Q1 2027 National Aluminium Co Ltd Earnings Call

Speaker #1: Ladies and gentlemen, good day and welcome to the Q1 FY27 earnings call of National Aluminium Company Limited (NALCO), conference call hosted by Systematics Group.

Operator: Ladies and gentlemen, good day and welcome to the Q1 FY27 Earnings Call of National Aluminium Company Limited, NALCO conference call hosted by Systematics Group. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Ms. Shweta Dikshit from Systematics Group. Thank you, and over to you.

Speaker #1: As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Speaker #1: Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. I now hand the conference over to Ms. Shweta Dikshit from Systematics Group.

Speaker #1: Thank you, and over to you.

Speaker #2: Thank you, Shaleja. Good morning, everyone. On behalf of Systematics, we welcome you to the Q1 FY27 earnings conference call of NALCO Limited. I would like to thank the management for giving us the opportunity to host this call, and I now hand over to Mr. Bharat Sahu, Company Secretary, NALCO, to discuss the company's financial and operational performance.

Shweta Dikshit: Thank you, Shailesh. Good morning, everyone. On behalf of Systematics, we welcome you to the Q1 FY27 Earnings Conference Call of NALCO Limited. I would like to thank the management for giving us the opportunity to host this call. I now hand over to Mr. Bharat Sahu, Company Secretary, NALCO, to discuss the company's financial and operational performance. Over to you, sir.

Speaker #2: Over to you, sir.

Speaker #3: Namaste, good morning. Warm greetings from NALCO, a Navratna CPSE under the Ministry of Mines. Let me, at the outset, introduce our functional directors sitting in this earnings call.

Bharat Kumar Sahu: Namaste. Good morning. Warm greetings from NALCO, Navratna CPSE under Ministry of Mines. Let me at the outset introduce our functional directors sitting in this earning call. In the middle is our CMD, Sri Brijendra Pratap Singh.

Speaker #3: Seated in the middle is our CMD, Sri Brijendra Pratap Singh.

Speaker #4: Good morning.

Brijendra Pratap Singh: Good morning.

Speaker #3: And sitting next to him is Director of Finance, Sri Avayakumar Behuria.

Bharat Kumar Sahu: Sitting next to him is Director, Finance, Sri Abhay Kumar Behuria.

Speaker #4: Namaskar.

Abhay Kumar Behuria: Namaskar.

Speaker #3: And sitting next to him is Dr. Tapas Kumar Patnaik, our Director of HR.

Bharat Kumar Sahu: Sitting next to him is Dr. Tapas Kumar Pattanayak, our Director, HR.

Speaker #5: Good morning to all.

Tapas Kumar Pattanayak: Good morning to all.

Speaker #3: Sitting next to me is our Director of Production, Sri Pankaj Kumar Sharma, sir. And I am Bharat Sahu, the compensatory and compliance officer.

Bharat Kumar Sahu: Sitting next to me is our Director, Production, Sri Pankaj Kumar Sharma, sir. I am Bharat Sahu, the company secretary and compliance officer. On 31 July evening, NALCO board considered and approved the financial results for the Q1 of our FY27. NALCO has already registered a robust performance in the Q1, and one presentation is already uploaded in the website of the stock exchange, also on the website of the company. It is a robust performance, and I will request our CMD, sir, just to highlight some of the key financials of this Q1, and then we'll start taking the calls. Questions from your side, please.

Speaker #3: On 31st July evening, NALCO’s Board considered and approved the financial results for the first quarter of our FY27. NALCO has already registered a robust performance in Q1, and the presentation is already uploaded on the website of the stock exchange, as well as on the company’s website.

Speaker #3: It is a robust performance, and I will request our CMD, sir, to just highlight some of the key financials of this Q1. And then we'll start taking the calls.

Speaker #3: The questions from your side, please.

Speaker #4: Good morning. At the outset, our performance for Q1—the presentation is already loaded—but I would like to give a few highlights of the Q1 performance.

Brijendra Pratap Singh: Good morning. At the outset, our performance for the Q1, already the presentation is loaded. I would like to give a few highlights of the Q1 performance. Q1, our overall total income, which grew, if you compare to previous year Q1, from INR 3,930 crores to INR 5,400 crores, around 39% growth Q1 to Q1. Same if you see CPLY. Earnings, if you see PBT grew by around 88%, EBITDA grew by around 78%. There has been a substantial growth both in revenue collection, both in profitability of the company. If you see the highlights of the performance, physical performance also has been very good. Whatever targets we have set in the beginning of the year, almost all targets we have achieved.

Speaker #4: Q1, our overall total income, which grew if you compare to previous year Q1, from ₹3,930 crore to ₹5,400 crore—around 39% growth Q1 to Q1, same if you see CPLY. Earnings, if you see, PBT grew by around 88%, EBITDA grew by around 78%.

Speaker #4: So there has been substantial growth, both in revenue collection and in profitability, of the company. If you see the highlights of the performance, physical performance also has been very good. Whatever targets we set at the beginning of the year, almost all targets we have achieved.

Speaker #4: We have achieved best-ever production in bauxite, in hydrate production, and in wind power generation, as far as Q1 progress is concerned.

Brijendra Pratap Singh: We have achieved best ever production in bauxite, in hydrate production, and in power generation, as far as Q1 progress is concerned, best Q1 in all these areas. Financially, if you see best Q1 performance we have done as far as our revenue generation is concerned, is the ever best Q1 we have done. As far as profitability is concerned, best Q1 profitability we have achieved. The major contributors have been, of course, our internal, if you see improvement in the volumes of production, whatever targets we have taken, almost we have reached to the peak of the volume in all the areas. If you see refinery, if you see our metal production, all the areas. We have targeted at least 5% to 10% more than the capacity utilization, whatever we are going to do more than the rated capacity we have targeted this year.

Speaker #4: Best quarter one in all these areas. Financially, if you see best quarter performance, we have done, as far as our revenue generation is concerned, is the ever-best quarter we have done.

Speaker #4: As far as profitability is concerned, this is the best Q1 profitability we have achieved. The major contributors have been, of course, our internal improvements. If you see the improvement in the volumes of production, whatever targets we have taken, we have almost reached the peak of the volume in all areas.

Speaker #4: If you see refinery, if you see our metal production, all the areas—and we have targeted at least 5 to 10% more than the capacity utilization. Whatever we are going to do, more than the rated capacity, we have targeted this year.

Brijendra Pratap Singh: As far as other areas are concerned, we are also targeting to reduce our cost, increase our efficiencies, which is in our hand, that is increasing volumes and reducing the cost. We are also going for some value-add products for our future expansions. As far as expansion is concerned, fifth stream refinery is going to come this year. Also we are targeting to expand our smelter capacity for which we are going for CPR mixing capacity, doing it with the various milestones which we will be discussing in the presentation. Once again, thank you, Systematix Group, for organizing this conference call.

Speaker #4: As far as other areas are concerned, we are also targeting to reduce our costs and increase our efficiencies, which is in our hands—that is, increasing volumes and reducing the cost.

Speaker #4: We have also been going for some value-added products for our futures. Regarding our future expansions, as far as expansion is concerned, the 15th refinery is going to come this year.

Speaker #4: And also, we are targeting to expand our smelter capacity, for which we are going for CPR making. We are moving ahead with the various milestones, which we will be discussing in the presentation.

Speaker #4: So, once again, thank you, Systematics Group, for organizing this conference call.

Speaker #2: Yes.

Bharat Kumar Sahu: Ma'am, over to you. We can now request all our esteemed participants to come forward with their questions.

Speaker #3: Ma'am, over to you. We can now request all our esteemed participants to come forward with their questions.

Speaker #1: Thank you. Thank you very much.

Operator: Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one. Participants are requested to use handsets while asking a question. We will wait for a moment while the question queue ascends. The first question is from the line of Mr. Amit Lahoti from Aditya Birla Capital. Please go ahead.

Speaker #2: Thank you. Thank you very much.

Speaker #1: We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one. Participants are requested to use handsets while asking a question.

Speaker #1: We will wait for a moment while the question queue ascends. The first question is from the line of Mr. Amit Lahoti from Ajit Billa Capital.

Speaker #1: Please go ahead.

Speaker #5: Amina, refine the how is the commissioning process moving there and can we still produce 300,000 tons in the current fiscal?

Amit Lahoti: Alumina refinery. How's the commissioning process moving there, and can we still produce 300,000 tons in the current fiscal?

Speaker #4: Our 15 refinery the current we have June onwards we have started the commissioning of few of that decommissioning activities we have started. Few of the packages, almost around 50, more than 50 packages are there.

Brijendra Pratap Singh: Our fifth stream refinery, June onwards, we have started the commissioning of few of the commissioning activities we have started. Few of the packages, almost around 50, more than 50 packages are there. Few of the packages, mechanical completion already has been done, and the trial of those packages are under process. Few of the packages are left out. Our target is by September end, we have to complete mechanical completion of all these packages. Do the integrated trial first. That is, the water run is to be done within the packages. After that, we start the actual production process, which will take maybe 3 to 4 months to stabilize and reach to the level of 60% to 70%. This year, our target was that we'll be producing around 2 lakh tons of alumina from this refinery.

Speaker #4: Few of the packages' mechanical completion has already been done, and the trial of those packages is under process. A few of the packages are left out.

Speaker #4: Our target is, by September end, we have to complete mechanical completion of all these packages. Do the integrated trial first—that is, the water run is to be done.

Speaker #4: Within the packages, and after that, we start the actual production process, which will take maybe three to four months to stabilize and reach the level of 60 to 70 percent.

