Ladies and gentlemen, we'll begin with the call shortly. Ladies and gentlemen, good day and welcome to the Q2H1FY2026 earnings conference call of Shyam Metalics and Energy Limited hosted by MUFG Intime. 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. I now hand the conference over to Mr. Pankaj Harlalka, Head IR from Shyam Metalics. Thank you. And over to you, sir. Thank you, Risha. Thank you, ladies and gentlemen, for joining us in the call. I, Pankaj Harlalka, Head of Investor Relations at Shyam Metalics and Energy Limited, wish you all a very good afternoon. [Foreign Language] and a warm welcome to the second quarter. FY 2026 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 website. To discuss the second quarter and H1 results, FY 2026, I am joined by Mr. Bhushan Agarwal, Chairman and Managing Director, Mr. Deepak Agarwal, Executive Director, Finance and Compliance, and Mr. Sumeet Khaitan from MUFG Intime, our Investor Relations partner. Now I would like to invite Brij Bhushan to provide his perspective on the performance of the second quarter of the current financial year. He will also provide his thoughts on our strengths and strategies of the future. Thank you. Over to you, sir. Very, very good afternoon everyone. Thank you for joining the call. As we all know, the industry faced a challenging macro environment during the quarter. While the domestic demand remains steady, the price of the raw material remained on the downward trend reflecting a softer pricing environment. Against this backdrop, Shyam Metalics delivered a strong performance this quarter driven by our comprehensive multi metal portfolio and disciplined operation. Our focus on expanding value added offering, enhancing process efficiency and managing cost leadership supported the robust financial result. Revenue for the quarter grew 23% year-on-year while Operating EBITDA increased by 32%. Our volume for the quarter were up by 24% year-on-year. This performance highlight the strength of our integrated diversified business model and consistent execution by the team across all the division. On the operational front and the strategy, we have taken a decision to discontinue the DI Pipe plant project which was followed with the Pig Iron plant in Ramsarup. This decision was made after a detailed review of the technological shift and evolving marketing dynamics. We believe redirecting our capital towards higher value segment will deliver stronger long term result and improve the overall resilience of our portfolio. I'm also pleased to report that the blast furnace of Ramsarup Industry is on the final stage of commissioning. Stove, heating and pre commissioning begin and we expect to commercialize the production very soon. The 0.45 million ton blast furnace will significantly enhance our capacity to serve the growing demand of alloy carbon and special steel product. Revenue contribution from this product and project are expected from December 2025 marking an important milestone in our expansion journey and strengthening our integration capability. In another positive development, CRISIL Ratings has upgraded our long-term rating from CRISIL AA+ Stable to CRISIL AA+ Stable from AA+ Positive and reaffirmed our short-term rating at CRISIL A1 +. This reflects our strong business risk profile, diversified operations, healthy financials, robust liquidity, prudent capital management, and experienced leadership. Our growth roadmap remains firm on track. Our ongoing CapEx are progressing well and we are steadily moving towards the completion. As on H1FY 2026 we have incurred INR 7,529 crore of CapEx which accounts for 80% of the total CapEx plan of INR 9,425 crore, and we have capitalized INR 4,908 crore accounting to 52% of the total. The project execution are on track and we remain committed to ensure timely commissioning, operational efficiency, prudent capital deployment to support future growth in line with our long-term vision. We continue to plan proactively for the next phase of growth and to ensure strong future cash flow. As our current CapEx program is scheduled to be fully developed by March 2027, fully deployed, the new investment will enable us to move further up the value curve, enhance the margin sustainability, and reinforce our position as the leading integrated metal players. We will share detailed updates on this plan in due course as we finalize specific project timeline. To conclude, we remain committed to driving sustainable growth, enhancing profitability, and creating long term value for all our stakeholders. Thank you for your continued trust and support, and we look forward to engaging with you in the quarters ahead. With that, I conclude my speech and I would request our CFO, Mr. Deepak Agarwal, to take us through the financial performance. Thank you. On to you, Deepak. Thank you sir. A very good afternoon to all the participants and thank you for joining us on the call. I will give a quick review of the reported consolidated financials for the quarter