Good afternoon, everyone. Welcome to InsightX 2026, hosted by Choice Institutional Equities. We are pleased to have the management team of Shyam Metalics and Energy with us today. Joining us today are Mr. Deepak Agarwal, Group CFO and Whole Time Director; Mr. Raj Kumar Gupta, CFO; Mr. Pankaj Harlalka, Head of Investor Relations; and Ms. [Sakshi Poddar] from IR team of the company. Thank you for the company management and our institutional investors for joining. The objective of the interaction is to provide investors with an opportunity to better understand the company's business outlook, industry trends, growth strategy, and key developments. I would like to hand over the call to Mr. Deepak Agarwal, the Group CFO and Whole Time Director, for the opening remarks. Following this, we will open the floor for Q&A sessions. Over to you, sir. Thank you, sir. Good afternoon, everyone, and thank you for joining us today. It is a pleasure to interact with all of you and present the growth story of Shyam Metalics and strategic progress for the financial year ended 31st March 2026. Before I get into the numbers, let me take a moment to set the context. Shyam Metalics was founded on a simple but powerful philosophy, that is ore to metal. From raw iron ore all the way to finished value-added steel specialty metal product, we have built one of the most deeply integrated metal ecosystem in India. The integration is not merely a manufacturing strategy, it is our primary competitive mode. It give us control over the cost, margin, quality, and ultimately our destiny as a business. In financial year 2026, that philosophy delivered a result that we are genuinely proud of. For the financial year 2026 has been a landmark year for the company, marked by strong financial performance, disciplined capital allocations, and continued executions of our long-term growth story. We delivered a revenue of INR 18,552 crore, representing a growth of 22% year-on-year. More importantly, we crossed a significant milestone with the profit after tax reaching INR 1,061 crore for the first time, reflecting the scale and structural strength of our business. EBITDA stood at INR 2,537 crore, growing at 21%, while operating EBITDA grew 25% to INR 2,333 crore, with the margin improving to 12.6%. The volume growth has been another key driver of our performance. The total sales volume rose 26% to 49.46 lakh ton, that is almost 5 million ton during the year. The growth was broad-based across segments, supported by ramp- up of our cold rolling mill, expansion in stainless steel, strong momentum in aluminum foil, where realizations improved by 16%. At the core of our performance is our integrated ore to metal business model. Our presence across the entire value chain, from raw material to finished goods, give us control over the cost, quality, capital efficiency, while enabling us to continuously move up the value chain into higher margin segment. A key pillar of this advantage in our energy infrastructure, approximately 81% of our power requirement are made through captive generations, or we can say green power, at an average cost of INR 2.49 per unit, compared to the grid power of INR 5 to INR 7 per unit. This green power self-sufficiency is not accidental. It has been built systematically over years with our four captive power plants across Sambalpur, Jamuria, Mangalpur, and Kharagpur, with a combined capacity of 467 MW today, with an installed capacity is 467 MW, which will be further enhanced to 777 MW post-expansion. This capability provides a strong cushion against the raw material volatility and support margin stability. Increased use of renewable energy and waste recovery further strengthen our sustainability profit business model. Over the past few years, we have deliberately transformed ourselves from a carbon steel producer into a diversified multi-metal platform. Stainless steel, aluminum foil, cold rolled product, and specialty alloy are becoming an increasingly important contributor to our growth story. Our stainless steel business, in particular, offers significant potential as we expand downstream into the flat and cold rolled product. Similarly, our aluminum business continued to gain momentum with a strong domestic demand, export growth, and backward integration initiatives. Our balance sheet remains a key strength. As of 31st March 2026, our gross debt stood at INR 957 crore, which is basically a working capital debt, while our net debt was INR -378 crore. As we call, we have a substantial free cash of INR 1,200 and something. That's why our net debt is positive to the extent of INR 378 crore, making us a net cash positive company even at the peak of our CapEx cycle. Our gross debt to equity stood at 0.08x, and net debt- to- EBITDA is - 0.16x. These are balance sheet metrics that are genuinely exceptional for a company of our scale in the steel sector. They reflect years of disciplined capital allocation, funding our CapEx primarily through internal accruals, and approaching banks only for working capital requirements. We generated operating cash flow of over INR 2,027 crore during the year and maintained cash and liquidity investment of approximately INR 1,238 crore. Return on capital employed improved to 16%. Return on equity stood at 13%, supported by strong operational performance