Speaker #4: This year our target was that we'll be producing around 2 lakh tons of alumina from this refinery. So even if we start the actual production from November, December onwards, after that also we'll be able to achieve those kinds of figures from the fifth time refinery, that is around 2 lakh tons of alumina production.

Brijendra Pratap Singh: Even if we start the actual production from November, December onwards, after that also we'll be able to achieve those kinds of figures from the fifth stream refinery that is around 2 lakh tons of alumina production.

Speaker #5: Right. So, why has there been a delay? Because earlier we were planning to start producing from June onwards. So, as we are seeing around six months of a delay, is there any reason for it?

Amit Lahoti: Why has there been a delay? Because earlier we were planning to start producing from June onwards. As we are seeing around six months of a delay, any reason around it?

Brijendra Pratap Singh: We were planning to start the commissioning activity from June onwards, and after that complete it in next three to four months. Of course, the mechanical completion which was supposed to be done by June, July, may be getting delayed by two, three months. This is a big project. Big project, it is very difficult to exactly pinpoint the date of commissioning and all that, and it's a chemical process plant. Now, maybe by September end, we are targeting the mechanical completion will be there and we will start. There is almost two, three months delay is there. Not very huge delay is there.

Speaker #4: We were planning to start the commissioning activity from June onwards, and after that, complete it in the next three to four months. Of course, the mechanical completion, which was supposed to be done by June or July, may be getting delayed by two to three months.

Speaker #4: So, this is a big project—a very big project. It is very difficult to exactly pinpoint the date of commissioning and all that, and it's a chemical process plant.

Speaker #4: So now maybe by September end we are targeting the mechanical completion to be there, and we'll start. There is almost a two to three months' delay, not a very huge delay.

Speaker #5: Sure. Okay. My second question is on employee cost, which has gone down below ₹1,600 crore if we annualize the Q1 number of ₹395 crore. So, is it part of the superannuation plan that you guided in Q3 FY26, which was going to affect senior people—around 200 to 250—with a cost saving of ₹70 to ₹80 crore?

Amit Lahoti: Sure. Okay. My second question is on employee cost, which has gone down below INR 1,600 crore if we annualize Q1 number of INR 395 crore. Is it part of the superannuation plan that you guided in Q3 FY2026 that you were going to affect senior people of around 200, 250 with a cost saving of INR 70 to 80 crore? Is it same which is coming now?

Speaker #5: So, is it the same as what is coming now?

Abhay Kumar Behuria: Hello. Good morning. Myself Abhay Behuria, Director of Finance. It's a right question, why our employee cost is going down. If you see the CTC of our last year, 2025, 2026, our average was around INR 36 lakh. In this quarter, it is around INR 33 lakh. There is a reduction of INR 3 lakh almost. That is because, rightly you have said, that is because of superannuation of the high paid employees and induction of the employees at the entry level. That is the one reason. Second reason is we have made some provisions last year towards retirement benefits. That is provision towards actual evaluation of leave gratuity, and which was on the higher side. This quarter we didn't have to provide that. Another area is ERP. ERP we have made a provision last year, which is now required to be provided this year in that ratio.

Speaker #4: Good morning. Myself, Director of Finance. Is it the right question—why is our employee cost going down? If you see the CTC of our last year, 2025-26, our average CTC was around ₹36 lakhs.

Speaker #4: And if this quarter it is around 33 lakhs, there is a reduction of 3 lakhs, almost. That is because, as you rightly said, it is due to the superannuation of the high-paid employees.

Speaker #4: And induction of the employees at the entry level, that is one reason. The second reason is that we had made some provisions last year towards retirement benefits—that is, provisions towards actuarial valuation of leave, gratuity—which were on the higher side.

Speaker #4: We see, for the quarter, we need not provide that. And another area is ERP. ERP, we had made a provision last year which is not required to be provided.

Speaker #4: This year, in that ratio, that has reduced our cost. And we expect that this trend will continue in the next three quarters also.

Abhay Kumar Behuria: That has reduced our cost, and we expect that this trend will continue in the next 3 quarters also.

Speaker #5: Okay, so for the full year, we can still see this number around ₹1,600 crore. Is that right?

Amit Lahoti: Okay. For the full year, we can still see this number around INR 1,600 crores. That is right?

Speaker #4: Right, right. In the latter part of the year, in the last quarter—Q4—there may be some impact of pay revision, because from 1st January 2027, pay revision is due.

Abhay Kumar Behuria: Right. In the latter part of the year, in the last quarter, Q4, there may be some impact of pay revision because 1 January 2027, pay revision is due. The last quarter, there may be some increase of 15% additional. Otherwise, 2 quarters, second and third, the cost will be in this line.

Speaker #4: So, in the last quarter, there may be some impact—an additional 15 percent. Otherwise, in the second and third quarters, the cost will remain in this line only.

Speaker #5: Understood. Thank you so much.

Amit Lahoti: Understood. Thank you so much.

Speaker #1: Thank you, sir. The next question is from the line of Mr. Ajit Valika from Axis Securities. Please go ahead.

Operator: Thank you, sir. Next question is from the line of Mr. Aditya Walekar from Axis Securities. Please go ahead.

Speaker #5: Okay. My question is with respect to our alumina sales volume. So for FY27, you have guided 2.5 million tons of alumina production, but anything in terms of sales volume? Because that number fluctuates a lot.

Aditya Walekar: My question is with respect to our alumina sales volume. For FY 2027, you have guided 25 lakh tons of alumina production, anything in terms of sales volume, because that number fluctuates a lot. If you can guide on the full year volumes for FY 2027.

Speaker #5: So, if you can guide on the full-year volumes for FY27.

Speaker #4: In the last financial year, we sold around 14 lakh tons of alumina. This year, we are targeting 16 lakh tons. The extra 2 lakh tons of alumina that we are trying to produce from plant 15 will be added to our sales value.

Brijendra Pratap Singh: This financial year, last year, we sold around 14 lakh tons of alumina. This year we are targeting 16 lakhs. Whatever 2 lakhs extra alumina we are trying to produce from Visakhapatnam, that will be added to our sales volume. 2 lakhs extra we will be selling this year.

Speaker #4: So, 2 lakh extra, we'll be selling this year.

Speaker #5: Yeah, understood. When the second part is means we have seen now that the aluminium prices have come down. So going forward in Q2, do you foresee any raw material cost pressure which will persist because we have seen in the earlier quarter you have guided that there is some cost inflation on CPQ and other raw materials.

Aditya Walekar: Yeah, understood. The second part is, we have seen now that the aluminium prices have come down. Going forward in Q2, do you foresee any raw material cost pressure which will persist? Because we have seen then, in the earlier quarter, you have guided that there is some cost inflation on CP coke, stone, garbage, and other raw materials. Will it impact our margins going forward, as the aluminium prices have cooled down?

Speaker #5: So, will it impact our margins going forward, as the aluminium prices have cooled down?

Speaker #4: The aluminium prices you see in the first quarter averaged—we got around $3,500, $3,600, or $3,700 on the LME. Now it has come down to around $3,200.

Brijendra Pratap Singh: The aluminium prices you see in Q1, average we got around INR 3,500, INR 3,600 or INR 3,700 of aluminium. Now it has come down to around INR 3,200. Raw material prices, of course, has increased. You see caustic soda prices, last year average was around INR 42,000. In Q1, our expenditure was around INR 45,000 per ton, and Q2 it will become around INR 49,000. Of course, caustic soda prices are going to go up by around INR 3,000 to INR 4,000 as compared to Q1. CP coke prices also has gone up. INR 44,000 was last year. It will go on to INR 66,000 to INR 70,000. These are the two major areas and also HFO. HFO price which was INR 46,000 last year, it has gone up to INR 75,000. This has increased our overall cost of production by around INR 15,000 to INR 16,000 rupees per ton of metal.

Speaker #4: Raw material prices, of course, have increased. You see, caustic soda prices last year averaged around ₹42,000. In Q1, our expenditure was around ₹45,000 per ton.

Speaker #4: And in Q2, it will become around 49,000. Of course, caustic soda prices are going to go up by around 3,000 to 4,000 as compared to Q1.

Speaker #4: CPCO prices also have gone up. ₹53,000, it was ₹44,000 last year, and it has gone to ₹66,000 to ₹70,000. These are the two major areas, and also HFO.

Speaker #4: HFO price, which was ₹46,000 last year, has gone up to ₹75,000. So this has increased our overall cost of production by around ₹15,000 to ₹16,000.

Speaker #4: Rupees per ton of metal. So these three areas—caustic soda, CPCO, and HFO—these are the three areas where our costs have increased, and also aluminium fluoride by some amount.

Brijendra Pratap Singh: These three areas, caustic soda, CP coke and HFO, these are the three areas. Also aluminium fluoride by some amount. Of course, around 10% to 15% increase in the input raw material prices are there. Which is increasing our cost by around INR 15,000 to INR 16,000. Metal prices.

Speaker #4: So, of course, around a 10 to 15 percent increase in the raw material prices is there, which is increasing our cost by around 15,000 to 16,000.

Speaker #4: Metal prices.

Speaker #5: And so anything which can offset that, means we have seen just recently alumina prices have increased to $350 per ton. And then, is there any scope to offset that with lower pool power cost, or do you think that the margins could take a slight hit?

Aditya Walekar: Anything which can offset that means we have seen just recently alumina prices have increased to $350 per ton. Is there any scope to offset that with lower fuel power cost or you think that the margins could take slight hit going forward?

