Ladies and gentlemen, good day and welcome to the Q3 FY 2025 earnings conference call of Shyam Metalics and Energy Limited, hosted by Orient Capital. 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. Pankaj Harlalka, the Head of IR from Shyam Metalics. Thank you, and over to you, sir. Thank you, Alaric. Thank you, ladies and gentlemen, for joining us in the call. I, Pankaj Harlalka, Head of Investor Relations at Shyam Metalics, wish you all a very good afternoon, a very happy new investing year, and a warm welcome to the third quarter FY 2025 post-results conference call. Before we delve into discussing the quarterly numbers, I hope you all had an opportunity to review our press release and the attendant investor presentation read along with the safe harbor statement, which are available under the investor section of our website, and the same are accessible in the BSE and NSE websites. To discuss the third quarter and nine-month results FY 2025, I'm joined by Mr. Brij Bhushan Agarwal, Vice Chairman and Managing Director, Mr. Deepak Agarwal, Executive Director, Finance and Compliance, and Mr. Sumeet Khaitan from Orient Capital, our investor relations partner. Now, I would like to invite Brij Bhushan to provide his perspective on the performance of the third quarter of the current financial year. Thank you, and over to you, sir. Hi, very good afternoon to everyone, and thank you for joining the call. This quarter, we achieved a very strong operational and financial performance despite facing a challenging macroeconomic environment. Our proactive approach to managing these challenges has enabled us to maintain profitability while staying aligned with our long-term growth objectives. Our diversified business model continues to yield positive results, further reinforcing our confidence in our strategic vision. This quarter, financial performance has validated our innovative approach, reaffirming our expansion effort and steering the company towards sustainable growth and long-term success. Our production capability and facilities have remained robust, driven by our commitment to operational excellence, continuous investment in advanced technology. Through modernization and process enhancement, we have significantly improved both capacities and product quality across our portfolio. During the quarter, we successfully commissioned operations at our blast furnace at our Jamuria plant. This marks a significant milestone in our expansion strategy. With the facility already in production, the plant is expected to enhance our bottom line by improving the cost efficiency. As a part of progress, we started the trial production of liquid steel, pig iron from the plant in this quarter, which was well accepted in the market as a quality product. Additionally, we also commissioned our cold rolling mill complex, and we were able to start with a small tonnage of cold rolled coils during this period. Our focus on value-added product remains as a key driver of growth, having achieved a CAGR of 43% over the last five years. We as well anticipate continuous expansion in this segment, supported by the introduction of new high-value products in the coming year. Since our IPO was in 2021, we have announced a CapEx in the multiple phases, and out of the total CapEx of INR 10,000 crores, close to INR 5,873 crores has been incurred in nine-month FY 2025, amounting to nearly 59% of the total planned investment. Of this, close to INR 4,350 crores have been capitalized by FY 2025 in the ninth-month quarter. With the successful commissioning of the coke oven battery, the power plant, blast furnace, and cold rolling mill, a substantial portion of the incurred cost has been capitalized, including a significant amount in the aluminum segment, particularly in the specialized foil product. We have emerged as the country's largest exporter of specialized foil, looking ahead, we plan to strengthen our presence in the space by better niche products in the specialized application, which will drive growth in terms of volume profitability in the coming years to come. The trust, which has been shared by our investors and as a participation in this institution in the last few years, we have strengthened and identified efficiencies, both vertical and horizontal integration, enabling us for perennial sustainable profitability, diversifying into B2C space, reducing the cost, increasing the efficiency of the existing plant, and also enhancing our forte more into the specialized and value-added product, and increase our contribution in the terms of revenue, and also increase the bottom line and profitability in the organization. We are pleased with the progress made in this quarter, both in operational execution and strategic advancement. We remain confident in our ability to deliver long-term values to our shareholders. Our unwavering focus on the operational excellence, sustainability, innovation, and cost efficiency will allow us to navigate short-term challenges while positioning us for sustained growth in the year ahead. At Shyam Metalics, we leverage our deep expertise in high CapEx business and metallurgy to drive sustainable growth. By continuous execution on the long-term