and improved working capital efficiency with the net working capital days reduced to nine days. Now coming to our future CapEx plan. The company has announced a phased CapEx program of INR 2,700 crore focused on value-added growth. This includes a Specialty Bar Quality mill at Kharagpur with a capacity of 0.8 million tons and an investment of INR 900 crore, and an expansion of stainless steel capacity from 0.5 million tons to 0.6 million tons, with addition of various downstream facilities accompanied by a full suite of downstream processing capability, including a cold rolling mill, a precision cold rolling mill, a hot rolling annealing and pickling line, and a bright annealing line with an investment of INR 1,800 crore. This expansion will transform our stainless steel vertical from primarily a long product business into a fully integrated flat and long product franchises, significantly expanding our addressable market and margin potential. Including this, our total ongoing CapEx pipeline stood at approximately INR 13,900 crore, which is required to be incurred over a period of three to four years. Out of which, INR 3,285 crore has already been incurred with the remaining INR 10,617 crore to be deployed over a period of next two to three years. This pipeline underlines our medium-term growth in both volume and profitability. Our multi-metal diversified strategy is also gaining a meaningful traction. In our stainless steel vertical, we are building what will become one of the most integrated stainless steel franchises from billet to flat rolled product to downstream finishing. Our aluminum division, anchored by a Pakuria plant in West Bengal, is one of India's largest aluminum foil manufacturer, with more than 60% of production currently exported over 40 countries. We are expanding this business with a flat rolled product battery foil capability and mill with caster, positioning Shyam Metalics to capture the emerging demand from EV supply chains and premium packaging. In our Ramsarup subsidiary, phase one of the blast furnace, along with the Sinter and oxygen unit, has been successfully commissioned, while phase two will add further carbon steel capacity, a railway wagon manufacturing facility, and an SBQ mill. The wagon manufacturing facility at Kharagpur with an initial capacity of 2,400 wagons is on track in full swing for phase one commissioning by September of this financial year. An exciting strategic foray that aligns with the Indian government's massive railway infrastructure investments program and the Make in India initiative. Our global footprint also continues to expand. Today, we serve customers across more than 40 countries and are steadily increasing our presence in international market. This diversification enhances market access, broadens customer relationships and reduce dependence on a single geography, thereby strengthening the overall resilience of our business. Alongside growth and profitability, we are strengthening our ESG frameworks. Sustainability considerations are increasingly embedded into our operational, governance, and capital allocation decisions. From the energy efficiency and renewable power investments to community development initiatives and governance enhancements, we view ESG not as a compliance requirement, but as an important enabler of our long-term competitiveness and resilience. Our operations increasingly integrate renewable energy, waste recovery, and community-focused programs, reinforcing our commitment to sustainable growth. Our CSR initiative in the financial year 2026 focuses majorly on rural health, education, skill development, sustainability, and sports promotions, positively impacting thousands of lives across the communities surrounding our plant. To conclude, Shyam Metalics is entering a highly promising phase of its growth journey. We have built a scalable and integrated platform and a diversified product portfolio, a strong balance sheet, and a disciplined capital allocation framework. With multiple growth projects underway and a clear focus on value-added expansions, we remain confident in our ability to deliver sustainable long-term value for all our stakeholders. Thank you for your continued trust in your company and support. I request the moderator to open the floor for question- and- answer. Thank you. Thank you so much, sir, for the detailed description about the company. Before moving into our Q&A session, we would like to take a poll. Just two questions, whether the participants, the attendants want a one-on-one meet with the management, and second is whether they're interested in plant visit. Attendees will get two minutes to answer the questions. Please vote if you wish. At this time, we request participants to raise their hands to form part of the question queue. Participants, just a gentle reminder to raise your hands to form part of the question queue. Thank you. I think, Bhavik, you should ask the questions. That'll be okay for all the others, yeah? Okay. Yeah. Closing poll. Okay, we have a first question from anonymous attendee. He's asking how the demand trends evolving across long products, ferroalloys, and stainless steel segments. Yeah. The demand for long products is- The demand from long products stems out of mostly construction activities. You have a lot of government