Ladies and gentlemen, good day and welcome to Shyam Metalics and Energy Limited Q1 FY 2027 earnings conference call hosted by Ernst & Young. 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 this call, please signal an operator by pressing star then 0 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. Over to you, sir. Thank you, Saniya. Good afternoon to everyone, thanks for connecting with us on our first con call of this financial year. On behalf of Shyam Metalics, I'm delighted to welcome you all to this call, particularly our shareholders and our industry analysts. Thank you for taking the time out on this call to discuss our latest results and performance. Our results and a detailed investor presentation has been uploaded on the exchanges as well as on our website. I hope everyone had a chance to go through it. To discuss our results, we have with us our Chairman and Managing Director, Mr. Brij Bhushan Agarwal, our Executive Director and Director of Finance, Mr. Deepak Kumar Agarwal, and Mr. Binay Sarda from E&Y, our investor relations partner. They will take you through our results, then we'll proceed to the Q&A session. Now I would like to hand over the call to Bhushan Ji. Thank you, over to you, sir. Hi. Good afternoon, good evening, everyone. [Non-English content]. Ladies and gentlemen, a warm welcome to everyone on behalf of Shyam Metalics. I sincerely thank all of you for joining us today. Your continued trust, support, engagement has been extremely instrumental in our journey, we deeply value longstanding relationship trust we have been building day by day with our investors, analysts, stakeholders and all the participants. We commenced Q1 FY 2027 on spectacular strong note, delivering another quarter of robust growth driven by extremely disciplined execution, operational excellence, and the resilience of our entire integrated business model. During Q1 FY 2027, the revenue grew by 23% year-on-year to approximately INR 5,500 crore, while EBITDA and PAT also followed an increase by 28% and 21% respectively. EBITDA margin expanded by 100 basis points on year-on-basis, reflecting sustained operational efficiency on the back of cost optimization, improved product mix, benefitting to our integrated operation and focusing more on B2C and value-added product innovation and values. Before I speak about our business progress, let me briefly touch upon the broader industry environment. Globally, the metal industries continues to witness volatility due to the fluctuation in the prices, trade flow, geopolitical development. However, medium to long term look extremely constructive and positive, supported by infrastructure spending, smart manufacturing growth, renewables, and intra-housing and all the sectors. In India, demand continues to remain healthy, driven by the growth. As we know, our country being a developing nation, the fast treasury growth of last 10 years has witnessed the growth all across the sector by the government-led infrastructure development, railway modernization, urbanization, manufacturing expansion, and increasing focus on domestic value addition. This trend continues to provide a strong foundation for growth across metals such as steel, stainless steel, aluminum, and specialty alloy. Since our inception and philosophy, we have always built a diversified, integrated value chain metal business that creates long-term value sustainable for all our respected shareholders. In this regard, one of the key highlights during the quarter was unveiling of our Vision 2031 roadmap, which articulates our long-term vision, ambition of transforming Shyam Metalics from a commodity-focused steel manufacturer into a diversified, value-added metal conglomerate with a stronger and more resilient earning profile. Those strategic investment across stainless steel, specialty steel, aluminum, and other HR coils are on the downstream business. We are building multiple growth engines that will enhance value addition with extremely deep integration and significant strengthening our profitability, sustainability, and perennial growth over the coming years. We have recently achieved an important milestone by starting the commissioning of our additional capacity of aluminum facilities in Odisha, further strengthening our downstream aluminum capabilities. This facility enable us to manufacture varieties of aluminum foil stocks, which will be converted into foils, catering to both domestic and international market, while significantly increasing value addition from our existing portfolio. The aluminum flat roll product projects remains on the track for commissioning during the second quarter. All major projects across our portfolio continues to progress as planned, and we expect to commission within the targeted timelines. Importantly, several other key project drivers, which we have discussed during our investors meet and our target of 2031, comes from the expansion of HR coil plant, specialty steel plant, aluminum plants, and special bar plants, which are all under the construction stage and will be commissioned as per the target given. One of the biggest competitive strength continues to be our integrated operation and industry-leading cost position. As we know, energy is a very big raw material for the metal business, and our competence on our cost and control on the energy is highly appreciable. During