all, congratulations for the strong year that you've had. One question follow-up from the previous participant. Could you give me the average alumina realization price for the quarter? How is it shaping up in Q1? Quarter means which quarter you are asking? For Q4, what were the average alumina realizations and how is Q1 looking? Q4 2025 -- Q4 2025, 2026. Yes. Q4 2025, 2026 average realization was somewhere around INR 3,000. Alumina. Alumina you are talking or aluminum? Alumina. Alumina, the chemical product. Alumina. Yes. Alumina it is $348. $348 was there in Q4. Okay. How is Q1 looking? Q1 it was INR 460. No, Q1, this Q1. Q1, this one. Yes, Q1 right now. It will go down, further go down. It is around INR 320 average we are getting now. Okay. Okay, got it. Okay, sir. Sir, just one question. Are we, you know, because our aluminum prices are quite strong, are we putting any hedges in place or it's going to be directly linked to LME, how we have been doing till now for aluminum? No. No. Hedging we are not doing. It's directly linked to LME. Since LME is on the rise, that's why we don't require to do any kind of hedging. Okay. Got it. For volumes, for alumina, you just stated that, you know, we are going to be doing incremental 2 lakh tons from the new refinery. Earlier, we were targeting, you know, 50% utilization, then we had got it down to 30%. Now we are sort of at a 20%-25% utilization. I mean, are we expecting some delays or, how should we look at it? In fact, not delays. We were expecting by June. Yeah, some delays will be there because we were expecting that by June we will be completing the total production commissioning process. In June we are starting the commissioning process, it may take two, three months to complete it. 2 lakh is a very optimistic figure which we are targeting. Maybe it can further go up if the commissioning process is completed early. Okay. Sir, my second question would be, you know, where are we in the process for the new aluminum smelter, and how should we take a look at the CapEx number going ahead for the next two, three years now? The new aluminum smelter already, we have placed the order for making DPR for both smelter and our power plant. The preparation of DPR is under progress. Technology license are already we are appointing. Our target is by this month, this year, maybe September, October, we will be, August, September, we will be able to complete the DPR, get the board approval, and start the tendering process for procurement, which will take six to seven months. Means next month, next year, April, May, we can complete that ordering and start the actual groundwork. It will take around three and a half years from there. Our target is by December 2030 or maybe early 2031 to complete the overall commissioning. Oh, okay. Got it. How does the CapEx number look for 2027 and 2028, and where can we see the CapEx, you know, peaking out? CapEx, this year the CapEx will not come. 2027, 2028, the CapEx will start coming once the ordering is done. CapEx for phasing, how much have we done? 2027, 2028, it will increase 2,000 more. Around CapEx will be around INR 4,000 crore. This year we are targeting around INR 1,800 crore-INR 2,000 crore. That is 2026, 2027. 2027, 2028, it will go to INR 4,000 crore, somewhere around INR 4,000 crore. Similar kind of CapEx, it will further increase, I think. It will further increase. Further increase because our total investment will be around, both if you see power plant and this will be around, somewhere around INR 30,000. That will be phased out in around three to four years from next year onwards, that is 2027, 2028 onwards. Maybe first year will be around INR 4,000- INR 5,000. Next year it will further go to around INR 8,000- INR 10,000. 2028, 2029, and 2029, 2030 will peak out. Will peak out to around INR 8,000- INR10,000 somewhere like that. Oh, Okay. We got it. Thank you so much, sir. All the very best. I'll join back the queue. Thank you. Thank you. The next question is from the line of Bhagwat Mishra from HSBC. Please go ahead. Thank you very much, sir. First of all, can you give us the alumina and aluminum cost of production in the Q4, and what will it be today at Q1 given the cost inflation that we are seeing? If you see the cost of production of our alumina and aluminum, alumina our cost varies from INR 20,000- INR 22,000 in between. Okay? If you are talking about the aluminum, it is INR 155,000- INR 160,000. That is right. The Q1, the cost will not increase much. Though there is some increase in the input cost, since our employees costs are getting down because of the high paid employees are getting retired and we are recruiting a new one. Whatever extra cost we are incurring in the input cost, that will be set off by our fixed cost, reduction in fixed cost, employees cost, power and fuel. There will be much hike in the cost. It will be varies with that variance only, within INR 160,000. Sir, that's very good to hear. Do you expect that trend to continue in the Q2 as well? Because we are seeing caustic and fuel oil and carbon prices all rise very sharply. We are expecting that. Suppose there is increase in the caustic and pitch, CT pitch, but we are going to increase coal supply from our captive mines. Our captive mines, Utkal D and E, that will give some comfort. Whatever cost we'll be incurring, our cost and the input cost outside FOA, that will be, to great extent will be compensated the reduction of the power cost, coal cost from our captive mines. Because in the next year, we are going to increase production by 8 lakh more. That comfort we'll be getting. Got it. My second question is that, the Japan aluminum premiums have risen very sharply from just around $100 to nearly $300 per ton. For NALCO's aluminum sales, what were the premiums that the company realized in Q4, and what do you think will be realized now? On what? Metal. Premium metal. Metal. We have a pricing policy. We don't change it frequently, the premium part. We have a mechanism of pricing calculation, and we have fixed the premium, I think six, seven months back. That pattern we are following. It is linked to the LME, so we don't change our premium frequently because that is a transparency policy we are following, so that gives a very confident to all of our stakeholders. We don't link it to the Japan premium regularly. It is fixed. I think last year it was fixed, and that is continuing. We don't change it. Do you expect to revise it anytime soon, sir, given that the premiums have risen very sharply across Asia? Maybe within a month or two, we'll be going for some export tender, and whatever