Ladies and gentlemen, good day, and welcome to the Q3 and 9 months FY26 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Pankaj Harlalka from Shyam Metalics. Thank you, and over to you, sir. Thank you, Sudha. 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 and a warm welcome to the third quarter FY 26 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 third quarter and nine months results FY26, I'm joined by Mr. Brij Bhushan Agarwal, Chairman and Managing Director, Mr. Deepak Agarwal, Executive Director of Finance and Compliance, and Mr. Sumit Khaitan from Orient Capital, our investor relations partner. Now, I would like to invite Brij Bhushan-ji to provide his perspective on the performance of the third quarter of the current financial year. Thank you, and over to you, sir. Good afternoon, everyone. Thank you for joining us on the call. The industry continued to face a challenging environment during the quarter. Global demand remained subdued due to the ongoing geopolitical uncertainties and fluctuations in key raw material prices. In contrast, domestic demand remained stable during the period. Let me briefly touch upon the prevailing operating and industry environment, which continues to evolve amid global and domestic developments. Globally, the steel industry has been impacted by trade-related actions, including tariff measures in key areas and markets such as the U.S., which has altered international steel flows. These developments have led to higher diversion of steel into alternative markets, creating some pricing pressures across regions, increasing volatility in global steel prices. From the domestic perspective, India's economic fundamentals remain structurally strong. Steel demand continues to be supported by infrastructure development, manufacturing activities, urbanization, with global spending on huge infrastructure such as roads, railways, power, urban infrastructure, driving demand for long products. However, near-term, demand uncertainty and secondary segment remains cautious, leading to selective pricing pressure. Despite these challenges, we are pleased to report a decent, strong, resilient performance by Shyam Metalics. During the quarter, our volume growth on year-on-year is 25% higher, and revenue growth is almost 18%. Over the first 9 months of the year, Shyam Metalics delivered solid growth in both terms of revenue, EBITDA, highlighting the strength of our business model. This performance was driven by our integrated operations, diversified portfolio, sustained focus and cost efficiency. During the quarter, we successfully commissioned and started commercial production of 0.45 million ton of blast furnace at our Kharagpur plant. This commissioning meaningfully increased our steelmaking capacity, strengthens our integrated manufacturing setup, supports our long-term growth ambition. Further, I am happy to announce that in the last quarter of FY26, the 90 MW captive power plant and 0.15 million ton color-coated plant are expected to be commissioned, with their prospective impact in the cash flow and become clearly visible for FY27. Additionally, the backward integration of aluminum flat product of 0.6, 0.06 million ton per annum with aluminum caster mill, the new foil plant capacity of 20,000 tons per annum, to be commissioned by June 2026. Building on this momentum, I'm pleased to announce the board has approved the fresh capital investment of INR 6,660 crores to support the next phase of our growth. This investment will be used for capacity expansion, improving the processes, and developing more downstream and value-added products. The proposed CapEx will be funded primarily through the internal accruals and borrowing, if required. These investments are aligned with our long-term goal of expanding operations, improving efficiencies, strengthening infrastructure, increasing margins, while maintaining strong, steady, sustainable growth. To further strengthen our board, we are pleased to announce the appointment of Mr. Subrata Bhattacharya as an additional director for the term of five years, subject to the shareholder approval. Mr. Bhattacharya is a very distinguished metallurgist and seasoned corporate player, with over 39 years of extensive experience in specialty steel, stainless steel industry. He has previously served as full-time director at Jindal Stainless Limited and CEO of Viraj Profiles Limited. We warmly welcome him to the board of Shyam Metalics. On the regulatory side, we welcome the decision to impose the safeguard duty on steel import. This move is extremely supportive for domestic manufacturer, as it helps address unfair import pressure and improve pricing discipline, stability, and support mechanism in the market, and create a better support capacity utilization. To conclude, we remain focused on sustainable growth, improving profitability, creating long-term value for our valued shareholders. With disciplined execution, prudent capital allocation, and clear growth strategy, we are confident- and we are confident of closing FY26 with strong note. Thank you for your continued support, trust, and we look forward to engaging with you in the quarters ahead. With this, now I conclude my speech, and I would request our CFO, Mr. Deepak Agarwal, to take us through the financial performance. Thank you to all. Thank you, sir. A very good afternoon, and a Happy New Year to all the participants. I thank you, all of you, for taking time out on this call to discuss the result for the third quarter of the current financial