under review and for the first half on a consolidated basis. The company for the second quarter of the current financial year reported a revenue of INR 4,457 crore showing a growth of 23% over the last year. Quarter two we have been able to sell a higher percentage of finished steel volumes which has enabled the company to overcome the rise in the input cost and modernization in finished steel prices. As a result, our EBITDA for second quarter of the current financial year on a consolidated basis stood at INR 609 crore, a growth of 26% over the last year. Quarter two and the profit after tax stood at INR 260 crore to highlight this point. Our revenue growth in quarter two of the current financial year has been primarily driven by a meaningful increase in the sales volume of Pig Iron and color-coated steel. Pig Iron contribution in terms of revenue accounts for 11.3%. We have delivered a strong PAT of INR 260 crore supported by our robust balance sheet, healthy liquidity position, and low leverage. I would also like to highlight a very important development that CRISIL has upgraded our long-term rating from AA Positive to AA+ Stable and reaffirmed our short-term rating at A1+. This is the highest rating in our peer group and is strong external validation of the company's financial discipline, operational excellence, and long-term strategic clarity. This upgrade reflects our consistent conservative capital structure, robust liquidity position, disciplined capital allocations, strong governance standards, and the leadership depth within the organization, and the same has also been pointed out by the CRISIL rationale. Importantly, this rating places us in a select category of companies in the metal and mining space, reinforcing our credibility with the lenders, investors, and stakeholders. It strengthens our ability to access capital at favorable terms, enhances financial flexibility, and positions us strongly to execute our next phase of growth without compromising on leverage or any risk parameter. Now I will quickly review the first half of the financials. For the first half of the current financial year, we reported a revenue of INR 8,876 crore, a growth of 22.5% over the last half year. In terms of revenue mix, the high value added segment accounted for 28.5% of the first half of the current financial year revenue as against 25% in the half year of the last financial year. The first half of the current financial year we reported EBITDA of INR 1,242 crore, a growth of 21.8% over the last year first half. Our EBITDA margin in the first half of the current financial year stood at 14% compared to 14.1% in the first half of the last financial year, reflecting a stable margin performance despite decrease in per ton realization in few product segments. We continue to focus on improving our product mix, enhancing realizations, driving operational efficiency through cost optimization rationalization measures. These efforts have enabled us to deliver a strong net profit of INR 551 crore in the first half of the current financial year, representing a 12.1% growth over last year's first half. We achieved a notable improvement in our working capital cycle. For the first half of the current financial year, our working capital days stood at 18 days as compared with 22 days at the end of the last financial year. At all points in time our gross debt to equity ratio has remained below 0.5x. The gross debt to equity, which was 0.07x at the end of the financial year 2025, is now at 0.10x at the end of the first half of the current financial year. At a net level we remain cash positive with current investments and bank balance of INR 1,694 crore against a gross debt of INR 1,075 crore. We wish to inform that the post dropping of implementation of DI Pipe project our announced CapEx since IPO aggregating to INR 9,425 crore. We have already incurred INR 7,529 crore against INR 9,425 crore which is aggregate to 80% of the total CapEx. We have already capitalized INR 4,908 crore. The remaining CapEx of around INR 2,559 crore shall be incurred over next two years. We have spent INR 945 crore of CapEx in the first half of the current financial year and INR 526 crore in the second quarter of the current financial year. Our strategy has always been to incur capital expenditure in a smaller well phased manner to ensure that the balance sheet is never strained at all times. We closely monitor liquidity, solvency, and capital efficiency ratio. I would like to assure you that the company continue to sustain a healthy financial risk profile despite pursuing capital expenditure plan of 2025. INR 59 crore over the next two years added by the internal cash generation and sufficient liquidity surpluses. This ensures that we will take only limited debt which will be in the form of working capital if required at any temporary fund flow mismatch. Most of the expansions are being undertaken within our existing facility and are organic in nature. I would also like to reiterate that the bank limit utilization at the consolidated level is expected to remain moderate even going forward. The annual cash accrual should also be comfortable, sufficient for our capital expenditure requirement as well as debt repayment. Now I conclude my portion of the speech and throw the floor open for the question and answer session. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch tone telephone. If you wish to remove yourself from the question queue you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Amit Dixit from Goldman Sachs. Please go ahead. Yeah, thanks for taking my question. I have a couple of them. The first one is on a recently introduced PLI Scheme for stainless steel and for t he specialty steel. Just wanted to understand that how we are going to benefit from that and how much benefit can we quantify over the next five years at least. I mean, what, that's what the document speaks out. Yeah. Hi Amit. Actually this scheme has just been announced. We are evaluating but more or less we have seen that key close to around INR 400 crore-INR 500 crore. We can be, we can get the benefit from the PLI in this stainless steel business. But you know final figure we can't discuss right now because there are a lot of clarifications which is required which might. Our team is in touch with the PLI and once we get all the clarifications then we will share the note. Okay, got it. The second question is essentially on, on stainless now as standard, you know some of the CapEx that we would be spending would also be towards stainless. Now we are basically entering in. I would say we would be one of the largest players in India apart from Jindal Stainless and we would be entering directly into competition with them. Our EBITDA per ton at least as of now is lower than Jindal Stainless. Just wanted to understand our thoughts around that, how we are going to increase the EBITDA per ton and what are the thoughts on Jindal Stainless as a competitor? See, right now we are into the long product. We just took a company from the NCLT a couple of years before and now we have stabilized the plant and we are creating a complete value chain in the long product. So the numbers, what you are seeing is in the long product. If you compare the stainless steel number of Shyam Metalics vis-à-vis Jindal Stainless, and in long product also we are adding the wires which we already commissioned and we are exporting, doing some more addition in the wires and dry bar businesses, which will enhance the number on the downstream side. On the upstream side, we are building our own steel melting shop in our existing Odisha plant where we have our own captive power. We have our own specialty alloy, ferro alloys, iron. In the time to come our cost will also be substantially low in comparison to what we are anchoring now. We will be able to create a decent margin in our existing long product profile. In addition to that we are also setting up a flat product, what Jindal Stainless is doing. We believe that, you know, once we are able to commission this plant we will have an edge from the O2 metal. Like, you know, we will be making the stainless steel from the iron ore and the ferro ores with our own captive power, with our own steel melting shop. We are going downstream in the flat product from the, you know, HR to the CR final products. We will see a lot of value addition happening once we come into the street. We will be. It's very difficult for me to share right now like we will be cheaper than Jindal Stainless. Yes, we will be highly competitive. I can tell you. Hello. In addition to this I would also like to highlight that once our flat stainless steel will be commissioned maybe in the year 2026 to 2027 then you will see our margin will almost will very much competently improve. Substantially improvement will be arrived in coming year. Everything will change because we are going all on the value addition. Major expansions of the organization is getting into a more value added chain like stainless steel, aluminum. We are putting up backward integration. We are. So if you are making our own melting shop from the O2 steel. We will be at the global competition level. Like you know we have everything in our country except the nickel. So nickel is. And most of our products are, you know, 200 and 400 series where it doesn't attract too much of nickel as a ingredient or a cost. We will see lot of thing will transform in the years to come. Thanks so much and all the best. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Charlene Kumar from UBS. Please go ahead. Yeah. Hi. Thank you for the opportunity and congratulations to the management for a pretty decent set of numbers given the tough environment. Also, congratulations on the rating upgrade. Just to begin with, if I can ask on a sector level question. Has b een a multiple quarters of we are seeing that there is a declining realization. I mean, any, or if you can just highlight, you know, what's your sense, what you know, if you're talking to peers or your customers, etc. Like, is it demand issue, supply issue, what are the problems and any insights on that? Are we close to the bottom of the realization or do you think that this pain may still stay for next few quarters or whatever? You can add value here. If you see overall there has been a big turbulence in this metal business in the last two, three quarters. We are seeing the correction in the raw material prices are not very big. You know, the prices are pretty tightened. We are also seeing, you know, there is a lot of disruption happening across because a lot of exports, you know, in the complete sector are affected because of so much of ambiguities in the policies internationally, what we are seeing. Apart from that also, if you see overall, you know, we have been able to sell what we have produced. We are able to get into more into a value addition. We are converting our businesses more on the value side. We are going more down downstream activities. We are creating more, you know, high margin products. A lot of, you know, activity within the organization. We are trying to capitalize on the value addition side. If you see all the CapEx, what you see is related to the downstream activity. Nothing is coming on the upstream. We are just trying to get more and more into a downstream value chain. We are adding, we are planning to add more and more numbers in a time so that we can increase more and more bottom line, once we increase more and more value addition. This is something what we are doing now. On the stainless steel side, you know, like the major ingredient for the stainless steel is iron, ferros, specialty alloys, and power. We are very much within in that space. Like when we are putting up any new projects, it's nothing like we are doing something greenfield. It's all brownfield project where we are adding a lot of value. Now in last couple of years, you know, getting into a new stainless steel stream with a small CapEx, we have learned how to create a better value for the company Shyam Metalics and we are not seeing a major competition in the stainless steel presently. We are sure, you know, with our competence level, with our past record and whatever, you know, we are doing right now, we will be able to create good numbers in the near future. Agree on that. I think the execution has been pretty remarkable. If I ask, I could see in. The presentation that you have decided to drop the DI Pipe CapEx. If I can ask what's the rationale behind that? See we had been evaluating like we were. We were working on the DI project for almost one and a half, two years and from last six to eight months we had been contemplating because there has a lot of, lot of changes and shift has happened on the technology of the pipe because lot of places the DI is getting replaced with OPVC, which is, you know, a plastic pipe which is right now most of the government companies, they have started introducing and they started replacing the DI where the cost of that pipe is close to 30% to 40% more cheaper and it's very easily, you know, the services are also very. So we were discussing on this factor like when you see any changes on the obsolete on the product side is there we thought of why to discover capital. It was not giving us great comfort with the new businesses and with the time when we are seeing the product is getting obsolete. We thought of keeping this and dropping this project on. Got it sir, got it. This was supposed to be a bit of a forward integration for our Pig Iron and other. Should we expect something else in replacing the. Yeah, we will be. We are right now seats. We have not taken any board approval on this but we are evaluating, like we have already. We have an SMS Shop there, which is a Spanish shop, and we are trying to figure out, you know, what steel we should do. It will be too early for us right now to something which is not mature. Yes, we'll be doing the downstream, which we will be converting the complete iron into a speciality steel, you know. Okay, okay, so there will be something else replacing this. This project. Yeah, yeah, we'll be doing. Yes. All right, if I can ask one or two questions to Deepak Ji. Deepakji, we have the various CapEx lined up in your, in the presentation. Possible to give ballpark the key CapEx timeline, like if you can provide us, like, upcoming, any, anything commissioning in Q3, Q4, let's say, some, any timelines on the FY 2027. It will help us just to, you know, for our modeling sake. 100%. The CapEx. Which we had already announced out of these CapEx in the current financial year. In the fourth quarter of the current financial year we will commission our 90 MW of power plant and 0.15 million ton of color coated. These are the two CapEx which will be commissioned in the current financial year and the rest will be commissioning. When we talk about the financial year 2026 to 2027 majorly the aluminum business what we have already announced like aluminum mill with caster, aluminum