projects, you have rural people making new houses, right? That is pretty good as of now. The amount of- That is pretty good as of now. The amount of CapEx, which is coming in stainless steel segment as your other end. Yeah. There are also 50-60 steel manufacturers which are long, but in Gadchiroli belt. How do you see that the demand will get absorbed, the supply will get absorbed? Stainless steel- Mainly stainless steel. Basically, if you look at how the stainless steel has evolved over the past 5 to 10 years, today the requirement in India is about 6 million tons. Of which, more than half is just done by one company, which is Jindal Stainless. With the capacities that we are building, we will be the second largest player post the implementation of those capacities, right? Now, when you look around, if you look at lot of coastal projects are happening, there, stainless steel is used. Lot of construction of airports is happening, a lot of stainless steel is used there. Lot of buildings that you see, you have a lot of things, as far as stainless steel is concerned there, right? Stainless steel, the growth is about 13%-14% year-on-year. In the finished lot of stainless steel will be required. This 13%-14% growth will be a volume growth or Volume. Yeah. This is volume-led growth only that we are talking about here. Realization. We are talking about the volume. Yeah. This is the volume-led growth only which is happening. Get it. Realization has moved up. Obviously, if you look at our realization, which was hovering at about INR 135,000, is now somewhere around INR 185,000 also. Obviously the prices have moved, but that may be for the quarter. I don't think so that'll be sustainable on a long term. We don't look at prices like that because revenue is not in our hands. Yeah, the volume, and that is in our hands as far as the company is concerned. Bhavik, as far as market demand is concerned, if you look into our balances for the last four to five years, our capacity utilization is almost at a higher level. If you look the geographically, our two major plant, one plant is in Bengal, another plant in Orissa. The Bengal plant will cater the Eastern India and Seven Sisters of North East, where we can easily consume our product, whatever we are manufacturing in the Bengal plant. When we talk about the Orissa plant, the Orissa plant will serve Central India and Western India. It will be easily serve the entire Pan-India level. That's why we are set up our plant geographically, where we are very near from the raw material site, hardly 50 km from the coal belt and 200 km from the iron ore belt. Similarly, the market, whatever be the product we are manufacturing, we are selling the product within the vicinity of 500 km nearby our plant. So there is no challenges as far as demand is concerned, and which already witnessed in our balance sheet of the last four to five year. Over a period of time, we are not focusing only on the carbon steel side. If you look into our projections or CapEx, we are investing majorly on downstream product, whether it is aluminum, whether it is stainless steel or whether it's specialty. Why? When we talk about the aluminum, we are basically doubling our capacity of aluminum foil from 24,000 ton- 40,000 ton with the backward integration of 60,000 ton of flat rolled product, which will easily consume, because presently we are exporting more than 40 countries and our 60% of our product we are exporting. Orders, we have an order of more than three or four months in hand. We are not able to supply as of now. We don't have any challenges as far as demand is concerned, as you ask about what will be the demand for next four to five years. If you look into our projection also, whatever we are achieving in the financial year 2026, we are projecting that 2031, we will be almost, you can say, double as far as revenue side is concerned. When we talk about the EBITDA, we will be 2x from the current run- rate, what we are generating. We will be always with a volume growth, with a CAGR of more than 15% year- after- year, and which already witnessed in our last four to five-year balance sheet. Thank you. Thank you, sir. Thank you for giving us a good insights and detailed analysis. There is one question from [Sayyed Abbas]. He's asking, you are opening a new division to make ultra-thin aluminum foils for EV batteries. Since China currently dominate this market with very low prices, what is your strategy to compete with them? Are Indian battery manufacturers already giving you long-term commitments to buy from you locally? Is there an order book or something? He's asking. Whether you can pump it. In fact, as of now, this is for EV batteries. EV batteries, none of the plants have started. We have had NDAs with all the EV battery manufacturers and there have been a lot of discussion, emails, everything has gone through. Whenever the manufacturing starts, which we expect maybe another six months down the line, only then. It will be cost-effective in spite of China being a leading player there. It'll be cost-effective for us, and that is why we have eked out. Out of that 40,000 tons, we have eked out only 5,000 tons to start with. Because you put up a separate plant, you have the existing plant, you put up a small separate plant of around INR 25- INR 40 crores, which