Thank you very much. We will now begin the question-and-answer session. Our first question comes from the line of Sumangal Nevatia from Kotak Securities. Please go ahead.

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?

The prices of steel have started recovering from the multi -year lows in the last quarter. In the end of December, we saw prices moving for flat steel by about roughly Rs.1,500 per tonne. In the beginning of January, it has moved by about Rs.2,000 per ton ne. We see some recovery possibility during this quarter as we move ahead. The second question on the slurry pipeline which you have asked is expected to be some where in Q4FY27. On the BPSL, I will request Swayam to give an update on the BPSL asset.

So, on the BPSL asset, we are pretty much on track versus the timeline we had indicated. Earlier this week, we received the Competition Commission's approval for the joint venture. We are right now in the process of obtaining shareholders' approval which we expect to get by first week of February. As indicated, we should see slum p sale getting concluded before end of this year which is before end of the March and that should translate into about Rs.24,400 crores of effective cash coming in JSW Steel and net leverage reduction of about Rs.29,000 crores. The second leg also remains on track but that is expected end of Quarter 1 of FY27.

Which will be an additional Rs.7,875 crores.

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?

If you see the presentation which we have given for this quarter, we have given you an indication of the expansions likely by FY31, which takes it to about 56 million tonnes by FY31, which includes 1.5 million tonnes of Ohio and 4.5 million tonnes of the BPSL asset. So, we have moved up with respect to our earlier goal of 50 million tonnes in India by the end of this decade. So, I think that I would say the combination of the value unlock in BPSL certainly enables us, as you rightly said, to expand faster, which we are doing. We have taken the O disha project, we are doing a project in North of India for Tinplate and substrate for GI and GL. And we will be able to fast track our other brownfield expansions as we go along into this decade. So, we are on track. I think we would be adding capacities in line to meet the India demand.

And so, can I get your thoughts on…

We request you to please rejoin the queue if you have any further questions. Thank you. Our next question comes from the line of Jashandeep Chadha from Nomura. Please go ahead.

Hello. Thank you for the opportunity. So, my first question is on the lines of you are expe cting 7% to 9% YoY volume growth or apparent steel consumption growth. Just wanted to understand if we go one step deeper, from which segments are you expecting majority or which segments will lead this demand? We understand that the GDP is growing and ove rall steel consumption will go up. But specific to JSW internally also, which segment do you believe will lead that growth? Is it the auto, industrial, retail or even any other segment that you see? Just wanted to get your view on how the demand will be going ahead.

So, we are seeing the growth across sectors. If you were to really look at the India story now, I think you see the growth across your construction and infrastructure. You see good growth in the commercial real estate. We are see ing good growth in industrial. And now, post the GST announcement, especially in the consumption side, automotive, appliances. The other area is the renewable energy. And I think by and large, I think we are seeing it across sectors.

Understood. So, my related question to this will be, have the intensity of flat product in construction, retail or the real estate sector, has it gone up in the last couple of years? And along with that, I just wanted to understand also the new capacity that you have announced. What will be the capex intensity of that and the product mix, if you can?

The new capacity which we have announced will be flat steel. It will be a 5 million tonnes facility with a hot strip mill and steel melting capability and blast furnace. The steel melting capability will be for roughly about 6.5 to 7 million tonnes. It has potential to grow. So, the hot strip mill can ultimately be expanded once the second blast furnace is taken up to 6 million tonnes itself. Your second question about the intensity of flat steel in construction ; the intensity of flat steel in construction has been increasing gradually. Globally, flat steel is used in construction through steel-based plated constructions, and we are seeing that slowly catch up in India. Now, steel buildings or steel and glass buildings are coming up in India. They are safer . They are faster to construct and unlocks value in terms of time. So, it is catching up, although at a slower pace than internationally, but we are looking at this space, improving the flat steel consumption in the construction and the infrastructure. Infrastructure also, the bridges which are coming up are also adding to the flat steel consumption. People are now looking at steel columns, steel supporting infrastructure for the bridges, because it is able to finish the bridge faster. So, yes, it is going up in terms of intensity.

Thank you for that. Also, if you can tell me the capex for the new capacity. Sorry, if I missed.

Rs.31,600 crores. This is also building in some of the infrastructure for the expansion of the second phase.

Understood. So, the next phase of expansion will be at a lower intensity per tonne.

Correct.