strategy and improvement on our daily learning and application and implementation for the betterment in our business strategy that boosts volume and relentlessly optimizes the efficiency, we are positioning to achieve a minimum of double-digit CAGR annually. This approach not only fuels our growth strategy trajectory but also enhances the profitability through the continuous cost effectiveness and improvement in the performance. Now, with this, I conclude my speech, and I would now request our CFO Director, Mr. Deepak Kumar Agarwal, to take us through our financial performance. Thank you. Thank you so much. Thank you, Deepak. Thank you, sir. A very good afternoon and happy New Year to all the participants. I thank all of you for taking time out on this call to discuss the results for the third quarter of the current financial year ended 2025. The global operating environment remains influenced by geopolitical and ongoing economic slowdown in the major region. Steel exports from China, averaging nine million tons per month in 2024, have contributed to a decline in steel prices worldwide, including in India. Though we are not directly affected, ripple effect is seen. Moreover, for the first time, we have been seeing long product prices have been higher than the HRC prices. The macro environment has been challenging since the start of this year, driven by the factors like sluggish retail demand and a slowdown in the government spending. I would like to share a quick review of the reported consolidated financial for the third quarter under review. There has been a 13.2% revenue growth in quarter three of the current financial year versus quarter three of the last financial year. We have been consistently cash positive, with a net cash balance of INR 768 crores in the quarter two of the current financial year, and again, the positive of INR 1,099 crores in the quarter two of the current financial year. As you all are aware that we have 82% of the power sourcing from our own Captive Power plant at a price of INR 2.4 per unit in quarter three of the current financial year, while the average power cost, including the grid power, our total power cost, including the grid power, is INR 3.03 per unit. This being a huge delta and also contributed and huge in our total EBITDA. In quarter three of the current financial year, on a consolidated basis, the company reported the operating revenue of INR 3,753 crores, a growth of 13.2% over quarter three of the last financial year. The sales mix constitutes a higher percentage of volume from finished steel, which accounts for 49% of the total revenue. The export is contributing 11% to our total revenue. The company has been able to book an operating EBITDA of INR 456 crores, an increase of 12% over the quarter three of the last financial year. The EBITDA margin in quarter three was 12.2%, while the overall EBITDA for the quarter amounted to INR 507 crores. That is, INR 51 crores is generated through interest income from investments made in government securities, sovereign bonds, arbitrage funds, etc. Parallelly, in order to maintain the trend in EBITDA numbers, we have been judiciously and cautiously on all our other cost components. Our profit after tax for the quarter stands at INR 197 crores, an increase of 57% on year-on-year basis. The PAT margin in this quarter is 5.3%, which is quite sound considering the current market trend and peer comparison. The realization of pellets, sponge iron, and pig iron have also improved by 7% and 4%, respectively, quarter-on-quarter. In quarter three of the current financial year, we have sold, as you all are aware that during this quarter, we are commissioning our blast furnace and cold rolling mill, and we have sold a little bit, 27,414 tons of pig iron and 3,741 tons of CR coil from our newly commissioned plant. We are in the consolidation phase in this segment. As volume will increase, margin should also be increased over a period of time. The Indian steel prices remain under pressure on higher imports and competitively weak exports. At Shyam Metalics, we have always focused on capital allocation policy. We reinvested 70% of our total cash generated back into the business, remained 20% as a liquidity surplus, and returned 10% to our esteemed shareholder as a dividend. The policy shall facilitate us to be cash positive even at the peak of our CapEx cycle. Keeping this policy in mind, the board has announced an interim dividend of INR 2.25 per share, disbursing around INR 63 crores in the form of dividend to our valued shareholder out of the nine-month PAT of INR 689 crores. The above policy also ensures with us a steady other income comprising of interest income from investment made in government sovereign bonds and ensuring timely CapEx implementations for our company. As of 30 September 2024, the amount parked in government bonds and other liquidity amounting to INR 2,172 crores. As a synopsis of CapEx and growth plan has been laid out in the investors' presentations, and we are all well on track to execute them as per the expected timeline. We look forward to maintaining this positive momentum and delivering continued success in the upcoming quarter as well. With this, I now open the floor for the question-and-answer session. Thank you. Thank you to everyone. Thank you, sir. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Amit Dixit from ICICI Securities. Please go ahead. Yeah, hi. Good evening, everyone, and thanks for the opportunity. First of all, congratulations for a good set of numbers in a very trying quarter. I have a couple of questions. The first one is essentially, if I look at the EBITDA per ton, which is outlined in slide number 24, compared to your peers who have shown a decline of roughly INR 500-INR 800 per ton, I mean, from the results that have been declared so far, your EBITDA per ton in carbon steel has actually gone up by almost INR 1,000 per ton. So just wanted to understand the key drivers behind that, whether it was because of more downstream products or cost, because I don't know if cost, I know went up in the quarter, but surprisingly, your EBITDA also went up. So just wanted to understand the key drivers behind this. First of all, we have been working continuously on the reduction of the cost side, so once we had commissioned the blast furnace, we were able to extract the heat which comes from the blast furnace, and we were able to utilize some energy balance of the hot gases into the plant in the steel-making process, iron-making, in the steel rolling process. Number two, we had been always focusing on the concentrating on the upgradation on the technology, how to improve the yield efficiency, and also all this overall, I would not say that just on some ground of the coal prices, we have got the benefit, but yes, it is a combination of, if you see the efficiency of the plant has gone up, the heat balances we have been able to improve. And also continuously, we are accelerating our marketing process on the B2C side with better distribution, sales management, and all. So overall, this is one of the overall basket where we have seen that we have been able to push and accelerate the bottom line. Thank you. And in addition to that, I would also like to say something. If you see the realization on carbon steel in the second quarter was INR 43,205, but if you see in the third quarter, the realization is INR 43,684 per ton. That is also impacted in improving our EBITDA in carbon steel. Sure. Got it. The second question is on the first quarter where we actually got into the, I would say, flat product where we sold Cold Rolled Coil. So just wanted to understand the market feedback of the same. How has the response been? Which region, if you can share, I mean, where you have targeted this, and how is the demand shaping up for this product? See, we have just commissioned the cold rolling mill complex, and I would say that we are still at the process of stabilizing our market. The product quality is well established because we have put up the world-class facilities. There is no concern as such majorly on any of the product, but since all these B2C on the cold rolling mill color-coated side and all is all under the overall's marketing quantum strategy, so since we are entering into the new year of contracts and all, we'll be able to do more better, and from the quality point of view, there's hardly a concern whether we are considered to be one of the good one, if not the best one today. Our major focus right now is on the eastern market because the eastern market is a market where we are able to generate a better delta in terms of the logistics and the availability of material near to the consumer. The other part is the northeast. These are the major area of marketing. I would say more than 75%-80% we are concentrating in this belt. Thank you. The last question is on if I look at the slides 15 and 16. So while it is very heartening to see the CapEx being executed well within timelines, and we have seen that capacities have come every quarter, and therefore that has provided a cushion for the revenue growth. But going ahead, slides 15 and 16 suggest that many of these CapEx programs outlined are still in the initial stages or close to 10%, 15% of CapEx have been spent. So just wanted to understand over the next two, three quarters where the growth is going to come from. Is it from the ramp-up of cold rolling mill and maybe external sales of pig iron, or is it more contingent on some of these stainless steel plant initiatives? See, this coming year, since the blast furnace is being commissioned and it is getting stabilized, we expect that the commissioning of our oxygen plant should take place early March. So where we see that close to around INR 2,000 per ton, we'll be able to save our cost because it is a process where you have to stabilize the blast furnace, interplant, coke oven, and then you start feeding the oxygen. So we'll see a lot of improvement coming up from the margin sides on the pig iron businesses. Cold rolling mill, as well, the color-coated business completely is under the process of stabilization in the market. So the new growth we are going to see in this sector as well. In the stainless steel business as well, we are going to commission the wire plant, the stainless steel wire and the bright bar unit in the coming year. We'll see the enhancement