the quarter, Shyam Metalics acquired 26% equity stake in Emerge Green Power Private Limited, which is consequently becoming an associate company of the company. The investment is aligned for a long-term commitment towards sustainable energy security and operational efficiency. The partnership is expected to reduce our dependence on grid power, lower energy cost, and increase our share on the renewable operations and support our ESG objectives. Over time, this initiative is expected to contribute improved EBITDA margins through the lower cost related operational expenditure, while strengthening compliance with evolving regulatory and sustainable requirement. As we all know, since IPO, from INR 6,000 crore revenue, in four years, we have marched to close to INR 18,500 crore and EBITDA from INR 600 crore to INR 2,300 crore, with a CAGR of more than 20%. With our present expansions, what we have declared and the progress at site, we are very sure that we will maintain this growth trajectory, what we had been doing in the past, and will become more and more investor and stakeholder-friendly in the time to come. This also reflects our capital policies allocation, strong internal cash generation, and longstanding commitment from self-funded growth. At the current quarter run rate, annualized revenue have a potential to deliver robust year-on-year growth, with operating EBITDA expected to grow at a significant decent pace, supported by sustainable margin expansion. Even at this scale, our long-term EBITDA margin aspiration of around 14%-15% remain very conservative, considering that we are already operating at close to 13%-14% EBITDA margin with several high-value business yet to contribute. This provides strong visibility for our future earning expansion and reinforce our confidence in the long-term value creation potentials of our Vision 2031 strategy. Looking ahead, supported by a diversified portfolio, strong financial position, and well-defined growth pipeline, we remain well-positioned to capitalize on emerging opportunity and create sustainable long-term value for all our respected shareholders. Thank you once again. Now I would love to hear the financials, and pass on the phone to Deepakji to share all the financials and further discuss on the financial aspect. Thank you. Thank you, sir. Good evening, everyone. Thank you for joining us today for Shyam Metalics and Energy's earnings call for the first quarter of the current financial year. Myself, Deepak Agarwal, Director of Finance and Group CFO of the company. I am pleased to present our financials and operational performance for the quarter on behalf of the board of directors and the entire Shyam Metalics family. Our Chairman and Managing Director, Mr. Brij Bhushan Agarwalji, has already shared his perspectives on the business and our strategic priorities. I would now like to take you through the financial performance, key operational developments, strategic initiatives that continue to strengthen our foundation for sustainable growth. I am pleased to report that we have begun with the current financial year on a strong footing, delivering a healthy performance across our key financials and operating parameters despite a dynamic market environment. Our integrated business model, diversified product portfolio, and focus on operational excellence have enabled us to deliver a consistent growth while maintaining the financial discipline. During the first quarter of the current financial year, our revenue from operations stood at INR 5,455 crore, registering a growth of 23.3% year-on-year and 4.1% quarter-on-quarter. Similarly, the EBITDA for the quarter stood at INR 812 crore, which is a total EBITDA, reflecting a growth of 28.3% year-on-year and 7.4% quarter-on-quarter. As far as EBITDA margin expanded to 14.9% in comparison with 14.3% in quarter one of the last financial year, and 14.4% in quarter four of the last financial year. Similarly, our operating EBITDA stood at INR 765 crore with an operating EBITDA margin of 14%, supported by an improved product mix, stronger operational efficiency, better realization across key product categories. Profit after tax for the quarter stood at INR 351 crore, reflecting a growth of 20.6% year-on-year and 12.6% quarter-on-quarter. The PAT margin stood at 6.4% against 6% in the last quarter. We are also pleased to share that our board has declared an interim dividend of INR 1.8 per share. This reflects our continued commitment to delivering consistent shareholder return while maintaining a prudent and disciplined approach to capital allocation. What is particularly encouraging is that this performance has been driven by a combination of volume growth, value-added product contributions, and disciplined cost management. Our continuous focus on maximizing efficiencies across the value chain is translating into stronger profitability and sustainable earnings growth. We continue to witness healthy demand across several product categories, enabling us to further strengthen our market position. The growth in our business continues to be supported by increasing contribution from value-added products as we continue to invest in downstream operations. Our strategy of moving up the value chain while maintaining our cost leadership position remains intact. Our balance sheet continues to remain one of our key strengths. We maintain a