Ladies and gentlemen, good day and welcome to the Supreme Industries Q4 FY 2025 and full year 2024-2025 earnings conference call hosted by Dam Capital Advisors. As a reminder, all participant lines will remain 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 the operator by pressing star, then zero on your touchstone telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aasim Bharde from Dam Capital Advisors. Thank you, and over to you, sir. Thank you, and good evening to everyone who has dialed in. We have with us the leadership team of Supreme Industries who will take us through the Q4 and FY 2025 performance and post, which will open the forum for Q&A. Thank you, and over to you, Mr. Taparia. Thank you very much, Mr. Aasim. I'm M.P. Taparia, Managing Director of Supreme Industries Limited. I, along with my colleague, C.P.C. Somani, Chief Financial Officer, and C. R. J. Saboo, Vice President, Corporate Affairs and Company Secretary, welcome all the participants who are participating in the discussion of the audited stand-alone and consolidated financial results for the quarter and year-end 31st March 2025. The stand-alone results and the consolidated results are already with you. I will give a brief on the company's product operating performance and other highlights. The company sold 674,510 tons of plastic goods and achieved net product turnover of INR 10,295 crore during the year-end review against a sale of 639,701 tons and net product turnover of INR 10,022 crore in the previous year, achieving volume and product value growth of about 5% and 3% respectively. The consolidated operating profit and profit after tax during the year-end review amounted to INR 1,552 crore and INR 961 crore as compared to INR 1,654 crore and INR 1,070 crore for the previous year, resulting in a decrease of 6% and 10% respectively. The business scenario of all the product segments of the company for the year ended 31st March 2025, as compared to the previous year, has been year-end. Plastic piping system business grew by 6% in volume and 2% in value turn. Packaging product segment grew 10% in volume and 13% in value turn. Industrial product segment business decreased by 1% in volume and remained at flat level in value turn. Vendable product segment business decreased by 3% in volume and grew 1% in value turn. The overall turnover of value-added products increased to INR 4,060 crore as compared to INR 3,748 crore in the previous year, achieving value growth of 8%. The company plans to spend about INR 1,100 crore toward CapEx during FY 2026, including carrying forward commitments of the preceding year and acquisitions of building and infrastructure businesses involved in India. The CapEx plan also includes setting up plants at Kanpur Dehat for PVC profiles and windows, facilities for PP silent piping extra broad system and guarding ground, and increasing capacity for OPVC, CPVC pipe, and induction moduled fitting at various locations. CapEx also includes the addition of new product SKUs and balancing equipment in respective product divisions. Entire CapEx shall be funded from internal accrual. This year concluded as normal business in all the segments for the company except Plastic Piping System business, principally due to much lower spending by central and state government on infrastructure compared to year FY 2024, unseen rainfall in several parts of the country, and extreme volatile situation of PVC retail prices, principal raw material used by the company. The prices of PVC have changed 14 times since July 2024 and severely impacted the plastic piping industry. We are a domestic economy-oriented company. IMD forecast for this year is to have above-normal rainfall. This will boost crop production and contain inflation. The reports coming about rubbing crop harvesting are quite encouraging. Our country's economy is well poised to have high growth in the current year in spite of the uncertain global situation. The current global trend for crude price is to remain range-bound at $65-$70 barrel level. This will help the dollar/rupee exchange rate remaining range-bound without steep depreciation of the rupee. In the current economic situation, polymer prices, which are our principal raw material, will also remain close to the current price level. Thus, the product made by the company will remain quite affordable. The company also expects better volume growth in the export market for its product portfolio, given the tariff issues affecting other countries severely. The overall demand forecast for agriculture and housing sectors is encouraging. The central government has announced a threefold increase in capital allocation in the budget for the year 2026 FY compared to money spent in the year FY 2025 for augmenting drinking water supply. The country has witnessed a degrowth of around 6% in volume in plastic piping system, and the company achieved a growth of about 6% in volume during the year-end review. In this business, the current year averages well for the company on its business performance compared to the previous year. The company has 45 plastic piping systems in the division and plans to add five more systems in the current year, related to various applications substituting conventional materials. The company continues to expand its product portfolio with additional SKUs and systems for various applications as required by our country's growing economy. To build the growth in demand for piping products, the company has initiated a stage not only to do brownfield expansion at existing manufacturing sites but also exploring inorganic growth opportunities. The company has signed a memorandum of understanding with Orbia Advance Corporation, a global leader in plastic piping and fitting. As per the agreement, the company will acquire Orbia Wavins' pipes and fitting business in India and will have exclusive access to Orbia Wavins' leading piping technology for India and South countries. The acquisition of Robins would in the area result in increasing the capacity of the piping division by 73,000 tons per annum, being operated from three manufacturing sites situated in Morena in Madhya Pradesh, Hyderabad, Telangana, and Neemrana in Rajasthan. The acquisition will facilitate