premium we'll be getting there. Our system is ki we go for export tender in, within every six months, something like that. Whatever premium we are getting, that we adopt for next six months. We'll be going for export tender, and whatever premium we get, then we will include in our pricing policy. Got it. Got it. Thank you very much, sir. This is very, very helpful. Thank you. The next question is from the line of Pallav Agarwal from Antique Stock Broking. Please go ahead. Good evening, sir. Just a question on, you know, you mentioned about, you know, sir, the employee costs coming down. In this particular quarter, we've seen, you know, almost a 13% increase year-over-year and a 26% sequential increase compared to 3rd quarter. Is there any one-off or any gratuity provision that was there in this quarter? You're telling quarter to quarter? Yeah, employee costs. Employee cost overall. Yeah. Year to year it has gone down. 18%-16%. Year-over-year, if you see, it has gone down as compared to the INR 425. Last year. Financial year, it has gone down by around INR 65 crores, employee cost. We have retirement of around 351 people, and we have inducted around 358. Whatever retirement was in the higher pay scale and the induction is in the lower pay scale. If you compare the quarter to quarter, it will not give you the right picture. Some of the provision is being made at the end of the year. Actuary valuation, everything. If you see the overall, 2024, 2025 and 2025, 2026, there is a reduction of 2%. Yeah. 2024, 2025, our employee cost, composition of total expenditure, it was 18%, and this year it is 16%. Sure, sir. We expect this to continue, right? In FY 2027 also we don't see a material increase. I think, it will continue. FY 2027 also further, superannuation is by around 250 number. INR 250. Our recruitment will be also similar kind of thing. Superannuating staff is always on the higher pay scale, and the people joining are on the lower pay scale. Similar kind of savings will be there. Sure, sir. On the other expenses, you know, again, maybe because of Q4, you know, there's been a significant increase on a year-over-year basis at about INR 850 crores. Again, is it some year-end provision, which will probably normalize going ahead? Which one? Other expenses, sir. It's about INR 850 crores for this quarter. Other expenditure, actually, we have made some extra provision only because of some statutory reason. Our red mud pond one. There is a statutory provision that after you utilize that red mud pond, you have to give a complete cover of that, which is green and everything. That we have made a provision of around INR 40 crore for that. Second additional provision we have made for our fly ash utilization. Because the nearby area where we are used to dump our fly ash, that has been exhausted, and we have to transport a further distance. We have made a provision of transportation cost. That has, I think we have kept INR 54 crore additional. These are the expenditure we have taken in the fourth quarter. That's why there is some additional impact. Okay. That is a provision, not the cash expenditure. That is only provision. Sure, sir. Also, sir, what was the CapEx that we actually incurred in FY 2026? FY? 2026. This year. FY 2026 CapEx around INR 2,000, INR 2,000 crores. INR 2,000 plus, 8 crores, I think. Sure, sir. Our target was INR 1,700, but we have exceeded by almost INR 400 crore more. Sure, sir. Just lastly, you know, you know, coming back to the alumina pricing scenario. I think you had earlier mentioned that Indonesia, the smelters were delayed, but the alumina refineries had come on stream, so there was a pressure on pricing. You know, by when do you expect this to probably normalize and the smelting capacity, you know, to start operation in Indonesia? Indonesia's smelting capacity is going to start this financial year-end, some of the smelting capacities. In spite of that, their refineries capacities are on the higher side. There will be an excess of alumina in the market every time, this year or maybe next year. With this, some of the smelters in the Middle East going down, and their revival itself will take around seven to eight months or maybe one year. This year, this financial year, there will be an excess of alumina in the market, and the pressure on the pricing will be there. I think in the Middle East there was some alumina refinery capacity also. Is there any impact on that or that is operating at normal levels right now? The refining capacity is less than their smelting. They were importing the alumina. Refinery, as of now, we don't have any update on the refining capacities, whether it has any effect on that. Smelters, three smelters, Qatalum in Qatar and EGA, Dubai Aluminium, and one more smelter has got affected and they re-reduced the production by around 50%. That's why their overall alumina consumption has gone down. Okay. Thank you so much. Thank you. The next question is from the line of N. Modi, an individual investor. Please go ahead. Yes, sir. Thank you, sir. At what percentage of this coal and caustic soda we are able to produce, sir? Capital. What percentage of coal? Yes, sir. Our overall- What percentage requirement, sir? Coal and caustic soda. Overall coal requirement is around 7.2 million tons. Out of that, last year we have produced our own Utkal Mines has produced around 4 million tons. This year we are targeting 4.8 million tons. That is the our in-house coal production. Okay. Out of 7.2, 4.8 this year we'll be producing. Okay. As far as caustic soda is concerned, around 50% of our total requirement is produced in our JV, that is, in GNAL. Yes, sir. Balance we are procuring from outside, sir? Rest caustic soda we are procuring from outside, and coal maybe around 2.5 to 2.7 million tons. We source from MCL through our linkage route. Okay. Fuel supply agreement route. Right, sir. Sir, one more thing, sir. This price of caustic soda has gone up now, na, during last two, three months? Yes. Yes. Yes. The cost of caustic soda has gone up. It has gone up by how much? The caustic soda, if you compare the last year average, it was beginning of the year it was around INR 38,000. The 2025, 2026 average cost is around INR 42,000. First quarter we are expecting INR 45,000. Months, for from INR 42,000- INR 45,000 it has gone. Yes. Six months. Yes. Right. Okay, sir. Thank you. Thank you. Thank you. The next question is from the line of Vikash Singh from ICICI Securities. Please go ahead. Hi, sir. Good evening. Thank you for the opportunity. Sir, my first question pertains to your previous remarks that you said coal would be 