flat roll product, aluminum foil which will be commissioning in the second quarter of the next financial year. As far as stainless steel is concerned the stainless steel will be commissioned in the financial year 2027 to 2028. Every all CapEx will be commissioned at the end of the financial year 2026 to 2027. Got you. Any thought beyond that, like are we, like what are we, what are thought process? Because our five years journey of a five year CapEx plan will be completed by end of FY 2027. Is, are you forming of any plan beyond that? Yeah, as you are aware of that we have a prudent capital allocation policies there. Whatever we are generating cash out of this cash 60% to 70% we will further refinance or reuse in our growth plan. Definitely the post 2027 the kind of substantially cash generation will be there which will be definitely we will announce we are working. Our capacity committee is already working and Sir already said that we will be very shortly. We will announce our time stream and value added product maybe in the next quarter or in the fourth quarter of the current financial year. Post 2027 the kind of free cash is there in the system. I think that's a talk from my side. Thank you so much. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Shrenik from Vedanta Capital. Please go ahead. Hi, can you hear me, sir? Yes sir, we can hear you. I just wanted to further elaborate on the previous question regarding CapEx. You've mentioned that by 2026 to 2027 all CapEx will be incurred. When do you feel we'll be able to start seeing that lead to revenues? Generally it takes, you know, once we commission the plant it takes around six months to a year to stabilize the plant, to set up the market qualities and all. We will gradually see, like, you know, the color-coated business we are already in. We are doing an expansion, so immediately next three to six months we will see the business will start rolling smoothly. In aluminum also, we are already in the aluminum product, so we don't need to develop the product because it is already developed, so it will not take much time. In next three to six months we can see that everything is getting ramped up where the stainless steel is concerned. The new product, it will take around six months to nine months to, you know, come in 60% to 70% stream. Yeah. This is a general ball marks, you know, what generally all these kind of an industry works like. Yeah. My next question is where do you see our growth for the next two. Three years top line and margin. Sir, if you see in last three, three and a half years we had grown pretty decent from INR 6,000 crore top line to close to INR 15,000 crore we did this year. We expect that, you know, we'll be enjoying a double digit growth close to 15% to 20% on an average for next two to three years minimum. Since we are going into the downstream value additions and all, definitely in time to come the margins will also definitely, you know, we expect that close to 200 or 300 basis points we will be able to improve it. Yeah. Okay. Thank you, sir. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Dheeraj Shah from RJ Investments. Please go ahead. Hello. Am I audible? Yes sir, you're audible. Thank you for the opportunity. I have a couple of questions. Firstly, aluminum foils export formed almost, almost 24% of the total exports in 1H2026. Could you throw some light on current utilization of existing foil capacity. See, the plant is operating at almost 90% plus capacity and it is operating much better than what we expected. We are making a very specialized foil. These are all very special foil which has a very unique usage. We are supplying to the defense industry and others, other, you know, testing industry which has a special application. This will continue to grow like this because today the domestic margins are much better and there is little penetration on the international market, though the demand is there, and we have a good, decent sales book of close to five to six months now looking forward. There is a good penetration of demand on well acceptability of our product. We are very confident. I do not see any kind of surprises. Understood. Understood and also more of a follow up. Given 60% of exports come from aluminum business, any maybe near term pricing pressures that you may foresee? No, not really. Not really. Very. We will be, we will be having a better edge because you know once we commission the aluminum plant next year. So the raw material, what we are using for the foil, foil stock will have our own captive production. We will be increasing the margins on that because we will be doing our own raw material of foil stock and seeing the demand and the nichness and the uniqueness of the special product what we are doing I do not see there is much. These are penetrations a little bit of on the duty side and all. I do not think this will last for very long. Whether it is helping us to develop more and more new businesses. No more new products, more new revenue. Now I can share that. You know it is very stable business. I don't see any kind of surprises or any kind of challenges in the time to come. Understood sir, understood. That's all from my side. Thank you for answering my question. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Prachi Jhunjhunwala from Axis Finance. Please go ahead. Hi. Thank you for the opportunity. So I had a few questions lined up. My first question, so with new color-coated and parallel flange beam lines coming up, what incremental revenue contribution can we expect in FY 2027? We expect that from the color business, the flat product. What we are the expansions after expansion. Close to INR 4,000 crore to INR 4,500 crore will be the total revenue coming out from the flat product businesses including the color coated and all close to. I'm not 100% but yes 90% I. Can tell you, got it, sir. Also, have you seen any margin improvement due to higher captive power usage and improved logistics via captive sidings? Higher captive power usage is at around 81% right now. Yeah, it's improved. No. If you see, the power cost is very stable and we are not using any kind of fuel. Most of the fuel we are using is on the reject side and some is co-generation. It is not really going to impact very largely because we are extremely, very, very competitive and we are not using any fresh coal in our plants. It is majorly the rejection. The advantage we get from all these things is on our product side, other product side. Yes, the cess of INR 400 which was charged before has come down. It is also helping us on the cost side. It has given some kind of comfort. I would say yes, it is positive. Right. So thank you. That was very helpful. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Rakesh Roy from Boring AMC. Please go ahead. Hi sir. So my first question regarding can you light on the raw material prices from Q2 versus Q1 and Q3 how is it trending now? I don't see there is much changes in the raw material prices. Presently it is almost marginal, you know, so it's not a very, but the impact on the coal has been effective, is a beneficial, and Deepak, can you elaborate on this with your numbers and all because I'll not be able to share very. Correct sir. The raw material prices are not being corrected from the quarter one to quarter two which is mostly in line, but in the current quarter, in the third quarter, the coal prices have been going down by 5% to 7% and iron prices are also going down by a little bit similarly, but in the account of ferro alloy, the manganese pricing has been corrected by 10% and the stainless ferrochrome prices have also been corrected by 4% to 5%. These are the raw material prices that have been corrected from quarter one to quarter two, but not majorly, like I do not know, silica prices have not been corrected, but we hope that it will be further corrected. Okay, and that's it. Regarding surprising, any chance because many, many companies will be complicated, they are hoping, they are expecting the price increase from November. Are you also looking to increase the price from, or are you looking to increase the price from November or December? The demand, you know, after this, we are all waiting for the Bihar election issues to be over because, you know, we had been all during the festive season, and if you see all the years, this quarter has been always very low because of, you know, the festive season, and, you know, this time because of the election. The demand of the overall industry will go up, and once it's, we start looking at everything post election, so the price will start correcting. Yes, we are all hopeful and optimistic. Okay, so can we hope that your. QH2 is better than H1 in terms of volume and packing both. At this point of time, you know, it's, it's, we have to wait for some more time. Okay, definitely. Definitely, if you look into our financials, we will be always in the volume growth. If you look into quarter on quarter, percent quarter on quarter, we are increasing our volume, and with the recent commissioning of Pig Iron in the third quarter, definitely in absolute number, definitely we will be improving from quarter one to quarter two in the next quarter three and quarter four. Okay, that's the last question regarding, sir, access business, stillness business, so can you light on government is also just they. Are doing some anti-dump duty after talking, sir. Because can you like on this one regarding SF. There are some thought process going on the BI side and some kind of relaxation. These are very. You know. The margins in the assets are very good today. The flat product businesses margins and all. I see today the demand of the assets is growing very decent. Very difficult at this point of time till everything is clear. But. Overall with the country demand and with the present production I see a decent numbers coming up from this business. Right sir, how is the demand? Hello. Sorry. How is demand for your TMT business in Eastern