Ladies and gentlemen, good day and welcome to Supreme Industries Q4 FY 2026 earnings conference call hosted by DAM Capital Advisors Limited. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during this conference, please signal an operator by pressing star and zero on your touchtone telephone. Please note that this conference call is being recorded. I now hand the conference over to Mr. Aasim Bharde from DAM Capital Advisors Limited. Thank you, and over to you, sir. Thank you, Farah. Good evening to everybody joining in for Supreme Industries Q4 and FY 2026 post-earnings call. We have as usual, the senior management of the company led by Mr. M.P. Taparia, Chairman and Managing Director, Mr. P.C. Somani, CFO, and Mr. R.J. Saboo, VP Corporate Affairs and Company Secretary. Thank you. Over to Mr. Taparia for his opening comments. Thank you, Mr. Aasim. I am M.P. Taparia, Chairman and Managing Director of the Supreme Industries Limited. I, along with my colleague, Sri P.C. Somani, CFO, and Sri 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 ended 31st March 2026. The stand-alone results and the consolidated results are already with you. I'll give brief on company product operating performance and other highlights. The company sold 753,907 tons of plastic goods and achieved revenue from operations of INR 11,218 crore during the year under review against sales of 674,510 tons and revenue of INR 10,446 crore in the previous year, achieving volume and revenue growth of about 12% and 7% respectively. The consolidated operating profit and profit after tax for the year under review stood at INR 1,654 crore and INR 954 crore respectively as compared to INR 1,552 crore and INR 961 crore in the previous year. This represents an increase of 7% in operating profit, while profit after tax declined marginally by 1% year-on-year. The business scenario of all the product segment of the company for the year ended 31st March 2026 as compared to previous year has been as under. Plastic Piping System business grew by 14% in volume and 11% in value term. Industrial Products segment business degrew by 1% in volume and 3% in value term. Packaging Products segment grew by 5% in volume and 3% in value term. Consumer Products segment business grew by 4% in volume and degrew by 1% in value term. The overall turnover of value-added products increased to INR 4,677 crore as compared to INR 4,060 crore in the previous year, achieving growth of 15%. The company proposes to commit capital expenditure in excess of INR 1,000 crore during the year, including carrying for, c arry forward commitments from the previous year. CapEx plan includes new greenfield project for Plastic Piping System at Patna in Bihar, Jammu in Jammu and Kashmir, and Gadegaon near Jalgaon in Maharashtra, and a new facility for Material Handling Products at Malanpur in Madhya Pradesh. The proposed and committed expenditure CapEx is principally aimed at strengthening manufacturing capabilities, expanding capacity, enhancing product offering, and advancing sustainability initiative. The planned capital expenditure is expected to enhance the company's annual installed capacity by approximately 110,000 metric tons, taking the total installed production capacity to around 1.35 million tons per annum. Financial year 2025-2026 was a challenging yet eventful year for the company, marked by volatility in raw material prices, prolonged unusual rainfall, subdued infrastructure spending, and heightened global geopolitical uncertainties. Volatility in PVC resin prices, including frequent and sharp price movement during the year, significantly impacted channel dynamics, while extended monsoon condition affected demand, particularly in the real estate segment. Despite the challenges, the company delivered healthy volume growth across its diversified product portfolio, underpinned by its strong domestic market orientation, wide product range, robust distribution network, and disciplined execution. The Plastic Piping System business retained a leadership position, aided by continued expansion of value-added product, launch of new system, and capacity augmentation across various locations. The company further expanded its portfolio by introducing new schedules and system catering to diverse application in line with the evolving requirement of a growing economy. With a wider range of electrofusion and olefin fitting, the company entered the industrial piping system segment, thereby opening additional business opportunities. During the year, the government announced large infrastructure investment, which is expected to support demand for water supply network under Har Ghar Jal Initiative and the expansion of piped natural gas infrastructure for household usage. The company continued to implement a prudent and well-defined business strategy anchored on five key pillars, innovation, smart manufacturing, strong relationship with the channel partner, effective customer service, and deeper reach across the country. The Company is happy to announce that a new product segment in window and door division at Kanpur Dehat in UP has gone into production effective 1st March, 2026. The product is well received by the market. The Company expects to sell the capacity by next year, which will also enable it to expand capacity at the same site. The company's consumer and packaging business delivered stable to encouraging performance with targeted product innovation, customer diversification, and focus on value-added offering. Industrial segment, however, continued to witness demand slowdown from OEM customers. Export performance witnessed moderation due to geopolitical development and trade-related disruption. However, the company remain optimistic and making