The first question is from the line of Digant Haria with GreenEdge Wealth.

So, my first question is that after a long time, we are doing some capex in the steel division in the pellet plant. So, are you seeing some changes , like what has prompted us to do that because we were holding the capex in this sector for a long time because it is deeply cyclical, some comments here?

Already environment clearance is in place, land and water availability is there. And we see a lot of mines opening up in Chhattisgarh in near future. So, we think that we'll be ready when these mines open up in the next 2, 2.5 years, we'll be ready with our production.

So, the supply of iron ore in catchment areas will be good, so we'll get a chance to process them, right? That is the idea...

Yes.

Okay. Sir, second question is that in the steel and ferro alloy division, like you think we have really bottomed out and like this year can be a slightly better year because since 4 years our operating profit in these divisions have actually been declining?

I think they have, at the current levels, they look to be bottomed out. But it all depends upon the global scenarios as to what happens in the Middle East. If the war again starts and the demand goes down globally, it will have an impact on India as well. But I personally feel these are the current bottom level prices that we are seeing of steel, ferro alloys and once the war is settled. If there's a peace agreement in place, we will see recovery of prices also.

Okay. But Manish, you don't see much of Chinese dumping these days, like has it declined over the last 2- 3 months because of the currency, the currency spreads are now really very high between India and China. So last 2 months?

If you look at the China steel growth, it has contracted. But if you look at the exports, that ha ve increased globally. In India, we have the safeguard measures, and we are seeing that there is a less import from China. But globally, if you look at it, they have been exporting.

Okay, sir. Sir, and last question is on our Power division. Like in our hydropower division, we have done around INR300 crores of EBITDA, which means that we have done around INR800 crores of EBITDA in the SKS power, the thermal power, the independent power production division. So just wanted to check that is there any efficiency possible here or we have already maxed out because we have produced like 411 crores units, and we have done INR800 crores of EBITDA, so roughly like INR2 per unit kind of EBITDA. So, can this plant increase production or improve EBITDA or we have reached the maximum potential of this plant?

INR800, how you are saying?

So, see, in our segmental results, we say that INR1,095 crores is the segmental results. And I'm just subtracting the hydropower divisions. In the presentation, you have given that hydropower division has done INR386 crores, 80% EBITDA?

To answer your second part of the question, yes, in any plant there is the scope of improvement. We have already infused almost more than INR140 crores of capex in our Binjkot plant till now. And for the next 2 years, we will be incurring around INR150 crores of capex. So, there could be an improvement in PLF. We are trying our level best, that the spares and everything and all the capex that was due till now we are completing those capex. And definitely, there is a scope for improving the performance in the plant.

Okay. I think I'll come back in the queue. I have two more questions, but I'll come back in the queue.

Next question is from the line of Manav Gogia from Yes Securities.

The first question is actually in line with the previous participant. When we look at the pellet plant that we are bringing in, you had mentioned that you see a lot of mines opening up for iron ore in Chhattisgarh. So, is there a case where Sarda can also bid for these mines and does the company see that the pellet plant would be a better play if we have our own iron ore mine?

Yes. These mines are owned by Chhattisgarh Mineral Development Corporation, so I was talking about these mines that are opening up by the state itself. But yes, we will be looking for all the opportunities in this sector if the mine comes up in auction, in Chhattisgarh and neighboring states.

Okay. Understood. Just a follow -up because now I think until last year, we were quite bent on not expanding our steel business further. And now we are seeing some inclination s towards steel. So, is there a possibility whether probably in the future, the company might be looking at demerging the steel and power verticals or from a long-term strategy point of view? Or how should one look at it?

Yes. We are exploring separation of the renewable energy business, not the complete power business . Renewable Energy that is being explored, and we have not yet come to any conclusion , that is being examined. But yes, that is on the table under consideration.

No, no, we are taking the environment clearances because the earlier environment clearance had expired. So, we are again going to MoEF for the environment clearances after the environment clearances, I think so by 2030- 31, we'll see that project commissioning.

Okay. So, this is the calendar year or the fiscal year? I mean it's going to be 2031 is what the goal is, right?

Yes

My one last question I had. First of all , how are you looking at the long steel realizations for Q1 as compared to Q4 and when we look at the Q4 realization, right, so we had guided 12% to 15% jump in the realization, which is being reflected by the end product. But when it comes to sponge iron and pellets , there is sort of a distortion. So, I think pellet prices were quite up during the quarter. Just wanted your point of view on how should we see the realizations going ahead, especially for pellets and sponge iron?

Can you please repeat the question?

