Thank you very much. Ladies and gentlemen, we will now begin with the question-and-answer session. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Jonas B hutta from Aditya Birla Mutual Fund. Please go ahead.

Good morning sir and thank you for the opportunity. Firstly, I just want to congratulate the management on taking a timely decision on the divestiture of an Awuko. I had two questions, both relating to your high growth or emerging segments. Firstly, if you can touch upon the SOFC segment, there we have seen the client place some very large orders on another vendor in India, provides line of sight right up till Calendar Year ‘29 and in fact 2030 as well. In your ca se, if you can give us the lay of the land in terms of how has that business for you grown? What is your wallet share? Are you one of the many vendors for those Ceramic parts? Do you see any disruption in the technology that leads to lower adoption of Ceramics in that thing? Can this business become like a 10 % to 12% portion of your sales, maybe three or four years down the line? That's the first question.

Thank you. First of all, we feel that we are a very important shareholder of the particular segment that we serve to the SOFC segment. We believe that we have a vision at least going up to the next year and there's a line of sight the management provides, the customer provides going up to say 2028 like that. The customer also is growing well, so we have to build the capacities using that as a clue, plus the intermediary guidelines that they always give for the next one year. This is how we are looking at and we feel that given what the customer is embarked upon and the kind of growth that they are facing, we feel a very strong growth possibility in this segment. We have grown well last year and we expect to grow well in the coming years as well.

What would your wallet share with the client be?

We wouldn't like to share such details at this call. As I said, we feel that we are an important supplier to the customer.

Any guidelines on how big can this business be three years out for you? Not a number, but at least as a percentage, can it be meaningful in terms of like 10% or greater than 10%?

Definitely, it will be a meaningful share that we will have. As we said, the Engineered segment itself is currently one-third of the business that substantially it would grow up is our belief.

Thank you. The second question was on the new CAPEX that you have done for one of the OEMs. If you can delve a bit on what exactly will that help you get , where is this product used particularly? I think if I got the number right, you did about INR 60 crores to INR 70 crores of CAPEX for that. Where does it take you? Is it predominantly first to get the first articles out and get the pre-qualification and post, which will require a further CAPEX, if you can give a timeline to that? That's my final question.

We have crossed the qualification stage on a set of products and this is an initial investment. As I said, we expect that this investment could go at least 3x to 4x higher and we are geared for that. We also expect the revenue potential also is substantial in this industry.

Got it. I will take this offline. Thank you.

Thank you. Next question is from the land of Harshit Patel from Equirus Securities. Please go ahead.

Thank you very much for the opportunity. Firstly, on Abrasive, China has removed the export rebate on Abrasive products from 9% to 0% effective from April onwards. Has the domestic market pricing improved because of this or we have been able to garner a little bit better market share in the last one or two months?

It's a very recent phenomenon at this point in time. A lot of people will have inventory through the imported materials, all that is happening , but we believe that this is good for the domestic industry and it will help us to grow. Of course, the growth in H2 is about 15% is very encouraging. A lot of that could be due to this factor as well. But I think overall, we see a rebound and our work in terms of all the areas, whether it is GTM initiatives, new products that we introduce, bringing cost down of our products, all these combined effort s of our strategy is playing out. This we have been doing over the last 18 to 24 months is now playing out.

Understood. Just a follow up to that, given that we posted such a strong growth in the 4th Quarter, if you could explain your growth in terms of how industrial market did, how precision did, how retail Abrasives did and what would be the outlook on these three sub-segments going ahead?

I think I gave a broad outlook in terms of the segmental sales what we are looking at. But we feel that standalone, we grew 6.2% this year. We believe that we can grow in the range of about 12% next year.

Understood. My second question is on standalone Electrominerals. What has been the contribution of volumes and higher pricing in the 22% YOY growth that we posted for 4th Quarter? And even the full year growth at 11% was reasonably healthy. Also, you could comment on the Chinese import intensity, whether it has increased or decreased in recent times in that Electrominerals business based out of India.

So, the Chinese intensity continues to be there. There is no kind of coming down of it. But we started focusing more on the treated products, export segments and that is the focus that we are looking atand that gave us this growth that we posted in the full year as well as in Q4. The predominant growth has come from volume. Price is probably you can treat it as flat, some small percentage.