focused effort to boost export of company product to avail the emerging opportunities with many free trade agreement already signed by India and some are in progress, which will enable the country to boost export of manufactured goods. Looking ahead, the Indian economy remains well-positioned for sustained growth, driven by domestic consumption, infrastructure development, and policy support. With a strong balance sheet, zero debt, expanding manufacturing base, technology leadership, and diversified business model, the company confident of delivering improved performance in the coming years and creating long-term value for all its stakeholder. This is a brief and overall summary for the quarter and year, month ended under reference. Thank you for your patience. Now, I and my colleagues, P.C. Somani and R.J. Saboo are available to reply to your various query raised by all of you. Thank you very much. Thank you very much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may enter star followed by one on their touchtone telephones. If you wish to remove yourself from the queue, you may enter star and two. Participants are requested to please use only handsets while asking a question. We will wait for a moment while the queue assembles. Questions. The first question is from the line of Rahul Agarwal from Ikigai Asset. Please go ahead. Hi, sir. Good evening. Thank you for the opportunity. Thank you. First question is on the inventory gain, which we would have had in March, because of higher PVC pricing. Could you help with the number for the fourth quarter or for the full year, whichever you have? Full year there may be hardly any inventory gain. The earlier quarter there may be inventory loss. Yes, sir. I'm aware of that. For the full year, we don't see any inventory gain for full year. Okay. Especially in the fourth quarter, there may be inventory gain net-to-net, maybe around INR 70 crore-INR 80 crore. Okay, sir. Got that. Sir, second and last question was on CapEx. You have detailed in the press release about the CapEx, but any plans on the packaging side where you think you should expand capacity? For packaging side, we have purchased a land at [JL], near JNPT. The purchasing going on. Once the land comes in our possession, then we'll announce putting a facility to make packaging product. It's close to JNPT area. It must be marked for export market. Sir, how much would be the CapEx there? What kind of capacity we think we should actually put in? Let the land come in our hand, then we'll talk to you. Please. All right, sir. Last question, sir. What is the growth for CPVC pipes and fittings? Last year we had a growth of around 38%. Thank you so much, sir, and wish you all the best for the next year. Thank you. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead. Hi, sir. Thank you. Sir, now, how are we looking at the overall volume and piping volume for FY 2027? Very fortunately. Piping volume for 2027. Packaging? Piping. Piping we had a growth of. 2027. We anticipate growth between 15%-17%. 15%-17% in piping. Overall? Overall around 12%. 12%-13%. 12%-13%. For margins, sir, how now we look at the margins? Margins between 14%-14.5%. 14.5%. Okay. 14%-14.5%. 14.5%, sir, no? 14%-14.5%. Okay. 14%- 14.5%. Okay. Got it. Sir, now given the PVC prices, so much volatility that we have seen, INR 47 crore-INR 48 crore up in the January to March, and then again INR 32 crore-INR 33 crore down. How one can look at. Do we still see the volatility to continue, or now it seems to be stabilizing and now in last 10 days, 15 days, how are we seeing the channel inventory or the demand? Because such a volatility is there, how it is impacting the demand? First, polymer price is a commodity product. They remain volatile. This is not a new situation. Last year was typically too much volatility. The way price remains always volatility. It can't remain steady price throughout the year. It never remain. Now the PVC prices have come down quite a lot between 5th April to 21st April. The prices have come down by INR 34 crore. Nearly 30% price went down. Prior to that, in the month of March, the price went up by 32%. There the price increase has been corrected in the month of April. Now the inventory also at the distributor level, retail level are mostly cleared. We do not anticipate now any price reduction also because rupee is getting weaker. Rupee around INR 94.5. Our rupee has become quite weak, and we are too much import dependent. We do not see any price erosion now in the PVC price for the time being. Got it, sir. Lastly, sir, this 110,000 MT capacity that we are adding, out of that, how much will be in the piping segment and, this entire 110,000 MT will be added by FY 2027? They'll be added by FY 2027 for sure. Okay. Out of that. Under thousand will be in piping sector only. Okay. The entire would be in the piping, you are saying. Under thousand will be piping sector. Okay. INR 10,000 will be mostly in Material Handling System. Okay. Got it, sir. Lastly, in terms of, for this Q1 particularly, specifically, do we see any inventory gain or loss? There is no inventory loss. They can't gain now, no. The price falling by INR 30 crore-INR 40 crore. How can they be gain? They can't gain. Not true. Yeah, yeah. I understand. Because the previous high fall- How can they find a gain in the price here dropping, they can't be inventory gain. Got it, sir. Thank you and all the best, sir. Thank you. Our next question is from the line of Keshav Lahoti from HDFC Securities. Please go ahead. Hello. Hi. Yeah, please. Thank you for the opportunity. My first question is, can we bifurcate and, you know, do the Q4 volume growth? We believe, you know, channel inventory has improved in Q4. Possibly what