Thank you. Our next question is from the line of Rahul Gupta from Morgan Stanley. Please go ahead.

Hi. Thank you for taking my question s. So, my first question is, given strong volumes during the quarter as well, now your domestic volume guidance of 28.2 million tonnes would imply flat volumes on year -on-year basis for 4Q. Now, how should we look at your 4Q volumes with respect to that? Would you revise your sales guidance? That is my number one question.

So, I think from a sales guidance point of view, we are maintaining our guidance of 29.2 million tonnes. Production guidance also at 30.5 million tonnes is more or less on track. Going forward in the next year as the BF -3 capacity unlock happens, we will be able to add to our availabl e capacities and that would further increase the sales from all our assets.

Am I reading it right that your India volumes would be flat assuming you do not change your guidance?

Why do you say flat?

On year-on-year basis.

So, the inventory liquidation probably you are not counting. So, the potential, so we did an unlock of inventory of 300,000 tonnes in the last quarter. In the current quarter also, we have…

No, I meant for 4th Quarter. So, if I look at the 4th Quarter.

I am looking at the 4th Quarter. I am saying we liquidated inventory in Quarter 3. We are looking at some inventory liquidation in Quarter 4 as well. So, from a guidance perspective, we had sales of 7.64 million tonne s last quarter. Our guidance is that we will be able to meet 29.2 million tonnes. So, maybe similar with respect to Quarter 3, Quarter 4 if that is what you are asking. From an Indian operational point of view, it will be slightly higher. But from an overall basis, it will not be very different.

Got it. Thank you. Now, if I look at the detailed capex table that you have shared on slide 39, can you help us break down the mining capex and also value-added capex a bit further? Thanks for highlighting Mozambique and the downstream capex separately. But can you help us with more details what all come into this?

I think the details the investor team can explain. But you are talking about the consolidated capacity update. That is what we have given you in that slide.

It is the capex guidance for the next 5 years, the amount of capex. But yes, I will take that offline.

What we are trying to say is that we will be spending the Rs.100,000 crores over the next 4 to 5 years. We will give you a breakup year-wise in our annual board results in May. But roughly 4 to 5 years, you can spread it equally. It will be a little higher in the next year, next 2 years and then slowly go down.

I was actually looking for a breakdown of mining and value-added, but I can take that offline. One final question. If you look at realisations, on a reported basis, QoQ, it has been much better. Now, adjusted for JVML, did the share of value -added products improve QoQ or am I missing anything over here?

So, we have been reporting in the last few quarters, we have been giving you the value -added numbers without the JVML. This time, including JVML, the value -added product mix is 61%. Excluding JVML, it is 67%.

Got it. That's helpful. Thank you.

Thank you. Our next question is from the line of Amit Murarka from Axis Capital. Please go ahead.

Hi, good evening and thanks for the opportunity. So, first of all, a bookkeeping question. In the quarter, what was the iron ore sales that you made?

Just one second.

What's your other question? Maybe we answer that first.

It is about 0.13 million tonnes.

And what was in the last quarter? Why I am asking that is because the revenues don't seem to have gone down in terms of the realisation decline that was expected.

Indeed. So, you are seeing the standalone numbers, right?

Yes, I am looking at the standalone numbers.

Yes. So, we will give you this input offline. It's primarily iron ore sales.

In Q3, you mean?

Yes.

No, basically, see, we look at JVML and Vijayanagar from an operations point of view as a combined decision-making process. We have certain advantages in JVML on the cost side. We have some advantages in JVML on the state tax side. So, we have a state tax advantage, even if you sell outside the state. So therefore, outside state movement like to North, we prefer to do from there, which is a higher freight incidence. And therefore, you see a lower realisation, but that enables us to overall optimize our total Vijayanagar blend, because the other units is able to supply to Karnataka, which has got a tax advantage in Karnataka. JVML is able to leverage the sales to other locations where we get the tax advantage.

Understood.

Thank you. Our next question comes from the line of Vikash Singh from ICICI Securities. Please go ahead.

Hi, sir. Good evening and thank you for the opportunity. I just wanted to understand our stance on the CBAM. What is our exposure currently on the European side and any strategies which we are going to tackle in terms of the whatever exports which we are doing to the Europe?