conservative financial profile defined by lower leverage, strong liquidity, and healthy cash generation. Our disciplined capital allocation approach and focus on working capital efficiency continue to support both growth and financial resilience. This financial strength allows us to pursue strategic investments while maintaining flexibility to navigate market cycles and capitalizing on emerging opportunities. Now I would like to touch base upon key updates during this quarter. We have successfully commissioning of our aluminum foil facility and our investment in renewable energy through Emerge Green Power are important steps towards strengthening our value-added product portfolio, improving energy efficiency, enhancing the sustainability of our operations. These investments remain aligned with our broader objectives of driving profitability and sustainability growth. All our previous announcements announced CapEx projects remain on track and are expected to significantly enhance our product portfolio and value-added capability over the coming year. We are pleased to share the successful commissioning of our color-coated plant in April 2026, which increased our cold rolling capacity by 60%, from 0.25 million metric ton to 0.4 million metric ton. The expanding facility positions us to address high-growth opportunity across solar energy, automotive, infrastructure, and consumer durables, while strengthening our downstream value-added product portfolio. On the capital expenditure front, we incurred INR 575 crore during this quarter towards our ongoing expansion project. Going forward, the balance of approximately INR 9,580 crore of our announced CapEx is expected to be deployed over the next three to four years across our planned projects. We remain confident in funding this investment primarily through internal accruals, supported by our strong cash generations and healthy balance sheet. These investments are aligned with our long-term vision of expanding our presence in specialty products, strengthening downstream integration, and improving margin sustainability. As these projects ramp up, we expect a meaningful improvement in earning qualities, profitability, and capital efficiency. We remain confident of delivering a 600 basis point-700 basis point improvement in return on equity and return on capital employed by 2031, supported by higher utilization, a richer value-added product portfolio, and increasing contributions from our downstream businesses. As we move forward, we remain confident about the opportunities ahead. Our integrated operations focus on value-added products, strong financial positions, ongoing strategic investments provide a solid foundation for the sustained growth. We will continue to focus on operational excellence, prudent capital allocations, and creating a long-term value for all our stakeholders partners. With that, I would like to conclude my remarks. Thank you once again for your continued trust and support. We will now be happy to take up your question and answer. Thank you. Thank you to everyone. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Amit Dixit from Goldman Sachs. Please go ahead. Yeah. Hi. Good evening, everyone, thanks for the opportunity. Congratulations for a very good set of numbers. Two questions from my side. The first one is essentially, if I look at two divisions, aluminum and specialty alloys, EBITDA per ton in aluminum has gone up almost 52% YoY. Is it more driven by LME prices, or product mix also has a role to play over here? Also, in specialty alloys, if I see, EBITDA margin Q1 FY 2027 is almost 20.5%. In FY 2031 Vision that you shared with us, EBITDA margin works out to roughly 15%. This is a significant variance that we see despite many of the things not getting reflected. Just wanted your comments on both of these numbers. Wonderful. Thank you, Amit. Regarding the aluminum, the numbers have improved. It is a mix of the benefit, what we are getting on the price from the LME side. Also, the improvement in the product mix, which we have been doing continuously. Related to your question number two, related to the specialty alloy, yes, the numbers have improved because there is a good demand of few of these specialty alloys what we are making, and we are improving day by day in creating more special alloys so that we fetch more and more better values. Related to that 2031 number, when we are discussing, we are discussing as a complete holistic number of Shyam Metalics, where one of the part is specialty alloy, aluminum is the other part, carbon steel is the other part. When we are talking overall, we are trying to see that in the time to come, we should be able to have around 15%-17% or 16%. We are talking on the overall business value side. Sometimes the numbers may go up, sometimes the number may come down. There is a stock gain, losses, market fluctuation and all. What we are giving you the number is completely extremely conservative and very prudent. Thank you. Sir, just to push that further, if I look at aluminum and look at the other division, which is the stainless steel, the numbers that we see in Q1, compared to your FY 2031 vision, looks like FY 2031 vision is a tad conservative. Being conservative is, of course, fine. I think from the look of the numbers that Q1 FY 2027 was not too great a quarter, and FY 2031, when lot of backward integrations