catering to distinct areas of North and South India economically and efficiently. With all the CapEx incurred during the year-end review, the total installed capacity of the plastic piping system business has reached about 870,000 tons per annum as of 31st March 2025, whereas the installed capacity of 740,000 tons per annum as of 31st March 2024 will likely reach 1 million tons by the end of FY 2026. The company is putting up PVC profile manufacturing with 5,000 tons annual capacity at newly acquired sites at Kanpur Dehat, along with window-making facilities at the same site. All the acquisition equipment has been ordered and works at the site in full strength. The company expects to start selling standard off-the-shelf and customized windows from July 2025. In the cross-laminated film division, demand is now shifting back to the company from look-alike products, reflecting growing recognition of the company's superior quality and reliability. With substantial production capacity and a strong track record for timely delivery, the company is well-positioned to meet the extended requirements of government contracts and expects continued business in this segment. All equipment required for the manufacture of cross-laminated film also has been installed, and trial production is underway. The overall demand for plastic furniture is witnessing a stagnancy, which is affecting the growth of the plastic furniture industry in the country. The company plans to focus on growth from its armada lane, as the penetration of this segment is still quite low and offers opportunities for growth. The company plans to launch eight new models in the first quarter of 2025-2026, which may result in overall growth in volume during the fiscal year during FY 26. In the industrial component division, the automotive sector and commercial vehicles saw muted demand, whereas it was better in the passenger vehicle segment. Similarly, the appliance sector, air conditioning, and cooler segments witnessed good growth, though the washing machine segment witnessed subdued demand. The focus of initiatives in this division remains mainly to spread the sector and customer base for business growth and mitigate the dependency risk on a few large customers, which is yielding positive results. The material handling division performance has been reasonably well in the industrial customer segment, with its efforts of reaching new customers and constantly providing solutions with the use of plastic pallets for warehousing and transient use, both in induction and automotive pallets, both good. The composite cylinder division experienced a challenging year, with performance falling short of expectations. Business from company's major customers, i.e., Indian Oil Corporation Limited, did not materialize to the expected level. Discussions for new common designs are in advance stage for the most popular 14.2 kg standard size cylinders to be introduced by oil marketing companies as they explore incorporating composite cylinders into their product portfolio. The company has obtained certification for high-pressure cylinders for CNG applications, making it the second company in India to offer type 4 high-pressure cylinders. These efforts position the division for growth opportunities, moving up the value chain. In the performance film division, the company remains focused on performance-based product offerings, emphasizing high-value segment penetration. With a strong focus on end-user needs, this division offers a customized product portfolio designed to meet demanding application requirements. The protective packaging division is putting its continued efforts to remain in the business growth path. The focus of the division continues to develop customized solutions, keeping end requirements in mind. The division is also expanding its fabrication facilities in terms of capacities and geographical space to cater to the increasing opportunities for ready-to-use solutions. Overall, all the divisions combined together, the number of distributors increased from 5,060- 5,658 numbers at the end of 31st March 2025. The number of retail points for plastic piping systems has also crossed 200,000 numbers. This is a brief and overall summary for the quarter and year-end review. Thank you for your patience. Now, I and my colleagues, M.P. Taparia, and Mr. R.J. Sabu, are available to reply to various queries raised by all of you. Thank you very much. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi, sir. Thank you for the opportunity. Sir, a couple of things to understand. Last time, the entire FY 2025, whatever we started the year in terms of the volume growth guidance, has kept on reducing, and actually, we even delivered much lower than what we discussed in the third quarter in January. Just now trying to understand how are we looking at in terms of the revenue volume growth, and particularly the plastic pipe volume growth and the margin front for this year, FY 2026. Overall, the value growth we anticipate turning over to rise around INR 12,000 crore this year. Plastic piping system, we expect our business to grow 3%-4% more than the country's growth. Last year, by unusual, we grew 12% over the country growth. Country had a degrowth of 6%, and we grew by 6%. For this year, we anticipate it will be a normal year. Country may grow by 7%-8% in plastic piping system business, and our company expects to grow 3%-4% over country's growth. Okay. Roughly around 10%-12% kind of plastic pipe growth. The overall volume growth, combining everything, would be how much are we looking at? Similar range. Sorry? In similar range. Okay. Similar. Okay. Okay. Okay. 10%-12% range that we are looking at. On the EBITDA margin front, would be how much we are looking at for this year, FY 2026? Between 14.5%-15.5%. Okay. Got it. Now, this number, whatever we are saying, this also includes the Wavin number that we will be consolidating once it will be over, maybe by Q1 or Q2. That includes this guidance number, includes the Wavin number, or this is without the Wavin number? We hope that Wavin will be in our position from July onward. Hoping that everything concludes by the end of June, we will have Wavin facility under our company for nine months. This