would be the growth because of end demand and because of channel inventory? I don't know. Can we, how can we break? Can we place only? It is not feasible to just quantify the data. There are more than 50,000 dealers. We don't know nobody. No, not possible, dear friend. Okay. Got it. Not possible. Tell me. Hello? Am I audible? Yeah. We are audible. Yeah. One last question from my side. Sir, can you give a sense on how, you know, channel inventory has moved in Q4 quarter month-wise, and lastly, how is the channel inventory in April now? We have no idea. Tell me. We have no idea, dear friend. Oh, okay. Got it. Thank you. That's it. Thank you. The next question is from the line of Praveen Sahay, PL Capital. Please go ahead. Yeah. Hi. Thank you for the opportunity. My first question is related to the demand, especially for the Agri. As we had seen lot of fluctuation in the PVC resin prices, and we also understand the Q4 and Q1 is where the Agri demand comes in. Do you see any, you know, impact on the Agri demand, especially because of a PVC resin price fluctuation in the Q4? PVC resin price is now Q4. Demand start only from Q1. Q4 demand was impacted in the month of March. Now Q1, now we are telling Q1 only. Now demand has started full force. There is no issue. Big demand now coming from agriculture segment. With the price correction, demand has picked up in the agri? Our prices have come down very low. Agriculture sector, they don't keep inventory earlier. Normally they don't keep. Now the prices are quite low, so demand will come very briskly. Okay. Also with these fluctuation in the PVC resin prices, have you seen any impact on the plumbing, especially, some delay from the builder side or the project side of the business in the Q4? You can't complete building without plumbing. Okay. One clarification on the- They did not demand disruption from the user. Okay. Okay, sir. One clarification on your 38% of YoY growth in the CPVC, is that of volume or value? It's volume only. Value we don't know. This is a volume growth in the CPVC. Yeah. It's a full year. For a full year. Can you give any indication how much is the contribution to our total piping business? No idea. Thank you, sir, and all the best. Thank you. Participants, it's a request, please limit your questions to two questions per participant. The next question is from the line of Sneha from Nuvama. Please go ahead. Sir, thanks a lot for the opportunity. Just a couple of questions from my end. What would have been the industry growth in FY 2026? Any number there or maybe even Q4 would be helpful. Plastic Piping System? Yes, sir. We are told by raw material producer that it was -9%. -9% was FY 2026 growth? FY 2026, there is a volume degrowth by 9% in Plastic Piping System in the country. Wow. Got that, sir. How are things looking up from here? Anything from polymer suppliers or your side that, you know, how is industry likely to grow in FY 2027? Any update that you have seen in Nal Se Jal? No, you're right. I'm not clear. Your question, I'm not clear to me. What are you asking? What's the kind of growth at an industry level that we're expecting in FY 2027, and any update that you've seen in Nal Se Jal scheme, because there were very recently some allocations made? Industry growth, yeah, you can ask raw material producer, but they told us they anticipate 8% growth this year. If anything on Nal Se Jal, sir. Recently there were allocations. Have we seen any pickup or government spending starting to take place? Any fund releases? Ask Shishir? No, no. As of now, we don't see any uptick on that. You see this Nal Se Jal depends upon the state and central government cooperation. Unless- Right. Jal Jeevan, yeah. Jal Jeevan can depend on the state supporting. State has to contribute also, no? Unless the state contribute, center then release the money. Jal Jeevan we are not sure. Up till now it has never happened. It was the declared policy of the government of India and central government. Last two years also, whatever budget they announced in February, they could spend only one-third amount. We are not sure this year also. Understood, sir. Lastly on your- I'm sorry, ma'am. Can we ask you to return to the question? Sure. Please? There are other participants waiting. Sure. Thank you. The next question is from the line of Sonali from Jefferies. Please go ahead. Sir, thank you for the opportunity, and congratulations on a good set of numbers. My question is about the Middle East impact on the polymers. You did mention in your press release that, you know, the impact on polyethylene products is much higher as compared to PVC. Just wanted to understand the broader dynamics of demand supply globally as to what, in your view, can be impacted more, and what impact can trickle down to Supreme's product or supply because of that. No, no, the Gulf impact will impact all the polymers. The suppliers, they are not only making polymer, they are also supplying feedstock for the polymer to the plant based in Far East Asia, Southeast Asia. The producers are affected. It's going to impact the polymer capacity worldwide big way. Sir, if that is the case, in your best understanding, why are the PVC prices going down right now? Is it because that the government of India revoked the import duty for a period of three months, or is it because globally the supply of PVC has increased over the past one month? Import duty becoming zero doesn't improve the volume of production. That's right, sir. I'm asking about PVC resin prices. The point is that PVC is not so much affected as a huge volume is coming from China. China's production is not based on crude oil. Their manufacturing is based on coal. Coal to PVC, China is a very large producer, and it