of the value addition and the improvement in the bottom line as well going to have a good impact in the product portfolio because we see that we have to target till the end of the product so that we are able to extract the best value of our product, what we are doing from the ore to the steel. These are the three areas. Apart from that, we will be commissioning the power plant in Odisha by early next quarter, maybe April, May. We'll see a substantial value in terms of the benefit from the cost side coming up from the power plant commissioning because power has been always our forte on the cost side. Cumulatively, it's a mixture of all sides, I would say, 360 degrees where the new innovation on the product is happening. And the new expansion, as you said rightly, we are concentrating on. We have started the construction work for our aluminum business complete. We are putting up the green aluminum facility with the casters, and we are adding the foil capacity where we will be making the multiple special grade of foil because metallurgy-wise, you have to have a control if a specialized product is required. We can't depend on the other sources to cater to a better market with a higher realization. And on the stainless steel side also, we have started the construction work on the flat product in Odisha where we see that in the time to come, we'll be entering into the flat product of stainless steel where we are seeing there is a lot of potential in the stainless steel pipe side. Though we don't have any such strategy on making the stainless steel pipe right now, but we will be focusing ourselves as one of the producers from the stainless steel side where we'll be making the stainless steel from the ore to metal. So this is right now the major domain, and some additional facility on the DRI side is being happening where we see that in the end of the coming year, we'll be able to commission some portion of the DRI. So these are the major expansion which is going on. And apart from that, the beneficiation plant is also going on where we will see the substantial cost and qualitative benefit coming up from the iron ore side because we see there is a lot of benefit on the steel-making side if we are able to improvise on the iron ore beneficiation. Thank you. Great, sir. Thanks a lot for the elaborate answer. Thank you, and all the best. Thank you. Participants, please press star and one to ask a question. The next question is from the line of Aryan Sharma from B&K Securities. Please go ahead. Yeah, hi, sir. Thank you for the opportunity. So what I wanted to understand was how much time does it take a new plant to achieve break-even? So for example, you recently commissioned a blast furnace unit, and then there was the cold rolling mill unit. So how much time will these take to achieve break-even at what capacity utilization? These new capacities will take to achieve break-even? See, generally, once you start commissioning your plant, it takes close to three months to six months to stabilize completely, and I think this is the time when we are able to overcome the break-even as well. Okay. Sir, one more thing I wanted to understand was what could be the quarterly run rate of depreciation that we can expect? So for example, this quarter, the depreciation has gone up to around 2000 or something. So what we see, we have seen this in the last quarter as well. It had gotten a lot, and then suddenly it came down in Q4. So can we see similar trends in Q4 this year as well or in the coming years as well, or will this be the new quarterly run rate? Oh, depreciation actually is an outcome of the capitalization. Last quarter itself, we did a capitalization of more than INR 1,400 crores, yeah, because the blast furnaces, the coke oven, and the CRM plant aggregating were capitalized all at once. So that is why you see a higher depreciation. Otherwise, there is no change in policy at all. Whichever quarter you will see a higher capitalization, you'll see a higher depreciation. Now you'll see the base of this quarter. Next quarter will be a similar base. If obviously more capitalization happens, which is a continuous process as far as our company is concerned, you will see a similar kind of depreciation numbers. Okay, sir. Thank you. That's what I'm going to say. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of [Monil Tewari], an individual investor. Please go ahead. Hello. Yes, please go ahead. Yeah, hi. So my question is that what is the margin that we are looking at in pig iron as we have sold iron in this recent quarter, and what is the visibility for the future for pig iron? And also, if you could throw some color on the margin of pellets. See, where the pellets are concerned, as you see, we are maintaining the same kind of a margin what we have emphasized in the beginning of the first quarter, which is around INR 7,800 a ton. Where the pig iron is concerned, it is we emphasize that we will be able to plug the margin of close to INR 2,500-INR 3,000 a ton. How much? INR 2,500-INR 3,000 a ton. Okay. This is in the initial phase. Once the capacities increase, then we will look at a higher margin. But right now, for the coming year, this is what