Speaker #4: Alumina prices, what we expected in the beginning of the month or year, was around $310 to $320. But of late, we are getting around $370 for alumina prices.

Brijendra Pratap Singh: Alumina prices, what we expected in the beginning of the month, year, was around $310 to $320. Of late, we are getting around $370 alumina prices. That is because in Russia also, Rusal and China, two of the refineries, due to red mud issues, they've reduced the production. The bauxite prices in New Guinea has increased slightly. That's why the alumina prices which we were expecting that it will be somewhere around $320, we are getting around $370. That will offset somewhat raw material, what is increased in the raw material cost. Because raw material has given us an expenditure burden in Q1 of around INR 120 crore.

Speaker #4: That is because in Russia, also Rusal and China, two of the refineries, due to red mud issues, have reduced their production. The bauxite prices in New Guinea have increased slightly.

Speaker #4: So that's why the alumina prices which we were expecting that it will be somewhere around 320 dollar we are getting around 370 dollars. So that will offset somewhat raw material what is increase in the raw material cost.

Speaker #4: Because raw material has given us an expenditure burden in Q1 of around ₹120 crore.

Speaker #5: 200 crore. 30 crore.

Speaker #4: Rs 200 crore. Rs 230 crore extra due to the increase in raw material prices. So, alumina prices are the prices which we are expecting—if we remain at the level of Rs 3700—then that will offset the input raw material cost.

Abhay Kumar Behuria: INR 200 crore.

Brijendra Pratap Singh: INR 200 crore.

Abhay Kumar Behuria: INR 230 crore.

Brijendra Pratap Singh: INR 230 crore extra due to increase in the raw material prices. Alumina prices are the prices which we are expecting it will if we remain at the level of INR 370, then that will offset the input raw material cost.

Speaker #5: Understood, sir. Understood, sir. That's it. That's it from us.

Aditya Walekar: Understood, sir. That is it from my side.

Speaker #1: Thank you. The next question is from the line of Pinakin from HSBC. Please go ahead.

Operator: Thank you. The next question is from the line of Pinakin from HSBC. Please go ahead.

Speaker #2: Thank you very much for this opportunity. There are a few questions. The first is, you highlighted $370 per ton as your current alumina realization.

[Analyst] (HSBC): Thank you very much, sir, for this opportunity. Sir, I have few questions. The first is you highlighted $370 per ton is your alumina realization you're getting currently. What was the alumina realization you got in Q1, sir?

Speaker #2: And what was the alumina realization got in Q1, sir?

Abhay Kumar Behuria: Sir, just can you repeat the question? Just last line.

Speaker #4: Yes. Can you repeat the question? Just the last line.

Speaker #2: The alumina realization is Q1—Quarter One.

[Analyst] (HSBC): The alumina realization in Q1. Q1.

Speaker #4: In Q1, our average realized was around $323 for alumina.

Abhay Kumar Behuria: Q1. Our average realization was around $323. Alumina.

Speaker #2: Yeah. And Q1 cost of alumina, sir. Will Q2 cost be higher or stacked?

[Analyst] (HSBC): Yeah. Q1 cost of alumina, sir, will Q2 cost higher or flat?

Abhay Kumar Behuria: A little louder. We are not able to-

Speaker #4: A little louder, please. We are not able to hear you. It's not clear—not very clear.

Brijendra Pratap Singh: Voice is cracking.

[Analyst] (HSBC): It's not clear.

Brijendra Pratap Singh: Not very clear.

Speaker #2: One second.

[Analyst] (HSBC): One second. alumina cost of production, sir, will it be higher in Q2 versus Q1?

Speaker #4: Alumina cost of production, sir—will it be higher in quarter two versus quarter one? In quarter one, our cost of production, if you see—are you talking about alumina or metal?

Abhay Kumar Behuria: In Q1, our cost of production, you are talking about alumina or metal?

Speaker #2: Alumina. Alumina.

[Analyst] (HSBC): Alumina. Cost of production.

Speaker #4: Our alumina cost normally ranges between 21,000 to 22,000. Last quarter, it was around within that range only. And for the second quarter, since we have observed all the input cost increases in the first quarter, a similar pattern of cost price will remain in the next quarter.

Abhay Kumar Behuria: Alumina cost normally range between $21,000 to 22,000. last quarter, it is around within that range only. The Q2, since we have observed all the input cost increase in the Q1, similar pattern of cost price will remain in the next quarter. We don't think that our cost will be increased. Rather, our cost will be within that range only, around $21,000 to 22,000 per ton of alumina. Rather, we'll be getting advancement in the price because CMD sir has already explained that the next quarter we are going to get an incremental price of around $50 from alumina.

Speaker #4: And we don't think our cost will increase. Rather, our cost will remain within that range only—around ₹21,000 to ₹22,000 per ton of alumina.

Speaker #4: And rather, we'll be getting an advantage in the price because CNG sir has already explained that in the next quarter we are going to get an incremental price of around $50 from alumina.

Speaker #2: Got it, sir. Got it. My second question is, sir: you highlighted the metal cost of production increase of ₹15,000 to ₹16,000 per ton. Was that cost of production increase already seen in Q1, or will that increase come in Q2 versus Q1?

[Analyst] (HSBC): Got it. My second question is, sir, you highlighted metal cost of production increase of INR 15,000 to 16,000 a ton. Was that cost of production increase already seen in Q1, or will that increase come in Q2 versus Q1?

Speaker #4: No, it is already. It was already expected because we know that raw material prices are going to go up—these three raw materials, that is caustic soda, HFO, and CPCO.

Brijendra Pratap Singh: No, it was already expected because we are knowing that raw material prices are going to go up. These three raw material, that is caustic soda, HFO, and CP coke. That was almost expected, and the similar kind of cost will continue in Q2 also.

Speaker #4: So, that was almost expected, and a similar kind of cost will continue in Q2 also.

Speaker #2: Okay, similar kind of cost will continue. Got it, sir. So my third question is, you highlighted LME prices which have moved. Now, how are the domestic aluminum premiums? Because you had highlighted previously that they change with a lag.

[Analyst] (HSBC): Okay. Similar kind of cost will continue. Got it, sir. Sir, my third question is, you highlighted LME prices, which have moved. How are the domestic aluminum premiums, because you had highlighted previously that they change with a lag. Have they increased in recent times, or you see the premiums increasing in the domestic sales?

Speaker #2: So, have they increased in recent times, or do you see the premiums increasing in domestic sales?

Speaker #4: Premium has increased. Our earlier premium was around $60. Now it has gone up to around—we did the tender last—around $110.

Brijendra Pratap Singh: Sir, premium has increased. Our earlier premium was around $60. Now it has gone up to around, we did the tender last, around $110. Premium has increased by around $50.

Speaker #4: $110. The premium has increased by around $50.

Speaker #2: Got it. And do you expect this to increase further, sir? The domestic?

[Analyst] (HSBC): Got it. Do you expect this to increase further, sir? For domestic premium.

Speaker #4: No, no. That premium increase was due to the war situation in the Middle East. Now, since the war situation is easing out, we are expecting that it may remain the same, or maybe it may go down also.

Brijendra Pratap Singh: No. That premium increase was due to that war situation in the Middle East. Now, since the war situation is easing out, we are expecting that it may remain same or maybe it may go down also.

Speaker #2: Got it, sir. And sir, my last question is: Because of the war situation in the Middle East, were any of your export shipments impacted, which will now normalize, either in alumina or aluminum?

[Analyst] (HSBC): Got it. Sir, my last question is because of the war situation in the Middle East, were any of your export shipments impacted, which will now normalize either in alumina or aluminium?

Speaker #4: Yeah. A few of the shipments—like one shipment was ordered earlier, of course, that was before the war—which was ordered at $390 also.

Brijendra Pratap Singh: Yeah, few of the shipments, like one shipment was earlier ordered. Of course, that was before the war, which was ordered at $390 also. That has got materialized. We are getting better realization in that. As far as other shipments are concerned, other shipments, whatever is getting ordered, they are going. No other pending shipments are there.

Speaker #4: That has got materialized, so we are getting better relations in that. As far as other shipments are concerned, whatever is getting ordered, they are going.

Speaker #4: There are no other pending shipments.

Speaker #2: Got it. Got it. Thank you very much, sir.

[Analyst] (HSBC): Got it. Thank you very much, sir.

Speaker #1: Thank you. The next question is from the line of Mr. Vikas Singh from ICICI Securities. Please go ahead, sir.

Abhay Kumar Behuria: Thank you.

Brijendra Pratap Singh: Thank you.

Operator: The next question is from the line of Mr. Vikas Singh from ICICI Securities. Please go ahead, sir.

Speaker #5: Good morning, sir, and thank you for the opportunity.

Vikas Singh: Good morning, sir. Thank you for the opportunity.

Speaker #1: Sir, took you usually

Abhay Kumar Behuria: Thank you.

Vikas Singh: Sir, Q2 usually being a monsoon season had traditionally been weaker, especially on the coal input side. Just wanted to understand, had we have sufficient coal inventory, including the captive this time, and any one of cost escalation or any disruption we have experienced so far?

Speaker #5: Being a monsoon season, it has traditionally been weaker, especially on the coal input side. So I just wanted to understand—have we had sufficient coal inventory, including the captive, this time? And has there been any one-off cost escalation or any disruption we have experienced so far?

Speaker #4: As far as our power plant is concerned, that is for our smelter there, we are having sufficient coal because we are getting that coal from our captive source. Around 60 to 70 percent of coal we are getting from the captive source.