will be built in both these divisions. Looks like we are headed for a much better number in EBITDA, at least, than what you guided in the Investor Day. This has been our trajectory record, like whatever numbers we have given, we have over-delivered it in last four years, if you see. In last four years from this number to this number, from in terms of EBITDA or revenue, if you see, it is much beyond what we had promised. We would love to be conservative. This is our nature, that we take all the safety factors in our process and all, and we can't change with our habit. We rather believe to speak less and deliver more. That has been one of our approach. If you see all the projects what we have declared, and from the numbers are generating, if you see the beauty is if you see the commissioning date and time of the project, most of the project will be commissioned in 2029, majorly 2028, 2029. Three years from today. The numbers what we are promising is for 2031. There is lot of good story, still going to ripe up in between. We would love to see that what we speak, we should be able to deliver much before, much better. That we are all very confident for the company and the growth, and all the surprises have been taken within that time. Great, sir. Thank you very much. The second question is essentially on the demand side. What we have seen that prices of secondary rebars have actually gone down significantly, and not only secondary, but also primary rebars. Just wanted to understand whether it is a seasonal factor or you see the demand being weak on the ground. Every time during this kind of a season and all this kind of a issue always crop up because of the monsoon floods, logistics, people. This is something very regular. There's no surprise. If you see from the overall demand prospect, we all know that the country is doing very well. Still, there's a growth of 7%-8% every year on steel. Rebar contributes the major consumption of steel in the country, close to 50%-55% of the overall steel production. It will grow. I think we don't have to be really worried because we are now in a different mode of growth story as a country. Shyam Metalics means the plants from the east part of the country will see a due growth story because a lot of investments are going to come up on the east side, northeast side, since we have two governments aligned first time in last 50 years. We will definitely get lot of advantage of our position, location in the time to come. These are all phases. We should not be bothered for this two, three months, demand, supply gap and all, because we are seeing this for almost more than 15 years now. We are very well prepared with these kind of surprises and all, how to keep our speed at pace and also manage the market demand and supply. Thank you. Got it, sir. Thank you so much, and all the best. Thank you, dear. Thank you. The next question is from the line of Vikas from Serene Alpha. Please go ahead. Hello, am I audible? Yeah. Please carry on. Congratulations. Good set of numbers, sir. My question on aluminum plant you are talking about, it is a newly commissioned aluminum foil plant in Odisha. Your announcement is starting the commercial production. Any update on this order book pipeline or any commercial order are you getting from that? We are already in the business. We have lot of order booking. We have almost close to more than 10 months order booking from our existing foil. Any number, sir, or any- The plant has been commissioned. It will take few months to get streamlined issues and all. Numbers, we have already given the projection in our annual numbers. This year is good. Sorry to interrupt. We are getting some value this year. Yeah. Hello? Yeah, sir. Hello? Continue, sir. Continue. Continue, sir. Yeah. We don't have to worry. We have been in this business for almost more than we know what, when, and how to do it. It's not a new project for us. It is the expansion of our existing business. We should not be at all worried on any concern. It is start or any trial batches are running? It has started. Commissioning starts, it takes time. The plant was commissioned, so all the operations and other things is in the process, and it will take some time to completely make it 100% operational. Okay. Because we have to follow step by step. Yeah. Okay. Thank you, sir. The next question is from the line of Ruchit Agrawal from Unifi Mutual Fund. Please go ahead. Hi, sir. Thank you for the opportunity, and congrats on the numbers. Sir, if you could just refresh our memory and let us know what projects are we seeing commission in the near term, maybe in the next four to six quarters or so? Very good afternoon, and thank you, dear. See, this year we are going to commission, we have already commissioned our expansion of the flat product color-coated line. We expect that the numbers are really going to be fantastic this year. I think it should be almost more than double this year in the flat products. The aluminum business has been commissioned, so it will take another three, four months to regularize completely. We should expect that from the third quarter onwards, we should start seeing the real value coming up in the aluminum space. A few steel making, iron making facility is going to be commissioned by end of second year or early third quarter. This is also going to add a lot of value. Quarter