we are anticipating. Okay, sir. Thank you. We mean close to around INR 200 crores-INR 250 crores an EBITDA we are considering from the pig iron business in the coming year. Thank you, sir. The next question is from the line of Shaleen Kumar from UBS Securities India. Please go ahead. Yes. Thank you so much. Now, first of all, congratulations. Good set of numbers given the conditions and all. Sir, I got dropped off for a few minutes, so I'm not sure if you have answered this or you have covered in some of the questions. Sir, one thing, let's talk about what's happening, right? So while you are doing a very good job, given markets are tough, but what is your perspective on the market to begin with? Let's understand the difficulty, given the longs do not feel so much competition from imports, what is the reason, underlying reason you see, and any sense of the recovery timelines where we could see demand or your realization can improve? So just let's start with one broader macro question from us. Good afternoon, Shaleen. If you see this nine-month 2025 and the kind of numbers, the EBITDA, I think this is self-explanatory that in spite of so much environmental challenges across the planet, we have been able to sustain with the strength of our institution is a strategy. If you see, we have a multi-basket created a value chain across the different products, and we are able to balance different products with a different strategy and taking and extracting the best in the terms of the product realization and market. In the time to come also, if you see our major expansion is coming in the stainless steel market, in the stainless steel business where we have a ferrochrome, we have an iron, we have our own Captive Power, and we have our own Ferro Manganese, and we are planning to charge the hot metal into the furnaces to optimize and capitalize on the energy cost and also to see how can we create a best value from the downstream businesses where we don't have any much inventory overhead of carryover of the raw material, as it is going to be simply a downstream and upstream of the existing expansion which is coming up. Apart from that, if you see, our major expansion is coming up in the aluminum businesses where we are making all the specialized foil. Today, in the span of less than two years, we are now Asia's largest foil producer with a specialized foil. We are not working on the commodity foil. Our focus is more on the qualitative, high-value, and export business. So our expansion which is going to come up in the aluminum sector is also catered to more higher value addition, more higher niche product in the aluminum sector. The other expansion, what you foresee is on the backward side, like we are adding more power plants, which is going to cater to our existing expansion and help us to rationalize and be more productive in the terms of cost and the perennial supply of energy. So these are the major areas where we are focusing right now. The new expansion, what we have commissioned, as we all know that the color-coated business is growing very fast. With our expansion in the stream of a new vertical of the color-coated business where we don't have much challenges on the product side, as it is the same supply chain management of our existing long product and structure business, we will be catering and will be able to rope our existing supply chain from B2C business into a color form as well. Overall, I see whatever CapEx what we have done till date; it is very, very strategically aligned with our brownfield expansion. Whatever we have been focusing right now, what we have been promising in the past, we are driving on the same alignment of value addition, B2C market, and getting into a higher business. Like the stainless steel getting into the business of the stainless steel as a very high potential, as we all know. It is completely a very niche product, a Bright Bar as well as completely a niche product. We will be aligning more and more in the time to come to focus our business model more on the area of value addition by increasing more margins and creating more niche in our existing business. Thank you. Shaleen, just to add, if you see on the industry side, right, which you asked, so generally from China, flat products are imported. And in my lifetime, I think first time there's a very important aspect that there has been a decoupling from the prices. So for the first time in the last one year, you would have seen a lot many times where long steel is higher than HRC, which was not the norm. So you can understand that there is a change in the overall industry scenario for long steel. And whatever product we are doing, hardly there is an import. We are taking the advantage of the import scenario, but in our all the product side, if you see, we are not doing anything which has any kind of a threat from the import into the country. So we are basically more aligned with the source from the mineral to metal, which is hardly any kind of an export happening in our product. Right. If I can ask Deepak and Pankaj, sir, there are many new capacities are coming for us, and a few of the capacities are ramping up. So if ballpark, I think it will be fair