Brijendra Pratap Singh: As far as our power plant is concerned, wherein Angul, that is for our smelter. There we are having sufficient coal because that coal we are getting from our captive source. Around 60%-70% of coal we are getting from the captive source. There issues are not there. Of course, in our refineries, the coal stock is on the lower side. The coal stock we have to maintain at the level of maybe 10 to 15 days. Now it is around two to three days. That is because of the restriction given by the government, the priority of the rails there, we are heavily dependent on the rails from the railways, and the priority is given to the power plant. There are some issues are there. We are taking it very aggressively with the Indian Railways and our ministry, and some improvement is there.

Speaker #4: So, their tissues are not there. Of course, in our refineries, the coal stock is on the lower side. The coal stock we have to maintain at the level of maybe 10 to 15 days.

Speaker #4: Now it is around 2 to 3 days. That is because of the restriction given by the government. The priority of the rakes—there we are heavily dependent on the rakes from the railways, and the priority is given to the power plant.

Speaker #4: So there are some issues, we are taking it very aggressively with Indian Railways and our ministry, and some improvement is there. And since now the summer is over, restrictions will come down.

Brijendra Pratap Singh: Since now the restrictions, summer is over, restrictions will come down. We are expecting that these stocks will also improve in the coming days.

Speaker #4: So we are expecting that these stocks will also improve in the coming days.

Vikas Singh: As long as the rake availability for the shipment is concerned, there is no problem so far.

Speaker #5: As far as the rake availability for the shipment is concerned, there's no problem so far.

Speaker #4: No, for that shipment, our own rakes are there for the dispatching till signed alumina. For that, no issues are there. We have got our own BTAP rakes.

Brijendra Pratap Singh: No, for that shipment, our own rails are there for the dispatching calcined alumina. For that, no issues are there. We have got our own BTAP rails. For that, no issues are there.

Speaker #4: For that, no issues are there.

Speaker #5: Got it, sir. And a half-million-ton aluminum plant.

Vikas Singh: Okay, sir. Sir, a different question. Pertains to the case study about the growing and barking on a half a million ton aluminium plant.

Speaker #1: Mr. Vikas Singh, your voice is breaking.

Abhay Kumar Behuria: Mr. Vikas Singh, your voice is breaking.

Speaker #5: Is it better? Yeah. So, sir, the second question pertains to the case about our half-a-million-ton aluminium plant capex. Could you give us some highlights—at what stage of board approval these plants are, when we will start on this, and the capex, any?

Vikas Singh: Is it better?

Abhay Kumar Behuria: Yeah, it is better.

Vikas Singh: Hello.

Abhay Kumar Behuria: Please.

Vikas Singh: Yeah. Sir, second question pertains to the case study about our half a million ton aluminium plant CapEx. Could you give us some highlight at what stage of board approval these plants are? When we will start on this, and the CapEx?

Speaker #4: For this 0.5 million ton smelter plant we are developments as far as as of date if it is do you see we have already got technology supplier finalized that is EGA EGA we are going to sign technology license with them this maybe this month by 10th or 15th.

Brijendra Pratap Singh: For this 0.5 million ton smelter plant, we had developments as far as of date, if it is BOC. We have already got technology supplier finalized. That is EGA. We are going to sign technology license with them maybe this month by 10th or 15th. DPR making is under process. The consultant is making the DPR. Our target is next 3 to 4 months, we'll be ready with the DPR and get the board approval, maybe October, November, for the DPR for setting up this 0.5 million ton smelter and also 1,000 MW power plant. After that, maybe we'll take 8 to 9 months to order the packages. By next year, August, September, we should order all the packages and start the groundwork, maybe next year, October, November. From there, it will take 3 to 3 and a half years to set up this plant.

Speaker #4: So, DPR making is under process—the consultant is making the DPR. Our target is, in the next three to four months, we'll be ready with the DPR and get the Board approval, maybe October or November, for the DPR for setting up this 0.5 million ton smelter and also a 1,000 megawatt power plant.

Speaker #4: After that, maybe we’ll take eight to nine months to order the packages. By next year, August or September, we should order all the packages and start the groundwork, maybe next year, October or November. From there, it will take three to three and a half years to set up this plant.

Speaker #4: So, the timelines which we have given to the ministry and our internal timeline is that by December 2030, we have to complete this plant along with the power plant.

Brijendra Pratap Singh: The timelines which we have given to the ministry and our internal timeline is by December 2030, we have to complete this plant along with the power plant. As far as the power plant is concerned, we have done one JV agreement with Neyveli Lignite for setting up this power plant so as to reduce our CapEx and to have the raw material security, that is the coal. NLC is having the coal mines here itself in Talcher District, the coal supply will be from there. That will be good for this power plant. This power plant DPR is also under process, at the same time, both will get ordered and get commissioned by 2030 end or H1 2031.

Speaker #4: As far as the power plant is concerned, we have done one JV agreement with Neyveli Lignite for setting up this power plant.

Speaker #4: So as to reduce our capex and to have raw material security—that is, coal—NLC is having the coal mines here itself in Talcher district.

Speaker #4: So the coal supply will be from there, so that will be good for this power plant. The DPR for this power plant is also under process.

Speaker #4: So at the same time both will get ordered and get commissioned by 2030 end or 31 first half. Capex is concerned the overall capex expenditure will be somewhere around 25,000 gross.

Brijendra Pratap Singh: CapEx is concerned, the overall CapEx expenditure will be somewhere around INR 25,000 crores. This will start from financial year 2027-2028. The peak will be 2028-2029, 2029-2030, and 2030-2031. This will be the two, three years where this CapEx flow distribution will be there. This year, for that project, no major CapEx will be there. Of course, technology licenses, we have to give something, maybe INR 300, 400 crores, the major CapEx will be coming next financial year onwards.

Speaker #4: And this will start from financial year 2027-28, and the peak will be in 2028-29, 2029-30, and 2030-31. These will be the two to three years where this capex flow distribution will be there.

Speaker #4: This year, for that project, no major capex will be there. Of course, for technology licenses, we have to give something—maybe 300 to 400 crores. But the major capex will be coming next financial year onwards.

Speaker #5: Noted sir. Sir, just one clarification. The shipment or the exports which we do to Russia is it on a dollar denominated or is in the Russian currency?

Vikas Singh: Noted, sir. Sir, just one clarification. The shipments or the exports which we do to Russia, is it on a dollar-denominated or it's in the Russian currency? Whatever the dollar-denominated sales we do in the export market, we book the dollar to rupee at the time of shipment, right?

Speaker #5: And whatever dollar-denominated sales we do in the export market, we book the dollar into rupees at the time of shipment, right?

Speaker #4: No, whatever shipment our exports are going, that is on a dollar basis at the time of ordering. When our tender is floated, we do the spot tenders, and that is the dollar rate as of that day.

Brijendra Pratap Singh: No. Whatever shipment our exports are going, that is on a dollar basis at the time of ordering. When our tender is floated, we do the spot tenders, that is the dollar rate as of that day.

Speaker #5: Okay. But then the booking happens, or the sales get booked, at the time of shipment, right?

Vikas Singh: Okay. The booking happens or the sales got booked at the time of shipment, right?

Speaker #4: For booking, actually, we do the spot tenders, and the date of opening the spot tender—on that date, whatever the dollar prices are, that is finalized.

Brijendra Pratap Singh: Actually, we do the spot tenders and the date of opening the spot tender, at that date, whatever the US dollar prices are there, that is finalized.

Speaker #5: Noted, sir. Noted. Understood. Thank you, sir, and all the best for the future.

Vikas Singh: Noted. Understood. Thank you, sir, and all the best for future.

Speaker #4: Thank you.

Brijendra Pratap Singh: Thank you.

Speaker #1: Thank you. The next question is from Mr. Mano Gogia from YES Securities Limited. Please go ahead.

Operator: Thank you. The next question is from Mr. Manav Gogia from Yes Securities Limited. Please go ahead.

Speaker #5: Yeah. Hi, good morning. Thank you so much for the opportunity. Sir, my first question is about the captive coal mines. We were targeting a 4.8 million ton production for FY27.

Manav Gogia: Hi. Good morning. Thank you so much for the opportunity. My first question comes on the captive coal mines. We were targeting a 4.8 million ton production for FY2027. Can you just elaborate on where we are in the EC process for our mine expansion?

Speaker #5: So, can you just elaborate on where we are in the EC process for, you know, our mine expansion?

Speaker #4: Already the mining plan approval we have done. For mining plan approval, it is to be done from the Board. This Board, we have done the mining plan approval, and now we are applying for the EC.

Brijendra Pratap Singh: Already, the mining plan approval, we have done. For mining plan, approval is to be done from the board. This board, we have done the mining plan approval. Now we are applying for the EC. Next, maybe two, three months, we'll be getting the EC. Already we have started the production and 4.8 million ton, we are sure. We are going at the rate of 4.8 million ton, our monthly breakup, whatever we have done. Next two, three months, we'll be getting EC from MoEFCC. There are no major issues in that.

Speaker #4: Next, maybe in two to three months, we'll be getting the EC. So, already we have started the production, and 4.8 million tons—we are sure we are going at the rate of 4.8 million tons, or whatever monthly breakup we have done.

Speaker #4: So, in the next two to three months, we'll be getting EC from MOEFCC, so there are no major issues in that.

Speaker #5: Oh, okay. That's good to hear. And could you just tell me what our total coal production was in Q1 from captive mines?

Manav Gogia: Oh, okay. That's good to hear. Could you just give me what was our total coal production in Q1 from our captive mines?