is not affected by any Gulf disruption. China was a big player in India. Now they become bigger player. Because of that, PVC is not affected in India. We are getting big supply from China. You foresee the prices of PVC to go down further, like we have seen in the past two weeks. Is that understanding? Not go down further. It cannot go It cannot go up very much. You see, they are bound to go up, but will not go up the way the ethylene and PVC has gone up. Understood. Got it. Very helpful. Thank you, sir. Thank you. The next question is from the line of Tejas Pradhan from Citigroup. Please go ahead. Yeah. Hi, sir. Just on the note to accounts, the note number six, you have mentioned the change in labor code provisioning. I noticed that last quarter it was mentioned that INR 15.38 crore is the provisioning, and in this quarter it is mentioned as INR 14.4 crore. Just wanted to clarify if this is in addition to the INR 15.38 crore that was provided in the third quarter, or is there any sort of revaluation of the provision and the net full year impact is now INR 14.4 crore? Correct. It is a net full year impact. Earlier in the Q3, we estimated based on our work, but based on the actual valuation report which we have made now March 26, it is a full year impact. INR 15.38 crore reduced to INR 14.4 crore. Okay, understood. Thanks. Secondly, on the industry, I mean, would you be able to, like for Supreme Industries, would you be able to sort of pick up the volume trends that we saw in this quarter between January and February, and how the trends were in March? If you can, maybe extend that to April as well. I mean, between these three periods, how were the trends for both us and the industries? We told you the annual growth expectation. We already told you, no. The annual growth- Month-on-month volume we don't declare or we don't discuss. It's only quarter-on-quarter we always give the data. In April is as yet- Annual growth we already admit to you, no, that we anticipate to grow 15%-17% type of business. For the current year. For this year. He wanted April, which is not feasible. April, this year is not over now. Yeah. Anyway, we do not give month-to-month figure also. Sure, sure. Any qualitative sense would have also been great, but I mean, depending on what you want to disclose. Yeah. No, as you know, the year has begun with still the geopolitical conflict continued. Really you can't think of a better things today. Yes, let us hope for the better situation to come. Sure, sure. Thanks a lot. Thank you. The next question is from the line of Bhavin Rupani from Investec. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. First question is related to, sir, PVC. What is our average procurement cost of PVC, which is standing as inventory as on 31st March? Inventory requirement? No, no. Cost of the inventory, what is your carrying inventory cost. See, these are the classified information. We don't really disclose those kind of things. All right. Sir, in terms of days, what would be the number of days of PVC inventory do we have as on 31st March, sir? We must keep the plant adequate quantity. The plant should go on running. We base on local and import both. Local is not adequate. Import it will be slightly more than local. Local you can get weekly also. Import we need to keep in pipeline. We go on taking prudent decision. The plant should not be short of raw material. It must be easily available. India imports 68% requirement, 32% only supply locally. When double the requirement made from import, and import always takes time now. We have to keep always inventory in plant or warehouse so that we are responsible supplier. We never fail in supply to our customers. We go on taking decision. All right. According to that. Got it, sir. Sir, just second question on Wavin sir. What would be our volumes from Wavin during the quarter? Pardon, sir. Wavin. Wavin, we have capacity annually 70,000 tons, and we generally anticipate that overall we will be achieving 70% of our capacity. Wavin will contribute around 48,000 tons-49,000 tons in our business volume this year. Wavin plants are running normally from February onwards. See, initial three, four months, it took time to revamp and refurbish everything. From February onwards, they are in normal path. What is the contribution in terms of volumes during the quarter? Sir, could you return to the queue? Bhavin, sir, could you return to the queue, please? This is just a follow-up. About 4,000 tons a month from February, March, if you look at. For the quarter, it could be around 10,000 tons. Got it, sir. Clear. Thank you. Thank you. The next question is from the line of Girish Choudhary from Avendus Spark. Please go ahead. Yeah. Hi. Good evening. Thanks for the opportunity. Firstly, if you could give us some insights on the competitive dynamics, especially after the war, where we have seen significant volatility in the resin prices. Did we see accelerated market share gains? And now that the resin prices have reversed, are the small and mid manufacturers coming back strongly into the market? Good. We are running the plant. India is a big market. Okay. In terms of the raw material availability challenges, did you hear anything about the small manufacturers facing some issues and. We are not aware. Anyway, we are not a small scale producer. We are not aware that anybody is not getting raw material. PVC adequately available. Got it. Okay. My second question is on the windows business. If you could give us some sense on what kind of revenues we can expect in the next one year and the margins as well. Window and full capacity, when you how much you can share? Once we achieve full capacity utilization, it should be about INR 200 crore-INR 250 crore