Ladies and gentlemen, good day and welcome to the UltraTech Cement Q4 FY25 Earnings Conference Call. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risk that the company faces. The company assumes no responsibility to publicly amend, modify, or revise any forward-looking statement on the basis of any subsequent development, information, or events, or otherwise. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Atul Daga, Chief Financial Officer of the company. Thank you, and over to you, Mr. Daga. Thank you so much, Michelle, and good evening and a very warm welcome to all of you for this earnings call for Q4 FY25 for UltraTech. It's a maze of numbers which we'll try and help you decipher. I believe the world is redefining its ways of working. The uncertainties around the U.S. tariffs are making people wonder what to do next. I believe investors and industry captains globally must be revisiting their business strategies. We in cement, in India, continue our work with a renewed focus on the growth opportunities that are unfolding in the country. To give you a heads-up, this year the cement industry has ended with a capacity of about 655 million tons, up from 625 million tons. At UltraTech, out of this 30 million ton of new capacity addition, almost 57% has been added by UltraTech. However, our overall capacity share in the country has gone up from 140 million tons to 184 million tons, an addition of 42.6 million tons under our fold with the two acquisitions that we had done. We believe that this quarter cement demand overall for the country would have grown around 4%. In that backdrop, UltraTech has done close to 10% volume growth. Last quarter of fiscal 2025 was very eventful for us at UltraTech. After a tedious, long-drawn process, we successfully completed the transfer and registration of mines in Telangana and Karnataka for the cement units that we acquired from Kesoram. With effect from 1st of March 2025, we have fully taken charge of these units. After obtaining an unconditional CCI approval, we had started working with these units earlier on, helping them improve their performance. Happy to inform that our efforts have been reflected in their performance in the first month of operating control that we took charge. We started operating these assets from the 1st of March 2025. Though, as per NCLT approval, the financial performance of Kesoram with effect from 1/4/2024 has to be consolidated with the financials of UltraTech. As a result, in the quarter ended March 2025, while effectively we were managing the operations from 1st March 2025, the results for the quarter are a mix of performance by old management and the new management. India Cements, we took over the company from the Christmas of December 2024. I'm delighted to inform you that the company has achieved an EBITDA break-even in the first quarter after the takeover. Second taste of sweet success was sales of more than a million metric tons in the month of March by India Cements. With prices improving in the south markets from April, this will only reflect in further improvement in the company's performance. During this year, we target to cross an EBITDA per metric ton of 500. FY 2027 should be crossing 800 and thereafter a four-digit mark. The team has chalked out a CapEx plan of about INR 1,500 crore for India Cements, out of which INR 1,000 crore is towards WHRS and other profit improvement opportunities with a payback period of less than three years. These monies will be spent in fiscal 2026 and 2027, and the benefits will start reflecting in the performance of the company in the quarter of January-March 2027. We have also identified brownfield expansion opportunities in the network of India Cements for future. At UltraTech, we never have a dull moment. We grabbed a small opportunity to strengthen our position in the white cement business with the acquisition of Cement Putty manufacturing facility. This is a small transaction which should get concluded in the next few days. Good things have a cost. Yes, we have leveraged our balance sheet, but are not alarmed at all with the current position. Net debt to EBITDA is what we ended with, 1.16x at the end of March 2025. With the sales volumes continuously increasing, performance of the company continuously improving, EBITDA profile improving, the debt will start receding rapidly. To tell you about CapEx plans, we spent about INR 9,000 crore on our organic CapEx this year. FY 2026 also would amount to about INR 9,000-10,000 crore of CapEx, out of which INR 7,000 crore is towards strategic investments, the ongoing expansion program, which will take us from the current capacity of 184 million tons. 184 includes India Cements and Kesoram capacities also. From 184 to take us to close to 212 million tons of capacity in India. Yeah, fiscal year 2027, 212 million tons of capacity in India. Cost improvements, we are on course to deliver the overall plan in the three-year time window. Last quarter, several questions had been asked, and I