Sir, my first question is on renewables. Can you share some thoughts from, let's say, 3- to 5-year perspective, how big this business can be in your vision? And what are the key products which will be driving that?
Okay. Okay. Sir, secondly, on cables, it's a bit surprising that like 4 quarters back or 6 quarters back, we had capacity issues. And now with capacity coming in also, our cable volumes are flattish. So how should one think about that in your view and what's driving that?
Sir, my first question is the price hikes you spoke about in 1Q. Is it safe to assume that all of it will reflect in the second quarter or it's already there in 1Q?
Right, right. Sir, secon dly, I just want to understand like where we were, let's say, 12 months back in terms of our recovery expectations, especially for the broader ECD portfolio. When you reflect that, what has really disappointed? If you can give some color. Is i t like one particular region? Is it replacement demand? Or is it new homebuyer because this has been really prolonged now for the last 3 - 3.5 years? We haven't really seen a recovery. So any color you can give on that, like where you really think the disappointment has come on the ECD side?
Sir, my first question is like all the demand...
Numbers are fantastic, sir, a lot of people have spoken about this, sir.
Sir, firstly, the double-digit growth you spoke about in fiscal '26 is with Kesoram in the base or that is without Kesoram?
There's no doubt on that because Kesoram can make a big difference to that. That's why.
Sir, my first question is like all the demand...
Numbers are fantastic, sir, a lot of people have spoken about this, sir.
Sir, firstly, the double-digit growth you spoke about in fiscal '26 is with Kesoram in the base or that is without Kesoram?
There's no doubt on that because Kesoram can make a big difference to that. That's why.
Sir, my first question is on the PM Surya Ghar Yojana. Is the battery being installed by rural? Because my understanding was that battery is optional from...
No, no, sir. So, my question was like -- so do we see battery installations as a big opportunity at least on the residence side driven by...
Sir, firstly, on growth. So, if we look at the volumes of 16.5 million tons adjusted for Sanghi and Penna because I think they were not there in the base quarter, then the growth is much tepid at around only 6%, 7%. Is that how we should look at it? Or do you think there is something missing here?
Okay, okay. Sir, secondly, looking at the numbers, so I understand your point on consol numbers. But if I look at Ambuja standalone also, that also is showing a significant jump in costs both on a sequential basis and very flattish cost on a Y-o-Y basis. So other expenses bit, I think, is what you explained in terms of repair and maintenance and all which includes Ambuja facility as well. But apart from that also looks like costs have inched higher on both sequential and Y-o-Y basis. Can you...
Sir, on this Rs. 550 cost savings that we have been talking about, how much of it is only there? Is it possible to quantify that?
Just two clarifications on that. One, earlier in the call, did you say that the secondary lead distance we plan to reduce by 100 kilometers?
Hi, sir. Good afternoon. So my first question is in the clinker capacity. Vinod sir spoke about 82 million ton clinker by 2028. So today we are 54 and, you know, shall we think that 8 million ton that is announced and 8 million ton that we will do in Sanghi. So that takes us to arou nd 70 million tons. Apart from that, there's 12 more million ton that we would be doing, which is what you spoke about 4 million ton into three. Is that the broad number?
Okay. Got it, sir. And so secondly, I may have missed this number. Did we kind of highlight that the INR500 cost reduction that we are talking about is benchmarked to a Q4 number, which was at INR4185 per ton cost?
Sir, firstly, on growth. So, if we look at the volumes of 16.5 million tons adjusted for Sanghi and Penna because I think they were not there in the base quarter, then the growth is much tepid at around only 6%, 7%. Is that how we should look at it? Or do you think there is something missing here?
Okay, okay. Sir, secondly, looking at the numbers, so I understand your point on consol numbers. But if I look at Ambuja standalone also, that also is showing a significant jump in costs both on a sequential basis and very flattish cost on a Y-o-Y basis. So other expenses bit, I think, is what you explained in terms of repair and maintenance and all which includes Ambuja facility as well. But apart from that also looks like costs have inched higher on both sequential and Y-o-Y basis. Can you...