includes for nine months Wavin capacity also. Okay. Okay. Sir, now how are we looking in terms of any update on the anti-dumping duty? Are we now seeing that the PVC prices are bottoming? Are we seeing any kind of improvement in terms of the channel level also? How the demand now are stepping up? I can't forecast anything about anti-dumping duty. It is between DGTR and Ministry of Finance and the High Court and Supreme Court of the country. I can't tell anything. I don't know anything. Definitely, PVC prices have completely dropped too much to become very unequal and equal. We believe that we've come close to bottom, or it might have gone to bottom, may rise also after some time. Okay. Okay. Got it, sir. Thank you and all the best. Thank you. The next question comes from the line of Rahul Agarwal from Ikigai Asset Management. Please go ahead. Hi, sir. Very good evening. Good evening. Sir, three questions, all on numbers. Firstly, starting with other expenses, I think seasonally this number has to be higher. The quarter saw about INR 347 crore, which is lower both Q2 and YoY. Which line item saw savings in cost, sir? Can you again repeat the question? Somani, the other expenses at INR 347 crore for the quarter, they appear to be very low. Seasonally, this quarter should see higher other expenses. Any one-off accounting has happened in this quarter, sir? No, no accounting. You see, other expenses, the major portion consists of freight and advertisement promotion. We kept our advertisement expenses because the working world said we kept our advertisement expenses. Okay. So, we controlled the advertisement expenses in the last quarter. Got it, sir. Got it. Second question, sir, on inventory loss. For the full year, sir, would you have a rough estimate how much was the inventory loss? It should not be less than INR 150 crore. Okay. Got it, sir. Lastly, the tax rate, it keeps on fluctuating every quarter. This quarter, it was 20%. Any one-off accounting there, sir? No, nothing was specific that way. You see, in the quarter where the dividend income is there, the tax rate will be lower because the dividend is exempt income in the hands of Supreme. You have to look at the company as a whole year Right. Full year, sir, it is about 22.4%. Any guidance could you provide effective tax rate for consolidated entity for Supreme Industries next year, fiscal 2026? Fiscal 2026, very difficult to predict that way. Nothing unusual. You see, we are now getting the reversal of the deferred tax. Earlier, we have created the deferred tax liabilities. To some extent, it is helping because now the depreciation in the books and the fiscal income tax is getting reversed. This year also, there is a rate break of the deferred tax liability. Okay. Got it, sir. Got it. That's all from my side. I'll come back. I'll get back in the queue for more questions, sir. All the best for the new year. Thank you very much. Thank you. Ladies and gentlemen, we request you to restrict to two questions per participant. The next question comes from the line of Praveen Sahay from Prabhudas Lilladher Capital. Please go ahead. Yeah. Thank you for the opportunity. Sir, my question is related to the SDP pipe and fitting, in which you had mentioned eight of your plants are manufacturing right now the SDP pipe and fitting. If you can give some indication how much is the revenue contribution from there and which are the major uses, applications you are currently working on? In so many locations, we are supplying to the trade market where we are secured that demand will be there. Definitely, our pipe is one of the top quality pipes in the country. It is a very freight-intensive product because the goods are sold in coil form, starting from small diameter, 20 mm, 90 mm. Freight is a very big component, so that's why we put at more locations. Volumes are small in each of the locations. Government department generally will cater from our Gajraula plant and Kharagpur plant and Malanpur plant, where the demand was low this year because the government buying was quite poor for the non-scheduled scheme, which got a big beating last year. Any contribution on revenue, sir, if you can? Trade demand was quite okay. Trade demand was no problem, but trade is a small market for us, not a large market. It may be overall for the full year, maybe around 18,000 ton. Okay. Fine, sir. The next question is related to the protective packaging and where you had given around some 12% of a volume growth with a 16% of value growth and ambition to reach INR 1,000 crore of a revenue. How big currently that their revenue is? And how much is the contribution in terms of volume in the entire packaging business? Volume contribution largely comes from piping. Otherwise, all are in the very, very packaging only. Yeah. It is part of packaging only. Look at the revenue numbers, it could be INR 850 crore+ present one. Okay. Currently, it's INR 850 crore, and you wanted to take it to INR 1,000 crore revenue by next year in this protective packaging. Right, sir? Hello? Yeah. Yeah. You are right. Okay. Okay. Okay. I have some more questions. I'll come back in the queue. Thank you. Thank you. The next question comes from the line of Keshav Lahoti from HDFC Securities. Please go ahead. Hello. Hi. Thank you for the opportunity. Sir, as now we have firstly wanted to understand more on the Wavin India acquisition side, what sort of volume we would be targeting in FY 2026 and 2027, what sort of margin we should build in, what was the idea behind the acquisition. More I want to understand the acquisition more from return ratio-wise, Supreme deliver industry leading kind of return ratio of 25%, what kind of ratio, normalized ratio, maybe two, three years down the line this acquisition can deliver. Too many points. What you want to ask, Keshav, too many points you are asking. Please be clear what you want to know from us. Please tell us. Sir, I want to know more from the intent, like Wavin India acquisition, what sort of growth management have in their mind, and what was the idea behind the acquisition? Wavin has got capacity of 73,000 metric tons. Normally, we use 70% capacity. So, with 73,000 tons full year basis, we may sell 51,000 tons volume annually with the