annual revenue. Maybe you can around INR 250 crore annual revenue will get with them. We are pretty small capacity, so we may get INR 250 crore revenue annually when we start running the plant fully. Okay. Can we assume similar margins for this business as well? Margins will be better. Margins will be better. It's a customized window. Profitably. We invested more than INR 200 crore in that business. Margin will maintain to that we get return on the investment we have spent. Okay. Thank you, sir. Thank you. Our next question is from the line of Durgesh Shukla from InCred Capital. Please go ahead. Hello. Yeah. Hello, sir. Thank you for the opportunity. Actually, my question was similar to that, labor law code provision, which has already been answered. Thank you. No more from my side. Sure. Thank you. Thank you. The next question is from Shubham Shukla from Voyager Capital. Please go ahead. Good evening, everyone. Hi, this is Shubham. I'm relatively new and currently trying to build a better understanding of this industry. I wanted to get a sense of the broad capacity utilization scenario, both for our company and the industry. From what I've observed, utilization levels seem to be largely in the 60%-70% ballpark range, while capacity additions are still ongoing. I wanted to ask, what is an ideal utilization level, and how do you define lower and higher utilization bands, both for company and more broadly for the industry? Normally, we consider if you are able to use 70%, 75% is a better utilization. During rainy season, demand comes down. Normally we consider. Sorry, worldwide, there is always two to three months lean period. Okay. This is what we consider. Depending on business situation, sometimes we may not get 75%, we may not get 70% or 68%, something like that. Okay. 75% is the ceiling which we hit and like it doesn't go up more than that. Of course, but mainly the business conditions are looking quite okay. If the rains remain only normal, no abnormal, no prolonged period of rainfall. With a prolonged period of rainfall, then business will be affected. Okay. All right. Thank you. Thank you. The next question is from the line of Utkarsh Nopany from Anand Rathi. Please go ahead. Yeah. Hi, good evening, sir. My first question is regarding the plastic pipe sales volume growth which you have reported for the March quarter. Sir, you have mentioned that the agri pipe demand got impacted in the month of March because the resin prices were falling and the demand for infra pipe from Jal Jeevan Mission has not yet picked up. Just wanted to know what has led to such sharp growth for us in the March quarter. Is it because of the channel refilling? I think in March demand is falling due to price coming down. If the price went up. Price went up. That's why the demand. In the month of March, the price went up so steeply, the farmer refused to buy the goods in the month of March. Now the price has come down, so now the demand is normal. No. Went up by INR 37 a kilo and then came down by INR 33 a kilo. Demand is normal in agriculture. There's no issue. No, sir. For the March quarter, wanted to know, sir, was it majorly driven by the plumbing pipe? Is it because of the channel refilling or we are seeing a strong growth for the plumbing pipe demand? March is normally a season of plumbing only. Generally, March demand for agriculture doesn't start in a big way. It starts only after the crops are harvested. That happens around the 8th or 10th of April. Then demand comes up fully. Okay. Sir, like, whether the plumbing pipe demand was coming from across the region or was it from any particular region like rural or urban, if you can throw some light over here? Throughout the country, people who build a house, they require the plumbing. People build a house in rural area and big areas. People are building houses. Up to tier six cities are, houses are built. For any house to function, it must have plumbing. Okay. Sir, lastly, on the PVC resin price, sir, can you just specify what would be the current PVC resin price in the market right now? Do you see any further pressure in the PVC resin prices in near future? Now current raw material price is around INR 81 a kilo. We anticipate that as rupee is going down, prices will go up now. Okay. Thanks a lot, sir. Thank you. The next question is from the line of Kumar Saumya from Ambit Capital. Please go ahead. Hi, sir. Good evening. Sir, couple of questions from my side. Am I audible, sir? I'm very able to listen. Please. Yes, sir. I just wanted to understand the raw material availability. You said PVC is abundant. How is the situation on HDPE side, PP, polystyrene? How are they currently available in the market? Well, normally all raw material are available in India. Okay. We don't see any problem. Any raw material which is not available. Got it. Sir, secondly, sir, yeah, you said the volume for Q4 from Wavin is about 10,000 tons since the plant started from February onwards. So is it that the plant did not contribute before that and this is the annual volume as well? Annually, we should get 50,000 tons from them. In FY 2026, how much was that, sir? Last year, we just started. It took us the month of August, then we were ramping. We get normal production only from February. We might get about 10,000 tons in that, in this quarter. Now for the full year, we anticipate we may get 48,000 tons-50,000 tons this year. Got it. Okay, sir. Thank you, sir. That was all from my side. I'll come back if needed. Thank you. Thank you. Participants with questions may enter star followed by one on their handsets. The next question is from the line of Rahul Agarwal from Ikigai Asset. Please go ahead. Thank you for the follow-up question. Just referring to the