Hi, I am Arun Maheshwari. I would say that the CB AM impact is not in particular for India or JSW. It has been impacting all the exp orters who have been doing to Europe. The overall real - time impact assessment is still yet to come out because it is still very new. People are still understanding the impact. However, I would say our export has been quite siz eable component has been into Europe. Because if the impact is to overall European exporters, then it will find its own way how to export it out over there. So, I don’t think that it will be having a bigger impact on us as a company.

Are there any figures which you would like to put in terms of exposure in terms of tonnage annual basis?

Not really. So, I see basically, we have been doing somewhere around 1.2 or 1.3 million tonnes kind of export into Europe. But the way the markets are shaping up in other geographies also, probably we can consume our tonnages over there. At the same time, India market is also growing much faster. So, if you see YoY, our export component in the over all sales has been dropping. So, I do not see that this will have a major impact on our sales following to exports.

So, from a percentage point of view, just to answer your questions, Europe as a percentage of our total exports is going down. Asia, Middle East, other countries are picking up. So, therefore, some part is already getting mitigated. We will understand the guidelines fully as and when they come and we will be able to give you maybe some more color as we go along. But some re - adjustment in the prices in Europe also is something which will take place. So, let us understand the market once the full guidelines play out.

My second question pertains to our capex plan in Odisha. The Rs.6,300 crores per million tonnes for a greenfield plant seems to be pretty low. So, actually, this is as some of the brownfield plant probably is expanding more than that. So, what differential things we are doing are in this or there is a scope or a risk of further enhancing this capex as we progress?

So, first of all, I would just like to say that from a capex point of view, if you see our Dolvi plant expansion, which we have just undertaken, which is on, is actually specific investment is even lower than this. This is slig htly higher because of being a green plant. The other reason is that we are doing this plant in a modular fashion. So, we already had announced the pellet plant and some enabling infrastructure before that. That is something which is happening parallelly. But even then, if you look at the plant once this Rs.31,600 crores also include some enabling infrastructure for Phase 2 expansion. So, when you look at a 10 million ton nes expansion, including the next phase, I think our capex cost will be further competi tive if you were to compare with others. How we are able to do it, I think, over time that’s the project expertise with JSW has developed and we are able to do specific investments costs lower over time.

So, there is no risk of overrunning in this CAPEX as of now?

We don’t see so.

Thank you, sir.

Thank you. Our next question comes from the line of Parthiv Jhonsa from Anand Rathi. Please go ahead.

Hi. Thank you for the opportunity. My first question is pertaining to the capex. You have marked almost Rs.1 lakh crore in the next 4 to 5 years coupled with this Rs.80,000 net debt. As mentioned earlier on the call, you expect the capex to be high in the first couple of years. Do you think that this will load your balance sheets despite receiving the money from BPSL?

No, we do not think it will load our balance sheet. I think from a ratio point of view, we will remain financially prudent while we invest. And from our perspective, I think we are quite well placed to be able to manage these expansions while we keep our ratios in control. You will see the additional volume from BF -3, the full ramp up of JVML, the new capacities from Dol vi which will come in in Phase-3. All these will generate additional cash flows which will contribute to the internal accruals which we will be able to spend for the capex. So, from that perspective, we are fine. We don’t see any challenge.

We do agree that receiving BPSL would definitely help in the next couple of quarters. But then Dolvi is still down the line. And plus, we have taken up additional 5 million tonnes capex. And plus, you have just mentioned a couple of minutes back that in the first 2 years, the capex will be much higher. So, assuming it is about Rs.25,000-30,000 odd crores, which is basically net off against what you receive from BPSL in the immediate term. Do you think that this Rs.80,000 crores net debt can go to say Rs.1 lakh or is there any threshold on leverage what you expect?

No. So, we are right now below 3 x net debt to EBITDA , we reported 2.91 x. If you look at Rs.100,000 crores on its totality over 5 years, 4 to 5 years, we are talking about Rs.20,000-25,000 crores in certain year it can go up, certain years it will come down, which is not very different from the capex we have been historically doing. You add BPSL cash in the mix and you will realise that perhaps it is not as big a problem as it looks like.

All right. All right. Thanks for the clarity, sir. Just my next question is again on Europe front. Considering you export 11% volumes and like mentioned about 1.2 -1.3 million tonnes goes to Europe, considering CBAM, I know there are a lot of noise around CBAM, but have you given a thought by internal calculation based on your emission norms, what is the impact on a per tonne basis? Is there a number which you have finalised?