we have already put across. That helps for the battery-grade aluminum foil that we have to prepare. Obviously, the price is very high realizable once we start whatever we are doing for experimentation, but that is not sustainable. We will be feasible because when we set up this aluminum foil plant also, we did it as an import substitute. When we set up this 40,000 tons, there were 2 lakh tons of aluminum foil being imported into the country. There was feasibility. You would see that today we are doing a decent turnover. We have reached about 90% capacity utilization. On a plant expenditure of around INR 400 crores, we are making about INR 90 crores EBITDA year- on- year. Okay, sir. Thank you. Just for my personal information, sir, do India produces EV currently, or is it mainly imported, as you told, once the manufacturer starts producing EVs, then- Yeah. The entire EV batteries are today imported. There's no one producing it as of now. Okay. Whether it be Hero, whether it be Ola, no one has started their plant. Ather, they are all importing as of now. The next question is from [Shashi]. She is asking, what is the current status of the stainless steel expansion project? Also regarding the INR 2,700 crores CapEx, what is the timeline? Any tentative timeline, and what is the EBITDA per ton you are looking at in this project? Basically, if you look at the stainless steel project, there is an existing plant of the stainless steel, which was running off the acquired plant. There, we are reaching that 80% capacity utilization. The implementation of the new plant, we always said March 2027 was the targeted date. I think based on the schedule of implementation now happening, and as Shyam has done always, we may be able to prepone it and get the thing up and running much faster. Again, this also we are doing in phases. We have expanded the scope through the new expansion to now become, from 5 lakh tons, we have done it to 6 lakh tons. It is not another 6 lakh tons. It is that 5 lakh tons we had initially announced, that we are making at 6 lakh tons with further value-addition products there. I think the implementation schedule should be faster. We have pegged, like if you look at Jindal Stainless, they are more on 300 series. They make about INR 18,000 EBITDA per ton, selling at about INR 180,000, INR 85,000- INR 210,000. That is their average revenue. We have pegged our revenue more at about anything between INR 160,000 -INR 180,000, and our EBITDA should hover at about INR 14,000, because we will be doing more of 200 series, 400 series in our plants. We wanted to pilot with the primary processing. That plant of around INR 113,000 tons, which has the billet production of stainless steel, that should start in a month or so. Otherwise, the timelines for the fresh expansion should be somewhere around, it will hover around 2027- 2028. 28 March 2028, you should see the full completion. The revenues will be reflecting it in FY 2029 onwards. Yes. 2028- 2029. 2028 also because, Shyam, we always look at implementing things in phases. Something or the other will come up, that start contributing. If you want the full contribution to be seen, then you'll see more in around 2029 and 2030. There we'll be reaching like 100%- 90% capacities. Actually, what the question is about the commissioning of INR 2,700 crore project. This will be commissioning in the March 2029. Earlier, we have announced the CapEx of stainless steel, which will be commissioned by the March 2027. Partially, the capacity 0.5 million ton of stainless steel will be commissions in the March 2027, and the revenue will be reflected from the 2027- 2028. The whole revenue, whether it is downstream facility, stainless steel from 0.5 million- 0.6 million ton, which will be fully commissioning from 2029- 2030. You will get the revenue reflections for the full capacity of stainless steel for the year 2029- 2030. We will get. And as far as SBQ long specialty wire product, our commissioning of this project will be commissioned March 2029, and the revenue will come up from 2029-2030. Thank you, sir, for the detailed answering. There is one more question regarding wagon capacity. With the recent INR 1 lakh crore railway CapEx announcement in West Bengal, specifically, we are expanding on wagon capacity, any views on this? There is one more, this is my personal question with regards to the wagon. It's a little bit of unrelated segment when it comes to the execution and everything. Being a steel company, is it feasible to enter it in this segment, and what are your takes on it? There must be some thinking or is there a cash burn or how is ROE, ROC? So- this time. Yeah, Bhavik, I got your question. Basically, if you look at, our management is in the business, and they think very long-term as far as the business is concerned, right? The whole idea of getting into wagons is even the railways is transforming in a major way going forward. You are looking at speed on one side, and you are looking at moving of heavy material on the other side. You have passenger side of railway, and then you have movement the other side of railway, right? Now, when you look at metals, if you want faster trains, then the metal that'll be used going forward is going to be aluminum. If you want heavier movement of goods, the metal that'll be