part, especially, especially how is the demand? How this point of view after, I think, you know, after this we have right now in the festive and Bihar election. We expect that it will go up. You know, by end of November we should start seeing the changes. How much looking there, how much growth is looking compared to? If the demand is growing. If the demand is good it will grow. We'll be able to. Because we have not expanded the capacity on the TMT. Whatever we are going to produce we are going to sell it. It's all about the margins which will increase. Overall, we know that today because of the, and for the industry, festive seasons and all these things are always some moment where things are not very rapidly growing. I think now we are done with this and we will start seeing things changing. It's all the quarter we have been seeing the same thing, right? Also, in the quarter two, Metal agency, the monsoon season is there. There will be a disruption in supply chain management. Definitely, the demand will improve in the third quarter, fourth quarter. Basically because most of the contracts and everything has been concluded at the end of the financial year. So definitely, the demand from the steel will improve in the third quarter and fourth quarter. How much revenue from this quarter from the Mr. Path and how much is the utilization? The utilization is in the level of 70% to 80%. How much we are selling most in stainless steel, we are selling only 20,000. 20,000 quarterly basis. 20,000 ton of stainless we are selling, okay. In terms of revenue, total revenue comes of the mixer of this contributor INR 600 crore. INR 600, and for full year how much. Your guidance for FY 2026 for metro cost, it's around. You can say INR 2,000 crore. We will be targeting to achieve INR 1,500-2,000 crore. Oh great, sir. Okay. Thank you, sir. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Patanjali Srinivasan from Sundaram Mutual Fund. Please go ahead. Thank you very much. I have a couple of questions. Firstly, this captive plant that we have, power plant that we have shown in our presentation, I think we are doing around 100 MW at around INR 350 crore. The cost seems very less. Could you explain a bit about what? Configuration or what type of plan this would be? We are, if you see the history in the past, whatever plan we have commissioned, we had been extremely, very, you know, capital effective. This is very well taken. I appreciate your point. If you see the PLF or power factor, it is always 90% plus. Generally, it's all brownfield project. We take the technology from the best of the boiler manufacturers, the ThyssenKrupp or COMEC and all. Being in the steel business and a strong engineering foothold, we work together and we make sure that we should be at least 15-20% more capital effective. All our turbines are from BHEL and Siemens. Yes, we are better. Yeah, yeah. No, you seem substantially better. Which is why I just wanted to figure out we are doing something very different from what industry does. Thank you. I appreciate it. Just one more question. This quarter our production in terms of Pig Iron was a bit lower. Did we take any, or not production, maybe sales. Did we take any maintenance or anything this quarter? These are regular things, you know, very small marginal changes are there. So we generally have some maintenance or, you know, when you do a power plant shutdown, some maintenance comes. You have to. These are all, you know, after two, three years each and every plant has to be taken a long shutdown. Sometimes we have to take annual shutdown. Okay, so it's just a routine seasonal thing. There's nothing. There's no other reason. I don't think. No, I don't think there is any changes in our productions of its own generation from the quarter one to quarter two. The sales volume is definitely going down because we sell more pellet, iron pellet, because the realizations is more on iron pellet. That's why we sell more iron pellet. Okay. Yeah, that's what I wanted to figure out. Like there seemed to be some bit. Of a decline, but it's not visible. At a revenue level. That's why I just wanted to figure out. Got it, sir. That is the only reason the realization is more on iron pellet. That's why we sell more iron. We are not converting parent. Thank you. Thank you. Thank you. A reminder to all the participants that you may press star and one to ask a question. As there are no further questions from the participants, I now hand the conference over to Mr. Sumeet Khaitan from MUFG Intime for closing comments. Over to you, sir. Thank you everyone for joining. I hope our management was able to answer all your queries today. I also want to thank the management for sparing the time and joining the call today. We are MUFG Intime Investor Relations Advisors to Shyam Metalics and Energy Limited. For any queries, please feel free to reach out to us. Thank you everyone. On behalf of Shyam Metalics and Energy Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you. Thank you.