promised to present to you the annual performance because quarter-to-quarter measurement might not be meaningful. Hence, we have disclosed a detailed calculation of the cost improvements, efficiency improvement that we have achieved already by the end of fiscal 2025. This program will continue as promised. We will deliver upwards of INR 300 per ton in efficiency improvement. As for demand, we are seeing positive movement in government spending. Several new projects have been contemplated, which will assist in a steady cement consumption year- on- year. The beginning of the year is slightly weak because of very heavy heat or high heat that is prevailing, the heat wave that is prevailing in the country, which slows down the construction activity a bit. States like Andhra Pradesh and Bihar, in particular, are seeing renewed focus in terms of spending on roads and other infrastructure growth. I believe once this heat subsides, in fact, Bihar, I understand rains have already come in and temperatures are coming down. We should start seeing improvement in sales performance or volume uptick in all the parts of the country. Urban real estate has shown some signs of slowdown, but this, I believe, as per experts, is only temporary and we will start seeing urban housing demand to go up further. As for costs, fuel prices, as you're all aware, increased during the early days of the quarter. However, it seems to be in check with the continuous increase in oil output of the U.S. refineries and softening global crude prices. The overall cost of coal, petcoke have not seen too much of movement. We've also seen the various initiatives or various announcements which the U.S. government has made about the tariffs, which are having an indirect impact on ocean freight also. We will have to wait and watch on how things settle down and how the costs behave. As for prices, the quarter and the current month saw some improvement in prices, but I'm sure you are all very aware of how things are moving and you have more information around that. To conclude, this quarter, our organic capacities, if I were to measure like for like, we did an EBITDA per ton of INR 1,270 per ton. With the performance of Kesoram added for full quarter, January, February, March 2025, this 1,270 drops down to 1,238 per metric ton. I think the going is good. The capacity utilization that we achieved was 79% on an effective capacity available for the year of 150 million tons. Mind you, the effective capacity is important to know why our year-ending capacity was significantly higher. The effective available capacity weeds out the impact of non-availability of capacity through the 12 months. New capacities that were added have already given us a head start. This 150 million tons becomes about 158 million tons of capacity available, and further to that, the 25 million tons of the acquisitions. That is what makes up our available capacity to take advantage of the growth opportunities that will be available in the country. Thank you, and over to you for questions. Thank you very much, sir. We will now begin with the question and answer session. Anyone who wishes to ask questions may press star and one on the touchstone phone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use only 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 Prateek Kumar from Jefferies. Please go ahead. Yeah, hi Atul sir. I'm from Aspergate Results. My first question is on your remark in the press release. We understand most other sector industries are saying that there is generally an improvement in on-the-ground macro overall, but we have mentioned that the sector may face short-term challenges where the long-term is better. Any specific reason for this remark and how should we look at? Prateek, I'll define my short-term as this quarter. As I mentioned, the heat impact is very high. Otherwise, things are going very good. What is the expectation on volume growth? I mean, while you mentioned 7-8% long-term, but for FY 2026, because heat wave impact was there last year also. Prateek, we expect to grow double-digit this year on a higher base. Double-digit on like for like, or this is including, of course, including India Cements, you should probably grow 20% including the two new entities. Yeah, like for like, double digits. I think I was informed about the concerns about the last line in our press release, but short-term is really short-term from that perspective. It's perhaps April and the month of May, which is essentially linked to the high temperatures that are soaring in the country. Lastly on prices, can you just throw some light on the current pricing versus average last quarter pricing? I think I would have asked you that question. You know the prices on the ground better than we do. Generally, in fact, I had mentioned that prices have seen improvements in this month as compared to last quarter or as compared to March end. Sure, I'll get back to you. Thank you. Yeah, thanks. Thank you. The next question is from the line