used is of stainless steel, right? We are now married to both these metals also. The idea of getting into railway, right now, is to start with the normal process, because if you look at, Shyam has never done any B2G business all these years. This is the first time we have forayed into B2G, because we'll be supplying directly to the railways only. None other materials that we produce, we are supplying to any government that way, right? Directly. This will be our first foray into B2G. This is more like fabrication. We understand all that. We understand steel. I'm not saying that we are getting into steel manufacturing as of now, but we are getting into the Indian railway system as of now. Our balance sheet sits at about INR 12,000 crores. With that foray of, this foray is about INR 200 crores for us, which is nothing as far as size is concerned. We have said time and again in lot of forums that we don't look at any business on a small thing. Over a decade, that should be like a billion-dollar business for us. The thought process is like that, the next innovations, when it is going to come in the railways, we are going to be ready for that. We should be the first one to implement. Now, the best part is, if you understand railways, you need a kilometer and a half long railway siding, which is available with us, because you have a brake testing that they have to do. A rake is about 60 wagons. Earlier it was done in the railway tracks, but the railway tracks are not allowing that. They say, now you have to do it in the siding. All these advantages we already have as far as our company is concerned. It's a small foray of INR 200 crore, wherein we'll start with 2,400 wagons. See, the best part is we are not starting this in Hyderabad or we are not starting this in Chandigarh. If you know, the entire wagon manufacturing ecosystem resides in the east. If there are, say, 250 components required in making a wagon, we are talking about BOXN wagons and all only. Everything is available in the east today, right? That's where the whole thought is get into the system, and then, with the likely innovations going forward, we should be the front runner there. If you wanted the long-term thought behind it, this is the thought. Any industry size you can quote in this? Because, see, frankly, as you said, that there is only INR 200 crore CapEx, which you have been pumped in in this particular segment. Correct me if I'm wrong. Correct. Yeah, correct. I think it's like. See, simple. It's like. Yeah. If you are doing 4,800 wagons, that is what we are saying, with this INR 200 CapEx, we can do about 4,800 wagons, right? Each wagon sells at about INR 35 lakhs. It's a process wherein you have to participate in the tender process and get. If you know established player, you have Titagarh, you have all the other wagon manufacturers based out of East only. They would be doing a margin of, say, 11%. We are saying, we are not as efficient as them. We have just started. We will still make a margin of 8% there. If we are able to do 4,800, that will culminate into a supply of around INR 1,500 crores. INR 1,500 crores with a 8% margin, that's more like, you are returning your money in two and a half years max. Great. One more, my concern was, I was just looking at the balance sheet, there is a 1.5 increase in the inventory. Is it that we have taken advantage of some kind of lower prices or- Yeah. Bhavik, you're absolutely right. Shyam, as a company, has its ears always to the ground. We understand the market and all. You would see that even in 2021, there was a huge surge as far as inventory is concerned, because we saw that right now the inventory we are getting at the lowest. That is why we bulk up on the inventory. Generally, in six months' time, we are able to sell it off and make much better margins. This is a call which has been taken accordingly. If you see, our biggest stock material is either iron ore or coal. Yes. In this case, this time around, it's the iron ore that we have bulked up on right now. You will see, this will culminate into good profits as far as the half yearly or quarterly results are concerned. Bhavik, this is one of the reason. Second one reason, if you compare our inventory from last year to last year, if you look into last year, we have commissioned two plant, blast furnace plant. We have taken the inventory of blast furnace like coke and something is there. That's why our inventory level has been increased from 2025 -20 26, because we have taken the position of coke is also for our blast furnace, bigger plant is there, both for Jamuria as well as for Ramsarup as well. Not only blast furnace, we have also taken the raw material positioning of CRM also, HR coil. That plant is also commissioning this financial year, 0.25 million ton. That is the reason. One of the reason of taking the position, or second one reason is to take the raw material, positioning of raw material for newly commissioning plant last year, like blast furnace and CRM. Just a follow-up on the iron ore part. I have just recently met one of the management, I don't want to name it. Their concern was, [Non-English content]. Contract happened, everything moved as per their contract. They were saying this export from the Guinea may, might impact the iron ore pricing domestically. There is one more