Yes, good morning. Thanks for the chance. So first on the guidance of 60 million ton, can you guide mine-wise where are we expecting the incremental 10 odd million tons?
Understood. Sir, when Deposit 4 ramps up, will that be replacing the supply which we are currently doing to the steel plant?
Yeah. Good evening and congratulations on a very strong set of numbers. A couple of questions. First one, I just want to understand the hedges better. We understand the aluminium part. So the currency part, when you're saying 14% of the currency is hedged at INR 90. So is this broadly the right understanding when we say that, say, half of the alumin ium hedges, the dollar is also fixed, currency is fixed, and half will be at the spot currency rate for the 30%?
And the currency is full India level or only aluminium?
So my first question is a few clarifications. So sir, when we say hedging 31% for '26, now are we implying for the second half, say, 31% of the volumes we will sell in the second half or it's I mean, how can you just explain that?
Okay. And sir, how is FY '27? Have you started locking in '27 volumes also?
Congratulations on very strong performance. First question is on the prices and cost. So if you could guide what was the realization in 4Q, and basis April and May, what is your expectation of increase in prices or NSR in 1Q '27?
And sir, similarly, for cost also, mainly coking coal cost?
First question is, I want to understand at the EBITDA level is there any contribution from this arrangement of NMDC volumes, NSL?
So, this year when we are seeing about 16% growth, I mean ex of NSL, it's around 7%-8%. So, the guidance ex of NSL would be 18.5 million ton volumes for this year?
Sir, first question is on the dividends. One is -- I want to understand, is there anything which is holding us back? Or is it just maintaining the timeline of reconsideration at the time of annual results? Or any further clarity which we are waiting? So one is that? And also, given -- will there be any reconsideration in the form of payout given the recent buyback tax changes in the budget?
Appreciate. But generally, I mean, whatever clarity was awaited, do we have it or any further detail we are waiting for us to kind of resume the dividends?
Most of the questions are answered. Just on the initial comment you made, the initial phase in Africa would be more of a learning phase before which we decide to go inorganic or scale up. Is it fair to assume 2 to 3 years is the initial phase and beyond po st that only a big inorganic or something major we could look at in that geography?
Understood. And sir, you commented on the strong order book for the next 3 to 4 quarters for the India business. Is it possible to share directionally in terms of tower addition, how should we look at it versus what we've done in the last few quarters?
Thanks for the chance. Good evening, everyone and congratulations on the new expansion announcement. So, first question is the bookkeeping one. If you could just highlight what is the steel price increase we are seeing in the last three or four weeks and as far as timeline is concerned, what is the update on the slurry pipeline and the JFE-Bhushan deal closure timeline?
Yes, got it. I have one more question and that's slightly on a medium to long -term strategy. So, if you look at our expansion FY30, we would reach somewhere around 47 million tonnes in India an d we will be adding capacity only at the rate of 7 % to 8% CAGR. Now, given the Bhushan divestment, our balance sheet would be quite deleveraged, potentially around 1.5x net debt to EBITDA. So, does it make sense to evaluate the other brownfield expansion opportunities parallelly, or should we now just expect this expansion till ‘30 and then maybe evaluate sometime closer to FY28-29 as the next expansion plan?
Yes. Good afternoon, sir. Thank you for the chance. Most of the questions are answered. I just want to know, excuse me if I missed, is it possible to give some volume guidance for FY 2027 given that we have such significant capacity addition and decent visibility on scrap? And, I mean, if you look at last four to five years, now our volume CAGR, assuming similar, some ramp-up in fourth quarter, for last five years our CAGR of volume is around 16% - 17% now versus 25% guidance. So, how fast we can catch up over the next one year to kind of get the CAGR back as per our long -term target? So, I think guidance for 2027 volumes across division would be very helpful.
Okay. And, sir, when do we start expecting contribution of external sales of rubber division? From which quarter?
Sir, my first question is on capex. So if you see last 2, 3 years, we've been targeting around INR200 crores annual capex, but '24, '25, both we've spent around INR100 crores only. So one is, just want to un derstand what has been the reason? Is it -- I mean, some visibility on growth which we are looking at or some other constraint, which has led to lower capex? And then on this year and next year, we have a very significant jump in capex being planned. So h ow confident are we of putting the capacities on time? And if we put such significant capacity, I mean, what is the scrap availability situation we are looking at? Are we confident of running the plants at decent utilization?