Speaker #4: Q1 was 11.04 million.

Brijendra Pratap Singh: Q1 was

Pankaj Kumar Sharma: INR 11.04 lakh.

Speaker #5: 11.

Manav Gogia: 11 point?

Speaker #4: Because initially, what happened was that in the beginning of Q1, for four or five days, the production from the mines was not there. There were some technical issues.

Brijendra Pratap Singh: Initially what happened, initially four, five days in the beginning of Q1, five days, the production from the mines were not there. There were some technical issues. Now we have ramped up the production and the subsequent quarters will be managing those, whatever shortfalls were there.

Speaker #4: Now we have ramped up the production, and in the subsequent quarters, we'll be managing whatever shortfalls were there.

Speaker #5: Oh, okay, okay. Can you just repeat the number once more, sir?

Manav Gogia: Oh, okay. Can you just repeat the number once more, sir?

Speaker #4: 11.04 lakh ton.

Brijendra Pratap Singh: 11.04 lakh ton.

Speaker #5: Okay, sure. And sir, my second question is, you know, now the Potangi mines—we have already appointed an MDO. When do we see the production taking place, or has it already started?

Manav Gogia: 11 point. Okay. Sure. Sir, my second question is, now with the Pottangi mines, we have already appointed an MDO. When do we see the production to take place? Or has it already started?

Speaker #4: Potangi mines, actually, we have already ordered the MDO. For going to the mines and starting the production, one road has to be made—an eight-kilometer road.

Brijendra Pratap Singh: Pottangi mines, actually, one, we have already ordered the MDO. For going to the mines and starting the production, one road is to be made, 8km road. For making the road, tree cutting is to be done. We have, along with district authorities, some resistance is coming there. Some activists and some residents are coming there. District authorities, 2, 3 times we have tried along with the state government, police force and all that. We are trying to mobilize the locals there along with the MDO. I think in this month itself, that is in the month of August, along with the authorities, we will be again going there for making the road. Once the road making will take around maybe 15, 20 days, that may. We are targeting maybe September, October onwards. October onwards, we'll start the production.

Speaker #4: For making the road, tree cutting is to be done. We have, along with district authorities, some resistance coming there—some activists and some resistance are coming there.

Speaker #4: District authorities, two or three times we have tried, along with the state government, police force, and all that. We are trying to mobilize the locals there along with the MDO.

Speaker #4: And I think in this month, this month itself—that is, in the month of August—along with the authorities, we will be again going there for making the road.

Speaker #4: Once the road making is done, it will take around maybe 15-20 days. That may be—we are targeting maybe September-October onwards. October onwards, we'll start the production.

Speaker #5: Oh, okay. Sure, sure. That is quite helpful, sir. So, one last question I had: as of, you know, March 2026, our total employee count was roughly 4,880.

Manav Gogia: Okay. Sure. That is quite helpful, sir. One last question I had. As of March 2026, our total employee count was roughly 4,880. What would the employee count be as of right now or as of Q1 end?

Speaker #5: What would the employee count be as of right now, or, you know, as of Q1 end?

Speaker #4: 480. 480. Almost.

Brijendra Pratap Singh: 484.

Manav Gogia: 484.

Speaker #5: As of now, it is 4,848. Okay. So there could be another 150 to 170 employee reduction more by the year-end, right?

Brijendra Pratap Singh: As of now it is 4,848.

Manav Gogia: Okay. There could be another 150 to 170 employee reduction more by the year-end, right?

Speaker #4: Oh yes, sir. Every year we'll be reducing around 170 to 200. A reduction will be there every year for the next three to four years.

Brijendra Pratap Singh: Yes. Every year we'll be cutting around 200.

Manav Gogia: Okay.

Brijendra Pratap Singh: 170 to 200 every year reduction will be there in coming three, four years.

Speaker #5: Sure, sure, sir. That is quite helpful. All the very best.

Manav Gogia: Sure, sir. That is quite helpful. All the very best.

Speaker #4: Thank you.

Brijendra Pratap Singh: Thank you.

Speaker #1: Thank you, sir. The next question is from the line of Amit Murarka from Axis Capital. Please go ahead.

Operator: Thank you, sir. The next question is from the line of Amit Murarka from Axis Capital. Please go ahead.

Speaker #5: Oh, yeah, hi. Thanks for the opportunity. So, you mentioned the mechanical completion of the alumina plant in September and roughly an additional 200,000 tonnes production, right?

Amit Murarka: Hi, thanks for the opportunity. You mentioned the mechanical completion of the alumina plant in September and roughly additional 200,000 production. Next year then, can we assume the full run rate of this capacity?

Speaker #5: So, but next year, then, can we assume the full run rate of this capacity?

Speaker #4: Oh yes, sir. From next year onwards, we have to do it. We will be going to 1 million ton production from there, and already we are doing 2.2 or 2.3 million tons from the existing.

Brijendra Pratap Singh: Yes. Next year onwards, we have to do. We will be going to 1 million tons production from there and 2.2.3 we are doing from the existing. Maybe we will be going to 3.1, 3.2 next year onwards.

Speaker #4: Maybe we'll be going to 3.1 or 3.2 from next year onwards.

Speaker #5: Sure. Also, on this local market premium for aluminium, how does it really work? Do you enter into some contracts once the premium is fixed, or does it go with the spot market itself?

Amit Murarka: Sure. Also on this local market premium for aluminium, how does it really work? You enter into some contracts once the premium is fixed, or is it like goes with the spot market itself?

Speaker #4: Actually, we do export tender from Export Tender Premium. That is loaded on the domestic pricing, whatever we do. That is loaded on the domestic pricing.

Brijendra Pratap Singh: Actually, we do export tender. From export tender premium, that is loaded on the domestic pricing whatever we do. That is loaded on the domestic pricing, LME. Domestic pricing is based on the LME.

Speaker #4: LME. Domestic pricing is based on the LME.

Speaker #5: No, no, I know. I'm talking about the premium. So, when you sell in the local market, the premium that you book or charge customers in the local market is also based on some benchmark—let's say, MJP benchmark, something like that—or do you fix it?

Amit Murarka: No, I know. I am talking about the premium. When you sell in the local market, the premium that you book or charge customers in the local market is also based on some benchmark, let's say MJP benchmark, something like that, or you fix it-

Speaker #4: It's not on the MJP. The process we follow is: we do one export tender. In the export tender, whatever premium we get, that premium is fixed for the next three to four months, unless and until we do the next export tender.

Brijendra Pratap Singh: It is not on the MJP. The process we follow is we do one export tender. In export tender, whatever premium we do get, that premium is fixed for next three to four months, unless and until we do the next export tender. Suppose we did an export tender last month, we got a premium of $110. That premium will be loaded on the domestic pricing for next three to four months until we do the next export tender and we discover the premium.

Speaker #4: So, suppose we did an export tender last month and we got a premium of $110. That premium will be loaded onto the domestic pricing for the next three to four months, until we do the next export tender and discover the next premium.

Speaker #5: Okay, okay. You were talking about the metal price, or alumina—aluminium, alumina. The sales that you make locally.

Amit Murarka: Okay.

Abhay Kumar Behuria: You are talking about the metal price or alumina?

Amit Murarka: Aluminium.

Abhay Kumar Behuria: Aluminium.

Amit Murarka: The sales that you make locally.

Speaker #4: That is the our policy what CMD sir has explained that is our we have a structured policy for fixing the aluminium price and there are other factor are also there.

Abhay Kumar Behuria: That is our policy, what CM Diwakar has explained. We have a structured policy for fixing the aluminium price, and there are other factors are also there. One factor is premium. Whatever premium is discovered for tendering, export tendering, that is added to our aluminium price, domestic supply. Okay?

Speaker #4: One factor is premium—whatever premium is discovered for tendering, export tendering—that is added to our aluminium price for domestic supply. Okay.

Speaker #5: Sure, sure. Got it. So, and revised based on every tender that you do.

Amit Murarka: Sure. Got it. Revised based on every tender that you do.

Speaker #4: Every tender, yes. The frequency of tender depends—every three or four months—so we do it normally.

Abhay Kumar Behuria: Every tender, yes. The frequency of tender depends three, four months, we do normally.

Speaker #5: Right. Also, what is the capex outlook now for FY27–28, if you could provide the numbers?

Amit Murarka: Right. Also, what is the CapEx outlook now for FY27, 28, if you could provide the numbers?

Speaker #4: Our target is ₹1,500 crore; maybe we'll be crossing that. We'll be somewhere ending up with around ₹2,600 or ₹2,700. You are talking, no?

Brijendra Pratap Singh: Our target is INR 1,500 crore. Maybe we will be crossing that. We will be somewhere ending up with around 2026, 2027, you are talking, no?

Speaker #5: Yeah, this year as well as next year.

Amit Murarka: Yeah, this year as well as next year.

Speaker #4: This year, our target is around 1,500 because most of the payments for STREAM are done. So, major capital expenditure is not there, but still, we'll be doing somewhere around 1,500 to 1,700 or 1,800 crores.

Brijendra Pratap Singh: This year our target is around INR 1,500 because most of the payments for fifth stream is done. Major capital expenditure is not there, but still we will be doing somewhere around INR 1,500 to INR 1,700 or INR 1,800 crore. Next year onwards it will increase because our expansion of the smelter will be there. Next year, how much we have planned?

Speaker #4: Next year onwards, it will increase because our expansion of the smelter will be there. So, next year, how much have we planned?

Speaker #5: Next year, we have planned around 500.