Understood, sir. Thank you very much for answering my questions. I will come back in the queue.

Right. Thank you.

Thank you. Next question is from the line of Ravi Swaminathan from Avendus Spark. Please go ahead.

Hi, sir. Thanks for taking my question. My first question is with respect to the Vision 2030, any revenue target or growth target that we have and any margin target that we have for this?

Ravi Swaminathan, thank you for asking this question. We have not been sharing guidance. We have started sharing only one-year guidance and also giving a program that what we are looking at going for the Aspiration 2030 . We believe that it would energi se and bring growth substantially from now onwards and we have kind of addressed some of the issues that we are facing in terms of loss-making subsidiaries, so we should see a rebound.

Got it, sir and with respect to the Ceramics and Refractories business, if you can once again highlight, you had mentioned numbers in terms of bifurcation between Ceramics and Refractories. If you can call it out once again and what kind of growth that we should think of in each of these individual subsegments if you can give that would be great?

I think I gave an elaborate one, but I will just give a broad outlook to you that we feel that 57% of the Ceramics is Industrial Ceramic and 43% is the Refractory business. The growth overall in the Ceramics segment that we are looking at this year we achieved 6.5%. We expect next year would be in the range of about 14%. I am not sharing the individual data of the Refractory and the Industrial Ceramics, but they would broadly form part of around this range, 14%.

Understood, sir. Yes, thanks a lot.

Thank you.

Thank you. Next question is from the line of Amit from PL Capital. Please go ahead.

Hi, sir. Thanks for taking my question. Just wanted to understand how has been the exports across the segments. I think you mentioned something 11 to 33%. I missed that so if possible for you to give us some colour in terms of exports within Ceramics and Abrasives and what is the kind of outlook there?

I shared the export share of Electrominerals business, which I had said that we have reached a 33% share in the current business, over INR 300 crores of export in Electrominerals business. That's what I shared.

Right. How has been the export in Ceramics and Abrasives, which we can get the break up of and what's the outlook there also?

The biggest portion of the Ceramics, over 80% of the business is all exports, and that is doing fine. That basically whatever is the growth that I talked about on Industrial Ceramics predominantly comes from those areas. Abrasive, a very small portion of the Abrasive business is the export. Less than 10% is the export.

Understood, sir. My second question is on Rhodius. I think you guided about 5% top-line growth and kind of breakeven or some very small loss. So, what exactly are we factoring in. The growth seems to be still kind of mid -single digit, but we are expecting breakeven. So, where exactly improvements will happen? And if you could elaborate more in terms of how business volumes are happening in Rhodius and what will lead to the turnaround this year?

So, if you see the last year, the big reason for the drop in is last year, we had almost EUR 5 million impact in terms of the logistics change and that really affected the top-line change. And we feel that they have been growing in the range of about 6% to 7% and we feel that that growth should happen and second is that because of this loss of sale as well as the margin impact due to this loss of sale, along with the logistics costs on the shift, these things would come down, and hence we feel that we should get back to a small loss or a breakeven. The third reason is that we are also now working on a program with the Rhodius team in terms of how do we accelerate the profitability as a special program. So, these are the reasons why we think that we should get here.

Understood sir. Thank you. Thank you, sir.

Thank you.

Thank you. The next question is from the line of Harshit Patel. Please go ahead. There is no response on the line of Harshit Patel. The next question is on the line of Akshay Thakur from Helios Capital Management. Please go ahead.

Hi, sir. Thank you for such an elaborate call. So, my question is pertaining to the stationary armour within your defence and also CFRP products for aerospace. So, currently, there is a lot of ecosystems being developed for aerospace and for aeronautics and for this defence as well. Almost 100% of that would be imported. So, how do you see this? Like, in terms of commercialisation, where are we placed? Are the certifications right? Are we negotiating with the OEMs or where are we placed on that?

So, I think you kind of very clearly described this. So, step one is to have the certifications in place, which we are defi nitely doing it. I described the certifications that we already got. So, pretty much, we are in good shape as far as certification is concerned. We are working with a few anchor customers at this stage. We also have the ability to work with them because th ey would be the front -ending in terms of what they would finally supply. We are only a product supplier to this case. So, hence, this is how we are planning to move in this model.