of Indrajit Agarwal from CLSA. Please go ahead. Hi sir, thank you for the opportunity. A couple of questions. First, the 10% volume growth that you mentioned, that is organic like for like, right, versus 4% for the industry? No, that takes into account the Kesoram volumes also that we have rebranded as UltraTech also. Broadly excluding that, we will still be above mid-single digit, right? I mean, organic. Yeah, yeah. Okay, thank you. You mentioned about the profitability trajectory for India Cements and that the benefits come through in Q4 2027. In this period in FY 2026, 2027, what are the levers that will take the profitability from break-even to, let's say, 500 and 800? Let me again clarify or explain properly what I mentioned. The investments which are being done in things like WHRS, alternate fuel, renewable energy, etc. Renewable energy will happen earlier. WHRS is the most long lead. There are some cooler upgradations. All those elements will start delivering returns after completion of work, which is the last quarter of fiscal 2027. That is one aspect. + Second, from here onwards, where this quarter their operating EBITDA or total EBITDA was INR 40 a ton. Improvement in volumes, which is capacity utilization at India Cements. Improvement in margins by way of prices, by way of cost efficiency. Improvement in logistics cost, overhead optimization. Practically all elements of the P&L are getting addressed for improvement. Sure. Lastly, one more. In terms of Kesoram, are we looking to rebrand it entirely to UltraTech or will we retain that brand? Over a long period of time. Long period as in short period, long period is very confusing. Another time. Over Another time. Over a period of time, yes, it will get rebranded. Sure. Thank you, and that's all from me. Thank you. Thank you. The next question is from the line of Amit Murarka from Axis Capital. Please go ahead. Yeah, good evening, Mr. Raghav. Just on India Cements as well, Kesoram will be gradually rebranded, but India Cements will stay an independent brand or will you enter into some tolling arrangements with India? Same thing. We will enter into a tolling arrangement and gradually convert India Cements brand also into UltraTech. India Cements, they themselves have some very powerful brands. It will be a mix and match, and we will get into the rebranding exercise for India Cements also. Sure, sure. Any sense by when can we expect a full transition of India Cements into UltraTech brand? Two years' time, which is fiscal 2027, by end of fiscal 2027. Sure. I believe by then the upgradation program also gets completed for India Cements, as you mentioned. Yes, yes, because quality upgradation is very important. Okay. The last question will be on the blending ratios. There has been a consistent increase in your CC ratio now, currently 1.45. What is the number that we should think of one year ahead or maybe if you have any target in mind to go to 1.6 or something like that? We have already spelled it out. By the end of fiscal 2027, we are targeting to reach 1.54. Okay, great. Great. Thank you so much. I'll come back in the queue. Thanks, Amit. Thank you. The next question is from the line of Ritesh Shah from Investec. Please go ahead. Yeah, hi sir. Am I audible? Yes, Ritesh. Yeah, hi sir. A couple of questions. The first is, sir, on the leverage. Good set of numbers wise, that. Good set of numbers, sir. Congratulations. Thank you. Go ahead. Yeah, a couple of questions. One is, sir, what sort of leverage will we be comfortable with on net debt to EBITDA? 0.5x. Any timelines to reach that? I have to give you forecasts. That's what I want. I'm a little smart. Okay. My question is, on a serious note, Ritesh, you have seen UltraTech's performance. In the past, when we had leveraged in fact to 3x, we brought it down rapidly in about two years' time. I think this is, and now when we are at 1.16x on India balance sheet, volume's growing up, EBITDA improving, we will bring it down rapidly. Okay. Second question is on the supply at the industry level. As per your estimates, what are we looking at, 40-50 million tons for FY 2026, FY 2027 each year average? Anywhere between 40 to 50 million tons, and our 16.8 million tons is guaranteed. Okay. Sir, have you noticed anything different in pricing and discounting trends, specifically in South? Given demand has not moved much, but pricing is one way up. How should we understand this? I don't think so. Any differences there? Okay. Sir, possible to indicate the current prices versus March exit or Q4 averages? No, too difficult. Yeah, it's 28th of the month. All I had said was, yes, we have generally seen an improving trend. Sure. Sir, just last question. You indicated on India Cements, we are looking at certain brownfield optionalities as well. Can you provide some color over here? We understand there's a lot of lease expiry which India faces come 2030. How are we looking to overcome that particular variable? As I mentioned, there are opportunities identified. Timing