capacity whatever they have installed. Apart from the volume what we are going to use from their capacity, now we have got exclusive access for India and SAR countries of all the technology which they have in Wavin portfolio. Also the new technology whatever they develop also will be available to our company. Wavin is a great company in building infrastructure business. They have several technologies in their portfolio, and we are going to add some of them in our product profile as going forward. Okay. Got it. What kind of EBITDA margin can this Robin do? You are currently whatever EBITDA margin we are getting, the same will come because the present portfolio is just like our company product portfolio. Understood. Got it. By financial year 2027, its margin would be in line with Supreme margin. We hear that Robin India, two plants are on lease. What kind of lease is it? How big is the lease? Lease yield may be around INR 50 million annually. How many years? It is seven to nine years. Got it. Understood. I'll come back in. Thank you. Thank you. The next question comes from the line of Pujan Shah from Molecule Ventures. Please go ahead. Hello. Thanks for the opportunity. My question pertains to OPVC. We have procured OPVC equipment line from a domestic equipment supplier. I just wanted to know the feedback and how do we plan to or intend to grow with the domestic equipment supplier or the Spain technology player? We purchased the company. They have their plant from Molecor. It is a Spanish company. We purchased many more lines from the same company, which is supplied from Europe. We are very closely associated with that company. We have got further more lines, and more lines are going to come next year also, for this year also. Some line came last year. More line will come this year. We are buying the lines from the Spanish company. What I wanted to understand is that we have been planning for nine lines coming thirty months due to supply currents from the Molecor technology. Just wanted to understand, did they have expanded the capacity so that we are getting the equipment ahead of the desired timeline? Line over a period up to 2028, sir, which is now 2025 only. Didn't get you, sir. All the line what we ordered were to come up to the year 2028. Now it is 2025. 2025. All the lines will be commissioned in 2025, calendar year, right? I said all the lines will be commissioned by 2028. Okay. 2028. We are coming and we will be installing and running them. Okay. Got it. Got it. Sir, understanding the Wavin technology, they also have capability in the OPVC. Are we have any plans in terms of scaling and leveraging their technology and trying to intend to foreign market via Wavin? For larger diameters, we are entered into with Molecor. We will stay with Molecules. Okay. So, more or less, we will be with the Molecules, right, as of now? Yeah. Okay. Yeah. Okay. Okay. Got it. Yeah. I will get back in the queue, sir. Thank you. The next question comes from the line of Sneha Talreja from Nuvama Wealth. Please go ahead. Thanks. Thanks a lot for the opportunity, sir. Just two questions from my end. Firstly, going ahead with your capacity expansion, like you said that you're looking at a growth of about 11%-12%, which includes outperforming industry. Just wanted to take a sense, why are we then adding capacity by 15%-18%? Each year, we are seeing capacity expansion close to about 15%-18%. Thank you for the question, sir. To meme, you see capacity expansion takes time. This year, the capacity expansion is increasing because of the Wavin acquisition. The 73,000 tons will come automatically from the acquisition point of view. Otherwise, our greenfield expansions are not that heavy. Apart from that, we are going to a new line now, window and door. For that, we invested around INR 200 crore. She's talking plastic piping particularly. Oh, okay. Plastic piping. Okay. Okay. We are investing money in all other segments also now. Sir, I got that. In that case, we can assume that Wavin volumes, sales will be over and above your capacity addition, I mean, in terms of whatever guidance you have given. In that guidance, Wavin capacity is included, yeah? Yeah. You're saying volume growth of 11%-12% with Wavin acquisition versus your capacity addition in FY 2025 itself is 18%. You are planning around about 15% capacity addition in FY 2026. I do not know. Remember, you are missing too many numbers. No, no. The addition of capacity addition in 2025-2026 is inclusive of Robin addition. From 8.7, when we are taking close to 1 million, that includes 73,000 ton capacity of Robin also in the current year. Understood, right, sir? That is close to about 30+ if I put together both these years. We are talking volume growth of 12%. That is what I was just trying to get the sense from. We have burnt our fingers last year, ma'am. Let me just tell you. I have a tissue we have grown by 6%. This year, we say we will grow 3%-4% more than the country growth. Country may grow between 8%-9%. We may grow 12%-13% further. Combined two years, the growth will be more than 20%. Understood, sir. This was really helpful. Sir, my second question was related to our margin guidance where we have said 14%-15%. On the contrary, we have also said that Robin comes with certain losses at this point of time. Of course, you'll be converting into a profitable company equal to you, but that will happen gradually by FY 2027. Despite these scenarios, we are still aiming at 14%-15% margin. Just wanted to take a sense from where are you expecting additional margin levers? What could be those levers? We anticipate overall 14.5%-15.5% overall of the company, not piping division alone. We have told you the operating margin of the company, INR 12,000 crore turnover of the company around and 14.5%-15.5% operating margin. That is all the product portfolio, not only plastic pipe. Understood, sir. That was 14% this year, and that was 15% last year. That means we are not expecting any decline in terms of margins despite Robin. Yeah. No question. Robin will not temper our relationship with you. The rental they are paying is only INR 5 crore. It's not a big rental amount. Okay, sir. Just lastly, if at all I may, with respect to Robin itself, what kind