Ladies and gentlemen, good day and welcome to the Surya Roshni Limited Q3 FY26 earnings conference call. This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star 10 zero on your touch-tone phone. Please note that this conference is now being recorded. I now hand the conference over to Mr. Raju Bista, Managing Director of Surya Roshni Limited. Thank you and over to you, sir. Thank you very much. Good evening, everyone. On behalf of Surya Roshni Limited, I once again extend a very warm welcome to everyone for joining us today. On this call, we are joined by B.B. Singal, CFO and Company Secretary, Mr. Gaurav Jain, CEO, Steel Division, Mr. Vasumitra Pandey, CEO, Lighting and Consumer Durables, Mr. Naresh Singhal, Executive Director, Steel Division, and SGA, our Investor Relations Advisor. I hope everyone had an opportunity to go through the financial results. Now moving on to the overall financial performance. In the Q3 FY26, our consolidated revenue increased by 3% year-on-year, INR 2,927 crore, while EBITDA stood at INR 148 crore with margins of 7.7%. Consolidated PAT for the quarter is INR 80 crore. For the 9-month period ended December 2025, the company reported consolidated revenue of INR 5,377 crore, EBITDA of INR 371 crore, and PAT of INR 188 crore compared to INR 5,290 crore, INR 397 crore, and INR 217 crore respectively in 9-month FY25. We are a zero-debt company with a net cash surplus of INR 250 crore as of December 31, 2025. Coming to Lighting and Consumer Durables, during Q3 FY26, the Lighting and Consumer Durables segment delivered stable operating performance despite a challenging uneven demand condition on select appliances category. Segment revenue for the quarter stood at INR 476 crore, representing a growth of about 6% year-on-year and a strong sequential growth of nearly 10% over Q2 FY26. This was largely driven by festival season demand, healthy volume across Consumer Lighting categories, and the traditional stronger second-half demand profile for this Lighting Business. EBITDA margin stood at approximately 8.8% while EBITDA margin remained under pressure due to elevated input cost and category mix. Absolute EBITDA improved sequentially over Q2 of FY26, driven by higher volumes and better operating leverage. Category-wise, Consumer Lighting continued to perform well during the quarter. We witnessed very strong volume growth across LED bulb, batten, and downlighter segment, supported by sustained retailer engagement, regular product launches, and enhanced brand visibility initiatives. Professional lighting also remained a key growth driver with consistent transactions across infrastructure-led applications such as airport, railway, tunnels, stadium, and façade lighting. Now moving on to the Steel Pipes and Strips segment. During FY26 Q3, the Steel P ipes and Strips Segment delivered a stable operating performance in a challenging environment marked by volatility in steel prices and uneven demand conditions across select end markets. Revenue stood at INR 1,451 crore, supported by dispatch volume of 237,000 tons, reflecting steady year-on-year growth and sequential improvement over Q2 FY26. Volume momentum remained healthy across most product categories, reinforcing our confidence in achieving full-year volume as guided for FY26. On the profitability front, EBITDA for the quarter stood at INR 106 crore with margins of approximately 7.3%. Margins were impacted by a one-time inventory loss of around INR 500 per ton, arising from the sharp correction in steel prices during October and November months. Importantly, despite these headwinds, EBITDA improved sequentially by about 4% year-on-year, quarter-on-quarter, supported by better operating leverages and partial recovery in realization as steel price stabilized towards the later part of the quarter. However, hollow section and structural pipes continue to be the very key growth drivers aided by strong demand from infrastructure, industry fabrication, and engineering applications. Volume in this segment increased meaningfully, and we continue to invest in capacity expansion across our plants at Anjar, Gwalior, Bahadurgarh, and Hindupur, along with the installation of new DFT lines to support sustained growth in this particular category. Export accounted for almost 19% of volume growth in Q3 FY26, with export volumes growing almost 10% year-on-year. As of the end of the quarter, the order book stood at approximately INR 500 crore for Steel Division and almost INR 150 crore for lighting, led by spiral pipes, export, and domestic API orders. Overall, while near-term volatility persists, particularly on raw material price exports and government-linked projects, we remain focused on mix optimization, discipline execution, and capacity augmentation. Now I will request our CFO, Mr. BB Singal, to share his line. Thank you, respected MD, sir. And a very good afternoon to all the participants on the call. For the quarter, the revenue was INR 1,927 crore as compared to INR 1,868 crore, a growth of 3% year-on-year basis. EBITDA and PAT stood at INR 148 crore and INR 80 crore as compared to INR 156 crore and INR 90 crore, respectively. For 9 months FY26, the revenue was INR 5,377 crore as compared to INR 5,290 crore, a growth of 2% year-on-year basis. EBITDA and PAT stood at INR 371 crore and INR 188 crore as compared to INR 