And sir, any reason why last 2 years, we have spent only INR100 -odd crores. Was it a capital constraint or some other issues?
Sir, my first question is on the pellet. So our margins at around INR 5,000-odd per ton is much higher than the industry standard. So if you can explain what are the economics here? And assuming today's price, do we expect similar margins to continue on expanded volumes also in coming years?
Understood. So say INR4,000 to INR5,000 range is sustainable. That is what we can assume?
Yes. Good afternoon. Thanks for the chance. Sir, my first question is with respect to our end goal of 90% coverage for 4G, what is the timeline we are looking at, and how much more Capex will be required to reach 90%?
Okay. So, a few quarters is where I think we can hit this end goal, right?
I just wanted the update on the various approvals for the various mines, which we are awaiting. So, first is Kuraloi, Ghogharpalli and Radhikapur, if you can share in the last one or two quarters, has there been any progress on the pending EC and FC? And also on Sijimali, I read that FY '26 is when we are expecting to start, end of FY '26. So, if you could just share what is the status of the EC, FC there?
That's very useful. My second question is on the ICL of around $ 400 million. If you can share what is the plan to close that? In the past, we have kind of rolled that forward. So, what is the latest timeline for closing it?
Firstly, I appreciate all the detailing on the expansion plans and also a lot of more disclosures in the regular quarterly presentation. Sir, my first question is on the North market. You shared in the presentation that last couple of years, the peak utili zation has been approaching 90%. Any thoughts on how are we looking at over the next 4 to 5 years, given a lot of peers, JK, Dalmia, JSW, all focusing on North in the next leg of expansion. So any analysis, which you can share on our estimates, is there a risk of an oversupply situation gradually building in North given the supply?
Okay. So on the green power mix, we've reached 42%. One is over the next couple of years, where do we settle at? So just want to understand, incrementally, any thumb rule we can kind of use as to what cost is in every percentage increase or something like that to estimate the cost savings?
Firstly, I appreciate all the detailing on the expansion plans and also a lot of more disclosures in the regular quarterly presentation. Sir, my first question is on the North market. You shared in the presentation that last couple of years, the peak utili zation has been approaching 90%. Any thoughts on how are we looking at over the next 4 to 5 years, given a lot of peers, JK, Dalmia, JSW, all focusing on North in the next leg of expansion. So any analysis, which you can share on our estimates, is there a risk of an oversupply situation gradually building in North given the supply?
Okay. So on the green power mix, we've reached 42%. One is over the next couple of years, where do we settle at? So just want to understand, incrementally, any thumb rule we can kind of use as to what cost is in every percentage increase or something like that to estimate the cost savings?
Yes. Sir, first question on our hedging policy. In the past, we occasionally hedged and sold forward some volumes. So as on today, what is our position given the spike in zinc and silver prices, are we looking at hedging some volumes? And principally, if you ca n reiterate what is our strategy?
For second half FY '26?
Sir, first question is on the capital structure and balance sheet. S ir, our net debt is now almost Rs. 4,000 crores. So, what sort of debt or leverage level should we look at as we start spending more CAPEX and also maybe looking for maintaining dividends?
Should we expect the surplus after the CAPEX required to be shared with the shareholders, or we are okay with leveraging further and maintaining the payouts?
So, my first question is on the capacity expansi on plan. So, we are still continuing with the 75- million-ton milestone for FY '28. So, my question is just wanting to understand the 13.5-million- ton gap, which we have. Do we have a bottom-up organic plan or there is JP or some other inorganic contribution also in the 75 million tons?
Maybe I will keep this discussion for later. Second question, sir, is on the volumes, 3% odd growth. Do we think we have kind of compromised on market share for the realization and profitability as we discussed earlier? Or our sense is that the market itself was quite weak in the second quarter?
My first question is on the Jaypee bid. Just want to understand what would be our plan for the non-cement assets which comes as a combination? And also from our interaction with C oC, I mean, what sort of timeline are we looking at for this resolution?
Understood. My second question is on the timing of this announcement of expansion. Now given that we are operating at almost 60% utilization at the company level, looks like we have headroom for a few years to grow. Won't we be better off going for expansi on once we start approaching 70%, 75% utilization given the capital also has an opportunity cost?
Yes. Good afternoon. So, my first question is on thermal coal. Just want to understand what was the mix in Q1 and how are we benefiting from more and more captive coal and how is it going forward in the coming quarters?
Understand. And sir, what would be the delivered cost or at least comparison with linkage coal and e-auction versus captive?