other expenditure number in the quarter, is INR 390 crores, and this number was similar in third quarter also. Despite 25% volume growth on quarter-over-quarter basis, just wanted to understand if there is any one-off one-time adjustment to this number. No, nothing specific. Typically, sir, this number generally in fourth quarter goes up because of higher volumes. Hence I was wondering if there is any adjustment which is done on any line item. This other expense number consists of either repairs or the advanced publicity, which was controlled right from quarter three itself, when this year was not going well. No inflation or no increase in those kind of figures. Okay. Publicity was INR 125 crore last year, so it's basically flat YoY in what you're saying. No. This year it is INR 98 crore only. Oh. For the year. Yeah, yeah. Gotcha. Okay. Got it, sir. Thank you so much. Thank you. Thank you. The next question is from Darshita from DSP Mutual Fund. Go ahead. Hi, thank you for the opportunity. So I wanted some understanding on the depreciation. We had already capitalized up to, like, the cash outflow when we see in the second half was roughly INR 566 crore due to investments, which was about INR 814 crore as of FY 2026, which is a INR 250 odd crore increase in the CapEx. The depreciation to that extent seems to be very high. The depreciation increase in the second half seems to be very high. What could be the reason behind this? Ma'am, you have to see the last year capital work in progress, which was more than INR 400 crore. We did also has got capitalized this year. Our closing work in progress is only INR 136 crore. When you look at assets, you have to look at whatever payments have been made in previous years and the work in progress, because they also get capitalized. Got it. Okay. This year, we believe it will further go up with INR 1,000 odd crores or. Wavin acquisition also is separately. Right. No, no. Even if I take into account Wavin, the depreciation increase seems to be higher than a normal, like a usual number. Total addition to assets is INR 1,400 crore this year. Mm. Including what will be put, credit to the book. Okay. INR 1,400 crore would also include Wavin? Yes. Got it. Okay, great. Thanks. Thanks a lot. Thank you. The next question is from the line of Ritesh Shah from Investec Capital. Please go ahead. Yeah. Hi, sir. Congratulations on good set of numbers, sir. Few questions. Sir, how should we understand PVC rise, resin prices, resin made via carbide route and resin which is made by EDC, it means VCM route? No, both resin they make PVC and PVC make the product. There's no difference for you. If suppose some carbide make a PVC, if the VCM contain more than 1%, then people don't consider good material for use of quality PVC pipe. Majority of them make a carbide route PVC keeping VCM content less than 1%. Less than 1% VCM content PVC, there's no issue compared to carbide or resin. We don't see any problem. Sure, sir. That helps. PVC was produced by DCM for the last more than three to four decades in India. Okay. That is helpful. Sir, second is any update on our windows and profiles business? That is one. Secondly, anything on the gas piping side? I think we did receive an order on electrofusion fittings from Maharashtra Natural Gas Limited, a [inaudible]. So how are both these businesses actually doing, sir? Thank you. India, our plant is started. We started selling in the month of March already. Gas pipe, we not only supply the pipe, we supply the fitting also. We are the only company as of today who supply the pipe and electrofusion fitting required for carrying natural gas. We got orders from three or four gas companies and more orders are under negotiation. That will meet the requirement for carrying the pipe under the ground and above the ground, we make PE-AL-PE composite pipe. That also we have orders. That also will meet the requirement of handling the natural gas. Sir, how big can this business be for us, the gas piping business? We don't know how big the company will buy. We can't say now. Only company decide. We are capable to supply- Sir, how much? We are capable to supply whatever volume. Okay. Last year. Sir, how much is our capacity over here? Our capacity annually we can make 10,000 tons of pipe per month actually, but that is spread over nine plants. It depends on which plant they will place order, accordingly we may supply them. We can supply easily 1,000 tons monthly. Okay. From our three to four locations. Okay. Sir, windows and profiles, sir, have we launched it on a pan-India basis or is it only in a few states? What is the capacity over here and how do we see this growing? That's only UP and NCR. Only UP and NCR. Okay. Sir, how much is our capacity over here? It is around 10,000 windows per month. Sure. This is helpful, sir. Thank you so much. Thank you. Thank you. Participants with questions may enter star and one. Our next question is from the line of Praneeth Bommisetti, an individual investor. Please go ahead. Hi. Thank you for the opportunity. I understand that it is a PE performance. I was wondering in terms of consolidation of the market, how have you seen the organization of the overall market? In terms of CPVC also, I think Astral had very lofty goals in terms of dominating at a much higher rate. Could you explain how are you seeing Astral at entering CPVC and how are you facing competition on the ground versus an organization of the market and how has raw materials expanded in the market? I can't say. What is CPVC? There are many suppliers are there. I don't follow what you want to ask from us. We are one supplier. Astral is supplier. Ashirvad is supplier. Queens is supplier. We are a supplier. There are many