question from the analysts attendee regarding the iron ore market. I'll let you know. I might repeat the question, [Non-English content] They were like, we believe iron ore prices may have some tough times. Bhavik, I'll tell you, in commodities, you know how it moves. When the finished material price moves, generally the raw material prices move going ahead, right? We have bought this material at a time where the finished material was just about to move. We have blocked our inventory because we understand, next four to five months, the finish is going to move. We have blocked or hedged our position there. This is going to help in better margins. As a company, we have this policy of being in the market every time. It's not that we have stopped buying, we've just bought that material and then stopped buying. We keep buying the material, obviously we have bulked up because we feel that we are going to make. By God's grace, over the last two and a half decades, we have been right 95% of the time. No, touch wood. This was not related to the previous one. Sorry. This was an independent question, in a longer run basis, within maybe two years, three years, prices may be at a range bound, or it may increase more, decrease. Because of this Guinea, you are an expert from this. Yeah. Basically, if you look at the supply side is already there, and in fact, with MDOs now digging and getting the material out. If you were doing, say, INR 20 million in a year, now you can extract INR 24 million. Even with OMDCs and all, they have now given it to all MDOs. We don't see a challenge. Yes, there won't be a straight line in this ever. It'll keep performing the way it has been in the past. It's all a demand and supply situation. If something like, we have sold pellet at INR 14,000 in 2021- 2022, but now you don't get more than INR 10,000 ever. That is a direct proportion to iron ore. If some technology comes wherein the Fe content can be increased, that will bring another. Beneficiation is also now becoming a big play as far as steel is concerned, right? You don't know how those things will pan out, but we try and at least predict ourselves or push ourselves for the next two to three years, at least. As an analyst, I might be wrong, but my belief is, what happened in 2022, I don't think it will happen again. That will never, ever happen. Yes. That's a- that was- aberration artificial pumping by the government to start the economy, which due to COVID was- [Non- English content] You can't say that cannot happen If you look into our business model now, we are not only on the carbon and steel business. That's why we are creating our business model in such a manner that we will give the sustainable business model to our investor. We will not be in a position, we will not be held in any position circumstances. We are always giving a sustainable business model where we are also projecting our EBITDA range from 12%-15% over a period of the next two to three years. Also, we are fully integrated, whether it is stainless steel, whether it is aluminum, whether it is carbon steel. That's why we are announcing our CapEx model in such a manner where we will be backward cum forward integration is there. We are announcing some downstream projects. We are also doing some backward integration so that we will not be surprised from any raw material prices increasing. We will not be surprised for any finished product prices downfall. We will always give a sustainable model to our investor. I was looking for the SS coil when expansion was there of one company. He was like, we have SKUs, and we usually expand this project based on the SKUs demand. He was saying that already the demand visibility is there, and based on the SKUs which they have or their requirement, according to that they are expanding. It's a safe play. [Non-English content] where already there are SKUs below the belt, and already there is a demand, which has been happening, but you are not able to fulfill it, and accordingly, you are trying to move in segments like foil or SS. Is there anything like this? No, Bhavik. I'm just trying to understand the business. No, no. We have a market analysis for sure, and that is where we are betting in these things. It's not that we are fulfilling a demand. If you look at aluminum foil, we are going backwards, and then we are going forward again, right? There, we've understood that we can have a realistic margin expansion there. Today, if we are making it at about INR 38,000 per ton, this can go up to INR 55,000-INR 60,000 by going backwards. Then we have identified some niche areas in aluminum fins, which is still being imported into the country, which is used in your air conditioner outer units. We identify these niche areas and then go after that and make it the best. Different involvement. Yes. How we implemented CRM. CRM, if you look at, we are an easternmost plant. If you look at the western area, you have a 0.22 mm, and we have built it at, we can go at a thinner gauge. It's widely used in the Northeast, and no one from the Western India can compete as far as pricing is concerned. We have a very different way of evaluation. As we say, our R&D is the projects we put across. We actually take two and a half years to understand, answer the why we are putting and how we are putting, and then