not decided. Timing will be decided, taking into account the demand opportunity that exists in the marketplace. Just one second. Yes, it's aware. I think, yeah, Atul said rightly because it is little early. Yes, we have identified certain areas where we can do the brownfield expansion. The lease of 2030 may not pose a problem because even as per the first right of refusal, it would be to the existing lease holders. It can be a little bit priced, but not anything to do with the risk of the lease itself. Nobody will lose their minds, Ritesh, rest assured. Sure. Just follow up. There was an expectation about basically mines being auctioned in the state of Tamil Nadu. Has there been any progress over here, and would UltraTech also be interested if any of the events play out? We will be interested, but there is no date yet. As of now, I think May 4. When are we? We are in April end. May 4 or 5 is a technical bid submission, the last date which I remember. No extensions have been announced as yet. Sure. Thank you so much. All the very best, sir. Thank you. Thank you. Hello? Thank you. I'm good. Thank you. Thank you. Thank you, sir. We'll take the next question from the line of Rahul Gupta from Morgan Stanley. Please go ahead. Hi. Thank you for taking my question. Atul, sir, I have one question, just a clarification on medium to longer-term understanding of cost improvement. You have guided for INR 300 cost improvement, and towards that, we have already achieved INR 86 in fiscal 2025. Now, how do we see this from the lens of Kesoram and India Cements consolidation, given majority of the cost benefits will start reflecting from fiscal 2027 end? Does this mean that we will see some tail benefits on the consolidated entity fiscal 2028 and beyond? Just trying to understand how should we look for the next step. Let me try and answer that question. When we made this plan, this was on our existing UltraTech operations. It did not include India Cements and Kesoram operations. As for India Cements, we have started off this quarter with an EBITDA per ton of INR 40, which will cross a four-digit mark in fiscal 2028, which is giving us three years to deliver that. Their efficiency improvement program, of course, there are investments which are being done. The efficiency improvement will be carried out in parallel for India Cements set of operations. The same is the case for Kesoram set of operations. There, I believe they are already ahead of India Cements, and they will start delivering by one year prior to India Cements. The efficiency improvement program for those entities or that capacity, 25 million tons of capacity, will run in parallel without compromising on our 300-plus efficiency improvement for UltraTech as is. I hope I am able to answer your question. Got it. Just to understand this or just one small clarification. We may not have apple-to-apple comparison by fiscal 2027, but we would continue to see benefits and India Cements and Kesoram would materially start seeing every year, actually. Every year. Every quarter. Yeah. Right. Great, great. Thank you so much. Thank you. The next question is from the line of Pulkit Patni from Goldman Sachs. Please go ahead. Thank you for taking my question. Thanks for putting that slide where you've spoken about individually which are the cost line items and what is the contribution. Now, if I look at the numbers that you have, your guidance for FY 2027 and in case of renewables, FY 2030, plus what you are saying for India and Kesoram in terms of EBITDA improvement, then even if the industry does not take any price increase, for us as a consolidated entity to go up about INR 250-INR 300 EBITDA per ton from here till FY 2028 should be fairly easy. Is that understanding correct? In your assumption, is there some price increase that you have baked in when you talk about India's 500 and Kesoram slightly higher EBITDA per ton next year? Pulkit, on an Excel spreadsheet, everything kept constant, yes, 250, 300 is very likely. It is happening. There are so many moving parts in the country. Take the case of the royalty which was imposed in the state of Tamil Nadu, which is INR 150 a ton, or something else that happens. Those factors have to be taken into account as well, or petcoke prices moving up. So many moving parts. It's really difficult to put all of them down in the Excel model. However, these efficiency improvement programs, and if somebody were to do a math on lead distance, my team is so specific that they have calculated the advantage only on primary freight. Okay? We are very, very specific. If you look at the calculation on renewable energy, it is on the basis of capacity utilization. It is on the basis of PLF that the renewable energy projects will deliver. We are going very, very specific, very precise instead of giving you a rounded ad hoc number. The 300, which is actually going to be upwards of 300 on our existing capacity, will happen. Whether that amount gets translated into 100% of that amount gets