4.8 million tons from the captive sources next year. Have you received the EC clearance? As far as we are concerned, I think we had 4 million tons of EC. That is almost under process, and we are very much sure that next coming three, four months we will get it. Okay, sir. Second question pertains to are there rare earth lithium projects which we are about to take off. Anything happened in Kabel or any other segments or any progress there? If you could give us some idea. We are not getting you. You are not clearly audible. Just if you can repeat your question? I'll repeat myself, sir. Regarding there was a lot of news of us about this exploring the rare earth and critical mineral access as well. Apart from the Kabel Argentina mine, have we scouted or zeroed down on anything else? Apart from Kabel, we have taken two, three projects. Gallium recovery is one out of we have let you know. In rare earth and critical mineral, we have a huge amount of red mud lying with us, There some projects we have taken it up. In coming times, there are some visibility that we'll be getting some valuable item from this. Presently these all are at pilot scale level. It will take another two, three years to firmly decide upon the value which we will get out of this. In some of the projects, like gallium extraction project, we are at advanced stage of putting up a pilot plant and we'll get the first site of extracting and putting up a gallium plant down the line after two, three years. Okay, sir. Just lastly, when we'll be starting spending CapEx on the 500,000 ton aluminum smelter, when we can expect that project to take off and the CapEx to start going in? That will happen to be. CapEx will start in 2027, that will be star1ting of the CapEx. The main CapEx cycle will start in 2028, 2029, and 2029, 2030 will be the peak CapEx cycle, and we'll be completing it by 2030 or 2031, H1. We'll be starting in 2027 and three years we'll be completing our overhaul maintenance. Okay. What could the FY 2027 and 2028 CapEx figure if we need to build in in our estimates? For 0.5 million ton, it will be around INR 18,000 crore. No, 2027, 2028 he's asking. 2027, 2028 capacity will be around INR 4,000 core. Around INR 4,000 to INR 5,000 crore will be 2027, 2028. After that, the capacity will further increase. Next three years, it will go to around INR 8,000 -INR 10,000 crore. Smelter will come with a power plant also. 270 into 4MW power plant also is there. CapEx will be considering, both of the projects. Okay. Majorly INR 4,000 crore, majorly for the smelting plant in FY 2027. Is that a correct assumption? Yes. Yes. That's all from me. All the best for you. Thank you. Next question is from the line of Sumangal Nevatia from Kotak Securities. Please go ahead. Yeah, thank you for the chance. I got disconnected, so please excuse if it's already discussed. My first question is on coal. Can you just remind us what was the captive coal production for FY 2026 and for 2027, what is the expectation? Then the remaining coal, which is roughly around 3 odd million tons, which we are buying from Coal India. If you could just share what is the mix between linkage and eAuction. As far as our coal production, FY 2026, we have done 4 million ton and 4.8 million ton. Rest of the coal, we are taking through FSA linkage route from Coal India. eAuction, very less quantity we are taking. I think out of the total quantity, around 10%, 15% only we are taking from eAuction route out of the remaining around 2.5, 2.6 million ton. Rest we are taking through linkage route. Okay. Roughly what would be the cost difference between linkage, eAuction and captive coal? Between our captive and linkage coal, the difference is around INR 300. INR 200-INR 300 per ton. In captive to linkage, if you see it, like captive to eAuction, it will be around maybe INR 600-INR 700, no? 600-700. Uh, our... Yes, sir. In 2025, 2026, our linkage coal cost is around INR 1,800 and our captive coal is INR 1,500. INR 300 difference between captive and linkage. eAuction. eAuction coal is slightly higher. Around INR 2,100. Yes, INR 2,100. It will be around INR 600 difference with eAuction. eAuction, very less quantity we are taking. Around only 10%-15% of the total requirement. Especially for Damanjodi we are taking to eAuction. Understood. That's very clear. Second, on the employee cost, can you guide us for next one or two years, what is your expectation? What is the employee count currently? What is the retirement expectation over the next few years? On an average, yearly retirement is around 250 members will be retiring next four, five years. Our recruitment this year will be doing around maybe 200, 250 recruitment this year. Next year, we'll see as per our requirement we'll do. The employee cost will go down because the retiring people are in a very high scale of basic DA they are in. That will further go down because you see this year our overall employee cost was around INR 1,721 crores overall expenditure on employee. Last year it was INR 786.65 crores we have saved on employee cost. It is coming overall 10% of the overall expenditure. It will slightly reduce. Slightly reduce. What is the count today? Around INR 4,600? Strength. Strength is around 40- 49, 48. 48, 80 something. Sorry, 48? 480. INR 4,880. INR 4,880. Okay. We were expecting the similar around INR 300-INR 400 reduction, recruitment of 200 odd, year on year there's no change. Last year also, whatever number I have, it's around INR 4,800. Yes. Similar kind of thing. The people retiring and similar kind of people we are recruiting, same number. Our fifth stream which is coming, since we are going for expansion, the fifth stream which is coming, for that we'll be requiring an additional manpower of around maybe. INR 200. INR 20-INR 250, for which our recruitment process has started. That, in that area, since our volumes will also be increasing, some additional manpower will be required there. Okay. The pay commission impact, when do we start seeing that? What is the estimate? Pay commission impact will start from January 2027. 