three, quarter four is extremely very important for us on the new value added side. Some power plants are going to be commissioned in the second quarter. This is also going to help us a lot in terms of improving further our bottom lines. I think majorly that's all. Anything I left, Deepak? No, nothing. You have covered everything. I covered everything. Yeah. Got it. Just, sir, on our FY 2031 plan, I believe the aluminum and both CRM, the volumes that we mentioned, we currently have the capacities for same after the recent commissioning. Given the demand scenario, how you outlined it, can we expect maybe another leg of CapEx in these two pockets? Yeah. We are planning another CapEx, still, it's under the diligence stage because once we commission our HR plant, where we'll be producing close to 2 million tons. We will be definitely doing an expansion of another downstream project. It is under the board and lot of studies are going on. We'll be clear by third quarter. Yes, definitely there'll be lot of another good stories ripening up in next two to three years. Got that. We have taken the project. These all projects are on the ground. [Non-English content]. Right. Got it. Sir, on the last bit, more of a long-term strategic kind of question. Are we planning something on the iron ore bit as well? Given the size of our steel portion, five years out from now, can we expect that we go further and integrate more backwards given our exposure in- We are doing a continuous due diligence on the iron ore assets and all. Most of the assets are at a very high premium, and we feel that it is not going to be wise on our scale of business to add a lot of cost on the raw material. For us, raw material is not a problem. We are very near to the mines. Two, for the better integration, we have commissioned the beneficiation plant. We will be using the low-grade iron ore and beneficiate, and we'll be adding volumes from the iron of that. Three, if you see, this is a very interesting strategy, what we have taken a couple of years before. We were extremely clear about the iron ore pricing, supplies, and all. Our development is more on the downstream value additions. We are integrating more on the downstream and high value and B2C. Right. Because here we see a better value and more sustainable from the business point of view. Thank you. Got it, sir. Thank you for that, and wish you all the best. Thank you. The next question is from the line of Satyadeep Jain from Ambit Capital. Please go ahead. Hi. Thank you. Just firstly, on stainless steel, in the vision document, the EBITDA implied seems to be almost INR 15,000-INR 16,000 per ton on stainless steel. Just trying to understand what kind of product mix are you considering for stainless steel? How much 300 series when the flat steel capacity rises? See, we have been very conservative. I think we have shown around INR 14,000 a ton, number one. Number two, our major product, 2/3 is going to be 200 and 400, which is almost a nickel-free steel, and close to 35%-40% is going to be 300 series. It's going to be a mix of 200, 300 and 400. Majorly we will be serving to this emerge of flat steel. Yeah. [Non-English content]. No, I was asking, the pig iron will be used for 200, 400 series. For 300 series, given high nickel content, you'll be sourcing nickel from outside for that? Yeah. Nickel, we don't have nickel in our country, we will be taking nickel maybe we'll be buying some scraps and we'll be buying some nickel pig iron, which everybody does worldwide for making a nickel grade. These are only the two alternative worldwide. There's no other alternative. For the color-coated and CRM, the EBITDA per ton was INR 8,500 per ton this quarter. Is that something that can be sustainable number we can look at till the HR capacity comes up? See, if you see all the numbers, what we have shared is this quarter number. We are penetrating more on the B2C market, and we are developing our brand. There might be some little bit of changes in the sluggish time because market is competitive. Yes, in the time to come, this is going to be exactly the number we are focusing. Just maybe one or two follow-up questions on the fundraising approval of INR 4,500 crore, given that you do expect to meet the CapEx from internal cashflow. Is that mainly an enabling resolution or is there a thought to raise some funds for- Enabling resolution. No, it's just enabling resolution. Nothing very serious on the table. On Emerge Green, you mentioned there's been acquisition of 26% interest. Just what kind of capacity are you looking at? This company, if I understand, has not commissioned any capacity in India yet. Just maybe any thought. It's not a related party, I understand, I think. Maybe anything you can share on what kind of capacity you're looking at, and what is the background for this company? Not very clear with your question. Actually, I'm traveling. No, no. Can you repeat it? No, brother. This is basically what we are announcing our solar project. Solar, whatever we have announced, we have announced on a CapEx basis. Now we are- That okay. Solar project. Okay. Yeah. This is all. Right now, you don't need to do any major CapEx from your internal accruals. A lot of companies in the solar spaces, they are installing the plant on the JV with a very little bit of equity. They're setting up the plant with a buyback agreement and