year. For the Indian steel industry, the current phase is characterized by healthy volume growth alongside persistent pricing challenges, incremental domestic capacity, coupled with global price softness, have kept realization under check even as demand remains steady. Overall, while the external environment continue to remain dynamic, the underlying fundamental of the Indian steel industry remain intact. At Shyam Metalics, our diversified product portfolio, integrated operations, and prudent capital allocation approach, positioning us well to navigate near-term challenges, and continue delivering sustainable performance over the medium to long term. Despite this headwind, Shyam Metalics has delivered a strong operational performance in quarter three of the current financial year, driven by higher volume, improved product mix, and disciplined cost management. I would like to share a quick review of the reported consolidated financials for the third quarter of the current financial year. The company reported an operating revenue of INR 4,421 crore in quarter three of the current financial year, registering a growth of 17.7% over quarter three of the last year. This growth was primarily driven by a 25% year-on-year increase in volume, reflecting successful ramp-up across key product segments and capacity utilization. For the nine months ended December 31, 2025, the company reported a consolidated revenue of INR 13,312 crore, registering a growth of 20.9% over the nine months of the last financial year. On the profitability front, the company recorded an EBITDA of INR 539 crore, up 6.3% year-on-year, with an EBITDA margin of 12.2%. Operating EBITDA stood at INR 487 crore, a growth of 6.9% over quarter three of the last financial year, with the operating EBITDA margin of 11%. Margins were impacted by lower realization in carbon steel and in sponge iron, partially offset by higher contribution from the aluminum, stainless steel and iron pellet. If I have to speak on nine months ended December 31st 2025, that consolidated EBITDA of INR 1,781 crore, registering a growth of 16.6% over the last year, and operating EBITDA of INR 1,606 crore, which registered an 18.9% growth over the last year. The profit after tax for the quarter stood at INR 198 crore, broadly stable on a year-on-year basis. The PAT margin for the quarter was 4.5%, which remains healthy considering the current price environment in the sector, in the steel sector. For the nine months ended December 31st 2025, the PAT is INR 749 crore, registering a growth of 8.6% over the last year. From a product perspective, the iron pellet realization improved by 5.4% year-on-year, while aluminum and stainless realization increased by 8.5%, 8.4% and 11.3% respectively. Highlighting the benefit of our diversified and value-added product portfolio, realization in specialty alloy, carbon steel and sponge iron remain under pressure due to the market conditions. In terms of volume, the company delivered a strong growth across several segments. Iron pellet volume increased by 43% year-on-year. Specialty alloy volume increased by 18.7%. Stainless steel volume increased by 8.8% during the quarter. We also continue to scale up volume of our color coated and pig iron. As our ongoing CapEx projects are progressively as planned, as of nine months of the current financial year, we have incurred, already incurred INR 8,038 crore against the total project planned CapEx of INR 9,425 crore, which is almost 85% of our total CapEx plan. Out of which is INR 8,038 crore, INR 5,357 crore has already been capitalized. These investments are starting to deliver benefit through better operational efficiency, lower cost, improved product quality, as this project stabilize further. We expect additional benefit to reflect in our performance in the coming quarter as well. In line with the long-term growth plan, Board has further approved a CapEx of INR 6,660 crore, which will be deployed towards the capacity expansion, value-added product and strengthening backward integration. These investments will enhance scale, improve cost competitive base, and support margin expansion over the medium to long term. This CapEx will be incurred through internal equity majorly and borrowing if required from time to time. We remain confident of closing for the current financial year on a strong note and supported by a robust volume, increasing contribution from value-added products, and disciplined execution of our growth strategy. With this, now I'll open the forum for the question and answer session. Thank you. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may please press star one on their touch-tone telephone. Now, participants are requested to use handsets while asking a question. First question is from the line of Amit Dixit from Goldman. Yeah. Hello, good evening, everyone, and congratulations for a good set of numbers in a very testing environment. A couple of questions from my side. First of all, congratulations for announcing yet another CapEx plan. The first question is essentially on one of the elements of this CapEx plan, that is wagons. Seems to be a little bit unrelated area of our operations. So just wanted to understand the kind of synergies that you are seeing, and particularly, this particular industry, you know, in Kolkata itself, we have a number of companies. So what and how different we will be from those companies? I just wanted to understand that strategic rationale. That is the first question, sir. Wonderful. Thank you, Amit. Do you