2027. There will be some impact on. Last quarter. In the last quarter of this fiscal and, from next. Onwards Financial onwards. Average increase will be 10%-15%. If you see the overall cost, because our volume will increase. If you see the per ton of cost, it will be coming down. Though the absolute figure will may go up, but per ton cost will be coming down because of our volume. Okay. Roughly around INR 2,000 odd crores is what we can expect from FY 2028. FY 2027, 2028 year, now it is INR 1,700, it may. Yes, yes. INR 100 crore may additional cost. 15%. Yeah, 15%. Got it. All right. Thank you and all the best. Thank you. Thank you. The next question is from the line of Darshan Mehta from Dolat Capital. Please go ahead. Mr. Darshan Mehta, please go ahead with your question. Your line is unmuted. Mr. Mehta, can you please proceed ahead with your question? As there is no response, we will move to the next question, which is from the line of Nausher Kohli from Systematix. Please go ahead. Yeah. Very good evening, sir. Thank you for giving the opportunity. Sir, I have the questions on chemical segment. If you see the revenue of Q4, it is 12% decline from INR 7,600 crore to INR 6,694 crore. I want to know what are the main primary factors this happened and when the situation will normalize. Going further, how do you see the volume and realization on this segment? You are talking about reduction in the revenue from chemical sector, na? Yeah, revenue and margin both. Yes. Chemical sector, you see, our prices has gone down by around $219 compared to last financial year. Okay. less revenue of around INR 2,659 crores. Okay. Amount of loss we have suffered due to reduction in the spot prices. We have compensated it by increasing the volume. We have sold around 3.4 lakh tons of excess of alumina by increasing our volume production, which I have told earlier also that we are targeting to increase the volumes. We have increased the volume of around production by around 2.5 lakh to 3 lakh tons. It has given us additional a favorable impact of around INR 1,714 crore. Net adverse impact of alumina is around INR 784 crore only, in spite of INR 2,660 crore of adverse impact due to pricing. Okay. Yeah. Thank you, sir. Thank you. The next question is from the line of Akshay Ajmera from Nuvama Securities. Please go ahead. Thank you for the opportunity and congratulations on a very good set of numbers, sir. Sir, what would be your view on the alumina prices going forward, looking at the amount of surplus that is available due to shutdown of some of the smelter in Middle East, etc.? Do you think that it's now at the bottom, or do you see still scope of the prices going down? That's number one. Also similar outlook on the prices of aluminum. Yeah. As far as alumina prices are concerned, it's almost on the bottom. We are, whatever spot, tenders we are doing, we are getting the price of around $310, $310-$320. In few tenders, we are getting $330 or $336 also. What we are expecting this fiscal, this financial year, it will be somewhere around in between $300-$310 average alumina pricing will be there. Metal pricing, of course, at present it is at the peak around maybe, $3,600 LME is there. We are expecting that it should be somewhere around, average if we see the average of the total year, somewhere around $3,000 it will come down once the wars are over and all that, the situation normalizes. Somewhere around 3,000 because already the demand supply gap will be there. We expect that it will be LME somewhere around 3,000 average we will be getting. All right, sir. As you have mentioned that our prices are linked to LME and we do not do more frequent revision in our prices. Can we assume that it is basically some sort of a long-term arrangement? It's not a long-term arrangement because LME keeps on changing. Every three days we keep on changing our price as per the variation of the LME is there. The premium, we do the export tenders. Every six months we do the export tenders. In between also sometimes we do. Depending on the whatever the premium we are getting on the export tender, we fix up the premium. Alumina is fixed. So, so how much- Alumina is fixed. How much would be spot and how much would be long-term contract, in alumina and aluminum both? Alumina, most of our alumina is going on spot tenders. Okay. Every month four shipments we are doing on spot. We have done some, a few of the tenders on the long term, that is three month and four, six month tender also. Now at present we don't have long term because since the pricing is very low, we are not going for the long term now. We are only relying on the spot tenders. Once the prices slightly stabilizes, these war situations are over, we'll try from some long-term contract also. Are we on track with our expansion plan for alumina and aluminum? Alumina fifth stream expansion, our target was, June we will start the commissioning. June we will be starting the commissioning. commissioning process takes three to four months because it's a chemical plant, process plant to stabilize the production and reach to the 50%, 60% of the rated capacity. As far as as of now, we are on track. Maybe one or two months delays we are expecting, depending on the what happens when we start the commissioning process. That was helpful, sir. Lastly, we have also mentioned in our results that the board has decided to discontinue the Utkarsh JV with Mishra Dhatu Nigam. Are there any plans for going in value-added products? Because earlier it was emphasized that we will be going into value-added products in defense and aerospace and like that. What would be the plans going ahead? How much would be the CapEx be taking that? Actually, Utkarsh JV was made, and that basically at that time the forecast was that the growth in the transportation sector will be there. Of course, different sector requirement was there, but different sector requirement was very less. The kind of capex involvement was there, around INR 4,500 crore-INR 5,000 crore capex was required for that. As of now, the requirement in the transportation sector has not grown like that. That's why it is not looking that much favorable. Even the IRR with the capex investment was coming negative. That's why we are not going ahead with that. As of our existing plant is concerned, we are going for one more wire rod mill to increase our wire rod production. Wire rod also we consider as a value-added. The new wire rod mill will be producing more of a alloy grade wire rods and good quality wire rods. Around 60,000 tons of wire rod mill we are going in. It will take around two years. Our flat product, rolled product plants, we are adding a muffle annealing furnace. That will increase the production from our rolled plant. Rolled plant on an average we are doing around 2,000 per month. We are targeting from this year onwards around 2,400-2,500 tons per month. That will again be a value-added. These are the two areas where we are working to increase our value-added presence in the existing operation. Of course, in our expansions, we will be targeting more of a value-added. That is wire rods, maybe some rolled products or maybe