Hello, am I audible?
Hi sir. Good evening. First question pertains to sir the paint business. After three quarters of INR100 crores each, we have seen a sharp jump to INR125 crore. So could you explain this jump and what is the target for full year and when you mention break even, you meant it at EBITDA level in Q1?
Yes. Some of my questions have been answered. On the incentives, what w as the incentive accrued in Q4 and what is the outstanding on books as of March?
Okay. So this INR 29 crores, INR30 crores would be the assumed run rate here on in subsequent quarters?
Yes. Hi, sir. Good evening. My first question pertains to your cost saving projects. Could you quantify how much we have achieved so far in FY 2026? And what is the guidance for full year and next year?
Okay. So, the INR 150 you have already done, INR 100 odd?
Yes. Hi. Good evening, sir. Am I audible?
Yes. Great, sir. On great set of numbers. And sir, my question pertains to guidance for FY27. Per se, if you look at -- what I understand in Q2, your variable cost is broadly will, the fall in packing cost will offset the power cost increase due to the plant shutdowns. So, mostly your variable cost seems to be stable quarter-on-quarter in Q2 and there would be off-lay maintenance cost which will have some drag on the cost line item. So, given that if price is going to remain stable, would that mean we will have another strong quarter in terms of margins upward of 900 or closer to 900 sort of margin, assuming prices remain stable where they are?
Hi, sir. Good evening. My question pertains to the fuel and power cost. This 1.41 when you say per million cal, this is inclusive of your thermal CPP power cost? Or this is only kiln fuel cost?
Okay. And what would be your in the kiln fuel? What would be the linkage and pet coke and other coal mix?
Sir, could you share some housekeeping numbers what would be the RMC revenues in Q4? And what was the premium product sales share in Q4? And what would be the incentives that you are targeting for FY '27 flowing through revenues?
And for the Nagaur plant next year, what is the estimation on a full year basis?
Congrats on good set of numbers. Sir, my first question pertains to, you mentioned non -trade prices have improved and expectations of trade prices recovery. What is the overall demand traction in Q4 that you are witnessing across your market o f operations? How is the demand traction stepping up in Q4? How has been January in terms of industry level growth?
And a few more questions. On the GGBS, we hav e seen steel prices witnessing a sharp recovery in December onwards. How does that impact your margins in the GGBS positively, negatively? What is the thoughts over there?
My first question pertains to your margin guidance which you have guided at 1150 to 1200 for FY26. You lowered your volume guidance. Is there any outlook on the margins and also related to that cost savings of Rs. 200 per ton? What is the trajectory over there?
On what base this 200 is expected? When you said 200 is already achieved, this is already reflected in FY25 performance?
Thanks for this opportunity and congrats on a good set of operating numbers. My first question pertains to this fair value through P&L. You see, for the past three years, there have been a total of around INR140 crores expenditure which has been booked through other expenses. So, those numbers also pertain to the CCPS only?
Okay. And they were all non-cash, right?
Okay. And any thought on your long-term next 2-3 year expansion plans because Meghalaya will be a smaller capex?
Yes. Understood, sir. Great. And on the cash surplus, you have increased the dividend for sure. That is a good news. But anything further b ecause we are now close to INR9,000 crores odd surplus cash?
Hi, sir. Good evening. Sir, just a few housekeeping questions. What were the trade and blended cement share in this quarter and lead distance?
Blended cement? Subhash Jajoo: Blended is also 65%.
Hi, sir. Good evening. My first question, you mentioned on the premiumization benefit which you have approved, which I can read in the numbers, given that Q2 you have delivered around 9% NSR growth, while most of the other companies have delivered 5% to 7%. I believe for H1 also you mentioned 9% was realization growth?
You mentioned the cemented realization that your like-to-like cement realization growth is 9% for Q2, right, year-on-year?
Yes, congratulations to the team for good set of numbers. My first question pertains to, you know, the inventory which has come down significantly, multi-year low, and I think this was as per guidance. So just wanted to understand the sustainability of the current levels or is it like this was also an impact of some de-stocking or during the turmoil?
Great. That's really nice to hear. And on the EBITDA front, Sanjay sir ment ioned around 20 - 25% EBITDA growth and in which you're factoring close to 15% for the volume growth and margin expanding not -- at close to INR5,500. Is this understanding correct for FY '27?
My first question pertains to this tax impact of the INR 840 crores write-down in Australia. So, does it have any tax impact on the reported P&L?
No, so this INR 840 crore is net of taxes, or this is before tax?
Part of my questions have been answered. I just wanted to have a more detailed understanding on the incremental cost savings given that the pricing in Q3 is again down on a lower base of Q2, and even coking coal prices also you mentioned have inched up. And even iron ore, there are no savings we are looking at. So, what are the cost saving numbers you’re looking at, which could drive up the margins in H2?
Sorry, 2% to 3% of what?
Congrats on very detailed presentation and the discussion. Sir, my few questions. You have talked about the 3 clinker units, which will get commissioned over next 3 to 4 months. For FY '27, are there specific targets beyond these 3 clinker, which would get commissioned? And also, could you share demand outlook for Q4 overall, how is the industry growing? And my third question, what we have seen, and I remember a few quarters back, you had alluded to this that there's a lot of value unlocking you're doing in ACC Ambuja, which is below the EBITDA, the tax refunds which you're securing or getting it cleared f or prior periods. So some discussions around that, please?
Great. Great. And on the demand outlook and value unlocking through tax refund for prior period?
Congrats on very detailed presentation and the discussion. Sir, my few questions. You have talked about the 3 clinker units, which will get commissioned over next 3 to 4 months. For FY '27, are there specific targets beyond these 3 clinker, which would get commissioned? And also, could you share demand outlook for Q4 overall, how is the industry growing? And my third question, what we have seen, and I remember a few quarters back, you had alluded to this that there's a lot of value unlocking you're doing in ACC Ambuja, which is below the EBITDA, the tax refunds which you're securing or getting it cleared f or prior periods. So some discussions around that, please?
Great. Great. And on the demand outlook and value unlocking through tax refund for prior period?
Hi, sir. My question pertains to again the same. You mentioned that the recoverability seems to be quite difficult. And also you mentioned that most of the siphoning would have happened predominantly in the past four to five months and most of the siphoning would have happened through some business account of the erstwhile CFO. So, just want to understand where would the money would have subsequently been sent out because this is a considerable amount?
Okay. And what you mentioned is, if I heard it correct that most of the siphoning has happened in this financial year itself?
My first question is, can you share what is the NMDC volume contribution and revenue contribution in this quarter? And your 18.5 million tons core volume that remains intact for FY26?
Okay. And this 18.5 million tons which you had guided, that remains intact for FY26?
First question pertains to this incentive run rate you mentioned to come down to Rs. 240 crores just for this financial year, or this is, like, next year onward, the run rate you are talking about?
So, from Rs. 100 per ton, which we are currently seeing for the last few quarters, this should come down to Rs. 60 per ton. Is this understanding correct?