suppliers. Sorry. I was not clear. My question was about talking about the market share. How has Supreme grown in terms of its market share and its CPVC versus the other piping divisions? And what kind of market- We don't know market share. Okay. We don't know the market share of our company in the CPVC market. We don't know. What about other segments, sir, rather than CPVC in the piping division? Maybe 12%-13%. Do you have any goals in terms of expanding it from the 13% mark to 20%, let's say? Like, what is the company doing in terms of expanding the market share? What- We have plan to grow. Yeah. Like, what are the ideas internally that you have thought in terms of the which market share would you like to grow to from the 13% levels today? Go on putting more capacity, go on making, offering more systems, go on making more new systems, go on appointing distributor, dealer, go on working in the export market. There are so many avenues to do that, and we are working on all those avenues. Let's say, sir, yeah. Yeah, we discuss. By, let's say 2032 or 2030, like in next four years, what kind of market share targets does the management have today? We are working more now first how to increase our export business. Our export business plastic pipe section is only $5 million. We are working first how to reach $50 million very shortly. Our top focus today to grow big way in export market and definitely grow big way in Indian market also. Plastic Piping System, we have put on a great growth path. Understood, sir. In terms of exports, like in terms of competition, because the pipe is usually mostly air, it's like really volumetric rather than weight, won't it be difficult to compete in the international market? Like, what are the markets we are looking to compete in? I don't say pipe. I say piping system. Okay. In terms of- Pipe doesn't mean only pipe. It will be fitting also. You're not interested in just pipes exports, you're interested in the fittings part of it, is it? We both. Okay. Which geographies are we targeting, sir, today? Like in the short term, like will- Throughout the world. Okay. Like for the INR 500 million segment, are we looking at Middle East, Africa, or like we're looking further also? No, Middle East is a very small market for us. We want to put other market also. Middle East we are operating for many years. Now we are working many part of the world. Let us succeed, then we come back to you. Today only $5 million. What is nothing there to talk. When we are, like competing. Sir, can we ask you to return to the question queue, sir? Yeah, sure. Thank you. Thank you. The next question is from the line of Ritesh Shah from Investec. Please go ahead. Sir, this question is specifically on Nal Se Jal. What we understand is there is a CAG audit which is going on in a few states in the country. Sir, how do you read into this? Is that the reason why you indicated Nal Se Jal will actually be slow, or is there any other way to actually read it? Actually, what question? CAG audit is going on, that's why. Huh? He says that there is a CAG audit for the Nal Se Jal. That is why we are talking less growth for Nal Se Jal. That's not the case. I'm not aware. What is CAG? CAG, Comptroller and Auditor General. They do an audit. Of what? I don't know what. No, we are not aware. From you said today only. Yeah. Thank you. We don't think so it is that can be the reason here. Okay. Fair, fair. Any other reason why the government is probably going slow, sir? No, no. Unless state government participate and they release their part of contribution. Mm-hmm. The central government is not releasing the funds. Still we don't see the funds coming to the ground. Anyway, we are a small player in the water supply scheme. As you are aware, in last two years, when the budget was moved to this Parliament, they announced INR 67,000 crore expenditure. For last two years, every year INR 67,000 crore they announce, and they spend only INR 22,000 crore. The question to our mind is because the state government has to match their share. Which way state government contribute, then the central government release the money. Okay. Sir, just for understanding, if earlier the project was INR 100 crore, how much was the contribution from the central government? We have really no idea. You could check with central government, dear friend. Okay, sir. Thank you. Thank you so much. Thank you. The next question is from Bhavin Vithlani from SBI Mutual Fund. Please go ahead. Good evening and congratulations for good set of numbers. Question is on, like, you've added five manufacturing facilities over the last 12 months. Sorry? You added five manufacturing plants over the last one year. Could you talk about how much closer you've got in terms of customers and the lead distance reduction that you've been able to get because of these new plants. Is there a numerical number in terms of savings on the logistics cost that you've been able to get because of the new manufacturing facilities you have to move closer to the customer? We move very close to the customers. Our idea is customer can work with our godown, our plant, which is a go down. Is there a savings that numbers in terms of percentage that you've been able to get by moving closer to the customer? I mean, 1%-2% saving that you've been able to get savings on the logistics? The whole idea is to provide better service to our customer. It become more affordable to the customer. We are not taking the saving into our account, but we are becoming more competitive and more efficient. Sure. The second part is you've added more SKUs, as you mentioned. There are some white spaces that you said you've been able to close that. Could you talk about the number of SKUs you've