billets, something like that. That was really helpful, sir. Thank you so much and wish you all the best. Thank you. Thank you. The next question is from the line of Jai Thakur from SHL Capital. Please go ahead. Hi, sir. I'd like to know, in the beginning you mentioned that your additional capacity in alumina would be 2 lakh tons. That was your optimistic approach, right? What would be your conservative approach? Nothing. I don't know. It's very difficult to tell. It depends on the commissioning process. Optimistic and conservative, 2 lakh is the minimum we are targeting. It can go to maybe 3 or 3.5 lakh also, depending on the commissioning process. Oh, okay. Okay. Got it. My other questions related to pricing were answered. Thank you very much and all the best. Thank you. Yes, ma'am. Disconnected, okay. Hello. Yeah. Yes, please. Yeah. Just a thank you. All the very best. Okay. Thank you. Thank you. Yes, sir. Yes, ma'am, any other questions? We are audible to you? Yes, sir. The next question is from the line of Rajesh Majumdar from 360 ONE Capital. Please go ahead. Good evening, sir, thanks for the opportunity. I actually missed out on the employee cost increase in FY 2028 on account of the pay commission. What is the percentage increase you said in FY 2028 will happen on the employee cost? Around 10%-15% increase in the employee cost will be there. That will be the impact of pay revision in between 10%-15%. It can be around 12%-13% also. Okay. Right. My second question was around alumina exports. What is the figure for the exports for the year? Because you have given the total aluminum, alumina hydrate sale of 14.46. What is the export figure and what is the domestic sale? If you see the export sales we have done, alumina export sales, we have. 1.38 is domestic. 1.38 is domestic and. So putting the- Export sales we have done around 13.09 lakh tons. Yes. Around 1.37 lakh tons of domestic sales. 1.37 lakh tons, is this calcined alumina or special grade? It is combined. Calcined and, hydrate, both. Okay. special grade alumina, what would be the production? Special grade is very less. We are producing around 15-20,000 annually. That much amount only is there. That is also included in this. Okay. In the new CapEx, there is no increase in the special grade production. It's all calcined alumina, right? No. Only calcined and hydrate will be there. Only hydrate. Yeah. Okay. Fine. So my last question was on the aluminium smelter and power plant. Initially, we had talked about putting the power plant in a kind of joint venture structure with NTPC or somebody like that. Now are we doing it on our own entirely? Is it gonna be the full CapEx to be borne by NALCO or there's no joint venture anymore? Already we are into agreement with Neyveli Lignite Corporation. We have signed an MoU with them. We are in the advanced stage of negotiation with them, with Neyveli Lignite Corporation for forming a JV company in which 50/50 partnership will be there. Because Neyveli Lignite has got a coal mines here in Talcher, and that will be very near to our CPP. We will be having a coal security also for our expansion. Now we are in the advanced stage of forming a JV company. The entire CapEx is not going to be borne by NALCO. Yeah, yeah. The CapEx will get, yeah, 50 shared by both the JV companies. Right, sir. CPP. Yeah. CPP. Just one last question, sir, if I could squeeze in. If on the bauxite royalty, if I look at the other expenses sheet, the figure on royalty has varied a lot. In the COVID year it was, like, below INR 200 per ton, and then, like, now in the after COVID it was INR 600, and now it is somewhere around INR 300. What is the figure of the royalty, and what is the royalty charge on the new bauxite mines? Will there be any revision in the royalty on the old bauxite mines? No, no, royalty. Related to LME. No, no. Let me say. Royalty figure will changes, since the LME is high, royalty will be high for bauxite because it is calculated back calculation. So it is- It is not fixed. What is the percentage? Percentage of royalty? To LME, yes. Percentage is 0.56%, I think. It is calculated content of alumina in the bauxite. In that part it is calculated. It is coming around royalty per ton INR 450, INR 60. Currently it's coming around INR 400, but if LME increases. It will It will go further. Got it, sir. Got it. On the new mines also it's the same? See the quality is almost 42% alumina, and it is directly into LME, that's, it gives that percentage. On the new mines also the royalty will be same. Same. Okay. Thank you very much. Thank you. Thank you. The next question is from the line of Rakesh Roy from Omkara Capital Management. Please go ahead. Hi, sir. My first question regarding export market. Maybe I missed, sir. As you said to you, 40% to 50% of your export come from Middle East, sir? 40%-50% of export you are talking about chemical? Yes, sir. Yes, sir. Alumina. Alumina our like total sales last year was around INR 3.4 lakh. We have increased. Total sales, export we have done around INR 13 lakh, and domestic we have done around INR 137,000. Export sales is, domestic sales is almost around 10% of the export. How much is from Middle East, sir? Middle East, what I was telling earlier also, 45% - 50% used to go to Middle East. Maybe sometimes more also. Okay. Now it has gone down. What is the outlook for FY 2027 for, especially for Middle East export? This will come down further? It will depend on the war, when the war ends. It's very difficult to predict. If the war ends. Because now the route is also closed. Whatever route is there, whatever alumina was going, it is going through the Strait of Hormuz. That's why they have to take it through some road route. It's very difficult to predict now. Right, sir. My last question. As you say that, alumina price will come down again for $300-$310. Any impact on margin front? This will come down because Any impact on margins you are telling? Margins. Margins already, margins means already, compared to last year it has gone down. Because last year our average alumina price was in 2025, 2026 it was $376 average which we have got. In 2024, 2025. Okay. It was $570. This year we are targeting around, we are seeing, expecting that around $300-$310. Yes, sir. Sir, how much is go down any, as per your calculations? Sir, I think it will not affect the margin as a whole because if we not getting price in the alumina, but it is being compensated through metal price. Alumina. He is talking about alumina. Yeah, alumina to down, means it will come whole. NALCO overall, I think there will be no impact on the price front. No. NALCO advantage we are getting is from the metal. Agree, sir. Why I'm asking because as you say the aluminum price will come down near to INR 3,000. Alumina price will come down. Your alumina price will same down INR 3,000, alumina price will come down compared to last year. Overall margin will come down, na, sir? Overall margin will not go down. You see our overall revenues, around 70% of our revenues is coming from metal, that is aluminum. Yeah. 30% of our revenue. This year it went down to around, 2027. 