Thank you, sir. That was helpful. My second question is, it's been a long time that we are facing the war situation in Russian subsidiary. So, all this time, are we able to figure out any alternative strategy? India also imports a lot of silicon carbide. So, are there any alternative strategies? What type of lower realisation would SIC get in other economies?

Honestly, it's difficult to create a capacity and the cost would be pretty high. So, it's going to be very difficult to recreate anything like that. But at the same time, Russia is not in a position to export products, which is what we are currently going through. So, practically, we need to wait for the sanctions to be lifted, which gives us an ability to go beyond Russia. So, at this stage, we don't have an alternate solution for this.

Thank you, sir. One more question. Can you just throw some light on the subsidiary you have, PLUSS? How is it doing?

PLUSS is doing fine.

In terms of profitability?

Yes, they made profit and it's a very small profit. They are doing fine.

Okay. Thank you, sir. That was good.

Yes.

Thank you. Thank you. The next question is from the line of Chintan from Pico Capital Private Limited. Please go ahead.

Thank you so much for taking my question. So, sir, one of the questions that I had was that, as you said, the Ceramics business is around 80% exports for us and most of our peers will be global and they spend a lot on R&D. So, how do you see our business and our R&D evolve over the next few years? And what are the key areas that we will be focusing on?

Yes, I think that's a great question. We spend roughly about 1% as R&D and I think this needs to go up and we expect that we should at least start spending 2% to 3% level. We are working in terms of strengthening our R&D team across individual Bus and we are also strengthening the new product development process, coupled with so ftware-enabled process so that we kind of make sure that we do the right thing in terms of the new product, getting the right input from the market, customers and the users. So, all these factors are now being put part of this R&D process. So, strengthening the R&D, building the capability and putting process, we need to accelerate the spend both in terms of CAPEX as well as in terms of OPEX.

All right, sir nd the second question I had was more on the Ceramics side. So, basically, a lot of applications in EV require Ceramics. So, are we working on any products or programs with any OEMs or Tier-1s where our Ceramics are getting used on the EV space? And how do you see it evolving over the next three to five years, basically?

Yes, we do work. I think this is part of the Engineered Ceramics that I described and that's why we feel quite upbeat in terms of that segment's growth. So, we are working with Tier-1 suppliers to OEMs. That is how our role would be and definitely we are doing that.

And how do you see it evolving, maybe, sir? I mean, would it be a substantial part of our revenues? What are the key focus areas, if you could just elaborate on that?

So, Engineered Ceramics will be a key focus area for us, which would bring a substantial share of our business, which consists of areas like what you talked about in terms of SOFC, EVs, as well as rings. It also consists of image -intensified tubes. All these products groups would fall under that and we feel that the growth rate would be substantial and we also feel that the share of business will go up, and that is how we are creating this capacity. We are also trying to create, as I said, that Ceramic Substrate capacity for electronics is what we are creating. We are working on that. Technology transfer agreement is done. Now, the capacity augmentation would happen in FY27 on that.

All right, sir. Thank you so much for taking my questions. Thank you.

The next question is on the line of Preet Jain from Nivesh Investment Advisors. Please go ahead.

Thank you, sir, for taking my questions. Congratulations on a good set of numbers. Sir, my first question is on the semiconductor side. The semiconductor opportunity seems to be a massive long-term driver. So, can you read between structural Ceramics for fab equipment and HPSiC for vapors? And could you map out the current qualification cycle timeline with global OEM? And given the strict purity requirements, when do you expect this segment to cross the threshold into material revenue generation for us?

A lot of loaded comments and you are asking the right question. Particularly on this Ceramic for the wafer fab equipment, in the case that we have built the capa city, the material qualification process is pretty long. It will take about four to six years. We have crossed that and that is how we have created the capacity at this stage. We have samples tested. The development phase is completed and now we will start supplying to them. The serial production will start. So, you are right. It takes a long time and that is how we took a long time to get here. We will now complete Phase-1 and then expand to Phase-2 quickly.

And when can we expect material revenue generation from that?

2029 onwards, we can expect. Okay.

