So, just could you give some colour on this entity, Waaree Semicon. And how are we thinking of this business? And what would be the status of this entity in terms of, let us say, talent acquisition, government PLI, capex timing. And also, the rationale to get into this segment? Thank you.
But, sorry, just to clarify, but there would be like an OSAT business in this entity, right?
Yeah, hi, sir. A couple of questions. So, one, in terms of, you know, in the last quarter we had mentioned that the DCR mix is around 40 -odd percent. What would be the exact mix between DCR modules, non-DCR, and cells for this quarter? Hello?
Yeah, so sir, just a couple of questions. One, in terms of the mix of business, last quarter we had mentioned about 40% DCR. For this quarter, could you just give us the exact mix between DCR modules, non-DCR, and cells for this quarter?
Congratulations on the perfor mance. Sir, first question is on the non -trade pricing levels in South, right, the kind of levels we have seen during the third quarter. Now would it be fair to assume that the OPC and GGBS mix during 3Q was at par or more expensive than the traditional mix at the RMC level?
No, sir, what was interesting was despite the kind of cement pricing we've seen and even if the mix was at par, you're still able to get a 17% sort of a volume growth. So my question was just more related to the product. Like is it now entering into that stickiness phase wherein customers are even willing to pay that marginal premium or even at par at the RMC? I mean, I was just referring more towards that?
Sir, just first wanted your thoughts on the GGBS side. Now, how to read the 5% volume growth in 1Q, especially given that the product attractiveness at the RMC level would have gone up post 1Q cement price hikes while GGBS realization was flattish? And any guidance for F '26 as a whole for GGBS volume growth?
Understood. And this is helpful, sir. And one more bit on this. So, when we look in the cement side, that growth is a strong outperformance versus what the industry cement growth was. Now, could you just help with some bit of bifurcation with respect to, are we gaining share and which region is sort of delivering a better outperformance here?
Firstly, on Sanghi, now it continues to operate around 50% odd, sub-50% on an average level in terms of grinding. Now this is despite this asset being acquired for more than 2 years, remains and this -- the ramp-up remains much lower versus our initial gui dance. And the geography is Gujarat where we already have a very strong presence. So what is going wrong here structurally? Or what was the negative surprise here that we realized post the acquisition, if any?
Understood. This is helpful. And one last one. If we look at the current status, we have underutilized acquired assets, a capacity expansion target of maybe 15% to 20% over the next 2 years, this in the backdrop of industry demand at roughly 8% odd, right? So how are we thinking on volume growth targets over the next 2 to 3 years? Or is there like any guidance that you can give on volume growth or capacity utilization or market share, that would be helpful.
Firstly, on Sanghi, now it continues to operate around 50% odd, sub-50% on an average level in terms of grinding. Now this is despite this asset being acquired for more than 2 years, remains and this -- the ramp-up remains much lower versus our initial gui dance. And the geography is Gujarat where we already have a very strong presence. So what is going wrong here structurally? Or what was the negative surprise here that we realized post the acquisition, if any?
Understood. This is helpful. And one last one. If we look at the current status, we have underutilized acquired assets, a capacity expansion target of maybe 15% to 20% over the next 2 years, this in the backdrop of industry demand at roughly 8% odd, right? So how are we thinking on volume growth targets over the next 2 to 3 years? Or is there like any guidance that you can give on volume growth or capacity utilization or market share, that would be helpful.
One on the order book of Rs 137 billion now, how much of this would be converted to revenues during F27? And simple question here is factoring in all the commodity inflation or whatever is going on, how would the spreads look like on the execution of this order book versus the current spreads?
Second was in terms of execution of this order book, let's say factoring in all the commodity inflation, how would the spreads look like on the execution of this book versus the current spreads?
Yes. So thanks for taking my questions. Two from my side. Now recently, one of the leading solar EPC companies mentioned about a bit of slowdown in the tendering activity because of confusion around the ALCM timelines as one of the reasons, and that there is less confidence on India becoming self-sufficient on cell by June '26. Now could you just throw some light here, and do you see slippage of timelines here in terms of implementation?
Understood. Now, this is very helpful. Second, on the capex towards your ingot wafer project, right? I mean, and given it's a large capex. Now, could you just tell, because on the understanding bid, would we need some sort of policy tailwind here in terms of DCR benefits, etcetera, and are we seeing any developments there? And also, I don't know if you've clarified this on the previous calls, but could you just help the cost of production of wafers and how competitive we would be versus, let's say, Chinese imports?
Yes. Hi, sir. Couple of questions. So, beginning with the mid -teens sort of a base of volume growth, which we have achieved during F26 or will be achieving. What sort of growth now are we targeting over Fragrance 26 to 28 from a volume perspective?
Sit, with the mid-teen base of volume growth that we will achieve during Fragrance 2026 on the grey cement, what sort of growth are we targeting for 2027 and 2028?
Now, since the time you have undertaken the measures to improve the brand positioning and the premium sales, on a portfolio level, how much would have the base realization improved on a per ton basis? And what would be the milestone year along with any timelines, if you can help?
Yes, sir.
Sir, just a couple of questions. One, I think you briefly mentioned upon this, but is there any discussion with Arcellor in Surat for slag procurement? And could you sort of launch either composite cement or GGBS in Gujarat to sort of create some bit of differentiation?
And the other bit is, you mentioned in your opening remarks there is a very big shortfall on the government CAPEX, especially until November. But just wanted to understand , how is December and January sort of spanning out on the ground, are we seeing sort of a robust pickup or it still remains sort of moderate? Thanks.
Sir, just one question on this value over volume strategy. Now, one thing that I am not able to understand is, given the dealer incentives are inherently volume -driven in this business, so for implementation of this strategy and pushing the premium products, we would be paying more commission to the dealers to offset for the volume loss, right, I mean?
But just one or maybe just putting it the other way, so let’s say selling these premium products, incurring more expenses on the costing, packaging, advertisement, dealer discounts, and taking some bit of hit on your potential operating leverage, what you are trying to say is we would still be making more absolute EBITDA versus volume-led strategy?