27%. 73% from aluminum and 27% from alumina. We are getting better margins on aluminum, so it will not reduce it. In fact, it will increase our margins. Right, sir. Right, sir. sir. Right. Right, sir. Thank you, sir. Thank you. The next question is from the line of Ashish Kejriwal from Nuvama Wealth Management. Please go ahead. Yeah. Hi. Thank you for the opportunity. Quickly, a few questions from the raw material side. Are we seeing how much price increase in coal which we are buying from eAuction? What kind of price increase we have seen in last two, three months? two months, actually. eAuction actually very less quantity coal we are buying. Only suppose if we are buying around, we are taking coal from FSA route through Coal India, MCL, that is around 2.5 million tons. Out of that around 10%-15% only buying in the eAuction route. That is approximately INR 200-INR 300 more than the fuel supply agreement [Foreign language]. INR 300 more we are getting. Sir, actually in last two months, have we seen any increase in eAuction coal price in last two months? Two months, I think we have not done any. Last two months we have not done any. Recently we have gone for one. See, in eAuction coal, if you compare with the last year average price and current year, there is a reduction because it is a notified price plus some premium. The last year it was average cost to us is INR 2,700, and this year, 2025, 2026, it is INR 2,400 total. There is a trend of reduction of price if you compare with the previous year. Yeah, understood, sir. I was just looking at last two months because, you know, we have seen increase in your channel. Telling about, 2,000 item. Due to war situation, you are telling any increase in the. Yes. No, it is not increased. In fact, it is not increased because there is an excess of coal available also. The coal production capacity has increased. Evacuation is the main issue. Link, eAuction coal prices has not increased. Thank you. The next question is from the line of Kartikeya Pandey from 360 ONE Capital. Please go ahead. Hello, am I audible? Yes, sir. Yes, you are. Yes, sir. Most of my questions are answered. I just, sorry if I'm repeating the question again. Can you just briefly mention the CapEx number that you mentioned, I guess, to a participant before for when you are 2026, 2027, and then factoring for aluminum capacity? This year, that is 2026, 2027, we are targeting a CapEx of around INR 2,000 crores. Next year onwards, that is 2027, 2028, what I told earlier also, somewhere in between INR 4,000 crores-INR 5,000 crores. After that, the subsequently year it will further go up. That will be the peak time of smelter erection and all that. That will go to maybe INR 7,000 crores-INR 8,000 crores. In totality, it's INR 30,000 crores that you are saying. It is not 30. Actually, it is smelter is 17 to 18, our power plant is around 12. Since power plant we are going for JV, only 50%, maybe 5,000-6,000 we'll be requiring for that. It will come down to around 23-24. Okay. Thank you. Thank you. The next question is from the line of Vedant Sarda from Nirmal Bang Securities. Please go ahead. Thank you for the opportunity. Can you please give the aluminium realization for Q4 FY 2026 and the current realizations? Realization of? You are talking about alumina or metal? Aluminum metal. Metal. Aluminum average realization which currently which we are getting is around INR 3,600, aluminium, hovering. Now just because of war situation and all that, it has increased. What we are expecting it should be somewhere around INR 3,000 or INR 3,100 for the average throughout the year. Q4 realization, FY 2026 Q4? Q4 it was around $2,007 or $67 dollar. Q4 average, 2025, 2026. 2765. Hello? Yes, sir. 2,676. No, 2767. 2,767. 2767. Sir, you are expecting aluminum prices to come below INR 3,000 going forward in the financial year 2027? The average would be INR 3,000. It is currently hovering around INR 3,500, INR 3,600. Of course. This 2035, 2036 is a very escalated thing due to war situation because already some of the smelters are closed down, their capacities are reduced. Once the smelter come to the capacity, everything is normalized. That demand supply gap will further reduce. At that time, the alum may go down. Well, before this, smelter disruption, before this war, aluminum was hovering around INR 3,200-INR 3,300. That's why I was asking. Yes. That is optimistic, which we are thinking it can go down to maybe INR 3,000 also, but somewhere around INR 3,000-INR 3,100. Thank you, sir. Thank you so much. Sure. Thank you. The next question is from the line of Arjun from Chasing Lakshya Investment. Please go ahead. Hi, sir. Good evening, everyone. Congratulations on the robust quarter and annual performance. My question is in two parts. I'm sorry to interrupt you, Mr. Arjun. We are unable to hear you clearly. There is a lot of disturbance from your line. Mr. Arjun, can you please check? Hello? Mr. Arjun, can you hear us? As there is no response, we'll move to the next question, which is from the line of Darshan Mehta from Dolat Capital. Please go ahead. Mr. Mehta, please go ahead with your question. Your line is unmuted. Hello. Mr. Mehta, may we request you to please unmute yourself and proceed ahead with your question. As there is no response, we'll move to the next question, which is from the line of Saket Kapoor from Kapoor & Company. Please. Saket Kapoor. Saket Kapoor, please go ahead with your question. Hello. Yeah. Namaskar, sir. Hope I'm audible. yes. Namaskar. Yes, sir. Sir, firstly, if you could please explain the key reason in terms of our profitability taking a dip for the alumina segment year-on-year? If you could give us some color on what are the current price trends with respect to alumina? You see, as far as alumina is concerned, profitability, I told earlier also. This year, in alumina segment, our volumes has increased. Our volume has increased by around 3.4 lakh tons extra sales we have done compared to 2024, 2025. 