put it to implementation. If we have announced some expansion today, we have already worked for three years on that expansion. We clearly know where we are going to sell, what we are going to do, then it is being implemented. It's never a short sight kind of understanding that this is going on in the market, so do it. We come from that framework. If you would have seen, we have stopped ourselves at 2 million tons of TMT and all. We have not increased anything there, because we have all the backward, but we have never done that. We understand if we increase the supply there, we'll be cannibalizing our own product. It's rather we are looking at new SKUs here and getting into more differential and better products. Just to give the attendants a good idea, your decision of not going into TMT is proper. It is correct, because recently I had visited West Bengal and Jharkhand in a plant visit, wherein the private players, through IF route, they are crazily expanding in this market of producing TMT and rebars through IF route. They are expanding, they are announcing INR 35,000 crore CapEx, and these are private players who are coming in this. It is a good decision. I appreciate that the analysis with- In fact- Shyam Metalics have done, it is quite thorough. In fact, if you look at, we didn't think twice before pulling out of the DI pipe plant. We saw. There is obviously, we were very clear the DI pipe would be put post the pig iron plant or the blast furnace starts. When it took three to four years to put the pig iron, we were always in the market understanding what is happening. The technology changed. DI pipe in that form would never have worked. We pulled out of that. That was a INR 600 crore pull-out from the DI pipe. Now we are finding a better use for the pig iron that we are left with. Bhavik, if you look into our balance sheet model, business model, whatever be the cash or whatever be the profit we are generating, we are generating majorly from the controlling our cost. If you look into past also, in future also, whatever will be the CapEx which we will announce, which only to feed our backward integration. When we talk about the stainless steel, if you look into two years back, we acquired Mittal Corp with a long steel capacity of 1.15 million tons. Why we are expanding from 1.15 million tons to 0.6 million tons? Because the entire backward integration, which, with us, whether it is iron-making, whether it is ferroalloy, whether it is power, everything is with us. We cannot be suffer, deprived from any raw material prices increasing or we will not be suffer from any finished steel prices have been down. Maybe margin may be little bit here and there, but we will be always in a positioning to give the sustainable model. That's why we are expanding in the case of aluminum. Earlier, our capacity of aluminum foil was for 24,000 tons. Why we are expanding? Because we have also commissioning our backward integration of flat rolled product of 60,000 metric tons. We will give always a sustainable margin where we can control our cost and also expanding our value-added product. That is the only reason. We will not depends, then we can put. Because any project is required to be commissioned for next two to three years. It take time two to three years to implement any project. We will not be in a position, depending on others or depending on the market. We will always give a sustainable model to the investors. That is our investment. Great, sir. Great. Once you capture the market, then in order to create efficiency in the process, as well as to increase the margin, this is a good decision that we should go backwards and make it a fully integrated plant over a period of time, and don't go aggressive. One go, you should invest, INR 10,000 crore-INR 12,000 crore for the whole integrated plant and everything goes for a toss. You know? Correct. It's better you should make the market and then go backwards in order to create efficiency and increase the EBITDA margins over a period of time. Great strategy, sir. Just one last question, sir, from anonymous attendee, regarding the iron ore market. He's stating, in the current global iron ore market, are you seeing any structural change in the pricing behavior of your key suppliers, particularly given what's happening in the Chinese demand? No, I don't think so because, if you are not supplying from here to China, it doesn't matter, right? India, again, if you look at out of 140 million, right? Long steel has never been imported into the country, right? Blast furnace route is different. With every grade also there is a difference. We are not seeing any changes there as far as iron ore is concerned. In fact, with the beneficiation, we have a 3 million ton beneficiation plant also to be started. Post that, we'll be able to more control our prices and output that way. We'll end this session here. Thank you. Thank you so much, sir. Thank you, Mr. Deepak Agarwal, sir. Thank you. Thank you, Mr. Raj Kumar Gupta, sir. Thank you, Mr. Pankaj, sir. Thank you, Sakshi ma'am, for joining in, for your valuable insights. Thank you, investors, for your participation. Thank you all. Thank you. Thank you, Bhavik. Yeah, bye. Stay connected, sir. Stay connected. Have a wonderful day. Thank you, Bhavik. Thank you, everyone. Thank you, Sakshi. Bye.