to assume that at 2025, we will do an EBITDA of above INR 2,000 crores. It will be more than that operating EBITDA, right? But given that in your internal assessment, you can give a range that's not necessarily guided, what kind of additional EBITDA can we build on these new capacities or capacities which are ramped up, whether it's color-coated or it's pig iron, etc., assuming the realization remains the same where they are right now? So any broader range additional EBITDA we can clock in FY 2026? Is it possible for any color in that? Yes, Shaleen. If you see in the past also, we are growing both on the top line and bottom line with a CAGR of more than 10%-15%. Definitely with the commissioning of blast furnaces and color-coated plants, what we are achieving the EBITDA in the nine months, definitely it will grow with the same run rate or it will be more as far as in the same realizations. If the realization will further improve, then definitely the EBITDA will further improve. But if this realizations, our EBITDA for the next year will definitely grow with the run rate, with the existing announcement run rate, maybe to the tune of 10%-15%. Sir, I think you think EBITDA can grow faster here because you have a new ramp-up will happen over here. So basically, if we are clocking INR 2,000-INR 2,100 crores, maybe more in FY 2025, so with all these things happening, is there a chance that you can do higher than that? With the commissioning of blast furnaces and with the commissioning of power plants, as our MD is already sharing that, definitely our bottom line will improve. But we always committed less and deliver more, so we will be very much conservative on delivering on guidance as far as figure is concerned, but we will be definitely delivering more, but we will be always on a conservative side. Okay. Okay. No, [Foreign language] ठीक है, Deepak. That's helpful. I think given the environment is so tough, even mid-teens or high-teens kind of a growth is very welcome. Yeah, I think that's it from my side. Thank you so much. Thank you. But by the year 2027, 2028, we are targeting. We should be able to touch INR 4,000 crores with our new expansion coming up in aluminum and stainless steel and all. This year, as we have just started the project in the aluminum and all, we can see that all these projects ramping up in the next couple of years. So that if once ramp up, so third year onwards, we can see a very different number. Because it's a completely different strategic move. What we are trying to create in Shyam Metalics is we just don't want to be just an HRC company or anything. We are making flat products or we are making something which is highly volatile. We want to reduce the volatility in our business strategy so that we have a space in all the niche businesses in the metal because we understand what metal is. And if you see in the last 20 years, the way our organization has driven and taken all the four roughest times, you beat the Lehman Brothers 2008, 2009, 2011, 2012, 2015, 2016, and the COVID. We have been always working on a very different strategic move. And we would like to abide with our thought of going safe, steady, and perennial. Right. So Bhushan ji, from if you're targeting upward of INR 4,000 crores somewhere in FY 2027, 2028, then your CAGR will be more than 20% for the next two to three years. And exactly. We want to be conservative. We just don't want to give any kind of, we want to make sure that what we say, we want to deliver more, so all this new strategic approach, what we are seeing in the businesses right now, is going to ramp up in the time to come. Sure, Bhushan ji. We are very happy to see the execution pace. At least that's very comforting. Thank you so much. And best of luck. Thank you. Thank you. The next question is from the line of Rajesh Majumdar from B & K Securities. Please go ahead. Yeah, good evening, Brij ji, Pankaj, Deepak ji. And again, congratulations for a very good set of numbers and circumstances. So I had one short-term question and one long-term question. The short-term question is that we saw fall in the realizations in 3Q across most product categories. So what are the trends for 4Q till January? Do we see similar realizations, or have we seen some uptick in any of these products? I don't see a very major changes because, as you know, in this quarter, there is some good demand picking up because we are getting into a seasonal quarter now. With the new changes on the strategy from the government side, the RBI policies and all what we are seeing right now, we see there is going to be the changes happening. It's too early for us to comment right now, but it is on the positive side, I would say. Right. So basically, we can take volume growth, but not much price growth. Is that the right way of looking at it? I would say too early for us to share anything right now because we are still in the middle of or the end of January, yes. Right. And sir, my second question is on a slightly longer term on the DI pipe business. If you look at any of the DI pipe historical projects, these projects have taken anywhere between one and a half to two years to ramp up. So I mean, once we put up the