No. So, we basically from a standpoint of exports, I would basically request you not to take right now any numbers because one is that the domestic demand is going up. If I were to look at incrementally this year, we are expected to add about 11 million tonnes in India. Roughly, we will close at about 163 million tonnes of demand. Next year, even if you were to look at growth at about roughly 8%, we will be 176 million tonnes. This incremental demand, which is being created in India, we feel that this will provide ample opportunity for us to be using our capacities within the country. The need for exports will gradually also reduce. Therefore, the export moderation will happen in general and that we will basically take a call which area to reduce. With respect to your question on CBAM calculation, I think those are in process. I would not like to give you any number right now because we have not really finalised anything at this stage.

But as for the latest circular, it is just purely based on scope 1, if I am not mistaken because they are based on direct emissions, if I am not mistaken, right? Is the understanding correct?

Yes. So, there are different technologies, different numbers, asset to asset, there is a difference. So, my emission level in Vijayanagar will be different from Dolvi level. So, that is why I am saying that there are different moving parts. So, let us wait for some more clarity once we do it.

Sounds good. Thank you so much for the opportunity and best of luck.

Thank you.

Hi, thank you. I know too many questions on CBAM. Just one more question on this. There has been a 2-year transition period. I just wanted to confirm because one other company mentioned this that none of the Indian companies have got their emissions verified as of now. Just clarifying, there has been no verifier identified. Have you or have you not got emissions verified so far and is there still ambiguity whether the verified emissions will be for a company group level or will they allow plant specific emissions? Just a clarity on this.

We are in the process of getting the verifications done. The CBAM will be asset wise. So, basically, it will be location plant wise, not for the company as one.

And how long will this verification process, when do you expect this to get done?

I think gradually, any exports which happen today in the year ‘26 will basically be, you would have to give them a certificate after the end of the year. The importer will have to look at it and take a certificate from a verified source, which we will be able to provid e to them. And based on that, the importers on record will have to pay the CBAM differential whatever at that point of time. So, that will happen sometime at the beginning of ‘27 for the year ‘26.

Fair enough. And secondly, on the capex, just on the Dolvi, first of all, can you remind us how much you spent so far? I think initial expectation for this was about Rs.19,000-20,000. Just wanted to see what have you spent so far, how much is left? And when you look at Odisha in the configuration, how much CPP, when you look at power sourcing, how much captive are you looking at? Because you are also looking at increasing renewable pene tration, WHRS and captive configuration for the new 5 million tonnes.

So, on Dolvi, we are on track. I would not be able to give you figures exactly how much we have spent right now, but we are on track for our expenditure. The total cost of the project, including some additional capex, which we had declared during the last board meetings, I think is close to Rs.20,800-20,900 crores. We are on track for that expansion. Odisha, you are asking with respect to the power? So, we would be putting up capacity for power, which we would require. In addition to that, we would be buying something from the grid. So, it’s a combination, which we would be doing. But let us say that major part will be from our own captive and some will be drawn from the grid and other sources.

Can you identify how much MW of capacity you will be setting up for this 5 million tonnes on your own? Rs.31,600 includes how much captive power plant?

Yes, we have that detail. We can give it to you offline. It is about 340-350 MW, but we will give it to you offline.

Thank you. Our next question is from the line of Ritesh Shah from Investec. Please go ahead.

Hi, sir. Thanks for the opportunity. Sir, three questions. First is, o verall, on capital allocation, where does the 51% stake in JSW Reality? And I think with respect to Saffron Resources, it does indicate there's a land bank. Where do these variables fit in the overall scheme of things? That's one. A second question is on s afeguards. How do you see the risk of circumventions and potentially higher volumes from Japan and Korea limiting our ability to raise prices? If you could highlight some numbers on parity map, that would be great. And a third question is, we have two blocks. Correct me if I am wrong over here. Ajgaon and Surjagarh in Maharashtra, what are our plans over here? And is there any probability of MSNC granting any leases to any company on linkage basis or something which can potentially reduce the cost curve for any company? Those are three questions. Thank you.

So, Ritesh, Swayam here. I will take the first question. And thanks for asking. Our capital allocation principles remain intact. Capital goes to what is core to us, which is steel making. Saffron land acquisition is earmarked for a potential steel facility in future, and there will be no other use for that. On the JSW Realty deal, we have not spelled out the details, but what we require is essentially office space as we are expanding as a c ompany. And what we will get out of this is a very lucrative return in terms of cost invested in an office space. This is our whole intention of being in that deal and there is nothing more to that.