all. We find that structure is more better because they are doing business at around 8%, 9%, 10% yield. It's much more comfortable in the terms of the warranty and guarantee of the equipment. We are just changing the strategy, investing more with the JV companies to build, run and operate, and creating the value for the company. Am I right, Deepak? This is what is required to say, right? Yeah. This is basically what we are announced earlier on a CapEx model in a solar project. We are trying to transfer and modify from CapEx to OpEx model, where we will get the long-term agreement with the investors and putting up some solar renewable energy project at our in-house plants. That is our strategy. No, I understand this is a good capital model where you put in 26% equity. It seems, just trying to this is not a related party company. No. What exactly? This is completely not a related party. This is a venture fund. This is PE fund. They are investing in the renewable energy, where we have acquired 26% stake from it then. Okay. Thank you so much. Welcome. Thank you. Thank you. The next question is from the line of Devesh Lakhotia from Ikigai Asset Manager. Over to you. Yeah, hi sir. Congrats on the results. Just a couple of questions. One, this quarter, if we look at the volume mix, there has been a bit of a change on a sequential basis. Pellet volumes have gone up while sponge and carbon steel overall volumes have gone down. If you can maybe throw some color in terms of, is it more because of demand scenario, more because of economics or any other reason? See, it is such a big supply chain management. Individually, it would not be very appropriate in giving me an answer because there is no such substantial changes. At times, your plant goes for maintenance, you sell the product. Once you see you're getting a better realization and you take the maintenance or you take all these things, it's very small. I think there's no such substantial number change. These are all just some short-term opportunity gain, I would say. Got it. More BAU only. Nothing to highlight. Yeah. Nothing. Secondly, I think in the March call, we had highlighted that we were sitting on a bit of RM inventory, which we had kind of loaded on to. What's the inventory situation like right now? Has the-- Largely because this quarter we did see a lot of margin improvement sequentially. Largely has that kind of all been booked in Q1 and sequentially now it will track more- This is generally the trend of this business. This is the trend of the business because you are in the monsoon, you have to use the inventory, you have to store the inventory. Now a lot of geopolitical issues are going on vessel sides and all. Nothing can be within the guideline in today's time. It's sometimes more an opportunity call, more a necessity call. It's very difficult to answer this question. Till everything stabilize and all, the geopolitical issues and lot of issues which is going on. Sometimes it will be little better, sometimes it will be little higher side. This is all the general. The INR 4,500 crore sort of an overall inventory that we were carrying, has it come down or is it still at elevated levels, at those levels? Difficult to answer this question. Yeah. We will be maintaining our inventory level more or less two to three-month inventory level, We will continue with the inventory level. Got it. Thanks. Still you are buying coal from Coal India. You have to deposit the money, and after that, once you get the railway rig, you get the coal. 2-2-1 deposits, 3-3-1 deposits are there. Iron ore you have to buy from the government company. You have to make a lot of payment to them, deposits. These are all something not us, but every steel company, major primary producers, they're also following the same practice. Maybe 15 days, 20 days, it can happen plus and minus, but this has to remain like this. Different kind of a product mix is there, availability planning is there, opportunity decisions are there. These are part of the business decisions. Correct. [Non-English content]. I think we should look at the macro picture. Right, sir. Got it. Thanks a lot. The next question is from the line of Vikas Singh from ICICI Securities. Please go ahead. Thank you, sir, for the opportunity. Congratulations on very good set of numbers. Sir, my first question pertains to our volume growth target of 25% in FY 2027. Given the 14% growth now and 2Q seasonally weak, the question is that had we seen only 10%-1 5% kind of a range in 2Q, or 2Q is on a higher side as of now? If that's so, our asking rate is very high. Your thought process on that. If you see, we have been focusing more on the EBITDA numbers of more than 20%-25% for FY 2027, number one. A lot of EBITDA numbers are going to increase on the downstream value. One, a lot of ironmaking facilities are going to be commissioned end of second and early third quarter. The numbers are going to come from there. Other plants also, the efficiency level and other small alteration additions are happening. We have given a very detailed presentation of each and every individual unit-wise. More or less, we should consider that this year also we will grow more than 20% in the terms of numbers. Be it EBITDA or we talk about the revenue. Volume growth also. We see the growth coming from the aluminum. We see the growth coming from aluminum. We'll see the