Yes. Sir, I wanted your view point on how the realizations are looking for steel business for Q1 as compared to Q4?

Okay. So, see, if you witnessed that we are inching closer towards a deal being struck by U.S. and Iran. So once that happens, we are going to see a supposedly strong growth in terms of infrastructure being rebuilt. And I personally feel that the long-term prices for long products will be on an upward trajectory. We have seen the flat steel prices not dipping down considerably compared to the long product prices. So, we will see some growth in the long-term steel pricing of long products.

That is quite helpful. So, my question was actually pertaining to also how the realizations are looking in Q1 as well FY27?

It's very difficult to predict in such a volatile market it's very difficult to predict the exact numbers.

To answer your question a bit, NMDC and OMC both have reduced their prices because of energy crisis, there is a little bit increase in coal indexes, say, the prices have gone up by 7% to 8% but the iron ore prices have come down. So, we think that prices of the end products might also reduce.

I may just squeeze one last question into this. If you refer to Slide number 13, which is the sales trend for this particular quarter. And if I look at the domestic coal sales volumes I think the numbers are reflecting the same as it was in the Q3 PPT. So, would it be possible if you could give me the FY26 number for whatever the sales were for domestic coal? Total sales for FY26?

Domestic is there in the presentation also 150k MT.

Yes. But sir, 9 months, I mean, if you look at the Q3 presentation, the numbers the same.

Realization price?

No, not the realization, but the Sales of Slide number 13 - the domestic coal sales for FY26 is at 150. That was the same number in Q3?

So domestic coal to give you an answer, we are selling very less coal in the market because most of the coal is captively consumed.

Next question is from the line of Rajesh Bhandari from Nakoda Engineers.

Sir, the thing is that I will not ask anything about regular working because it is such a thing that the children do trust their parents, so do we investors trust the promoters. So, I would like to ask some other questions, sir. Sir, the second 600 megawatt expansion is going for '30-'31. That is going to be very long, sir?

There is a lot of time for equipment supply in this and the time for environmental clearance and equipment delivery in India is quite high. So, that much time is still expected because in India all the capital equipment suppliers are fully booked.

Or are we thinking of any coal gasification, sir?

Bhandariji, the government is coming up with coal mines auctions for particularly coal gasification. We are evaluating the opportunity, how and when, we'll take a call.

Rajesh, I will request you to come back for a follow-up question. Next question is from the line of Vaibhav Mehta from Axis Mutual Fund.

So, my question would be with regards to our capex schedule for FY27 and FY28, given the fact that we are expanding mines and hydro energy are also coming up. And secondly, if you can also share the schedule for commissioning of hydro projects that are there underdevelopment?

Yes. As stated earlier also, our annual capex based on the hydro we have planned initially, will be in the range of about INR500 crores to INR700 crores except for the IPP expansion of 600 megawatts. For 600-megawatt expansion, we expect to get clearances during the current year and from next year, full blast capex will start, that will be substantially on higher side.

Thanks for the information. And with regard to hydro commissioning?

So hydro commissioning, we are evaluating the DPR. We are finalizing the DPR and our different hydro projects are in different phases of environment clearances as well. So, regarding the three small hydro projects that are coming in Chhattisgarh, they might take 3 to 4 years to come. And the Khuitam hydropower project, the forest clearance and everything we have already got in place. The DPR is under the finalization stage. We already have a consultant in place, and we'll be starting the project soon by end of this year, and we expect to finish it in 3 to 4 years.

Got it, sir. So, for FY -- if I can ask one more question. For FY27 and '28, what would be driving our top line growth -- commissioning should you are on the later part of the...

For FY26 that you were talking about or '27.

Yes, sir, if we can give FY'27 and '28?

In FY27, majorly, it will be on the efficiency parameters and the availability of the Rehar power plant for the full year and the improvement in the efficiency of our I PP -- these are the two major and third because our solar plant will come up by September and 30-megawatt TG set will restart. So, these are the based on the efficiency parameters only will add to the topline and bottom line during the FY27. FY28, we will have full year operation of Shahpur coal mine. These are the immediate projects, which will be coming to operation.

Got it sir. Thank you.

And also our mineral wool project will add to the bottom line as it comes in the full year because –it is also growing rapidly.

Next question is from the line of Digant Haria from GreenEdge Wealth.

One question is on our PPAs, of the power that we sold, what was under PPA and what was like sold at merchant? And what will that number be for FY27 because I see in the presentation, we have written that we have signed some long-term PPAs?