The second question was on safeguards, Ritesh?

Yes. Effectiveness of safeguards rests on circumvention imports, probably from Japan and Korea, restricting our ability to increase prices.

Yes, the safeguard is certainly, even if you look at Japan and Korea, 12% safeguard is certainly very helpful. We expect that to limit unfair trade to a large extent. It still allows a scope to increase the price and along with depreciation of the currency, I think it leaves room for some price improvement during February and Ma rch. So, that's something which we will see. Also, keep in mind that the prices in India fell actually more. It came to a discount versus imports. So, that's something which anyway has to come back to a sensible level. From the Iron ore point of view, I think I will request Arun to respond on Maharashtra and Surjagarh.

So, anyway, we have a concession available with us, which we are exploring all the ways to how do we make it operationalised in the coming years. So, the work is on for that point.

And the last question, any probability of state government granting out leases on linkage basis, anything of that sort?

Where?

In Maharashtra.

No, nothing to our knowledge as of now.

Sure, this is helpful. Thank you so much.

Thank you. Our next question comes from the line of Rashi Chopra from Citigroup. Please go ahead.

Thank you. You already addressed some of the pricing question, but effectively in this quarter, what was the realisation change that you witnessed without the mix impact?

There was a drop in realisation in this quarter. I think the market, if you were to look at the market price for example, if I were to take an example of a hot roll coil, the market dropped QoQ by about Rs.2,200 per tonne. We as a blend were able to reduce the impact of this through value added mix, our value-added mix was the ever highest, as I mentioned. So, our drop was close to Rs.1,400 odd per tonne on, on the overall mix of JSW Steel.

Understood. And as of now, the increase that you mentioned in December and January is about Rs.3,500 with further scope for upside.

Yes. Rs.1,500 odd, I think in December and about Rs.2,000 odd in January.

Got it. And on the cost side, like you already paid the iron ore as well as the coking coal cost, but on a blended basis, how did the cost move sequentially?

Sequentially from Quarter 2 to Quarter 3?

Yes.

Quarter 2 to Quarter 3, as we said, USD5 on account of the price, there was an impact of coking coal. There was some cost related to the shutdown of BF-3, which came in and there were some shutdowns in Salem, which came in. So, from a cost perspective, we had an impact of close to Rs.500 to 600 per tonne.

And what were the captive iron ore proportions?

Last quarter, I think 33%.

Thank you.

Thank you. Our next question is from the line of Ashish Jain from Macquarie India. Please go ahead.

So, the location is very conducive for exports, primarily beca use we are on the port. And we would be looking at, the product mix would be tailored to look at some of the export requirements as well. From a renewable energy or from gas utilisation point of view to reduce the carbon emissions, I think those discussions are ongoing. We are trying to see if we are able to get in some gas and reduce the…whatever the best available technologies which are available will be used, including the blast furnace. So, today the technologies and blast furnaces have also got very advanced in terms of oxygen injection or other co ke oven gas usage or the other one which we have used just now in Dolvi, dehumidification. These are essentially reducing your carbon footprint. We are going to be using all available technologies even in the blast furnace to reduce the normal level which a blast furnace has.

Also, given Dolvi location-wise is more conducive to export to the West, the latest line we are setting up, will it have materially lower carbon emission again from a technology point of view? And does it make it easier for us once Dolvi ramps up to access some of these some of the export markets?

Talking about Dolvi, you see, any new addition is coming up with the latest of the technologies in those blast furnaces. So, definitely, the carbon emission in the n ew production line will be slightly better than the existing ones. There is absolutely no doubt.

The Phase-3 which is being there at Dolvi will also have a blast furnace with all the best available technology what was being explained for Paradip. So, overall blast furnace will have a less emission in terms of gases. So, and then this is CSP. So, overall energy spent for production will be quite low.

So, our asset at Dolvi emissions are lower than normally other locations, that is one. Second thing, I think, when you are looking at supplies to Europe or you are looking at low emission supplies, we have already communicated to you that we are looking at an asset for green steel or low emi ssion steel through the electric arc furnace, natural gas, renewable energy route at Salav, which will take care of the requirement for anybody who has low emission carbon requirement.

Thank you so much.

Thank you. Our next question comes from the line of Kirtan Mehta from Baroda BNP Paribas Mutual Fund. Please go ahead.