translated into EBITDA per ton, I do not have an answer. Sure, sir. That's fine. Thank you so much. Thanks, Prateek. Yeah. Thank you, sir. The next question is from the line of Sumangal Nevatia from Kotak Securities. Please go ahead. Yeah, good evening, and thanks for this slide 24 with a lot of granular details. Just a few clarifications on this. This INR 300 which we are seeing, is it above this INR 86, or does it include this INR 86? Just what is the base here? I can be greedy. You do not be greedy. We have made an INR 300 program out of which this is INR 86 delivered. Okay. Understood. Understood. Got it. Okay. Hi, FY25 industry growth of 4% and our growth. Is it possible to share some region-wise colors, I mean, in terms of volume growth? Capacity utilization, if I look at, UltraTech operated at an average of 90% capacity utilization, which would range from 85% on the lower side to 97% on the higher side. Okay. All right. All right. Just one last. Sorry. Can I just ask one last question? On the CW segment, since the time we had this call last month, any new update in terms of hiring, any tie-up, anything which you would like to share? Critical positions, one or two critical people have been hired, or sorry, offers have been made, orders have been placed for long lead item, drawings work has been completed, and we are committed to start revenues as planned by December 2026. Got it. Got it. Okay. Thanks, and all the best. Thank you. Thank you. The next question is from the line of Rashi Chopra from Citi Group. Please go ahead. Thank you. Just on India Cements, I thought you said that the EBITDA per ton should likely cross about 500. This year. This year, Rashi. Yeah. This is essentially, I mean, is this largely to do with the whole rebranding? I mean, if you could sort of break up the five options. Difficult to break up. A lot of efficiency improvement, which is being driven by working capital, improving the working capital cycle, which means cost of purchase is coming down, production efficiency is being improved. Raw mix technical team is changing the raw mix design, which is helping reduce the cost. Prices will support overhead rationalization, which is taking place because we do not need same set of same kind of overhead. What else? Fuel efficiency is coming in. Everything is helping add to the improvement program. Just to add, I'm the one here, so because there are multiple moving parts, it starts right from the cost side up to the marketing cost stage that we've already explained. You know it's difficult to quantify, but yes, the plan is very much in place. Rashi, all elements are being addressed and attacked. I mean, I was so thrilled when I saw March volumes, and I had mentioned it in my commentary. March volumes, India Cements have never done a million tons in their history. It speaks for itself. Got it. Just to Got it. Just to rephrase my question, is any of the 500 going to come from pricing, or this whole thing is on the cost and efficiencies, as in rebranding pricing? Price improvement also to the extent we are, Jhanwar, I apologize. Yeah. Maybe the logistic cost optimization. Logistic cost optimization. Fundamentally, the MCR is also driven from the logistic cost. The logistic cost, again, is in two parts. One is the cost optimization, then the placement of product, and some synergy benefits here and there. It is an overall game plan to improve the working. To supplement what Jhanwar just mentioned, it's market mix change. As we add one more plant to the network, our efficiency keeps on improving. There, I will not shy away from saying that prices can play a benefit, but we are not counting on that. Understood. On Kesoram, if you were to exclude the Kesoram volumes, how much, what was your volume growth, or if you could just share the Kesoram volumes? 67%. I would imagine that there's not a lot of scope for the EBITDA per ton improvement. There is. What is? No, no, no. There is. We would touch a four-digit mark for Kesoram set of assets in the last quarter fiscal 2026. Mind you, again, it is very difficult for us to draw a P&L by plant because it is at a zonal level. Now, just to give you further—let me try and explain again. We have Sedam One Plant, which we acquired from Kesoram, and we have our existing capacity also in the same—very close to the same location. Both combined start meeting the market requirements. Drawing up a P&L at a plant level is not practical from our perspective. Understood. Got it. Okay. Thank you for my question. Thank you. Thank you. The next question is from the line of Satyadeep Jain from Ambit Capital. Please go ahead. Hi. Thank you. Satyadeep, a couple of questions. One on capital allocation and the other one on the acquisition. First, on capital allocation, given you have now two assets that you're looking to integrate, you have the wire and cable business also, would you say that your plate is full and maybe any additional opportunity would not be of interest at this stage? Would that be a fair