know that Shyam Metalics is now setting up an aluminum backward integration with a cold rolling mill? We'll be making a lot of aluminum sheets. We are coming with, with our stainless steel flat product, which is going to be commissioned in next couple of years. We are setting up an HR coil plant. So if you see in the wagon industry, the major application raw material is the backward and forward integration to our existing proposed plant. Also, if you see the margins in the wagon and the advantage, what we have, like, it is a very low CapEx, like, the total CapEx is close to hardly INR 200 crore. And we have a complete infrastructure available as a railway line, as most of the infrastructure required for the sheds and all for the wagon plant in our existing plant. It will add a lot of value, because once we make a product, we have a lot of value-added product in our existing manufacturing facilities, as well we have a lot of, you know, unsized product, which will be able to create more value addition in the wagon plant. It is a very small investment, and if you see, the railway, demand, which is going to come up in the near time, we are seeing the infrastructure is growing. And I feel this is the area where we should start with very small. It's a very small CapEx, and once we see that we are able to, we are totally convinced with the strategy, growth, and all, we have further area of expanding into a various kind of, high value-added wagon business. Like value wagon business, we'll start basic one in the sense, but later on we can get into metros, we can get so many. This is just a sense of a testing new project, where the backward and forward integration adds a lot of value to us. And we have a captive railway siding. We don't have to build up a railway line. We don't have to build up so much big infrastructure, which is required for the wagon plant. Thank you. Got it. Got it. The second question is essentially on the portfolio itself, product portfolio. So if I look at it, there are four distinct buckets of products. Now, you have aluminum foils, stainless steel, we have longs and flats in carbon steel. So going ahead, where the focus will be? I understand, I mean, broadly it is on downstream products. But, I mean, you have recommended the induction of Mr. Subrata Bhattacharya. So is it that we would be focusing on stainless in the near term? Or, you know, going ahead, where do we see your CapEx coming? Very interesting question. I'll just brief you. You know, if you see the Shyam Metalics as a company, we are a metal company, and we would definitely like to invest in the future sustainable long-term value chain. If you see in last three years, like we have, we started with a small pilot plant of aluminum foil plant. Now we are, we are close to around INR 1,000 crore, and in next two to three years, we are targeting that we should be close to INR 3,000 crore- INR 3,500 crore business we'll be able to develop with the backward integration, creating more margins in aluminum. Knowing, understanding the business, since we have now more than 40% of our export market on the overall business, we are adding a lot of value in our. So this comes from the aluminum chain for next couple of years, and it is giving a decent margin, you know, the EBITDA margins, the product margins, and the innovations on the new metal in the aluminum space. A lot of action has been there. From the stainless steel point of view, yes, now we are in the carbon steel, where the prices are always, you know, very, very competitive. And stainless steel is also one of the value addition over the carbon steel. Since we make specialty alloy, we have our own power, we have our own steel. We are focusing more on the 200 and 400 grade stainless steel, where we have our niche, and we should be able to capitalize more on the value addition. So stainless steel is a kind of a value addition in our existing metal space. As you know, the per capita of stainless steel in our country is very, very low, and the kind of penetration which we are seeing in the stainless steel businesses, like, you know, in the construction steel, in the other flat products and all, in the white, white goods, we are seeing there is a lot of in the railways, in the other infrastructure, special engineering, manufacturing, like India is becoming the hub of the smart manufacturing. So I'm seeing a lot of penetration in the stainless steel, and this is going to add a lot of value forward and backward to our existing industry, creating our model more robust, sustainable, and creating more value for our shareholders. Yes, sir. Great. Great, thank you. Thank you. All the best. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and One on their touchtone telephone. The next question is from the line of Vikash Singh from ICICI Securities. Please go ahead. Good afternoon, sir, and thank you for the opportunity. Sir, my first question pertains to our aluminum segment realization, which seems to be down on a sequential basis, contrary to how the aluminum prices have moved up in the international market. So have our mix have been deteriorated, and how does it impacted our overall performance? There are two things, Vikash, to calculate. One thing is, you know, we are not the primary manufacturer of aluminum. We are the value-added manufacturing hub of aluminum. And in aluminum, there are a lot of sections, lot of products where we have a high EBITDA, and there is a lot of product where the EBITDA is little lower, but the productivity is high. If