And my second question is, given the massive power distribution and big infrastructure CAPEX happening domestically, how quickly we can de-bottleneck our current metallized capacity? And furthermore, are we seeing traction in penetrating the export market to compete against Japanese players like Kyocera and NGK?

In fact, our metallized cylinder, the biggest portion is only exports. So, definitely we are competing with the names that you are mentioning and we are doing it well and expansion would happen in the next 18 months, 24 months in a phased manner. It consists of three phases, but it could happen in that fashion.

So, do we have the capacity till 1.5 years next to supply this metallized cylinder?

Yes, definitely. We are one of the number two worldwide player in this field and we feel that we have headroom. Plus, we are also de-bottlenecking and creating the new capacities.

Okay. And sir, another question is, you are supplying to one of the largest SOFC manufacturers in the world. So, basically, our current realisation, according to our revenue, sits at 13 to 15 lakhs per megawatt of deployed. And given that SOFC manufacturer has expanded its capacity from 1 gigawatt to 2 gigawatt, can I get to know what are your revenue e stimations regarding that SOFC product? And given that 5 to 7 year replacement cycle of that SOFC cell, can we also expect revenue from the replacement demand?

I think a lot of that has got sub-elements of it, you are getting headline information, but we feel that definitely the gigawatts of additions that each of them would add would definitely help us, our demand also would go up. As I said in the earlier question, we feel that the growth rate in this segment is going to be substantially high. We are parallelly gearing up because we are also feeling that we need to work in terms of creating this capacity ahead of time, so which is what we are working on this. I think you are right, step one is to this growth would seem to be going up because of the AI related data center demand, etc. So, definitely, it's a clear sign of growth in that segment and SOFC is a clear market leader in a clean energy segment, which definitely helps us quite a lot.

If time permits, can I ask one more question?

Yes, please.

Thank you, thank you for giving me the opportunity. So, basically, China has reduced its export rebate in April 2026 from 9% to 13% on their Abrasives products. So, are we seeing any current traction of Abrasives sales growth volume improving in the current month or in the last month due to this policy?

So, I did comment on this, Preet, a little bit in the earlier question. I think it just happened, we are in the month of May, so a lot of inventory would be there in the system that should get also completed. I feel that definitely it is a good sign, it helps the domestic market to grow faster. We have grown 15% in H2.

Okay, sir. Thank you, sir.

The next question is on the line of Sejal Kapoor from Antifragile Thinking. Please go ahead.

Yes, thank you for the opportunity. Just a couple of questions on the R&D side of things in the business. What pe rcentage of your recent R&D and innovation projects were deliberately stopped or pivoted or redesigned because customer or market learning invalidated the original assumption? That is my first question.

That is a great question. If I just quickly look around our R&D at 4 BUs, We have not experienced any such program that we stopped or customers request change type of a situation, definitely not. But we have experienced cases where you need to put a particular application, but you require some more work to make sure that the application really is capable of using our product. That type of thing happens.

Understood. Thank you. So, how will CUMI ensure its investments in silicon carbide, advanced Ceramics and other high -tech materials become high -ROCE scalable businesse s rather than technologically strong but capital-inefficient platforms?

I am not sure I agree to your question. Why would you think it's a capital-inefficient platform?

No. So, I mean, do you have internal benchmarks? We are doing a lot of advanced R&D in the Annual Reports, we are almost confidently saying that post-2030, CUMI will emerge as a very different-looking business because of the initiatives that we are doing across many things. So, I can name maybe the most fu turistic opportunity to my mind is something like semiconductor link materials, EV, but even things like Electrominerals, silicon carbide. We have got most strategic capability around that. Difficulty is also very high. See, ultimately, from an investor perspective, it's about how scalable the business can be and what will be the steady-state ROCE it will generate. The outcome will determine the shareholder wealth creation. So, I was coming from that perspective.