397 crore and INR 217 crore, respectively. In Lighting and Consumer Durables, for the quarter, the revenue stood at INR 476 crore against INR 451 crore, a growth of 6% year-on-year basis. EBITDA and PBT stood at INR 42 crore and INR 31 crore as compared to INR 45 crore and INR 35 crore, respectively. For 9 months financial year 26, the revenue stood at INR 1,308 crore against INR 1,232 crore, a growth of 6% year-on-year basis. EBITDA and PBT stood at INR 112 crore and INR 82 crore in 9 months financial year 2026 as compared to INR 115 crore and INR 87 crore, respectively, in the same period last year. In the steel pipes and strips, during Q3 FY 2026, the revenue was INR 1,451 crore as compared to INR 1,417 crore, a growth of 2% year-on-year basis. Similarly, EBITDA per metric ton stood at INR 4,810 compared to INR 5,163 in the same period last year. EBITDA and PBT stood at INR 106 crore and INR 76 crore as against INR 111 crore and INR 86 crore, respectively. For 9 months FY 2026, the revenue is INR 4,069 crore as compared to INR 4,061 crore. Similarly, EBITDA per metric ton stood at INR 4,320 compared to INR 4,840. EBITDA and PBT stood at INR 259 crore and INR 171 crore in 9 months of FY 2026 as against INR 282 crore and INR 203 crore, respectively, in the same period last year. Improved capacity utilization, working capital optimization, and cost rationalization enabled us to become a zero-debt company and have a cash surplus of INR 245 crore in 9 months FY26. In Q3 FY26, our net working capital cycle was 61 days, with a return on capital employed (ROCE) of 17.57% and a return on equity (ROE) of 12.65%. With this, I conclude the presentation, and we can now open the floor for further questions and answers. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Dhaval Dama from Enigma Small Opportunities Fund. Please go ahead. Hi sir, this is Viraj here. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] Why? I am asking therefore sir, two-three times in different ways, because our full year's EBITDA is INR 260 crore only. So meaning that's why 260, sorry, this is only steel's. But so a little concern is the same sir that. [Foreign language] [Foreign language] [Foreign language] Right. [Foreign language] [Foreign language] [Foreign language] [Foreign language] Thank you. The next question is from the line of Shyam from MSA Capital. Please go ahead. Hello sir, good evening. Hi, good evening. [Foreign language] [Foreign langugae] Okay, sir, [Foreign language], they should be able to cover up for that shortfall. [Foreign langauge] [Foreign language] [Foreign language] Okay, sir. Understood. Sir, [Foreign language] [Foreign language] Okay, [Foreign language] [Foreign language] [Foreign language] Okay, [Foreign language] sir, thank you so much and wish you the best. [Foreign language] Thank you. The next question is from the line of Kiran from Table Tree Capital. Please go ahead. [Foreign language] Kiran, your voice is cracking. Can you please check? Is this better? Much better Is this better? Hello? Yeah, yeah, thank you so much. Yes, yes, Kiran Ji. Yes, so this year we had a very tough year. Q1, we had a SAP issue. Now, Q3, we are having a API issue. So this year seems to be probably the most challenging year of Surya Roshni in the past few years that we have seen. Sir, next year we, I mean, this year let's say we do 9.3-9.4 lakh tons. Next year are we seeing, and do you see the potential for a 12 lakh ton kind of number, where we can get, where we can sell through that volume? And is it going to be substantially lesser given the challenge with Jal Jeevan Mission and everything else? [Foreign language] Got it, sir, got it. And sir, this this confidence especially on the Steel Division, matlab if you can just give, matlab how can it come? Matlab is it a dependency on government? Because sir, nowadays government what Jal Jeevan Mission challenges are or whatever is, is it including some some volume from a Jal Jeevan Mission and a government program standpoint? And is it not including that? That can be an optionality, aisa puchna tha. [Foreign language] Got it, sir, got it. No, thanks for that, sir. Sir, last question [Foreign language] Got it, sir. Sir, last question [Foreign language] [Foreign language] Got it, sir. Got it. Thank you, sir. I will join back in the queue. Thank you. The next question is from the line of Keshav Garg from Counter Cyclical. Please go ahead. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] And sir, can we import duty-free steel, make pipes, and export, sir? Sir, under the Advance Authorization Scheme? [Foreign language] Okay, sir. Thank you very much. Thank you. Ladies and gentlemen, we will take that as a last question for today. I now hand the conference over to Mr. B.B. Singal for his closing comments. Over to you, sir. Thank you everyone for joining us today on this earnings call. We appreciate your interest in Surya Roshni Limited. I sincerely once again thank our MD sir and the CEO for sharing their valuable time and addressing queries raised by participants who attended the call. For any further queries, if any, contact SGA, our Investor Relations Advisor. Thanks. Good evening to all. Thank you very much. Thank you. On behalf of Surya Roshni Limited, that concludes. Thank you for joining us. And you may now disconnect your lines. Thank you.