growth coming from flat products. We'll see the growth coming from iron. We see there is going to be a substantial cost benefit once we commission the power plant. Everything will have its own value adding this year, FY 2027. Noted, sir. Sir, my second question's again following up on the previous participants. Even though the fundraising is an enabling resolution, given our confidence on the internal funding side, plus given that cost of debt is always cheaper considering our margins, our thought process on this debt averseness, why we are so averse of taking debt, because a minor debt profile could have a better ROE for the investors. I am very impressed with your question. [Non-English content]. Sir, I am looking at. We are not very averse on taking the debt. We are not averse on taking the debt. Once we have our cash generation and we are aligned with our business growth and we see that there is no mismatch, why should I take a debt? If there is certain kind of a mismatch, we can very easily raise capital, we can very easily take a debt. That is always the fallback option. Till we feel that there is no misalignment with our growth and all, and we are very comfortable. We feel when you are in the comfort zone and everything is going right, and you are not compromising with our growth in the terms of the capital and all, we feel we have to abide with our process, what we have been following for almost last 20 years. Noted, sir. Actually, we are also very confident. 20% above the growth for every year in the company. Exactly, sir. We are also very confident on your growth ability. Thank you. We are a little bit of confused. [inaudible] Why we are having this, even the enabling resolution, considering you have been walking the talk and meeting your guidance. Got a little bit confused on the enabling resolution, well, we don't. No. It's not like that. If we see any big opportunity coming up, you have to take decision very fast. There's no such opportunity we are evaluating now. We are just prepared for all kind of opportunity so that we should not look back once the opportunity comes. I can assure you, there is no such opportunity we are evaluating. We are very comfortable. Which company gives you 20% return IRR every year from last 20 years, when eight out of 10 people were suffering, and we had been performing very consistent, very perennial. All of our growth stories are very differently, very stable EBITDA, very stable growth. I'm sure everybody must be very happy. Noted, sir. Thank you. That's all from my side. Thank you everyone. Ladies and gentlemen, in the interest of time, we request all the participants to limit their question to two per participant. Ladies and gentlemen, the next question is from the line of Netra Deshpande from Mirae Asset Sharekhan. Hello, am I audible? Yeah. Congratulations for the good set of numbers, sir. What is the expected timeline for the captive power cost model that you discussed earlier? What will be the revenue contribution which is expected from this distinct value-added product line? This is my first question. When we are talking 2031, most of our investment are being deployed, number one, on the flat product business, where we plan to produce close to 1.7 million tons, 1.8 million tons of steel, which is going to be a backward integration for our color-coated business, also a forward integration for our present ironmaking facilities. One. We expect good numbers from that business. Second, the specialty steel long product business, what we are doing in Ramsaru, where we are putting up a auto steel plant, SBQ mill, which is going to be commissioned by end of next year. We expect a decent number is going to come from that business, because these are all value-added forward integration business. Three, the stainless steel business, what we are setting up, which is on the ground, and all the businesses what I'm discussing is on the ground, the project, and under the project execution. A major number is going to also rise. Today, we are doing a run rate of close to around INR 130 crore-INR 140 crore in the stainless steel business. We expect that once we commission our new plant and it goes at 70%-80% capacity, we should be able to do a run rate close to INR 600 crore-INR 700 crore. These are the three major bull drivers. Apart from that, our existing business, we are adding this iron facilities, we are upgrading our plants, how to improve on the cost side, adding more power plants. Aluminum business is another new business addition to our existing business, which is going to add a lot of value, looking forward. All these businesses, what we are setting up is all on the high-value added, better margins, and it will also create more sustainable value for the company and reduce the volatility of the business from the iron ore prospect or from the mineral prospect or what most of the metal companies are facing. Okay. Got it, sir. Thank you for this. Second question, sir, just about the hedging policies. Due to this global volatile commodity prices, what would be the control, the interest- We import also, we export also. We have our own natural hedge. [Non-English content]. It is part of our business. Nothing to worry. One of the biggest advantage what Shyam Metalics has, most of the input raw material is from the country. We do Made in India, and we also make from Made in