Pankaj Kumar Sharma: Next year we have planned around INR 2,500.

Speaker #4: 2500.

Speaker #5: 2500.

Speaker #4: 2,500 maybe in '27-'28; after that, it will go to maybe 4,000-5,000 crore. After next, maybe 6,000-7,000 crore. We have done the phasing, and the major expenditure will come from this smelter expansion and power plant expansion.

Brijendra Pratap Singh: 2,500 maybe in 2027/2028. After that it will go to maybe 4,000, 5,000 crore. After next maybe 6,000, 7,000 crore. We have done the phasing. The major expenditure will come from this smelter expansion and power plant expansion.

Speaker #5: Sure. Got it. And also captive coal I think earlier you had mentioned about 4.6 odd million tons production this year. So you are on you seem to be on track on that.

Amit Murarka: Sure. Got it. Also captive coal, I think earlier you had mentioned about 4.6 odd million tons production this year. You seem to be on track on that?

Speaker #4: Oh yes, sir. Captive coal—last year we did 4 million tonnes. This year, we are targeting 4.8 million tonnes, because a 20% increase is allowed for that. All permissions and all that are under process, and on a monthly basis we are producing at the rate of 4.8 million tonnes. We'll be achieving that at the end of the year.

Brijendra Pratap Singh: Yes. Captive coal, last year we did 4 million ton. This year we are targeting 4.8 million ton, because 20% increase is allowed. For that, all permissions and all that under process, on a monthly basis we are producing at the rate of 4.8 million ton and we'll be achieving that at the end of the year.

Speaker #5: Sure, sure. That's it for me. Thank you.

Amit Murarka: Sure. That's it from me. Thank you.

Speaker #1: Thank you. The next question is from Sumangal Nematia from Kotak Securities. Please go ahead.

Operator: Thank you. The next question is from Sumangal Nevatia from Kotak Securities. Please go ahead.

Speaker #5: Yeah, good morning. Thanks. So just continuing on the previous question—on the capex, can you share how much we spent in Q1? And then, for the expansion, I just want to know, the power capex will happen in the JV, so will we be contributing only to the amount of equity, which could be maybe around 20–30%?

Sumangal Nevatia: Yeah, good morning. Thanks. Just continuing on the previous question. One on the CapEx, can you share Q1, how much we spent? For the expansion, I just want to know, the power CapEx will happen in the JV. Will we be contributing only to the amount of equity which could be maybe around 20%, 30%? Just if you can explain how the power expansion CapEx will happen.

Speaker #5: So, if you can just explain how the power expansion capex will happen.

Speaker #4: Yes. Our capex plan what CMD sir has only explained smelter we are going to do EPC more and for power plant we have JV with NLC and we'll be doing both.

Abhay Kumar Behuria: Yes. Our CapEx plan, what CM Diwakar has already explained. Smelter we are going to do EPC mode, and for power plant, we have JV with NLC, and we will be doing both. Okay. Contribution to our total expenditure towards our CapEx for up to 2030, 2031 will be around INR 24,000 crore. INR 17,000, INR 18,000 crore on smelter and INR 6,000 crore towards contribution for this power plant. 80 MW power plant through JV mode. The total cost will be around INR 12,000 crore and INR 6,000 crore from our side, and INR 6,000 crore from NLC, because 50/50 JV is there. In power plant, we have a debt equity ratio of 30/70. If you follow that, our equity contribution will be lower. It is around INR 3,500. Our share will be INR 1,766. Balance will be financed through bank, through our NALCO, and NLC will be the guarantor, because this is a new JV.

Speaker #4: Okay. So, contribution to the total expenditure towards our capex up to 2030-31 will be around ₹24,000 crore—₹17,000-18,000 crore on the smelter and ₹6,000 crore towards the contribution for this power plant.

Speaker #4: A 1080 megawatt power plant through JP More. The total cost will be around ₹12,000 crore: ₹6,000 crore from our side and ₹6,000 crore from NLC, because it is a 50:50 JV.

Speaker #4: In the power plant, we have a debt-equity ratio of 30:70. So, if you follow that, our equity contribution will be lower; it is around 3,500. Our share will be 1,760, and the balance will be financed through the bank. Our NALCO and NLC will be the guarantors, because this is a new JV. They will be the guarantors, and money will be taken from the bank.

Abhay Kumar Behuria: We will be the guarantor and the money will be taken from the bank. If you see otherwise, if you see our firm base, if you see our balance sheet as on date, we have a firm base of around INR 10,500 crore cash. Every year we are adding INR 3,500 after paying our dividend and all our CapEx, which is regular. If you see that area, we need not to take any money from the outside because we have sufficient balance. Since we have entered into an agreement of JV agreement for power plant, so the power plant will be financed by that company, with JV company. Equity participation will be 30%, 70% will be taken from the bank. Balance money, which we have, we will be utilizing for our expansion project of smelter.

Speaker #4: So, if you see—otherwise, if you see our firm base, if you see our balance sheet—as on date, we have a firm base of around 10,500 crore shares.

Speaker #4: So every year we are adding 3,500 after paying our dividend and all our regular capex expenditure. So if you see that area, we need not take any money from the outside because we have sufficient balance.

Speaker #4: Since we have entered into a JV agreement for the power plant, the power plant will be financed by that company. The JV company's equity participation will be 30%; 70% will be taken from the bank.

Speaker #4: So, the balance money which we have will be utilized for our expansion project of smelter and other projects. We are also considering that this will be entirely through equity because we have sufficient balance.

Abhay Kumar Behuria: Other project we are also considering, that will be entirely through equity, because we have sufficient balance. The power plant will be 70/30. 30 equity base, debt equity is 30/70. That is the present proportion, and we are going to go by this philosophy only.

Speaker #4: So, the power plant will be 70:30 debt-equity based. Debt-equity is 30:70. So, that is the present proposition, and we are going to go by this philosophy only.

Speaker #5: Understood. So for the power plant, ₹12,000 crore for 1,000 megawatt—I mean generally the thumb rule is ₹7–8 crore per megawatt. So why is the cost so much higher?

Sumangal Nevatia: Understood. Sir, for the power plant, INR 12,000 crore for 1,000 MW. Generally, the thumb rule is INR 78 crore per MW. Why is the cost so higher?

Abhay Kumar Behuria: Sorry. One MW, I think INR 10 crore one MW. It will be INR 10,000 to INR 11,000 crore. It is not higher. We are going to set up a 1,080 MW power plant.

Speaker #4: Hey, it is not—sorry—1 megawatt. I think it's 10 crore per 1 megawatt. So it will be 10,000 to 11,000 crore. It is not higher.

Speaker #4: Because you are going to set up a 1,000 to 80 megawatt power plant.

Speaker #5: Okay. Understood. And sir, what you said is the cash balance as on Q1. Cash is 10,500.

Sumangal Nevatia: Okay. Understood. Sir, what you said was the cash balance as on 1Q, net cash is INR 10,500?

Speaker #4: Yes. As on 30th June 2026, as on date, it is 10,500 plus.

Abhay Kumar Behuria: Yes. As on 30 June 2026. As on date, it is INR 10,500 plus.

Speaker #5: Understood. And in Q1, how much did we spend for capex?

Sumangal Nevatia: Understood. In Q1, how much did you spend for CapEx?

Speaker #4: Is this for this year, or are you talking about the subsequent capex?

Abhay Kumar Behuria: This year or you're talking about the subsequent Q1 CapEx?

Speaker #5: Only in the first quarter.

Sumangal Nevatia: Only in Q1.

Abhay Kumar Behuria: Q1 CapEx we have spent, I think INR 350.

Speaker #4: I think 350.

Speaker #5: 1 capex. Understood. Understood. Sir I wanted to understand that on the previous question on sales of metal you shared it is I mean the premium is decided as per the export tender.

Sumangal Nevatia: Understood. Sir, I wanted to understand that on the previous question, on sales of metal, you shared the premium is decided as per the export tender. The domestic price, just to clarify, it is the LME plus the custom duty, plus whatever we get as a premium in the export. Are these three components there?

Speaker #5: So, the domestic price—just to clarify—it is the LME plus the customs duty, plus whatever we get as a premium in the export.

Speaker #5: Are these three components there?

Speaker #4: There are some handling charges and some stock yard charges, something is also added on that. Yes, on that, this is, and the transportation charges.

Brijendra Pratap Singh: There are some handling charges and some stockyard charges, something are also added on that.

Abhay Kumar Behuria: Yes.

Brijendra Pratap Singh: On that basis.

Abhay Kumar Behuria: The transportation charges

Speaker #5: Transportation charges.

Brijendra Pratap Singh: transportation charges.

Speaker #4: From port to our point and from the port to the customer point—because you have a calculation module, the three factors are there, you have rightly mentioned: that is, the export/import duty plus premium, plus handling charges, and plus freight equalization—what freight the customer will have paid to their location, how, what they will be paying from our location to their stockyard.

Abhay Kumar Behuria: From port to our ear point and the port to the customer point. You have a calculation module. The three factor is there. You have rightly mentioned that is the export, import duty, plus premium, plus handling charges, and plus freight equalization. What freight customer got paid to their location, how, what they will be paying from our location to their stockyard.

Speaker #5: Understood. So can you share what were these three components for Q1? LME we know, but the breakup of the realization—do we have that in our...

Sumangal Nevatia: Understood. Sir, can you share what were these three components for Q1? LME we know, but the breakup of the realization.

Abhay Kumar Behuria: That's available in our domain. You can get it from our website. I think pricing policy is there. That policy we need to see whether it is a classified one or not, we can share or not.