2024, 2025, our production was 20.75 lakh tons. This year we have done around 23 lakh tons. This has given an advantage of around INR 1,714 crores. Of course, the prices have gone down. The prices have gone down from INR 595 average in 2024, 2025 to INR 376 average in 2025, 2026, which has resulted into negative impact of around INR 2,659 crores. Overall, if we see, the adverse impact is in alumina segment as compared to 2024, 2025 is around INR 784 crores. That is there because of reduction in the prices. We have also improved in the efficiencies like caustic soda consumption and all that. That has given some advantage of around INR 100-150 crores. Coming to this year, if you see this financial year, our volumes will be from existing refinery will be almost similar kind of volume because we have reached to the peak of around 23 lakh tons. Fifth stream, which is additional refinery, is coming. 2 lakh further will be added. Similar kind of figures with because prices will further go down. The prices of alumina, which is average, was $376 last year. That is 2025, 2026. will go down to around maybe $310 or $320. That will be having another financial impact of maybe around INR 1,000 or INR 1,200 crores. Okay. Sir, how are we penciling in this $310 mark? Have we contracted for the entire year in terms of that? Are the current spot prices hovering in those levels? How have we factored in the? Uh, current- Yes, sir. Current spot prices are at the level of $310, $320. Sometimes we are getting $330 also. Okay. The kind of situation which is there is an excess of alumina in the market. There is an excess of alumina from Indonesia. The requirement has gone down. That's why we are expecting the prices may not go up. Will be hovering somewhere around $310-$320. Okay. Sir, earlier there was a formula on the basis of the LME prices, say 12%-13%, correct me there, what the LME prices for aluminum. That was the price trend for alumina. Has that trend taken some hit back because of the availability of alumina or what should we factor in when we see? That is because of availability only. Okay. Earlier we have got in long term around 15%, 16%, 17% also of the LME. Now when we are going for long-term agreement, last long-term agreement, we got around. 11.5, 11%-11.5% only. The main reason is the excess of alumina in the market. Okay. Sir, for the metal part of aluminum, what are we penciling in in terms of the current year? There is a significant profitability shift when you look at the segment results towards the higher aluminum prices. What should investors penciling in in terms of the profitability from the aluminum segment with the type of price trends that we currently have, and also the incremental volume of the metal that we can produce and sell for the coming year? As far as the volumes are concerned, volumes, metal also we have reached to the peak because our capacity is 4.6 lakh. Last year we have done around 4.71 lakh tons of cast metal. This year we are targeting slightly more, that is maybe 2,000-3,000 more, but we have already peaked out. Volumes will be almost similar kind of volumes. LME, as of now, is on the higher side. That is $3,600 or maybe $3,550, it is there. Once the situation normalize, the smelters again start producing, the LME will come down surely, because now the supply is also not there from the Middle East to the other parts of European where from Middle East was going. That's why also they have reduced the production. LME will reduce to around maybe, it's very difficult to predict, but what we are thinking is somewhere around $3,000-$3,100. Okay. Sir, for the Q1, the quarter which is now in the month of April, what has been our average sales realization for the aluminum metal, and how much have we contracted for the remaining part of the quarter? This quarter, Q1, this month, our average realization is somewhere around INR 3,600, INR 3,550, INR 3,600 we are getting this month, that is April. May also we are expecting the first quarter will be good. First quarter we will be averaging around maybe INR 3,500. Okay. There will be a significant contribution from on the higher realization from the aluminum segment, whereas for the alumina part, we will be in the same vicinity of $310-$315. Right, right. Yes, sir. If the metal price, if you see our metal, average metal price for the last year, 2025, 2026, our profitability based on the average metal price is INR 2,674, the whole year average. If Shambhu Sir is telling that if our aluminum price varies from $3,000-$3,100 for this fiscal, 2026/2027, we'll be getting $400 more. That is a comfort zone we are expecting. Though there is some reduction in the alumina prices, we'll be getting that comfort in the metal price. If the whole year metal average price bears in the range of $3,000-$3,100. Okay, sir. Sir, just to model it out, the quarter four numbers is give us a base in terms of what we can expect, taking into account the current evolving situation. We should be setting this base of, say, 2,300 PBT number. That should not be trending lower if the cost component does not go higher. This understanding is correct on a? That is correct. Almost that is correct. If you produce that much of volume, we are expecting that profit of more than INR 2,000+ Q1. Because price is in our favor. On the volume front also, sir, we have said that we have already reached the peak in terms of both the alumina and the aluminum, whatever production or dispatches we can do. Going ahead, we are not going to see any incremental volume for the coming financial year? Advantage of any incremental volume. Financial year, whatever incremental will be coming from will be the additional fifth stream refinery. From the existing refinery, almost similar kind of volumes will be there. Okay. The new stream will be, sir, will be, commensurating in which, in which quarter? The commissioning process will be starting in June, and the commissioning process itself take around three to four months. Maybe in the last quarter only we will be able to have the production from there. That's why we have targeted only 2 lakh tons from the new refinery. Okay. For the next year as a whole, sir, it will be ramped up to how much? Next year, the capacity is 1 million ton, that is 10 lakh tons. Next year onwards, it will be doing 1 million ton. Okay. In terms of selling of the product, it will be totally set, it will be catered to domestically or what percentage will go towards as an export? How have we arranged the selling arrangement part? Like this year out of total sales, whatever sales we have targeted, this year, around INR 250,000 we have targeted for domestic. That we have targeted for domestic. Export will be around, I think 13 or 14 lakh will be export. Domestic