of products Orbia and Robin will come into India, and how much margin narrative are those product versus our existing product profile of? Yeah. That's classified information. We will not declare what are the new products we are going to add from the technology. This is classified. Understood, sir. Got that. All the best, sir. Thank you. Thank you. The next question comes from the line of Kumar S aumya from Ambit Capital. Please go ahead. Hi, sir. Good evening. Sir, my question is just that last quarter, we had plans for two greenfield plants as well at Jammu and Bihar. Are these plants, are we postponing these plans, or are we sticking to it? Just that question. Thank you. Yeah. For the timing, we have deferred the execution. Not well. Patna and Jammu. Now, we are still awaiting the industry policy. They were to announce the industry incentive policy for putting industry in Bihar. That announcement not come, we now are being advised that it may come close to election time. Jammu, we are looking for a larger piece of land. We go to a 10-acre land purchased from government privately, but we applied to government for 21-acre land. We expect that the land from government may be allocated to us. If we are able to get access to a larger piece of land, then we will like to put a plant in a larger area, not a smaller area. We are waiting for both the places policy taken by government of respective state. For that, we have to wait. Got it, sir. Thank you. Bye, sir. Thank you. The next question comes from the line of Aditi from CD Equisearch Private Limited. Please go ahead. My question is, despite the increase in affordability of piping products, why has volume not picked up? Not yet. Why volume has not picked up? Ma'am, because of the falling prices continuously for the last eight months, the market sentiments were very negative. That was last year. Now, this year, the volume are going very well. Yeah. She's asking for the last year, 2024-2025. The price is falling now. It fell by INR 22 a kilo between the second half of July to March end. The price was dropping. There was huge de-stocking taking place throughout the chain, retailer, semi wholesaler, wholesaler. Yeah. Okay. Hello. Okay, sir. Aditi, are you there? Yeah. Yeah. Yeah. Thank you. The next question comes from the line of Sonali from Jefferies. Please go ahead. Sir, this is Sonali. Thank you for the opportunity. Sir, I have two questions. Firstly, could you quantify the inventory loss because of the PVC fall this quarter in Q4 and the full year FY 2025, please? We can tell on a full year basis. We believe that the company might have lost INR 150 crore in the plastic piping division due to the fall in PVC prices. There were falls in polyethylene pipe price also. Across the board, all the polymer prices have gone down. We are using PVC, polyethylene. We are using CPVC. We are using PP for raw material. There was reverse trend in each of the polymers. Combined effect, we believe that we might have lost INR 150 crore in inventory loss. Understood. Sir, my second question is, any color you could shed on CPVC volume and value growth for either Q4 or full year FY 2025 as a whole? CPVC business, we had a 21% volume growth. This quarter or full year? Full year. Okay. That's good to know, sir. Sir, and lastly, Jal Jeevan drinking water mission, how much does it contribute to your top line overall from a full year perspective? I do remember you mentioned some 18,000 metric tons. Is that for Jal Jeevan that you mentioned? 18,000 in trade market. Jal Jeevan business had a very, very slow spending last year because mostly we were supplying to Maharashtra government. Maharashtra government had stopped placing any order. We had a very small business in Jal Jeevan last year. To the overall sales, is it fair to assume it contributes less than 5%? No, less than 5%. It's a very small business. We are not a big player in infrastructure anyway. Whatever player we had, we had a degrowth last year. Understood. Sir, and just one last question. How is the uptake in agri and residential so far in this quarter? This quarter is just started now. This quarter. This quarter is just started. No, no. Sir, I mean by TD. Sorry. Last quarter. Not by TD. For previous year, you are talking of 2024, 2025? Yes, sir. That is right. In fact, January to March or January to April. January to April, housing unity. Yes. Overall, we had a growth in the quarter now by a small 2%, 1%-2%. Yeah. In spite of infra not being there, we had a growth of 2% over the two. It means agri and housing were doing quite good. Understood, sir. This is very helpful. Thank you. All the best to the team. Thank you. The next question comes from the line of Navid Virani from Bastion Research. Please go ahead. Hi, sir. Good evening. Thank you for the opportunity. I have two or three questions regarding the recent acquisition that we are announcing for Wavin. Sir, firstly, can you help us understand what kind of white spaces in terms of technology or products are we being able to fill with this acquisition? Not yet. You see, Wavin India business is similar to business what we have. But their parent company is very large, and they have the technological developments. What pushing them under? Wavin, how it will be helping us? We will be invested to the technology what they've developed now. There were many technology in their portfolio which we would like to develop in the Indian market. Okay. And can you just give the sense on the kind of opportunity size these technologies put together will have? If you have any sense on that. Not very much. Not very much now. No, no. Yeah, yeah. We definitely will give us some new application. We'll be able to offer a better solution for many requirements in our country with Wavin technology. Okay. Okay. One more question is on, so now, once we acquire Wavin, what will happen to the brand? Is the brand going to get subsidy under? No. What we will develop on the technology will be printing made with Wavin technology. Otherwise, goods will be sold with Supreme brand. Okay. Sir, what will be the final cash outflow for this acquisition if you can? We need to pay them $30 million and plus whatever working capital they have involved. What will be that