capacity, the first capacity is due in FY 2026, will we take two years at least for this capacity to break even in terms of reaching a certain level by which? If not, why? What are we doing differently from the conventional DI pipe projects? See, DI pipe is a downstream facility of our Ramsarup acquisition. Right now, we are doing the modifications and accreditation of our blast furnaces. We expect to commission the blast furnaces of the Ramsarup division also middle of this year. Sorry, I forgot about this subject to discuss in my previous questions. DI will take another couple of years to commission. As an overall thing, DI is a very small investment on the total CapEx cycle at a group level. It is too early for me to share because generally, a product like DI has a lot of registration process. Since we are in a very large table of the product revenues and also the contribution of DI is going to be very, very minimum. I don't see right now any kind of a challenges. But yes, generally, once you commission the DI, it takes around a year and a half to get everything streamlined. Yes, that's helpful. But on the other project additions, last one question, you don't foresee that kind of a scenario on the other stainless steel and aluminum, etc.? You don't see that kind of a process of ramping up in terms of break-even points being one and a half, two years away? No, no, no. Generally, six months to nine months. Because in the aluminum business, we are already very much established. So once we are going forward integration and horizontally, we are doing the expansion in the foil business. So I don't see much challenges. And in the stainless steel business, if you see, initially, we are starting off with a complete SMS and steel mill, the flat product and the cold roll mill complex and all, where we are targeting to cater B2B initially. And to cater to B2B, it's not a very big challenge because there's hardly a producer except one or two in the country. So we don't see any kind of challenges in our entry because the plant what we generally with our past experience and the present technology, what we are doing, we are doing world-class. So hardly six to nine months. Thank you, sir. Thank you, and best of luck. Thank you. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Anupam Gupta from IIFL Securities. Please go ahead. Sorry to interrupt, Anupam. You need to be a little louder, please. No, you're not audible. Can you hear me? I'm doing? Cannot. Your voice is breaking up, Anupam. Let me just tap in with you once again, please. Hello. Am I audible now? Yes. Please go ahead. Yeah. Good evening, sir, so congrats on a good set of numbers and on the commissioning of the blast furnaces as well. So, just one question which I wanted to check. So, your delivery on project commissioning and CapEx has always been strong and efficiency focus has also been strong. What are your thoughts on improving the raw material security? So, as of now, obviously, everything is market linked, both iron ore as well as coal. Any thoughts that you have, any plans in terms of improving the raw material security going ahead? Anupam, we are very much in the mature market, and these auction processes of mines are not very economically feasible because all the auction prices and all. But we are always active on securing the raw metal, but on the economic cost benefit. We don't want to take any securitization on the raw metal side by paying a super hefty premium and increasing our cost and reducing our margins or ROI or IRR. So we are always in sync, in game for all the opportunities, but it depends, but yes, it is yes, yes for a better opportunity and no no for a non-feasible opportunity. Understood. Since we have linkages for the iron ore from OMC, our state mining corporations, and we have some contracts with the private miners and all, which is and in the last 20 years, we had never had any kind of concern on the availability of the qualitative minerals, whether we discuss on the iron ore, coal and all. But yes, I don't know if this is my concern. In the time to come, yes, coal is one of the areas where we see with the kind of action happening from the Coal India front and the kind of pricing what is available in our country. Today, we are almost one of the most competitive and qualitative coal producers in the country from the Coal India perspective, not from the Shyam perspective. So we are taking all the advantages. If you see other side also, we always have a distinct advantage of our plant location because we are on the coal bed, whether we be at Odisha near to the MCL and whether we be at Bengal Plant, which is on the Eastern Coal fields. We always like to capitalize on the coal value. With the kind of supply which is happening from the Coal India side, we see the demand and all. I don't see any kind of crazy pricing in the carbon businesses and with the transformation happening on the usage. There's nothing major to worry. Maybe some kind of surprises might come because of some rains or some kind of logistic issues and all. In our case, in logistics also, we are well covered with our captive rigs. We have invested more than 20 rigs for the perennial supply of