added and some of the white spaces which were there in terms of those products were not there, you've been able to introduce this year? We have 15,600 + some SKU, and we have a 45 system, which is we are going already more and more SKU in this 45 system, and we are going to do even two more system this year. Oh, got it. Was there any gap? Because some of the checks that we do, we understand that high rises is an area where there was some gap in products. Have you been able to close those product gaps? We don't have any gap now. Nothing. No gap. Okay. Sure. Having the best system today. Got it. Now when you compare Supreme with vis-a-vis an Astral in, and specifically in the CPVC segment or Ashirvad, which areas have you identified where there are spaces now and that you've been working to close those gap? There are so many parts in the country we have to still make our product available. India is a huge country. Got it. This last part is, you've been able to grow around 13% on a long period average. If one looks at the year going ahead, in your view, what's the kind of volume growth that you believe you should be able to achieve? We understand there have been uncertainties, which always have been. There's no uncertainty. We look forward to achieve 2 million tons. Okay. In the current financial year? No financial. Total what you say, what's your dream? Our dream is to achieve 2 million tons. Okay. Presently only 600,000 tons. A long way to go. Understand, sir. On a profitability basis, what in your view is a sustainable EBITDA or EBIT margin that you see is that one should look at on a sustainable basis? We understand some quarter there are inventory losses, some quarter inventory gains. If one irons that out, what's the sustainable level that one should expect? We always say that, yeah, that we must get return more than 25% on the capital employed. We are earning more than 25% year- after- year for last 18 years. We are seeing that our return on average capital employed is more than 25%, and that is the only criteria we follow in our company. Understand. Sure. Yeah. Those were my questions. Thank you so much. Thank you. Thank you. The next question is from the line of Varun from 360 ONE Capital. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity. Just wanted to check by when the greenfield project will be operational? Greenfield project. No, we have yet to start the work. Yeah. By when? All the four plants what we are now talking should be operational by end of March 2027. Not fully, part will be operational. Right. Will be fully operational in another two years. Now we'll start. We have the land in our hand, so we'll start the work. It will be definitely some capacity will be available this year and fully ready in next two years. Okay. Sir, on the realization front, since last year, you know, the PVC price on an average for the full year was less than around INR 70 per kg, and now expectation is slightly higher, right? I mean, INR 75-INR 80. Is it possible that there will be better margin expansion than what we have guided around 14%-14.5% because our realization will be better going forward? Beyond the PVC, we make CPVC also, we make polyethylene also, we make linear low-density also. We believe that 14.5% margin will give us return in excess of 25% on capital employed. Is it sustainable? We work on a sustainable business, a sustainability numbers and 25% on the money what we invest. Okay. Anyway, earning better than 25%, we go on expanding. On the PVC segment, like price, plastic price segment, like overall, what is the realization that we aim? Suppose if PVC, you know, kind of stabilize around INR 75 per kg, like is there any kind of like value? There is not a single product. There are several products in PVC also. Every product it could different margin basis based on the investment what we have made to make that product. There are several types of PVC made by a company. Several for every application also. There's no fixed formula. It depends on the money what we invest in that business. We equally price our product. It's quite complex. Okay, sir. Thank you. That's it for now. Thank you. Our last question is from the line of Karan Bhatelia from AMSEC. Please go ahead. Hello. Hi, sir. Am I audible? Yeah, please. Hello. Yeah. Yeah. Sir, you mentioned that the PVC volume decline for the entire year was 9% for FY 2026. You know, can we further get into decline for infra, agri and plumbing, you know, at the industry level? I said the country has declined, not PVC. I said plastic piping business had a degrowth of 9% in the country. Right. Right. Now, which application there is only the raw material producer can supply. We don't do R&D. Right. Our company has grown. Right. Our company has now declined. You mentioned 15%-17% volume growth in piping, so that includes Wavin as well, right? Yes. Yes, sir. Wavin is part of our company and now there's no Wavin. Right. Wavin is one of the unit of Supreme Industries. Right. Sir, one last question. We had some outstanding, you know, kind of INR 14 million pending from the JJM Mission. Are we yet to recover that? Money recovered. Okay. Thank you. That's it from my end. Thank you. Ladies and gentlemen, that was the last question. I now hand the conference over to the management for closing comments. We are very thankful to all the analysts with very, very intelligent question, and we thank very much DAM Capital for providing full support and assistance to us, and very much thankful to Mr. Aasim Bharde also. Thank you very much, sir. Thank you. Thank you. On behalf of DAM Capital Advisors Limited, that concludes this conference call. Thank you all for joining us, and you may now disconnect your lines. Thank you. Thank you.