Thank you so much for the opportunity. One more follow up on the CBAM. Basically, the way you said is our emission will get certified till end of FY27 or so. So, in the meanwhile, would we be willing to sort of do the exports assuming the emissions at our end or sort of give a guarantee to buyer to compensate for the impact? So, how would it transpire during the period when the emissions are not certified, basically?

No, one thing we almost know about it that CBAM impact is overall for everyone, similar impact. So, prices in Europe will go up to that extent of the CBAM impact. So, while we are still assessing what would be the real impact of the CBAM, while the policies are still being understood by everyone, by the importers as well as exporters. So, eventually, Europe will remain a market for the people despite having CBAM because overall cost in Europe will go up. So, this is where we w ill look at it. We are waiting for this entire policy coming out in understanding and thereafter we will take a call on that.

Second question was regarding the Odisha plant; have we also finalised the downstream plant for the product, or would we be announcing that separately beyond this capex of Rs.31,600 crores?

As of now, this is up to the hot strip mill. We have not yet announced any downstream plan t at Odisha. Currently, what we have announced is the downstream plant in the North of India, which we have mentioned about Tinplate and galvanised and galvalume capabilities for our color - coated lines. We will look at the Odisha downstream at a later stage.

Sure, sir. Just one last question if I can include. We also had a plan for a couple of EAFs. So, is that getting shifted with the announcement of this plant?

The Kadapa project, which basically is an electric arc furnace project is, we just announced last quarter, that has capacity to expand as well if we require. But keep in mind that electric arc furnaces in India does not have really scrap. So, electric arc furnaces depend on scrap or on high- grade DRI, which basically relies on imported iron ore. So, you effectively have to do some mix, which is viable from an India standpoint. But what we are doing at Sala v is again going to be electric arc furnace-based DRI-based production. Kadapa also, it is electric arc furnace -based. We already have electric arc furnaces currently operating at various locations.

Right, sir. Understood. Thank you.

Thank you. Our next question is from the line of Sumangal Nevatia from Kotak Securities. Please go ahead.

Thanks for the follow -up. I wanted your outlook on iron ore. So, this year, if you see imports have increased and we have also imported, wanted to know is it strategic or is it some quality issue? And also, when we look at 50 % being met through captive, for the remaining 50 % over the next 5-6 years, are we seeing domestic availability or there might be some shortages which will have to be then imported?

So, iron ore import is largely because of grade availability in India is very poor. It is going down every year. So, that's why we had gone for a higher grade of imports of iron ore. So, it is a more of a combination requirement in the production usage. At the same time, availability of iron ore in different geographies are different. So, we have to consider that while we take our buying decision. So, it may not remain uniform every year, but whenever we see this opport unity coming up, we would like to shift our security base accordingly.

It's basically for blending, for especially larger blast furnaces which require some improved grades. And we will continue to look at it and take the call.

Mr. Acharya, what is our medium-term view? Is there for the remaining 50 %, which is market for us over the next 5 years, will we have enough domestic iron ore or you see a domestic shortage increasing over years?

No, I don't think so.

I think the government is also having a lot of policy intervention coming in and they are ensuring that the iron ore availability is not compromised in line with the national steel policy, what they are targeting. So, iron ore availability will be maintained with all the initiatives what even government is taking and the way the private miners are also trying to increase their capacity or production.

So, new mines will also come up for auction apart from unlocking mines, which have been held up due to various reasons. So, we do not envisage a shortage in India as we go along, but we may have to put facilities for beneficiation or value addition into pellets as the case may be. But yes, we have ample resources in India. So, from an availability point of view, we don't see a concern.

Got it. Thank you and all the best.

Thank you.

Thank you. We have no further questions, ladies and gentlemen. I would now like to hand the conference over to the management for closing comments. Over to you, Sir.

So, thank you very much for the time. Just to reiterate that we look forward to a good Quarter 4, stronger volumes based on a seasonally strong demand in Quarter 4. Margins are likely to be better with prices recovering and offsetting some of the raw material price. I think from the next year's perspective, the BF -3 will be up and running from April onwards, and we will be w ell positioned to meet the requirements in India from next year onwards. Our capacity in India will be close to 36 million tonnes after the BF-3 expansion is finished. Thank you and all the best.

Thank you, everyone. Please reach out to us if you have any further questions. Bye-bye.

Thank you. On behalf of JSW Steel L imited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.