We have signed the PPAs for about 300 megawatts out of 600 megawatts for the medium-term and long-term. And the rest we have been selling in the short- term PPAs which are for a few months. And so far, as the hydropower projects are concerned, two power projects, we have long-term PPA in place. And the third one of our Sikkim power project we are selling in the merchant market.

Sir, in thermal power, in FY26, what would have been the proportion of PPA and merchant, in the thermal power only?

Thermal power, most of that was merchant except for, I think, 100-megawatt for the medium-term rest was in the short term.

Okay. So, sir, that will be like a significant, like from 100 megawatts, almost 300 megawatts will be under PPA from this year onwards. So that should improve our realization also, right?

This year we will have 200 megawatts. 100 megawatts we have entered , long- term which will start from the next year. Although we have entered into PPA during the current year, we will be starting supply from the next financial year, so for 100 to 200 megawatts, we have entered into medium term.

Yes. Next year, it will be going to 300 megawatts. In the meantime, we are also in negotiations for some more capacity during the current year, which may get into effect.

And then the realizations are better in PPA, the PPA, right? Because they are long term and all

Yes, comparatively because th e spot market is volatile. Sometimes you get very good rates also in the spot market. Last year in the first quarter, we had got much better prices. So, but that is volatile. When you enter into long-term PPAs or medium -term PPAs, it gives much more visibility and stability to realisations.

Next question is from the line of Kareena Kaur from Starklume Investments.

So, my question is, do we have any particular investment outlay for the SKS expansion project? Also, have we got the approval from the Board -- and do we require any other regulatory or statutory approvals for the same?

The Board has approved in principle for expansion of the project. Accordingly, we have gone ahead with the necessary approvals, including environmental clearance and all those things. And once all the clearances are in place and the DPR being prepared where we are evaluating the exact configuration of the project also. So giving the exact amount for the investment, it will take some more time. And it will be placed before the Board once we freeze the final capacity and the configuration, everything.

The next question is from the line of Pawan Nahar, an Individual Investor.

So, thank you. I think my questions are done and you don't choose to answer it seems at this moment . Basically, I wanted to know what would be the capex for all the expansion , that is planned for the next four years, '27, '28 and '30. So, the power plants would be the main one?

That I think we have already addressed. In the next two years, it will be in the range of about INR500 crores to INR700 crores. Maybe in the range of INR700 crores, excluding the SKS power project for which it will take some time to give exact guidelines on the capex cycle.

Okay. Second is from the 600-megawatt thermal. How many units do you expect to sell this year? What should be the output sold?

It will be better than the previous year. Previous year, we had sold about 375 crores units, and it should be much better, maybe it should be in the range of 400 crores units. Sellable units I'm talking about, not the generation.

Yes. So, what was the average realization for SKS in FY26?

It was more than 5 rupees, five rupees plus, .

Okay. And what was our cost of generation variable...

That we shall work out and give offline, we can discuss it.

So, 400 crores plus units.

Next question is from the line of Manoj Rajani from Rajani Family Office.

So, sir, I just have a couple of questions. So, any update on the progress of the 30-megawatt turbine that has been impacting our production along with the anticipated commissioning time-line?

As stated in our initial address, we will be completing this project by end of this quarter. By the end of June, it will come into operation.

Okay. So, no significant impact on anything, right?

Yes, not significant.

Okay, sir. And my second question is any particular reason that is behind acquiring the shares of Godawari Power, particularly in the open market, and should investors like us expect any further purchases going ahead?

That was part of normal treasury operations, nothing specific.

Okay, sir. So, nothing expected -- I mean, going ahead, we should expect, right, sir?

Okay, sir. And sir, I late joined. So please forgive me if this question might be already addressed. So, sir, I wanted to ask, what is the company's broader plan in respect to the real estate JV and the land -- I mean, is there any land development opportunity that we are looking at?

It's immaterial, we have some land bank and the total investment is negligible. I think we've given the estimation of about INR25 crores of investment that will add value to our land bank. That was the only purpose. Otherwise, that's practically insignificant.

Ladies and gentlemen, we will take that as a last question. I'll now hand the conference over to Mr. Padam Kumar Jain for closing comments.

To conclude, the performance reflects steady execution against our strategic priorities, supported by a constructive pricing environment across both the Energy and Metals segment. We have continued to make visible progress in our growth initiatives while also pursuing opportunities in green power to further strengthen our future portfolio. Our disciplined approach towards deploying surplus cash into diversified long- term growth projects provide s visibility and reinforces our commitment to sustainable value creation. Thank you for joining us today. So, we have any questions, please feel free to reach out to us or our Investor Relations team. Thank you.

Thank you very much. Thank you for joining us, and you may now disconnect your lines. Thank you.