you see the results in terms of, you know, the numbers, we are increasing quarter after quarter. But because of the volume is going up and to see the best value per ton, EBITDA per hour, the decisions are being taken accordingly. But yes, due to some Forex fluctuations, maybe some imports are there for the foil or maybe, you know, some kind of a slowdown in the American market, some impacts are there, but it's not majorly affected. Noted, sir. Sir, in our opening remarks, basically, we talked about the challenging condition still pursued by the CFO. Just wanted to understand, after the safeguard duty, we would have a healthy price hike. So I, is the demand is still an issue? Because price seems to be on a healthy side if I just check on the domestic market as well, from December onwards. Safeguard Duty has been introduced. There is a recent price increase from this month onwards, from January onwards. Last quarter, the price was extremely low, and there is a lot of volume in the transit by the secondary, in the hand of secondary people, so it takes time to evacuate. But overall, as a country demand is concerned, we are utilizing our plant at more than 90-95% capacity. Irrespective of, you know, some little bit of price pressure, but we are able to sell the material. So not majorly, but yes, things are going to improve because we know the country is growing, the demand is growing, and to sustain the country growth, we have to produce 300 billion tons. And we know how the systems are working now, so we are extremely optimistic and extremely bullish on our business. Noted. And so this INR 6,660 crore is over and above that INR 9,700 crore CapEx, right? So the total pending CapEx at this point of time would be INR 7,500 crore. Is that numbers correct, which we will be spending in three years? Yes, yes, yes. Question to you. Yeah, yeah. Yeah, yeah, yeah. The remaining CapEx is around INR 8,000 crore, which will be incurred in the next 3 years. This quarter, last quarter, we will be trying - we will be incurring around INR 500 crore, and every year we will be incurring around INR 1,500 crore-INR 1,800 crore every year. Noted, sir. Sir, just one last question. This HR plant, which we are planning to set up, which would be set up in which of our plant? How much of the space we would be available post this expansion as well for the to incorporate the future expansion? We have this plant, we are coming up, this plant is coming up in Bengal side, Jamuria plant. And apart from this, we have enough land and some more land are under acquisition for at least next 4-5 years, we don't have to look back. Yeah. Noted, sir. Thank you, and all the best. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touchtone telephone. The next question is from the line of Rajiv Jain from RK Investment. Please go ahead. Hello, am I audible? Yes, sir. Please continue. Yeah. Thank you for the opportunity. So I just have a couple of questions. Firstly, so how are you seeing demand trends in Q4 and early of financial year 2027, especially for the finished steel and value-added products? Could you throw some light on that? Yeah, I'm, we are extremely optimistic, I told you, because, you know, since last one and a half, two years, the metal steel was extremely challenging. And in spite of that, you know, as a company, Shyam Metalics has been decently performing with the decent EBITDA numbers and all. But now, looking forward with the kind of growth we call what we are seeing every, you know, quarter, it is becoming robust. Demand is not a challenge, because whatever steel is being produced in the country, it is being consumed. And we know, like, you know, if you're talking of 7%-8% GDP and we are producing around, say, close to 160 million tons of steel, every year compoundingly, we will be requiring around 11-12 million tons. So we don't have to really worry on the steel demand side cycle and all. Might be, you know, some kind of a geopolitical situations or maybe some kind of, uneven surprises, what we are hearing from the Trump and this kind of a mystery, you know, it is a part of our journey. But actually, as a product, as a steel, we really should not be worried. Market is very stable. There's a good demand. We are seeing a lot of penetration happening in the private sector, smart manufacturing, rural development, infrastructure, roads, railways. So we don't have to worry at all. Understood, sir. Understood. And my next question is on CapEx. So you have already completed a large portion of your CapEx, which was around INR 9,400 crore. And so which key projects will start contributing meaningfully from FY26, and which ones will take a little bit longer to ramp up? Could you quantify that? The blast furnace what we commissioned this year will be seeing at least more than 95% efficiency factor coming up from the coming year onwards. The Ramsarup is again second blast furnace which you'll see a lot of action this year as well. The cold rolling mill expansion of color-coated business you'll see almost doubling this year. The aluminum backward integration plant is going to have another impact to double the revenue this year. And apart from that you know a lot of other power plants and some little bit of minor engineering in the existing plants iron making capacity of close to 200,000 tons you'll see will be commissioned this year. So there's a lot of action this year starting from you know the first quarter till the third quarter we'll see a lot of new plants getting commissioned. Understood, sir. Understood. In previous quarters, you had mentioned potential benefits from PLI scheme for stainless steel. Has there been any further progress on this since then? No, the plant is under the construction stage, and once you are commissioning the plant, then only you will be getting. So we have—these are all statutory compliances which are in place, so we will not get immediate results till we commission the plant. So we have to wait for another 1.5. Okay. Okay, all right. Thank you for answering my questions, and all the best for the future quarters. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touchtone telephone. The next question is from the line of Kartikeya Kumar Pandey from 360 ONE Capital. Please go ahead. Hello? Am I audible? Yes. Yeah, yeah. Yeah, sir, thanks for the opportunity. So sir, given the positive outlook that you're sharing on steel prices, so, like, I just wanted to understand what kind of a margins, like, are we looking in the fourth quarter, and then, you know, for FY27 and FY28, if you just share some rough numbers on that. We will definitely see a substantial better margins in Q4 in comparison with Q3, because the price have gone up. And, as usual, if you see the history, you know, the past and all, Q4, Q1 is always very inspiring because of. It's a season of construction. There's a lot of all we are done with all the festive and all, so. We expect that, you know, at least, if I'm not mistaken, if my finance people support me, close to 10%-15% or maybe 20%, we will see more improvement on our margins and all this quarter and also subsequently in the coming quarter. Yeah. In addition to this, you should also look into that in the next financial year, there are a lot of projects will be commissioned, like aluminum foil, flat products, like aluminum foils, color coated. So definitely margin will be improved and also the, growth will also be improved. Okay, sir. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touchtone telephone. The next question is from the line of Ashish Kejriwal from Nuvama Institutional Equities. Please go ahead. As there is no response, I'm taking the next question from the line of Devesh from Ikigai Asset Management. Please go ahead. Yeah. Hi, sir. Just one question. Recently this 400 bucks per ton of coal cess was removed. What kind of benefits are we expecting from that, and when will that start to flow through? Or is some part of that already flowing in Q3? But largely, I think power cost per kilowatt is largely similar, I think, on a QOQ basis. Actually, it really doesn't have a major impact on our power because, you know, our power plant is based on the waste and waste gases and waste product which comes out from the steel plant. Already, you know, these kind of numbers at such a low, when you are seeing the revenue impact is there, it means there is a huge impact on the, you know, the overall. It has also, it has already been, you know, taken care of in the third quarter, and subsequently, whatever the carryover stocks are there, it dilutes slowly. So we will see subsequently there will be a decent improvement in the coming quarter. But power, definitely, it doesn't have that major impact because we don't use fresh coal, we just use the rejects and wash rejects and waste heat and all. Our power plant. Got it. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touchtone telephone. The next question is from the line of Mudit Bhandari from IIFL Capital. Please go ahead. Hi, sir. Thank you for the question. So first question, we are expanding capacities across our intermediate products, including pellets, not pellets, sponge iron, pig iron and billets. And if I compare that capacity expansion with our finished steel products, including long and flat, so, we are little aggressive, more upon the intermediate product side. So is this any strategic call or how to look at this? Because at this rate, we'll be selling our intermediate products even till FY27 or FY28. See, I don't know where did you derive this number, because if you see from the Bengal plant, the kind of HR what we are targeting, close to around 1.6 million ton. And if we are consuming our hot metal, that is pig iron and the DRI. So we are almost compensating, and we are out of the intermediate product from the Bengal plant. If you see the Odisha plant, also the stainless steel facilities and all what is coming up, slowly, slowly it will add. Though we will not be completely zero downing the intermediate, and neither we want to zero down. We want to have some little bit of share, to have a proper penetration and awareness on the market side. And every intermediate product also, what we sell, we sell in the profit margins and also. But yes, the time to come in next couple of years, you'll see that, you know, we'll be converting a lot of our intermediate product by ramping up our existing capacity and adding more value downstream. Got it, sir. So directionally, FY, in FY27, more or less, we'll be consuming all of our intermediate products? No, no, not by FY27. Okay. It will be because HR is coming in 2 to 2.5 years, if you see what we declared 29. Yes. So probably from 2028 and onwards or maybe early 2029, probably we expect that we should be able to consume what? A lot of intermediate. Got it, sir. And in your slide on page number 23, what you have mentioned, expected sales and volume FY28, these are sales to external clients for intermediate products, right? All our sales are to the external system. We never- Okay. Calculate the sales of the intermediate transfers. All right. All sales are related to the- Got it. Got it. Thank you so much. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, may press star and one on their touchtone telephone. The next question is from the line of Ashish Kejriwal from Nuvama Institutional Equities. Please go ahead. Yeah, thanks for the time. Sorry, I was on mute that time. And many congratulations, sir, for successful growth CapEx without stretching the balance sheet. Very few times we see that. That's many congratulations for that. Sir, my question is on hot roll mill. I assume that we have 0.4 million ton of cold roll mill, so obviously, 0.5 million ton of that will be used in the hot roll. So, going forward, do you want to go into sale of HRC coil or, or, or can we expect that, you know, next phase we can see further expansion in CR coil or further processing to galvanized product? Very, very intellectual question. Most appreciate. Yeah, you are right, Ashish. Like, you know, HR takes, HR is a long decision time. And our strategic HR of setting up to close to, you know, 2 million or maybe 1.6 million ton, at a price of less, close to INR 5,000 crores, is something we have to appreciate. And we all know, like, you know, any HR product, when we set up, we have to set up a complete iron-making facility downstream. And as a strategy of Shyam Metalics being so conservative and prudent, we had built up all our infrastructure, backward and forward integration. So our immediate step is that to, we have to take up the HR project- Mm-hmm. -and we should try to commission it, you know, before time what we delivered, what we committed. In the time from close to 0.5 million, and what I presume we will be able to do from this plant in next 1 year- Mm-hmm. We will definitely evaluate, and we are still evaluating to create some more facilities, so that in the time to come, at least 60%-70%, we should be able to captively utilize. These are all strategic, long-term, value-added product, fix what our team is doing. And soon, once we are through with our all diligence and board approval and all, we will like to share. But these are all very small CapEx to the size of our balance sheet or to the size of the project what we are doing. Yeah. Understood. Sir, in this, just a small query on this hot roll mill plant. Is this including of Steel Melting Shop as well as hot strip mill also, or something else is also included in that? No, no, nothing. Only Steel Melting Shop and HR, Ashish. Only Steel Melting Shop and HR. Okay. Because, when I'm comparing this CapEx, normally, our CapEx is much lower than the industry standard, but when I'm comparing this with even for NMDC steel plant, and just for hot strip mill and, steel melting shop, they did something like 3 million ton at around INR 2,600 crore-INR 2,700 crore. So I was just wondering whether we are missing- INR 26,000 crores Sorry? INR 26,000 crores. No, no, no. This INR 23,000 crore was for the entire project. INR 23,000 crore. Yeah, yeah, yeah. Yeah. But I'm saying just for steel melting shop and hot strip mill, their cost was something like INR 2,600 crore. INR 2,600 crore? Yeah. So that's why I was wondering, you know, where I'm missing something. No, no, no, no. But you mean to say we are, we are doing at a higher cost, or you mean to say we are doing at a lower cost? I'm not very. No. See, their steel melting shop only cost around INR 2,000 crore for 3 million tons. And then hot strip mill is separately, which is around INR 2,600 crore. That's what I asked, you know, whether this INR 1.58 includes only hot strip mill or- We cannot set up, we cannot set up, we cannot set up any hot, hot rolling mill at INR 2,600 crores. There are some, NMDC was a government plant which took almost 9.5-10 years to set up. I will not be very clear, but for a 1 million ton steelmaking facilities, you need $1 billion, which is around close to INR 8,000 crores-INR 9,000 crores, approximately. Yeah, but- We are—if—Sorry? Yeah, because now that $1 billion ballpark, that includes the entire thing, you know, blast furnace, interplant- Yeah, yeah, I see. Yeah, yeah. I see. Yeah, yeah. Yeah. So this is what we are putting up, just an intermediate plant of Steel Melting Shop. Okay. HR mill. This HR mill has a capacity to do up to 3,000,000 tons. But maybe, you know, in the second phase, we will ramping up by adding more steel melting shop and all. But at first phase, seeing the present scenario, we don't want to get into more iron making and all. We want, and we are targeting a very specialized product in our HR plant, a very thinner section and specialized steel as well, you know? Are we making slab also in this? No, no, it is a CSP. No, it is no slab. Completely- We will purchase slab from the market, convert it into HR coil? No, no, no. Steel Melting Shop, and we'll be making, Okay. Thin slab, which is as good as. It's a completely hot rolling. No reheating. There's no reheating it. Okay. So that means SMS as well as in melting shop. Latest technology of this 22nd century. So we don't have to look back, and we have, we have tied up with the world best conglomerate, who is number 1 in the world, who give to Nucor or, you know, all the world best plant and best plant in India also. Nothing, zero compromise. Understood. Thank you, sir, and all the best. Thank you, Ashish. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touchtone telephone. The next question is from the line of Rajesh Majumdar from 360 One Capital. Please go ahead. Yeah. Hi, sir. Good evening, and, I had a couple of questions. So, if you look at it, our EBITDA, quarterly range, used to be between INR 400 crores-INR 450 crores, say, in FY25, and then now we've moved to about INR 500 crores-INR 570 crores range in the last 4-5 quarters. And now with most of our CapEx already completed and probably just about, fifteen hundred, two thousand crores left, on the INR 9,000 crores CapEx that we've done, INR 9,000 crores, what would be our EBITDA range, quarterly EBITDA range, say, from 1Q FY27 or whatever onwards, that we can see? We are, we are seeing like, you know, this year we are expecting that we should be having a growth of close to, you know, 20% over the next year, minimum, 20%-25% last year. Sure. Coming year as well, we are projecting that we should be maintaining the same growth, what we are doing now. And if you see the finance of the balance sheet being in so multi variety of product and all, we had been very perennial on our profitability numbers and all, on our projections, because in last couple of years, we have spent more on the cost side by adding power plants, getting into a value added, creating our institution more perennial and more sustainable. And we expect that, you know, we should be growing at least close to 15%-20% year-on-year for next 4-5 years, minimum. And with the growth on the numbers, volume, and value, and the sales prices, we'll see the numbers of the percentage of EBITDA will also improve. If the top line is improving on the volume growth of the additional capacities and putting more downstream and all, we'll see the percentage of EBITDA will also improve with the revenue and all. This is what we are focusing. Like when we are, we are talking from the stainless steel point of view, we are saying there will be a lot of penetration in the value addition, and we'll see the margins going up. We'll see a lot of penetration coming up from the doubling the cold rolling mill capacity, the numbers will change. Once you put up the larger capacity, your cost, your efficiency and everything changes. Aluminum backward integration will help us to hedge more on the raw material side. We'll be able to manufacture more, you know, varieties of aluminum product where we are not able to serve to our clients once we have our own internal manufacturing of foil stock. These are all strategic, sustainable move from the organization side. In addition to the Rajesh, I would also like to highlight certain thing, that sir is telling about the growth, volume growth, which will be around 15%-20% year-on-year after. Suppose if the realization will improve, definitely the margin will further improve. That is only on the conservative side, the growth will be 15%-20% as far as when we talk about, basically, on account of volume growth. So you're not taking cyclicality into account here, just the current market conditions and predicting the numbers accordingly. If there is a price- We are always conservative. After three years, Rajesh, you can't tell us that we are a very, you know, we want to be very firm on our- Mm-hmm. You see, whatever promises we have done in last three years. Mm-hmm. On the growth side and all, when we set up and we did an IPO three and a half years before with a top line of INR 6,000 crores and EBITDA of INR 600 crores, we are talking of this year, more than 3x. We have to, y ou know, these things, we have to-- internally, we have to do an analysis and come to a true solution. It will not be fair on our part, but we are conservative. We want to make sure that what we say, we deliver it. And what we want to create is a world class. We cannot be-- after three years, we cannot be any, any company where we have to compare with any of the commodity player or any of the specialized. Shyam Metalics should be a company where we should be able to showcase a different level of value to the shareholders. Right. My second question is also related to your conservativeness in a way. Your low leverage is actually leading to a kind of low return on equity for the shareholder, because since you are a double A plus kind of borrower, the debt levels in a metal company are normally much higher, so we see everywhere. So if we are able to, you know, have a more balanced leverage structure in our balance sheet, then our ROEs can improve substantially, because even at the peak, as per my calculations, our ROEs are still not crossing 13%, even if you take the entire CapEx into consideration. So, just a thought that maybe we can increase our dividend payouts, we can increase our debt leveraging a little bit, in order to improve our ratios. Yeah. This is also, you know, because of some very subdued market, you know. Sure. Apart from that, you have to understand, in spite of so much challenges, you know, what we are seeing in this sector from last couple of years, we have been very perennial. We are prudent, but we don't want to take any risk on any of the businesses where we see that we are not very comfortable, and we are not actually stalling any of our vision due to the capital constraint or anything. I know there is no capital constraint. We are prudent. True. It is better, you know, if we are prudent, then we are more conservative. This is a way any of the steel company, you know, is not a debt free. When we are talking any of the steel company, double A plus, you know, we are not talking from today, but we are talking from 20 years. So there are a lot of things where we can improve our margins, which we are working on that, by adding more value added. I