assessment? No. I think we are always hungry for growth and a good opportunity. Good opportunity has several parameters. If something exciting is there, we will not shy away. Okay. Again, on the acquisition, so first, on the profitability for India Cements, you're suggesting INR 800 per ton by next year. Fiscal 27. Initially, the expectation was that this would be similar to UltraTech assets. Once the entire heat consumption, heat rate, and power consumption comes from, would you expect this to be at parity with UltraTech assets, or are there structural issues which might limit? No, it will be at par with our South assets. Okay. Because when we look at UltraTech, EBITDA per ton of 1,270, north market would be doing significantly higher. You cannot compare it with our average. Typically, your southern assets would be at the lower end of that entire pie of EBITDA per ton that you have? As of now, yes. As of now, maybe a year back or two years back, the southern was doing extremely well. On the cost side, if I may add, actually, we would be well aligned with UltraTech, but the cost cannot be average of UltraTech because zone to zone, even within UltraTech, cost differs depending on the quality of limestone and so many technical parameters, hardness of the limestone, and so on. Yes, broadly, we would be in line with UltraTech. Tamil Nadu, at one point in time, was delivering more than INR 2,000 of EBITDA per ton. It will be in line with our south performance. Okay. Just a follow-up to that EBITDA per ton that you mentioned. May I request you to please rejoin the queue for follow-up? There is a long queue that is awaiting to ask questions. Sure. Sure. Thank you. Thank you, sir. Thank you. I request all the participants to kindly limit their questions to two per participant. Should you have a follow-up question, please rejoin the queue. We will take the next question from the line of Sahadeo from ICICI Securities. Please go ahead. Yeah. Good evening, and thank you for the opportunity. Just a quick question. Sorry, I missed this. Kesoram volume in Q4 was how much? Ankit, how much volume? 1.53. 1.53 million tons. Just my second question here was, since we took charge of this asset from 1 March, will brand transition happen over time in the tender, or is there a fair amount of brand transition already happened? I'm only asking to understand from a perspective that South as a region has seen, I think, a decent price improvement in April. Will it be fair to assume that Kesoram gets a higher delta of brand conversion and the price item? Difficult one, but yes. As brand conversion progresses, they will get an advantage. Just one last clarification. When you give CapEx guidance of around INR 9,000-10,000 crore for FY 2026, it includes the one for cables and wires businesses, right? Yeah. They won't have too much of spending. Understood. Thank you. Next question, please. The next question is from the line of Sanjeev Kumar Singh from Motilal Oswal Financial Services. Please go ahead. Good evening, sir. I have two questions. First, on the building product segment. Revenue is at INR 921 crore, impressive growth of 21%. How are we looking at the segment in the next three to four years, and can you guide us on the return ratios, ROC, which we make in the segment? Because we believe that it's largely related to construction chemicals. Easier questions first and nicer questions first. ROCs are upwards of 30-40%. Growth trajectory, we have achieved, let's say, INR 1,000 crore of revenues. This should go up to INR 3,000 crore in three-year time windows. Every year, we should see an expansion of INR 1,000 crore of revenues. Okay. Second question is regarding the south region prices. It has been discussed a lot on this call also. Historically, also, we have seen that the price hike announcement is much higher in the south region. That also follows the pricing in the east region. Over the next two to three months, historically, we have seen that entire price hike, which has been taken over, gets diluted. Are you seeing any change in the competitive intensity or any change in the players' behavior in the south region, which gives us some financial insight? I really don't know. I I think it's a wait-and-watch game. You guys know about prices far higher than we do. We come to know only after we draw up our monthly accounts. Prices, to my mind, will remain a play of demand and supply. Okay. Thanks a lot. Thank you. Thank you. The next question is from the line of Rajesh Ravi from HDFC Securities. Please go ahead. Hi there. Congratulations on strong numbers for sure on the margins front. On the demand front, could you share what was the industry growth in Q4? Our expectation is that it should be around 4%. Okay. It did not inch up to 8-9% as anticipated at the start of the quarter? No. Okay. Because you're likely to, like, volume growth also seems to be around 5% for the quarter, excluding Kesoram and India Cements? 