figure totaling to, if you can share? What is what? $30 million that day when we pay, what is the dollar rupee parity I have to pay? Got it, sir. I do. Thank you. Thank you. The next question comes from the line of Rajat Sethia from ithought PMS. Please go ahead. Hi. Thanks for the opportunity. Sir, my question is about the OPVC pipes. We are also hearing that a lot of Chinese and Indian companies are entering. I want to ask you, are those companies successful in terms of launching their OPVC pipe? We are not aware. OPVC line? We are not aware. Okay. Sir, we are not aware any of the perfect machines are making goods which can meet our specifications, so we are staying with our suppliers. We will only stick to Molecor. Nobody else. That is all PBS. In terms of given, I mean, our channel checks suggest that there are a couple of companies which are entering. What we do not understand right now is that, is there any criteria as per the state government tenders and all that that will restrict any sub-quality player, or anybody can just take that? How can I tell you about the government policy? We made a product which is very much to the specification what required by the various department. After we are offering them a solution which is either equal or better than DI pipe what they are using. Sure. Sure. Sure. Sir, finally, has the demand picked up again in the OPVC side, or we are still looking at? We have a very small capacity. Sorry? As of today, we are a very small player, small capacity, and we are able to market by and large. We have a very small capacity today. Yeah, sir. Right. Right. Overall demand, I mean, the industry-level tenders and all, are they picking up? Our company, we are able to sell our goods. Understood, sir. Sure. Thank you so much. Thank you. The next question comes from the line of Utkarsh Nopany from BOB Capital Markets Limited. Please go ahead. Yeah. Hi. Good evening, sir. Sir, my first question is on your revenue growth guidance part. Sir, if we exclude the revenue contribution of Robin acquisition, so in our sense, like it is currently generating close to around INR 650 crore annual revenue, then we are just targeting a revenue growth of only 8%-10% for FY 2026. So, wanted to know why we are expecting such a muted revenue growth despite steep increase in our organic annual CAPEX run rate from INR 500 crore in FY 2024 to around INR 1,000-1,100 crore in FY 2025 and 2026. Okay. You see, our revenue for the year was INR 10,400 crore, which we are targeting to around INR 12,000 crore for FY 2026. So far, Robin is concerned, their revenue for 2024 was, or piping business I'm talking, was close to INR 500 crore. When we acquire Robin, say in July, we'll have only nine months at the most for operating period. We cannot take their annual revenue what they used to have because we will not be having full year this year. Okay. Sir, how much Robin generated revenue in FY 2025? FY 2025, then they are running the business. We are not, they do business on calendar year basis. That's why I'm saying when I'm saying 2024, that is December 2024. January-December 2024. Sir, for the industrial segment, can you provide the rationale why we are seeing a decline in our industrial sales volume for the past three consecutive quarters? You see, in earlier years, there was a non-recurring business of electronic voting machine. Due to various elections in the states and the central, there was a large quantity of the volume was supplied for the electronic voting machine, which is missing in the current year, the year which has gone by. Okay. Sir, lastly, can you please provide the non-pipe segment capacity breakup also for March 2025 and how much we are expecting at the end of March 2026? That is for industrial, consumer, and packaging. Yeah. March 2025, although we have given our presentation, but still, for the sake of your, I'll give you the breakup of capacity. As of March 2025, piping segment has a capacity of 872,000 metric tons. Industrial products, 91,000 metric tons. Packaging product, 101,000 metric tons. And consumer product, 27,000 metric tons. All put together, 1,091,000. And, sir, how much we are expecting in March 2026 for non-pipe segment? By segment. You see, piping, we are targeting 1 million tons. Other segments, profile may come with 5,000 tons. Other segments, very minimal capacity. The major capacity will come in plastic piping only. And the window profile of 5,000 metric tons. Okay. Thanks a lot, sir. Thank you. The next question comes from the line of Rudraksh Rehaja from ithought PMS. Please go ahead. Thanks for the opportunity. With regards to OPVC pipes, how is the demand for new tenders? I repeat again, we are a very small player, and whatever we are producing, we are selling. Sure, sir. Sir, any idea how many states today accept OPVC in their tenders, and are there more states that are adopting OPVC? We are registered, I think, more than 12 states already. Other states, because the capacity, we do not have much capacity, so we are going slow also. Twelve states also are quite a large number for our capacity. Understood, sir. Sir, how big is the opportunity? This will be approved by all the states. There is nothing great about it. All the states will like to buy OPVC pipe for small diameters, which is much more economical than DI pipe. Yes. Okay. Sir, regarding the opportunity size, do you see OPVC taking away 30%-40% market share of DI pipes market? It is a small area. DI is a big market. Major market is a large diameter. OPVC is selling mostly up to 400 mm. DI pipe is used up to 1.2 m, 800 mm. They are large size and with a large volume. DI is a very different, they are very different size combinations. Major share of DI is around large diameters. Got it, sir. Got it. Sir, is there enough supply of OPVC lines to meet the expected demand in the industry? Must be. We are not a big player. There is nothing ahead now. Thank you, sir. Thank you so much. Thank you. The next question comes from the line of Aakash from UTI Mutual Fund. Please go ahead. Sir, all my questions are answered. Thank you. Thank you. Thank you. The next question comes from the line of Manish Ostwal from Nirmal Bang Securities Private Limited. Please go ahead. Yes, sir. Thank