know the. It takes a lot of time for a new product, some emerging metals, where we see the numbers are changing. We are trying to add more value on that. And we want to definitely place the company at a unique position where, you know, leverage, yes, we have to be always the least or no leverage company, I would say. We have to try our best, but we have enough head. In case we require, we get an opportunity, we will grab it. But we don't want to be extremely aggressive because your company is growing at 15%, 20% CAGR, 25% CAGR from last 25 years. We are growing, and the way we are growing, we will be growing. But we want to be very extremely prudent on our thought, on our values. Yes, my CapEx is very low because we feel that we are very efficient. That is also one of the strength of Shyam Metalics. And we are adding a lot of new projects to cut down the cost. We increase the margins, we are increasing more and more efficiency in our existing businesses. We are trying to learn and learn more from the present tools available, how to further enhance more exercise in bringing more value to the company. And yes, once the market turns around, we see everything is fine, things will improve more further better. But what you are seeing is the worst. What the numbers you are seeing is the worst, you know, in today's time. But I'm 100% sure with the time, it will further improve with the varieties of new businesses, new metal, new value addition, the kind of varieties of product mix on the sustainable part, what we are developing. We'll see a lot of changes happening in the time to come. Okay, thank you, sir. Thank you very much. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touchtone telephone. The next question is from the line of Ruchit Agarwal from Unifi Mutual Fund. Please go ahead. Yes. Hi, sir, thank you for the opportunity. Sir, a couple of questions. Sir, on the coking coal bit, we've seen prices move up materially as compared to the last quarter. Any margin headwinds that we can expect from the same? Although we've seen steel prices also move up. Anything that we can expect in the next quarter? Definitely, it is very volatile, coking, coke and all. So we have a coking, you know, we have our own coke oven plant. So your company, Shyam Metalics, is definitely going to gain over the price on the delta side from the coking coke, coal conversion point of view. And prices are looking little strong and firm for next quarter also. But it is too early for me to share, because, you know, you never know how it turns around as well. So yes, overall, I'm extremely positive, and we look for we'll be able to play more decent in the time to come. Okay, that helps, sir. Sir, and on the stainless steel bit, if you could help with the capacity commissioning timelines over the next year. And also this quarter, we've seen the EBITDA per ton for the stainless move up materially. If you could comment on the sustainability part of the same. See, what we did, we just acquired Mittal Corp two years before, and what we have done, we have started a wiring, stainless steel wire bright facility. We went forward integration. We did a trial. We are expanding the capacity in that. Definitely on the long product side, the margins will improve day by day. Lot of new product innovation and development also is in the process. Few has been okayed and few are is in the process. So in the time to come, yes, once you ramp up your production on the long product side of the existing stainless steel, you go more value-added, big things become more decent than this. From the new project, which is coming up in Odisha, it's a huge project, not a, you know, we are talking of 500,000, more than 500,000 flat rolled product, where, you know, world-class, where we have our own alloy, we have our own power, we have our own steel. We expect that by end of next year, we should be able to commission the plant. And there's a lot of downstream activities, you know, a lot of value additions, that may be aligned, lot of value additions. So that, you know, we are lining up, so that in the time to come, we should be able to create a long-term supply chain value addition. Okay, got it, sir. Sir, and last question on the steel bit. We're seeing the color-coated sheet move up, basically double in capacities. How is our expansion efforts going on in the parallel flange beams front? Flange beam is little bit. I would say on the flange beam side, it is little bit on the not very aggressive. I think we will be doing some kind of a modification on this section because there's a lot of challenges coming up. Because we are trying to create a lot of product in our existing facility of the flat product, where we'll be doing a lot of fabrications and all also. So I think it is too early for me to comment, but maybe next few weeks we'll be able to discuss more in better. Okay, sure. That helps, sir. Thank you and wish you all the best. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touchtone telephone. It's 5 o'clock, dear. I have my another meeting. Deepak? Hello. Thank you, and ladies and gentlemen, that was the last question for today. I now hand the conference over to Mr. Omkar Bagwe from MUFG Intime for closing comments. Over to you, sir. Yeah. Thank you everyone for joining us on call today. I hope the management was able to answer all your queries today. I also like 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. Thank you. Thank you, everyone. Thank you. 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.