6% or thereabouts, yeah. For the full year, how much is the Kesoram volumes which you are incorporating in the number? Full year Kesoram volume is 6.86 or 6.87 million tons. 6.87 million tons. Okay. Sir, if I compare the presentation with the previous presentation, the corporate presentation, I see the WHR expansion program has been curtailed because in the current program which you have shared, I would assume you would be incorporating 50 million tons for India as well as Kesoram, including 9, so around 16 million tons, so 60 megawatts. If I look at the numbers in the presentation, that is an absolute number for FY 2027 is lower versus what you have guided earlier. Ideally, it should have gone up by 50-60 megawatts, but the reported numbers are 10-15 megawatts lower for FY 2027 target. It will come in FY 2028. It is FY 2027 number which is. Still FY 2027 the number. We are adding, I've given you specifically the numbers on Kesoram assets, which is 24 million tons, 24 point something, 24 megawatts. And ICL is about 22 megawatts. That's about 22 and 24, yeah. 44 is huh? 16. 22 and 24, no? I'm sorry. Forty-six. Forty-six megawatts of additional which will get added into our network. Correct. Now, FY 2026, for FY 2027, you have guided 500 megawatts, which will include this 46 plus 9 megawatts of India Cements, so around 56 megawatts. This 500 would otherwise, the earlier presentation was 511 megawatts, which would obviously not be factoring in India and Kesoram's number. Your organic expansions, are there any you have curtailed on any WHR programs on the electrolyte assets? No. No. One second. Just go back to the Excel. That sheet you have. Actually, where is this? This does not include these assets, no? The Kesoram and. 24 and 22. I'll have to do a reco on that, but I know no curtailment on our WHRS. Forty-four megawatts will get added further, but to the larger capacity. Okay. Lastly, as you guided India Cements, for Kesoram, what was the total EBITDA for the year as a whole? Which you are factoring in? Year as a whole? Yeah. FY 25. 112 per ton. How much that is? 112 per ton. Okay. I think somewhere around INR 112 or INR 115 per ton. That is okay. That will help. Yeah. That's all from my end. Previous periods, I really don't have a handle. I'm just doing a consultation. Lastly, if I just volume growth for FY 2026, have you given any guidance if I missed out? You're factoring in that you have two new assets in place. We will be growing double digit on our organic capacity. Excluding Kesoram in India, you're saying you'll be growing double digit and this will. Yeah. Okay. Great. Thank you, sir. I'll come back and see. Thank you. Thank you. The next question is from the line of Patanjali Srinivasan from Sundaram Mutual Fund. Please go ahead. Thank you for the opportunity, sir. Good to see you. Yeah. Call Call is new on the beam recorder. Hello. Yeah. I hope I'm audible. Thank you for the opportunity. Good set of numbers. I wanted to know some details on the region-wide profitability and volume growth. Very difficult. As I mentioned earlier, the average capacity utilization for us is about, for our like-for-like, is 90%, lowest being 85% and highest being about 97% capacity utilization. That's the best that I can give. Average. Industry level, would it be possible for you to share? Average EBITDA per ton of 1,270. Average EBITDA per ton of 1,270 on our existing assets. North would be highest, and others would fall in line. Because it's best to measure contribution instead of doing an EBITDA profiling at a regional level. Sure. Sure. Sure. One question related to our acquisition. If the remaining stake that stands, what is the plan there for us? What would be our payback period for these assets, sir? Payback period for cement acquisitions would go to seven, eight years. We are holding 81.49, Sanjeev? 81.49. 81.49% of India Cements. The first requirement will be to do an MPS to bring it down to 75%. Okay. Would that mean that we would not be acquiring the remaining? Is Is that the right understanding or? Yeah. Yeah. Not required. With 75%, we have good control on the performance of the company. Sure. Thank you, sir. Thank you. The next question is from the line of Indrajit Agarwal from CLSA. Please go ahead. Hi, sir. Thank you for taking my question again. I just want to understand your northeast strategy. Any change in thought process over there? We have a stake in STAR. How do we wish to progress more organically or increase stake there? We have been exploring the geography there. We created our entity to comply with all the regulations. There is something called single window clearance. That approval we have taken. When we go down in that geography, there are a lot of issues that are surfacing. It is not an easy terrain to operate because even if you find mines and plant land, the access roads are not really there, and the economics of operating the plant go for a toss because of the various issues that are existing. Hence, since that opportunity came about, we are investing and holding our position in STAR