you for the opportunity. I have only one question on the composite cylinder division. We mentioned in our press release that this year was challenging, and the performance was below expectation. How do you see the business to perform in FY26? What is the update on this order from the IOCL side? When can we expect this order to come? Two, three things for the current year. One is BPCL has also floated a tender for 400,000 pieces. Apart from IOCL, now BPCL is also coming to market for procuring these composite cylinders. That is a good initiative for our purposes. IOCL is now planning to float a tender for about 1 million pieces, is what we learned from our interactions. All the oil marketing companies are working for a common size of 14.2 kg cylinder. If all those things get materialized, then definitely it will be a good sign and good year for the division. Over the medium term, sir, what size of opportunity is the market we can see for Supreme Industries? What is the size of opportunity here? Right now, we have a capacity of only 1 million cylinder. We do not have any plan to expand as of now. First, unless we utilize it appropriately, we are not looking for any new expansion. What is the utilization, sir, right now? Right now, it is hardly 50%. Okay, sir. Thank you. Thank you. Thank you. The next question comes from the line of Vipulk umar Shah from Sumangal Investment. Please go ahead. Hi, sir. Thanks for the opportunity. My question also relates to composite cylinder. You have mentioned that performance falling short of expectation. Is it the technical operational performance, or you are just mentioning here business performance? It is the business performance. Nothing about technical. Everything is well established, well appreciated. It's far superior product. Okay. Far superior product. Yeah. Because there is no possibility of anybody dying in such a blast to burn out. There is no possibility of any death. Every year, several people die due to the blast in cylinder. Cylinder, there is no blast. It should only burn out. It should not be blast. Why we are not able to scale this business, although we have a far superior product? You better ask OMC, Oil Marketing Company. They have to decide. Okay. Our cylinders are pricier, means cost-wise they are much costlier, means how we compare cost-wise, sir? If we say saving life, what is costly? When we say our cylinder saved life, then it is costly. Okay. Okay, sir. Thank you. Thank you. The next question comes from the line of Swati Jhunjhunwala from JM Financial PMS. Please go ahead. Yeah. Thanks for taking my question. Sir, my question is largely broad-based. Pipe industry in general has been facing headwinds in the last few quarters because of the PVC prices. Looking ahead, are you seeing demand coming up, or are you seeing that PVC prices will now normalize or go back up, or are you seeing whether Maharashtra will come up with new tenders for Jal Jeevan since that is the very large market? About the government policy, of Kent is calling or not calling, but we know very certain that they will be stopping two press last year. The deal stopping here to start. This year is going to be a good year for plastic piping system business growth. Right. Do you see that happening anytime soon, the restocking that you anticipated? Do you see that happening? Yes, sir. Please go ahead. Good demand coming this month , sir. Okay. Got it. Any update on Jal Jeevan? I mean, have you seen any pickup yet in any other states, if not Maharashtra, even if you do not operate there? Is there any pickup that you see till now? Government announced budget proposal three times than what they spent last year. Central government made a provision of INR 67,000 crore for Jal Jeevan. Last year, they spent INR 22,000 crore. We are not a very active player in this business. We are a small player. Maharashtra, we know that they have not still announced buying piping system for Jal Jeevan. In Maharashtra, they have not still started. Got it. All right. Thank you, sir. Thank you. The next question comes from the line of Pujan Shah from Molecule Ventures. Please go ahead. Sir, thanks for the follow-up. Just wanted to understand that as per the government direction, they are planning to complete JGM by 2028, and we are expanding the. By 2028? 2028. We are expanding our OPVC lines in 2028. What we have been envisioning? We have been planning to open up into new industry segment, which would help to consume that OPVC. How we have been looking at after 2028? DI pipe are used for many other applications for irrigation and sujet parts. There are many other applications apart from Jal Jeevan. Jal Jeevan started only last three, four years before. DI pipe is running for many years already. DI pipe is required by so many municipalities also for replacing the old pipes. They will limit the pipes. Right, right. But sir, ultimately, all the demand which has been for the OPVC from right now is from JGM. I just wanted to understand. You know better than we don't know. It is coming only from Jalgi even. We are not told like that by anybody. Okay. Got it, sir. Got it, sir. Got it, sir. Sir, just wanted to clarify on the expansion of lines will be on 2028. Why we are procuring, is it due to the slowdown which has been affecting us to get the lines earlier, or it is just our strategy to get into the capability in producing machines, sir. Their capability, how many machines they can produce every year. Okay. That is the challenge. That is the challenge we have been facing due to that. Or else we. Convenient to them, convenient to us also. Payment clause. Convenient to us after we have to put the machine based on the growth, what I can perceive for my company. I do not want to invest money and then keep their share idle . Right, right, right. Got it, got it, sir. Thank you so much for the opportunity. Thank you. Thank you. The next question comes from the line of Samath Chen from Marcellus Investment Managers. Please go ahead. Hi, sir. Thanks for the opportunity. Just one question. What would be the CPVC mix in our overall piping business for this fiscal F25? Sorry? CPVC mix? This is classified information. All right. Thank you. That is it from my side. Thank