Speaker #4: Our domain—you can get it from our website. I think the pricing policy is there, so that policy we need to see whether it is a classified one or not, whether we can share it or not.

Speaker #5: Okay, okay, that's fine. And sir, just one last thing on aluminium metal — you said ₹15,000 to ₹16,000 increase in cost. So this is not ₹50,000 to ₹60,000, right?

Sumangal Nevatia: Okay. That's fine. Sir, just one last thing. On the aluminium metal, you said INR 15,000 to 16,000 increase in cost.

Abhay Kumar Behuria: Not INR 50 to 60. INR 15,000.

Speaker #4: 15000.

Speaker #5: Yeah, 15. Yeah, 15 to 16. So, this is with respect to the fourth quarter or with respect to last year as an average?

Sumangal Nevatia: Yeah. INR 15 to 16. This is with respect to Q4 or with respect to last year as an average?

Speaker #4: Last year average. Last year average was 156, 16, 157, around 157,000. This year average, first Q1, is around 170,000.

Brijendra Pratap Singh: Last year average. Last year average was 157 around. 157,000. This year average for Q1 is around 170,000.

Speaker #5: And so, as per today's trend, Q2 should be what, sir?

Sumangal Nevatia: As per the today's trend, Q2 should be what, sir?

Speaker #4: Q2 will slightly, slightly increase because CP coke prices and caustic soda in Q2 will be slightly higher—not much higher, maybe it will go to 170 or 172.

Brijendra Pratap Singh: Q2 will slightly increase because CP coke prices and caustic soda in Q2 will be slightly higher. Not much higher. Maybe it will go to 172 or 171. It depends on how much efficiency we are achieving.

Speaker #4: It depends on how much efficiency we are achieving.

Speaker #5: Understood. And just one last question, sir. When we are adding around less than a million tons of captive coal this year, what is the cost saving? What is the difference between the cost of captive coal versus what we are replacing?

Sumangal Nevatia: Understood. Just one last question, sir. When we are adding around less than a million tons of captive coal this year, what is the cost saving? What is the difference between the cost of captive coal versus what we are replacing, linkage or e-auction coal?

Speaker #5: Linkage or euction coal.

Speaker #4: Our cost of captive coal, which we are sourcing from our own mines, is around—landed cost, it is ₹1,600 per ton. If you compare this cost with our coal from—there are two types of coal we are taking from Coal India.

Abhay Kumar Behuria: Our cost of captive coal, which we are sourcing from our own mines, it is around landed cost is INR 1,600 per ton. If we compare this cost with our coal, there are two type of coal we are taking from the Coal India. One is agreement, FSA linkage, Fuel Supply Agreement. Another is through auction. FSA coal is around almost same, ranging INR 1,700. If you see that auction coal, it is varying from INR 3,500 to INR 3,600. There is a difference in auction coal. If you see the FSA coal, FSA coal we are not regularly getting because of the rack supply. The auction coal is too higher than our captive coal. There is a great advantage between auction coal and our captive coal. Okay? There is a INR 1,500 almost.

Speaker #4: One is agreement FSA—linkage fuel supply agreement. Another is through auction. The FSA coal is around, almost same, phase is Rs 1,700, Rs 1,600, Rs 1,700. And if you see the auction coal, it is varying from Rs 3,500 to Rs 3,600.

Speaker #4: So, there is a difference in auction coal, and if you see the FSA coal, we are not regularly getting it because of the rack supply.

Speaker #4: So, the auction coal is much higher than our captive coal. So there is a great advantage between auction coal and our captive coal. Okay.

Speaker #4: That is a 1500 almost.

Speaker #5: Okay. And sir, last year what is the breakup of coal? How much was linkage and how much was auction?

Sumangal Nevatia: Okay. Sir, last year, what is the breakup of our coal? How much was linkage and how much was e-auction?

Speaker #4: Last year, if you see linkage—okay, linkage and auction were around 55:45. Yeah. And linkage and auction.

Brijendra Pratap Singh: Last year, if you see.

Pankaj Kumar Sharma: Linkage and e-auction.

Brijendra Pratap Singh: Linkage and auction.

Pankaj Kumar Sharma: Around 55/45.

Brijendra Pratap Singh: Linkage and e-auction.

Pankaj Kumar Sharma: Yeah. Linkage and e-auction.

Speaker #5: And we are talking about because of total 7.2 million 4 million is our own. We are taking 3.2 from coal India. Out of 3.2 linkage and coal euction kidna hoga linkage?

Brijendra Pratap Singh: Out of total 7.2 million, 4 million is our own. We are taking 3.2 from Coal India. Out of 3.2, linkage and coal, e-auction, linkage. Linkage was around 34 million, INR 30 lakh from our CPP and INR 10 lakh from recycled linkage. Auction coal, it was around 1 million, INR 1 lakh. INR 10 lakh. Just we will check up the data and let you know.

Speaker #4: Linkage was around 3.4 million—30 lakh from our CPP and 10 lakh from the refinery. Linkage and auction coal was around 1 million—1 lakh.

Speaker #4: 10 lakhs.

Speaker #5: We will just check the data and let you know. Sure, sir. That was my last question. I'll wait for the answer and I'll join back the queue.

Sumangal Nevatia: Sure sir. That was my last question. I will wait for the answer, and I will join back the queue. Thank you. Thank you, sir.

Speaker #5: Thank you. Thank you, sir. Thank you. The next question is from Mr. Diganth Arya for Brijendra Singh. Please go ahead.

Operator: Thank you. The next question is from Mr. Digant Arya from Greenidge Wealth. Please go ahead.

Speaker #4: Hi. Thank you for the opportunity. Sir just want two questions I had. You know one was on the aluminium metal price outlook like you know and because you know the Middle East war destroyed one or two big production factories.

Digant Arya: Yeah. Thank you for the opportunity. Sir, just two questions I had. One was on the aluminium metal price outlook, because the Middle East war destroyed one or two big production factories. When they come back on stream, what happens? What is your expectation of aluminium metal prices? That is number one. Number two is that, in recycled aluminium also, India is seeing a lot of investments. Does NALCO have any plans, and can that impact our sales going forward two, three years later? Yeah, these are the two questions.

Speaker #4: You know, when they come back on stream, you know what happens? What is your expectation of aluminium metal prices? That's number one. And number two is that, you know, in recycled aluminium also, India is seeing a lot of investments.

Speaker #4: You know, like, does NALCO have any plans, and, you know, can that impact our sales going forward, two or three years later? These are the two questions.

Speaker #5: Metal prices as of now it is 3200 dollar LME is 32. So what forecasts are telling CRU and plats and all that that remaining part of the year that that will remain somewhere around 31 32.

Brijendra Pratap Singh: Metal prices, as of now it is $3,200. LME is $32. What forecasts are telling CRU and Platts and all that remaining part of the year, that will remain somewhere around $31, $32. We are also expecting somewhere in between $3,000 to $3,200 will be the LME in the remaining part of the year. Whatever smelters are supposed to come in the Middle East, that will be coming maybe by end at the Q4 of this financial year. These smelters will take some time more, six, seven months, eight months more. Supply restrictions, the projections are there. There will be a deficit of around 0.88 million tons of metal in the international market. If you see the production and consumption pattern, there is a deficit of around 0.88 million tons. LME will be there somewhere around $3,200.

Speaker #5: We are also expecting somewhere between 3,000 to 3,200 will be the LME in the remaining part of the year. Because whatever smelters are supposed to come in the Middle East, that will be coming maybe by the end of Q4 of this financial year.

Speaker #5: Because these smelters will take some more time—six, seven months, eight months more. So supply restrictions are there. The projections are there will be a deficit of around 0.88 million tons of metal in the international market.

Speaker #5: If you see the production and consumption pattern, there is a deficit of around 0.88 million tons. So, LME will be there somewhere around $3,200.

Speaker #5: Got it sir. Got it. And sir just on the recycling is concerned we are talking about recycling in our in as far as NALCO is concerned recycling basically is done for the secondary producers who are making small small quantity and since we are a major producer so we don't we don't go into a recycling because that also disturb the quality of the metal we produce in aluminium sector the quality of the metal is very important the purity of the aluminium whenever the recycling is done the quality assurance is not there.

Digant Arya: Got it, sir. Got it.

Brijendra Pratap Singh: As far as recycling is concerned, we are talking about recycling. As far as NALCO is concerned, recycling basically is done for the secondary producers who are making small quantity. Since we are a major producer, we don't go into a recycling because that also disturbs the quality of the metal we produce. In aluminium sector, the quality of the metal is very important, the purity of the aluminium. Whenever the recycling is done, the quality assurance is not there. Our plans for recycling is not there.

Speaker #5: So our plans for recycling are not there. Okay. Okay, sir. Okay. Thank you so much.

Digant Arya: Okay. Okay, sir. Okay. Thank you so much.

Speaker #4: Thank you.

Brijendra Pratap Singh: Thank you.

Speaker #5: Thank you. The next question is from Mr. Akhilesh Kumar from MK. Please go ahead.

Operator: Thank you. The next question is from Mr. Akhilesh Kumar from MK. Please go ahead.

Speaker #4: Hi. Hi sir, thanks for taking my question. So my first question is: For this quarter, did we have any LME-linked contracts for alumina, and if yes, then how do we stand for the quarters ahead of us?

Akhilesh Kumar: Hi there. Thanks for taking my question.

Brijendra Pratap Singh: Thanks.