will be around, somewhere around 10%-15% of the export. Okay. Majority will be towards the export only, as has been the case with current year. Okay. lastly, sir, towards this, the caustic soda part and how is our, sir, GNAL, the JV which we have with Gujarat Alkalies and Chemicals, how have been the performance from the same, and what should we anticipate going ahead from the same? You see, GNAL JV, in last financial year, that is 2024, 2025, it has given a negative impact of around how much? Their total loss is INR 38 crore. This year only INR 38. Ha. Last year it was- Last year, they have reduced their loss from INR 135 crore to INR 38 crore. Because 2024/2025, they have incurred a loss of INR 135 crores, but they have brought down to INR 38 crore this year. Most importantly, the last quarter, they have made a profit of INR 11 crore. That is a very positive point for us. We expect that this year again they will turn to profit. The negative impact which they are having, which will further reduce. We'll be getting. Some money from them. From them. Okay. Sir, how have the price trend been for the caustic? The cost which we have incurred through this JV is, although it is at arm's length, what, how have the caustic soda prices, trended? It just... For JV, you see, whatever prices we do, 50% of the quantity we take from the market. Okay. Whatever pricing, we are, cost we are, getting from the market, that is, applicable to JV. They have to give us at the same price. There is no price concession. Yes, sir, there is no price concession. That was I'm asking, how have the price trend been for the caustic soda for the quarter ending March 26 compared to what? Price trend is like last year, 2025, 2026, it was INR 42,177 per ton average. The Q1, 2026, 2027, what we are seeing is it will be around INR 45,000. There is an increase of around INR 3,000. Okay. From last year averages, we, it will be higher by INR 3,000 for the Q1, June quarter. Quarter one, quarter two, because we have ordered for sixx months. The first si months will be around INR 3,000 more. Okay, sir. Lastly, sir, on the CWIP, the closing balance was INR 6,300 crore. What portion will get capitalized for this year, and what kind, what are the facilities that I think so? I think 90%, 100% will be capitalized this year because the majority is towards the fifth stream expansion. It is around INR 5,500. If we capitalize from June onwards, I think this year the whole CWIP will be converted to asset capitalization. All the backward integration part for the coal availability on that coal mining part, sir, how much, what is the current update on the same? How much of the coal are we mining ourselves and through the MDO route and what portion. I think we have answered that question earlier. Very sorry, sir. You see the total coal requirement is around 7.2 million tons. Out of that, our own production will be around 4.8 million tons. Rest we'll be taking mostly from our linkage route from Coal India. Around 5%-10% we go for eAuction. Sorry to interrupt. Yes, ma'am. May we request that this happens. Yes, ma'am. -to please be joined in the queue. Yes, ma'am. Thank you very much. Thank you. The next question is from the line of Ashish Kejriwal from Nuvama Wealth Management. Please go ahead. Yeah, thanks for the opportunity, sir. Sorry, I got disconnected that time. Sir, I think you mentioned that eAuction coal prices, we have not seen any major increase in last two months. That's right? Yes, yes. Okay. Sir, secondly, the way you mentioned about caustic soda price, is it possible to share your different raw material prices like CPC, CT pitch, and aluminum fluoride, what it was in FY 2026? You see, caustic soda prices average 2025, 2026 was INR 42,000. It has gone to INR 45,000. CPC, 2025, 2026, it was INR 53,000. This year, Q1 and Q2, it will be somewhere around INR 57,000. aluminum fluoride, INR 1,21,000. It has gone to INR 1,30,000. HFO has further increased. HFO and LDO, that is the substantial increase which we are seeing. LDO from INR 46,000 to INR 70,000. This kind of increase we are seeing in caustic soda, CPC, aluminum fluoride, and HFO. What about CT pitch? CT pitch is almost same. CT pitch. No, it has gone up from 44,000 to 56,000. The CT pitch has gone up from 53,000 to 57,000. Oh, sorry. CP coke has CT pitch from 53,000 to 57,000, but around. INR 4,000. 4,500 increase CT pitch. Okay. CPC from $44,000- $56,000, which may be around maybe $11,000-$12,000 increase. Sir, matlab, if I'm looking at from FY 2026 average versus first quarter, we are seeing increase in all our raw material prices. I think that has only been somewhat offset by, you know, I don't know from where it is being offset. Your cost of production definitely should increase from what we were talking about, INR 150-155. Isn't it so? Yes. Cost of production will increase. When we are talking about INR 155-160, that was for Q4 or FY 2026? INR 155. Average cost is around INR 155. Yeah. INR 156 for the whole year. If you see the Q4, it is around INR 1 lakh 57, 58. Okay. We are keeping it a highest rate of INR 160. It will, in any case, it will not go beyond INR 160. Understood. Understood. Sir, lastly, what could be our power cost per unit? Power cost per unit is around INR 3.15. This is at EBITDA level we are talking about. EBITDA level it is coming around from, if you see the expenditure, it is coming around, power cost is 31%. Of the total cost. Yes, total cost. If it is the revenue, it is coming around. Sir, actually I was trying to ask, you know. It is revenue. What? Revenue. Okay. I was looking at what could be our power cost per ton of aluminum. When we are talking about INR 155,000 to INR 160,000 per ton of aluminum production. Yes. What could be our power cost in that? It is coming around. Around 31%, no? 55 to 60 thousand. 55 to 60 thousand. Okay. Okay. Okay, sir. Thank you so much. That's helpful. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to Mr. Bharat Kumar Sahu for closing comments. Thank you, ma'am. On behalf of NALCO, I thank all participants who took out their valuable time and shared their views and to participate in NALCO's growth journey. We thank you Chorus Call for facilitating this earning call for Q4 and FY 2026. We are also thankful to Systematix Group for hosting the earning call. We look forward for similar kind of cooperation on continued basis. Thank you. Thank you all. Thank you. Yes, thank you. On behalf of NALCO. Yes, sir. Please go ahead. Okay. Thank you. Thank you. Okay, you go ahead. Thank you, sir. On behalf of NALCO Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.