you. The next question comes from the line of Keshav Lahoti from HDFC Securities. Please go ahead. Hi. Thank you for the follow-up. Sir, I just wanted to get a sense. In TV interview today, you mentioned something like 12% volume growth in April. This was an industry growth you are mentioning or a company growth? Secondly, this is a growth due to primary sales or filling of channel inventory? How should we read it? Not sure. No, 12% volume growth. You see, we have. What 12%? In TV interview, he is referring to TV interview today. The volume growth, what we have spoken, what we have spoken. The country is buying the degrowth of 6%, and we have grown 6%. We are 12% better than the country. The country had 6% degrowth in plastic piping system by volume last year. Our company grew 6% by volume last year. Based on the country growth, we have grown 12% better than country growth. This is what I told in the TV. Okay. You have mentioned something on April sales. How has the April demand been growing? You said April demand is growing. April is still nine, eight days to go still. Two or eight hours of April. Let the month close down too fast, sir. Understood. Understood. Got it. That's it. Thank you. Thank you. Okay. Thank you. The next question comes from the line of Mudit from M3 Investments. Please go ahead. Hi. I just know about the anti-dumping duty status. There was a notification, and then it was paused. Is there any update at the moment on PVC? No, the notification is still to come. The DGTR has to issue the final finding. That original finding only came, and the final finding is still not come. We are waiting for when the DGTR announces the final finding. Before final finding, nothing is going to happen. We are waiting. Right. Was there resistance from CPVC manufacturer in India that they have put a case that would. You asked a question from the raw material producers. No. Thanks for the time. Thank you. The next question comes from the line of Manish Mahawar from Antique Stock Broking. Please go ahead. Yes, sir. Just two questions. One, in terms of industry, when you said industry declined minus 6 last year and we have grown 6%, what was the industry size total in terms of tonnage? You talked of industry? Y es, sir. Industry size. Plastic pipes sale last year was 4.29 million tons. 4.29 milion You are expecting it will grow by 7%-8% this year. Right, sir? This is normal. If the year is even normal, normally it should grow slightly better than the country's GDP growth. The most pessimistic estimate is still up to now is 6.2% GDP growth in the current year. This is the forecast given by so many experts. We believe if the country grows by 6.2%, the plastic pipe business volume should grow better than country GDP growth. This is our experience of previous years. It should grow by 7%, 8%, something better than the GDP growth. Understood, sir. Sir, in terms of this 4.29 million metric ton, what you said in piping, what is the— Sorry, sir? 4.29 million ton plastic piping system consume polymers. Okay. Understood. Sir, secondly, in terms of one of the comment you made consistently, there is a 14x or 15x price have declined for PVC. Right? That led to a de-stocking in the channel. Do we have any, can you give a sense how the channel inventory is at the moment versus the normal? We do not know. Channel is a huge channel, but we believe that because such a large de-stocking, they have to come back to proper stocking this year for sure. It is a normal business cycle. Okay. Understood. Okay. Sure, sir. That is from my side. Thank you and all the best, sir. Thank you. The next question comes from the line of Shravan Shah from Dolat Capital. Please go ahead. Sir, just trying to understand the math. When we say that the industry plastic pipe will grow at 7%-8%, and we will do a 3%-4% higher. Let us say a 12% on the higher side. Last year, FY25 volume is 531,000. If I do a 12%, it comes at around 63,700. In that, if I consider 70% utilization for nine months, it comes around 38,000. On the core front, we would be growing by 25,000 ton, 25,026, which is a kind of less than 5%, 4.8%, which is lower than the 6% of the FY25. I am just trying to understand where am I missing. You have to come and show me the number, dear friend. Give me the number. You have to argue company growth. The Wavin is a very small capacity. You can see our capacity. Our capacity already at year 75,000 ton. Wavin can be 73,000 ton. 73,000 in nine months, they cannot produce more than 55,000 ton. Normally, you can run only 65% capacity. Which means what? That may be only 36,000 ton of Wavin. We are talking volume. We are talking based on our company capacity, which is already 8.75 lakh ton of making PVC plastic pipe system. No, no. His question is just let me repeat the question to him. Out of 5.31, if we say 12%, then we need to 6 lakh. Which 12%? Last year. No, no. Current year. Currently, I never told any percent. No, no. Industry growth is 7%-8%, and we grow 6%-4%. Then maybe somebody. Yes, we could grow to 600,000 ton. Right? Okay. Yeah. Out of which wagon will 8. And out of 600,000, 25-30,000 will be wagon. This is what he's trying to. Wagon is not there also. It is like I achieve 600,000 ton. Sir, that's what only I wanted to understand. If the wagon is not there, as you are saying, then you can achieve a 600,000 kind of a volume. With wagon, yeah. With wagon, it should be 635,000, 640,000. The growth number, yes, yes. It may be. Yeah. The growth number would be much higher. That is the only thing wanted to understand. Maybe 13-14%, depend on how the market demand comes. We are equipped. We can meet the demand of the market. Okay. Okay. Got it, sir. Got it, sir. Thank you, sir. Thank you. As there are no further questions, I will now hand the conference over to the management for their closing comments. Thank you very much. We are very thankful to all the investors and the analysts who raised their very intelligent questions. We thank all of them for their time and the questions raised by them. We thank you. Thank you very much. Thank you, team Dam. Thank you. Thank you, everyone. On behalf of Dam Capital Advisors, that concludes this conference. Thank you for joining us. You may now disconnect your line.