Sure. No, I think these are definitely looked at part of our threshold to evaluate any such opportunity. Clearly, the dimension that you are looking at, market size and opportunity, growth rate and the ROCE that we would get in a steady state, we feel that these areas that we just listed in terms of Ceramics for semiconductors, Ceramic for electronics, high-purity silicon carbide, Ceramics for aerospace and defence, all these areas we feel that are good areas to work on and invest and that's how our programs are on. CUMI is capable of funding itself. If you really look at it, we spent this year INR 310 crores plus CAPEX and we have net zero debt at this point and substantially very good FCF. So, we are able to fund these type of programs and we think that we would spend INR 400 crores next year as well. And a year before, we did spend about INR 250 crores plus.

Helpful. Thank you so much. That answers all my questions. Thank you. Wish you all the best. Thank you.

Thank you, Mr. Kapoor. The next question is from the line of Rachna Kukreja from SI MPL Limited. Please go ahead.

Thanks for the opportunity. Sir, could you please help me understand the performa nce of our Abrasive business for our JVs like Wendt? See, the business for Abrasives there has been declining in terms of growth as well as segmental profit margins. If you could give some color on the Wendt performance, it would be very helpful.

So, Madam, I am afraid I will be able to comment on that. This is another listed company. So, I think I would encourage you to stay in touch with the Management. They would be able to provide that. But I think their shortfalls are coming because of the machine building segments and Super Abrasive is doing fine. I would limit my conversation to this level.

Okay. Thank you.

Thank you. We take the last question from Pravesh Kochar from 4Line Capital. Please go ahead.

Hi. Thank you for taking the question. First one on Ceramics, I think last call , you mentioned we end up doing 13 %-14% growth in that segment and then the guide for next year also is at 15%-15.5% and we have ended the year at close to 9%. So, just want to understand what is the gap between those two. Second, again on the Ceramic SOFC side, do we supply only the Ceramic Plates, etc., or are we also in the electrolytes for that particular business? Thank you.

Okay. Two great questions. I think why did we miss? I think that is the only area we missed our guideline. It is largely because of deferred projects, which I think is substantially the one -line reason for why did we miss our guideline and why do we think that we can meet 15 is the backlog and the fo recast from our customer gives us that confidence. We are not currently into electrolytes, but you are asking a very deep question. We have the capability because of our Electrominerals business, we have the capability of manufacturing electrolytes. That is the technology we had worked with CGCRI and as I mentioned, we had a small pilot scale plant we established to manufacture that, which is what we just shared in the call as well. So, we have a small capability there. We need to now expand that. At this point in time, it is more a pilot scale.

On the overall segment, my question was earlier we used to anticipate 16 % to 18% kind of growth in the Ceramics segment. So, I was assuming because of the deferred projects, the next couple of years would be in that range, given this year some projects were deferred into next year. So, just trying to understand if structurally there is more competition that you are seeing, or the overall market itself is kind of slowing down?

It is not because of structurally something is changing. I feel that it is more projects, plus a lot of it would depend also on how we do bus iness in America in terms of the Ceramic side of the business. So, these are factors that we have kept in mind when I told the kind of 14% to 15%.

Understood. Thank you so much and all the best. Thank you.

Thank you. That was the last question. I would now like to hand the conference over to the management for closing comments.

So, first of all, I thank you all for patiently hearing us. But I just want to summarise. We have done fairly well in FY26. We have addressed all the major issues in terms of loss - making subsidiaries. They alone contributed a loss of over INR 100 crores to INR 120 crores. So, the first year of our five -year journey, we have done fairly well. CUMI has created a good base over the last 24 months for this aspiration. CUMI has made a significant capacity and capability investment in FY26. You see three years, INR 280 crores, INR 310 crores. Next year, we would plan to spend about INR 400 crores. All of them are in capacity or capability building, so that would give strong future revenue growth. CUMI has achieved good free cash flow after meeting all CAPEX investment. It is a good sign and CUMI is net debt-free. CUMI has drawn a good Aspiration 2030. It is well-resourced, both in capacity and capability. It has built a good, strong execution rhythm. Above all, it has a good leadership and a strong team exhibiting “BEFAST” behaviours, which consists of bold and timely decision -making, embracing the change with solution-driven mindset, fairness to all stakeholders, accountability in decision-making and execution, and standing up for each other. So, thank you all for hearing us during this call. I look forward to meeting you in the next call soon.

Thank you so much, sir. With that, we conclude this conference call. Thank you for joining us. I will now disconnect your lines.