Cement. That is all. We will continue to work on the northeast market should a good, clean mines and land parcel become available with access to the various things that are required for a cement asset, access to railway siding, close proximity to railway siding, access to the highway. If such an opportunity comes up, we will be the first ones to pounce on that. Sure. Thank you so much. Just one second. One second. As far as our presence is concerned, we are present in Northeast India. We are supplying from our existing plants, and we are amping our volumes in Northeast India. That would continue to be there. We have reasonably good presence, not to the level of the local players, but yes, we are moving forward as far as our presence is concerned. Thank you, sir, for answering that. Ladies and gentlemen, we'll move on to the next question, which is from the line of Devesh Agarwal from IIFL Capital. Please go ahead. Take the next question. He's dropped out. As the current participant is not answering, we'll move on to the next question, which is from the line of Rashi Chopra from Citi Group. Please go ahead. Sorry. Just a bookkeeping question. The realization increase sequentially was 1.6%, including India Cements and Kesoram. Do you have that with both of them? Sequential movement. It was only UltraTech, I mean, like-for-like. Yes. Do you have it with India Cements and Kesoram? No. We haven't computed that way. India Cements is a separate balance sheet and P&L. It'll be an arithmetic exercise, Rashi. Don't have it. Okay. I don't know if I missed this, but you gave 112 as the EBITDA per ton for Kesoram for the year. What was it for this quarter? INR 399. Yeah. The volume was 1.53. Yeah. Thank you. Thank you. The next question is from the line of Shravanshah from Dolat Capital. Please go ahead. Hi, sir. Most of the questions have been answered. A couple of things. Just to understand, sir, if I remove the India Cements and the Kesoram volume for this quarter, the number on like-for-like comes, the growth is 5%, and for year also 6%. Do we think that this is, are we satisfied with this number or given even the organic expansion that we have done? Obviously, it is throughout the four quarters, though the capacity is not available for full year, but still, do not you really think that this number is on the lower side? What should I say? I mean, we want more. Obviously, Dil Maange more वाली बात है. We will definitely want to increase our volumes and growth. As I mentioned, next year, we are targeting a double-digit growth for UltraTech standalone, which will get further bolstered with the sales volumes of Kesoram assets. India Cements assets will be visible separately in their own P&L. Got it. Second, sir, what was the clinical utilization for the fourth quarter and if possible for full year at consolidable or whatever way you want to say? I think I focus more on cement utilization. Clinical utilization is obviously higher than cement utilization. We achieved 90% cement utilization this quarter, 79% cement utilization for full year on UltraTech. Okay. Got it. Second, sir, the INR 300 cost reduction. Hello? Ha. Boli? Yeah. INR 300 cost reduction that we have spoken. This is by FY 2027 or FY 2028 we are seeing? 27. Okay. Got it. Got it. For FY 2027, what would be the CapEx number, sir? Twenty-seven? We'll talk about it next year. We'll talk about it next year. It should come down because most of our expansion plan will start coming to a close. It will not be as high. Okay. Got it. Got it, sir. Thank you and all the best. Thank you. Thank you. The next question is from the line of Ritesh Shah from Invest Tech. Please go ahead. Yeah. Hi, sir. Quick two questions, sir. Any update on the JP asset under arbitration? Any timelines? No. The award is still awaited. Sir, any timelines? I'll ask the judge and come back to you, Ritesh. Okay. Second question, basically, petcoke prices have not come down as probably was anticipated. You did indicate in initial remarks around Trump, indirect impact of ocean freight. Can you provide some more color over here? Is it specific with respect to the dry bulk cargoes we are looking at, or are there any other variables which are coming to play? No. No. You see, ocean freight is spiking up. Could spike up further. That is one. I have noticed brand prices have been going down. U.S. output is going up. U.S. crude output is going up, which means availability of petcoke from U.S. refineries should be better. I do not know how China-U.S. trade will behave. How much petcoke will China consume? This is too difficult to quantify, Hritesh. Sir, is it possible to break up the freight part out of, say, $120, $122, what you have indicated in the presentation? $37-$40 is freight. Okay. That's helpful. Thank you so much, sir. Thank you. Thank you. Thank you. Ladies and gentlemen, we'll take that as the last question for today. Thank you, members of the management. On behalf of UltraTech Cement, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.