Sir, on this Rs. 550 cost savings that we have been talking about, how much of it is only there? Is it possible to quantify that?
Just two clarifications on that. One, earlier in the call, did you say that the secondary lead distance we plan to reduce by 100 kilometers?
Hi sir, Good afternoon. Sir, my first question is my understanding for any particular project, cable & wire is like 4-5% of the total project cost. So what are these projects?
Okay. So this is where the cable is being redone these are not new distribution lines being set up?
HI, good evening. Sir, my first question is on the EHV. So where are we in terms of our product approvals and all that can it happen parallelly, I guess, for the EHV cables, sir?
Okay. So approvals will not hold us in FY27 in particular, from a revenue point of view, we are confident about that?
Sir, my question, again pertains to the growth outlook and, I have three parts to it. One is, you highlighted that you are not sharing the details at this moment from a competition point of view. So, shall we assume that in 12 months when you come out with a detailed plan, you would have progressed a fair bit in terms of the resource access on land, limestone, all of that, and hence the execution time would be much shorter. That's the first thing. Second thing, you would be factoring in some inorganic growth as well, like you alluded to earlier. Given there are a lot of large companies that are still fairly active in terms of acquisition of assets. Can you give some colour of how much acquisition-led growth you would be looking at? I know it's impossible to give a right number to it, but just, in terms of the proportion, how much intuitively you are factoring from acquisition. And thirdly, if I look at fiscal 24 plus 25 put together, we are effectively guiding, for a capex both put t ogether of around INR7,000 crores, INR8,000 crores. But in terms of incremental capacity in this period, we are barely adding 7- 8 million tons of capacity. So, can you also elaborate a bit more on, where is the balance capex going? Is it future preparedness or a lot of cost -savings initiatives? And if yes, then what is the quantum of cost savings we can expect from these specific projects?
Sir, can you give some breakup of this capex under the headings that you just mentioned?
Sir, my question was again on the lighting business. Is it possible to give a sense of volume growth versus value growth that we have seen in the four-wheeler lighting business particularly?
Right. But is it safe? So given the kind of model launches we are seeing and particularly the product you spoke about, that is really seeing high penetration and all. So is it safe to assume that the way industry is moving in terms of model launches and these kinds of features, this is like a structural thing and there's no reason for us to believe it will go down?
Sir, my first question pertains to pricin g and your earlier comment on normative EBITDA closer to INR12,000/t. So like las t 12 months or so, we have seen Indian steel prices have by and large been at some premium to parity versus being at a discount in the preceding decade or so. So what's driving that? How should we think about that number? And secondly, your comment on nor mative EBITDA, if I think about it in context of the volumes, we can theoretically do INR25,000 crores, INR30,000 crores of EBITDA. Should we think that from a leverage point of view, we have peaked out if we stick to the current capex guidance that we have given for the next 3 years?
Sir, if I can just have a follow -up, like of the 9-odd million tonne that India imported this year. Is there a number that what amount of import is sti cky in nature, not dependent on pricing because I guess some of this is global contracts by global MNCs and also CRGO kind of steel, which will always come into India at least at this point of time. So is there a number which is sticky and not depending on prices and all?
Sir, just one question. Just railway lines, what is the progress? I wanted to understand.
Sir, my question again goes back to realization. I know you partly explained it, but I'm sure this will be a query with everybody. So is it possible to explain it on the call itself?
Yes. So just to clarify, so we should use the last quarter number 63,000, that's a key number and take a 5% decline on that ballpark? Or that has had some element of the supplies, that's the reason I'm asking.
Sir, I had two questions. Firstly, earlier in the call, you spoke about expectation of export or tractor export volume recovery. So is it dependent on the demand in those markets? Or we will be replacing some of the supply source for Kubota and hence, it's fairly safe to assume that we can see strong volume recovery in '25.
Right, right. Sir, secondly, on the farm equipment business, can you just clarify, sir, today, whatever -- whether Kubota or Escorts is doing is all in the nature of trading or we are also manufacturing either of these products in India?