India. We don't have to worry so much, majorly. Nothing. Whatever we are importing, we have a good export business also. We are exporting close to INR 1,500 crore-INR 2,000 crore export is there, INR 2,000 crore export is there. Nothing to worry as such. Okay. Got it, sir. Thank you so much. Thank you for the opportunity and all those. Wish you all the best. Thank you. Thank you very much. The next question is from the line of Shaleen Kumar from UBS India. Please go ahead. Yeah, hi. Thank you so much. Congratulations, Bhushanji, for a very, very good set of numbers. Sir, two questions. One, generally, as we enter the July month and the monsoon season, we typically see some softness. In 1Q, the realizations were pretty good. The softness is typical, which we see every year or is there any sharper than that? This is a regular feature. I agree with you. [Non-English content]. This we have to accept. All the metal business go through this phase. Rain, water, moisture, utilization. These are very normal things. We have to see on the total average yearly number. Right. Now we have to understand that we are not in the consumer business. We are into an infra business. We are into a high-value metal business. Worldwide, wherever there is snow, somewhere there is a flood, somewhere there is rain, somewhere there is heat. These things, they are never perennial throughout the year. Okay. Impacts are always there. When we talk on the numbers, we talk on the annual numbers. One quarter can be extremely super, other quarter can be fine. Overall, when we talk, we are talking on the annualize. Sir, second question. Sir, in 1Q, you delivered 30%+ EBITDA growth, right? Looking at the presentation and your commentary as well, our CR plant has become operational, our aluminum plant is operational, our stainless steel bar wire is also getting operational. There is a power plant also coming. The realization are pretty good. Sir, why are you saying 20%? If I simply do math. Front loading is just we are in the. No. Front loading is, I think you're talking about 20% growth for the year. I'm saying, why are you saying 20%? Mathematically, if I do, these capacities come and if realization sticks around, including the seasonality, because there's a seasonality in base as well, your EBITDA growth will be upward of 30%-35%. Simple math. Yeah. We have a habit of saying always discounting our percentages. Sir, is anything wrong in my thought process? I agree, you want to be conservative. No. In our projections also, it is more than 25%. We have been very prudent on our commitment, decisions, and all that. We love to share the better surprise and good surprise with our investors and shareholders. Got it, sir. No, we don't want any kind of a spot. Yeah. My thought process is also not wrong, right sir? If things stick around and everything is fine. No, you're right. Yeah. Numbers are going to be fantastic. 100% you are right. Numbers are going to be fantastic year-on-year. Yes, sir. That is it from my side, sir. Good set. Thank you so much. Best of luck. Thank you. We will take the last question now from the line of Kartik eya Pandey from 360 ONE Capital. Please go ahead. Hi, sir. Thank you, sir. Thanks for such a detailed disclosure in your PPT. My one bit was on the specialty alloy capacity. Sir, any future capacity expansion on this front because the EBITDA per ton is next to, I guess, the aluminum segment. Are you looking at expansion because IMFA is coming out with a capacity of around 100,000 tons. Anything on this part? Can you just repeat your question once again? I think your voice is not very clear. I'm so sorry. Can you just repeat? He's asking about is there any enhancement of capacity of specialty alloy? Yes, sir. The IMFA is coming out with capacity expansion of around 100,000 tons. I'm just wondering such a strong stainless steel growth road ahead. Sorry to interrupt, Mr. Kartik eya sir. Please use the handset while asking a question. Presently, Kartik, it is under the evaluation stage, but we have not declared nothing. Major expansion is coming up presently. Some little bit of addition on the quantum will be there on the improvisation and all. We make little difference. We make little different alloy than what IMFA is making, and our technology is a little different. Yes, presently no, but in due course might be. Very difficult for me to say that we are doing. It is under the evaluation stage. Okay, sir, it is a very attractive EBITDA per ton profile, stainless steel growth is also there. Is it because of mine availability, issue? Is it on that? This is a Shyam Metalics. Shyam Metalics has been always doing something miraculous. You have to appreciate. We are making something beyond values. What we are doing, our cost, our product mix, our design. We always try to create something unique. We have been doing extremely well all the time on our speciality alloy. Thank you, everyone. That was the last question for today. I would now like to hand the conference over to the management for closing comments. Thank you, everyone, for being on this call. We have this regularly. Expect you to keep joining and asking, enriching our thought process with your lovely questions. Good evening, and thank you. Arun. Hi. On behalf of Shyam Metalics and Energy Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line. Thank you. Thank you, everyone.