minerals and coal to our plant. Thank you. Right. Right. Understood. So this is helpful. Thanks a lot. That's all from my side. Thank you. The next question is from the line of Tanishi Agarwal from Goldman Sachs. Please go ahead. Hi. My question to you is, how do you envision the growth and development of your company over the next five years? See, if you see, Shyam Metalics is a very different company. I've always been very vocal in saying that if you see, it is a multi-basket metal company where we are specializing in aluminum businesses. So we have to have a CAGR of around more than 15%-20% in the aluminum business. In the foil businesses, we are developing a lot of new products in the sheets, in the aluminum, some battery foils in the aluminum and all. Stainless steel as well, we focus ourselves like in next four to five years, we should be able to derive a revenue of close to around INR 7,000-INR 8,000 crores, more than $1 billion from the stainless steel business. So the new expansion is going to also help us to enhance our value chain in the stainless steel. Apart from that, long products, we are focusing more on the downstream to create more into the wire businesses, getting into more B2C space so that we can enhance more margins and add more value from the little CapEx, not a major CapEx, and we focus more on the specialized wire businesses. On the structural steel, what we are doing, we are making especially now the railway structures and all, which is of the very high demand. We are getting into a specialized structures of the transmission line, which is also helping us to enhance more value on the product side. From the raw metal side, yes, we are putting up a beneficiation plant, which will help us to reduce the cost of the iron ore by procuring more iron ore at a competitive price and also creating more value in the terms of margins. So down the line, four to five years, I expect that we should grow at a CAGR of more than 15%-17%, and we should be one of the very unique companies as a metal conglomerate with the multiple ferrous and non-ferrous business with a high margin, sustainable, as well as with minimalistic volatility, what we see in the market in the other peers and all. And all of our new CapEx, what we plan to do is very, very strategically approach with the minimum iron ore close to 17%-20% with a long-term strategy and growth options. Like wherever we get into a business, we always see that we should grow in the tune of 15%-18% so that we should drive the volume, margins, and we learn more and more so that what we are doing, we are able to create more growth for our shareholders. Thank you. Thank you. The last question is from Pruthul Shah from Anubhuti Advisors. Please go ahead. Yes, thank you for the opportunity and congrats on good set of numbers. So I was just referring to the sales volume projections for FY 2027 that the team has done. So considering that and multiplying it with the current quarter EBITDA, the projected EBITDA that we can earn in FY 2027 is around INR 3,100 crores. So just wanted to have a comment on this number that whether we are internally looking at INR 3,000-INR 3,500 crore kind of EBITDA, would it be in this range or it would be much higher due to operational efficiencies and other initiatives that we are doing? This is not a very crisp question, I would say, but we have to understand that today EBITDA numbers more have to be driven by the growth strategy. That all of our initiative, what we have taken, shows a growth strategy. Since we know the stainless steel business, EBITDA margin, what we have projected vis-à-vis the market, we have been very extremely conservative. Aluminum, we are the very true example in the last couple of years what we had been able to deliver, getting into a new space and creating a new benchmark in the foil businesses. The kind of last one is what we had put up is world-class, and it is level one automation with the highest level of efficiency in the terms of the utilization and cost. So we expect that, yes, we should be falling within what you are saying, maybe more or maybe a little less. But yes, from the plant, from the strategy point of view, from the cost point of view, from the marketability point of view, from the dealer's point of view, in the terms of multiple products, I would say that we are extremely competitive. And the new businesses of color-coated, which we are going to see the colors in the coming year, is going to be highly value creation for the company in the terms of market, in the terms of sustainability, in the terms of growth for the coming year to come. Thank you. Okay. Thank you, sir. Thank you. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Mr. Sumeet Khaitan from Orient Capital for the closing comments. Yeah. Thank you for joining us on the call today. I would also like to thank the management for sparing the time and answering all the queries today. We are Orient Capital Investor Relation Advisors to Shyam Metalics and Energy Limited. For any queries, please feel free to reach out to us. Thank you, and over to you, management. I would also like the management to give the closing remarks. Thank you. Thank you, everyone.