Mudit Bhandari

Regarding our truck crawlers and truck cranes, which we were there were discussions regarding implementation of LD and potential tapping of the market? What has been the status? And secondly, if we look at the other cranes like pick and carry and other products, so how has the Chinese player in this -- is there has been any price point change or capabilit y of Chinese players, which are restricting them to enter,…

Good, sir. And regarding the point that Chinese are not into pick and carry cranes, so any specific reason? Like is there any capability which they don't have or they are not able to meet our price point, which we are able to supply or any other reason?

Understood, sir. Secondly, regarding the geopolitical conditions and other things, is there any specific parameter of types of crane where the industry tracks, let's say, fuel price efficiency to check which product to be used or t o be demanded further. So is there any such parameter or any of our customers or players use this type of thing to -- which affects their decision?

My question is upon the margin. If I look at Q -on-Q, 2Q FY '26 to 3Q, our crane or equipment division realization, average selling price slightly decreased on a blended basis, even then our margin has expanded. Which product is driving that or how that is being done?

Across our non-agricultural product, total construction equipment segment on a blended basis.

If I calculate reported revenues by reported volume figures, so it's a blended realization.

The 13,200 capacity number that you mentioned, which is currently operational. So there is no undergoing expansion going on, on our existing land or new lands. So only the land we are purchasing we will focus on expanding capacity visits, let's say, beyond FY '27 or beyond that, right?

Okay. Got it. And -- but in any way?

Got it. Got it, sir. But in any case, truck crane and crawler cranes does not constitute a very significant part of our overall consolidated revenue, right?

Hi, sir. I just wanted to get a more sense upon when we say we have 79% of our order book from government and majority of our current issues are coming from this side. So, I know you don't provide any specific bifurcation but any range where you can give h ow much it is from central government or any specific states like you mentioned one of them as UP or any PSUs ?

Okay, understood, sir. Thank you so much.

Sir, first question, we are expanding capacities across our intermediate products, including pellets -- not pellets, sponge iron, pig iron and billets. And if I compare that capacity expansion with our finished steel product, including long and flat, so we are a little aggressive more upon the intermediate product side. So is this any strategic call or how to look at this?

Got it, sir. So directionally, in FY '27, more or less, we'll be consuming all of our intermediate products?

Got it, sir. And then your slide on Page number 23, what you mentioned, expected sales in volume FY '28, these are sales to external clients for intermediate products, right?