Akhilesh Kumar: My first question is that, for this quarter, did we have any LME-linked contracts for alumina? If yes, how do we stand for the quarters ahead of us?

Brijendra Pratap Singh: Please speak. Yes, we could not get you. If you can repeat your question.

Speaker #5: Yes, we could not get you. If you can, please repeat your question.

Speaker #4: Yes, sir. So my question is, did we have any LME-linked contracts for alumina for Q1 FY27, and if yes, then how do we stand for the quarters ahead of us?

Akhilesh Kumar: Yes, sir. My question is on. Did we have any LME linked contracts for alumina for Q1 of FY27? If yes, how do we stand for the quarters ahead of us?

Pankaj Kumar Sharma: Term contract.

Speaker #5: Regarding term contracts in Q1, I think in the beginning we had one or two shipments—we have to see about that. But as of now, for the last two or three months, or last two months, we are not having any term contracts. What we call a term contract is one linked to the LME, and that is not there. We had a few tenders, but the percentage was very low; it was coming around 10% of the LME, and that's why we canceled that tender.

Brijendra Pratap Singh: Term contract in Q1, I think in the beginning, one or two shipments happened. Obviously, we have to see it. As of now, last two, three months, we are two months, we are not having any. That we call as a term contract, which is linked to the LME. That is not there because we had a few tenders in which the percentage was very low. It was coming around 10% of the LME. That is why we canceled that tender because spot prices we are getting better.

Speaker #5: Because spot prices, we are getting better.

Speaker #4: So, is it fair to say that for FY27, also for the remainder of the year, we won't be having any term contracts?

Akhilesh Kumar: Is it fair to say that for FY27 also, for the remaining of the year, we won't be having any term contracts?

Speaker #5: Actually, we go for the tender. We will be doing some tenders. If we get better prices, then only we'll go, because as of now, if we are getting $370, and percentage-wise, if we get only 10% or 11%, so around $3,200 LME, that will come to maybe around $320, so we don't order that.

Brijendra Pratap Singh: Actually, we go for the tender. We will be doing some tender. If we get the better prices, only we'll go. As of now if we are getting $370 and the percentage wise, if we get, only 10%, 11%, around 3,200 LME, that will come to maybe around $320. We don't order that. It totally depends on, we'll be doing tender. If we get the better prices around 12%, 13%, 14%, only we'll book the order.

Speaker #5: So it totally depends on—we'll be doing the tender if we get better prices around 12%, 13%, 14%. Then only we'll book the orders.

Speaker #4: And can you, sir, also explain how we are getting this $50 of premium versus our one-quarter average, which you said was around $320 for alumina, and now for this quarter you are expecting it to be $370?

Akhilesh Kumar: Can you, sir, also explain how we are getting this $50 of premium versus our Q1 average, which you said was around $320 for alumina, and now for this quarter, you are expecting it to be $370. Why this differentiation there?

Speaker #4: So why is this differential there?

Speaker #5: Whatever whatever premium I was talking that was for metal aluminium. Alumina may we are not alumina whatever we are selling that is a spot tender.

Brijendra Pratap Singh: Whatever premium I was talking, that was for metal, aluminum. Alumina, we are not. Alumina, whatever we are selling, that is a spot tender, fixed price. Suppose we are doing a spot tender, on that spot tender, whatever, suppose we are getting $370 per ton or $350, whatever, that is a fixed price spot tender for shipment. That premium I was talking was for the metal, for aluminum. Whatever aluminum we are selling in the domestic market, on that we load some premium. That depends on whatever export. We do some export of the aluminum also. Some metal exports also we do. We do 500,000 tons every month. In that export tender, whatever premium we are getting, that is loaded to the domestic customers.

Speaker #5: Fixed price. Suppose we are doing a spot tender and on that spot tender whatever suppose we are getting 370 dollar rupees dollar per ton or 350 dollar whatever that is a fixed price spot tender.

Speaker #5: For shipment. But that premium I was talking about was for the metal. For aluminium, whatever aluminium we are selling in the domestic market, on that we load some premium.

Speaker #5: That depends on whatever export. We do a few exports of aluminium also. We also export some metals. We do 500,000 tons every month.

Speaker #5: So, in that export tender, whatever premium we are getting, that is loaded to the domestic customers.

Speaker #4: Sure. So, is it fair to say that for the second quarter, alumina realizations could be close to $360–$370 for NALCO?

Akhilesh Kumar: Sure. Is it fair to say that for Q2, alumina realizations could be close to INR 360, INR 370 for NALCO?

Speaker #5: Yes sir. So, already this month, July, we have spot tenders. August spot tender is also somewhere around $370 we are getting. Last spot tender, we have done two, three batches—that also we got $380.

Brijendra Pratap Singh: Yes. Already this month, July, we have spot tenders. August spot tender also, somewhere around INR 370 we are getting. Last spot tender, we have done two, three bags. That also we got INR 380. Q2, average INR 370, I think we'll be getting.

Speaker #5: So, Q2 average is 370. I think we'll be getting Q2.

Speaker #4: Okay. Okay.

Akhilesh Kumar: Okay.

Speaker #5: Now, what we have mentioned—the past quarter realization was around $323, and next quarter we will be expecting $50 more, either through spot tendering or term contract, whatever it may be. We are expecting that because the price that is now prevailing will give us $50 more than our earlier realization.

Brijendra Pratap Singh: Now, what we have mentioned, Q1 was around INR 323, next Q we will be expecting INR 50 more. That is through spot tendering or term contract, whatever it be. We are expecting that. The price trend what is now being prevailed, it will give us more INR 50 more than our earlier realization. Okay? Q1.

Speaker #5: Okay fast question.

Speaker #4: Got it. Got it. And my second question is on the bauxite to alumina production also. For this quarter, we have used around 3.2 tons of bauxite for one ton of alumina, which is efficient if we compare it to the last few quarters, where it was around 3.5 tons of bauxite.

Akhilesh Kumar: Got it. My second question is on the bauxite to alumina production. For this Q, we have used kind of 3.2 tons of bauxite for 1 ton of alumina, which is efficient if we compare it to the last few Qs, which was at around 3.5 tons of bauxite. Any particular reason for this improvement, can we expect this to sustain ahead also?

Speaker #4: Is there any particular reason for this improvement, and can we expect this to be sustained going forward as well?

Speaker #5: It totally depends on the quality of offsite we are getting from the mines. And basically, we have started a few new faces in there, in our mines.

Brijendra Pratap Singh: It totally depends on the quality of bauxite we are getting from the mines. Basically, we have started a few new phases there in our mines. When the quality of bauxite is good, so per ton consumption of bauxite, it goes down. In the coming days, because we are going to start South Block 2 also, where we'll be getting better quality of bauxite. Now our North Block, which was a very old block, that is almost exhausted. We are starting some new phases where the bauxite quality will be better. Average specific consumption of bauxite will be getting better.

Speaker #5: So, when the quality of offsite is good, the per ton consumption of bauxite goes down. In the coming days, because we are going to start South Block II also, we will be getting better quality of bauxite.

Speaker #5: Now, our North Block, which was the very old block, has almost exhausted. So we are starting some new phases where the bauxite quality will be better.

Speaker #5: So average specific consumption of bauxite will be—we'll be getting better.

Speaker #4: Sure, sir. Thank you so much. That's it from me.

Akhilesh Kumar: Sure, sir. Thank you so much. That's it from my end.

Speaker #5: Thank you. The next question.

Operator: Thank you. The next question.

Speaker #4: One query.

Brijendra Pratap Singh: One query. Just one query was there on the linkage coal and all that. Our Director of Production is there. He's going to answer that question.

Speaker #5: Just one query was there on the linkage coal and all that. Our Director (Production) is there. He is going to answer that question.

Speaker #4: Basically, for our CPP, we are utilizing linkage coal and D & E coal. Last year, we utilized 47.16 lakh tonnes of coal from linkage through MCL, and 40 lakh tonnes of D & E coal.

Pankaj Kumar Sharma: Basically, for our CPP, we are utilizing linkage coal and Utkal D and E coal. Last year, we have utilized 47.16 lakh coal from linkage through MCL, and Utkal D and E, 40 lakh tons. We are taking coal through e-auction for our alumina refinery. Through linkage, last year we purchased 11.24 lakh tons through linkage, and e-auction coal around 7 lakh. Approximately 40% coal of total coal used in refinery is purchased through e-auction, and balance is through linkage. Thank you.

Speaker #4: We are taking coal from E through e-auction for our alumina refinery. Last year, through linkage, we purchased 11.24 lakh tonnes, and via e-auction, around 7 lakh tonnes of coal.

Speaker #4: So, approximately 40% of the total coal used in the refinery is purchased through e-auction and the balance is through linkage. Thank you.

Speaker #5: Thank you, sir. Thank you. We have the next question from Patanjali Srinivasan from Sundaram Mutual. Please go ahead.

Operator: Thank you, sir. Thank you. We have next question from Pathanjali Srinivasan from Sundaram Mutual. Please go ahead.

Speaker #4: Hi sir. Thank you for the opportunity. I just wanted clarity on one of the questions.

Pathanjali Srinivasan: Hi. Thank you for the opportunity. I just wanted clarity on one of the

Operator: Excuse me, sir. Please be a little bit louder, sir. Please.

Speaker #5: Excuse me, sir. Please be a little bit louder, sir, please.

Speaker #4: Yeah, am I audible now? Is it better?

Pathanjali Srinivasan: Am I audible now? Is it better?

Speaker #5: It is better, sir. Yeah. Yeah, good morning, sir.

Operator: It is better, sir.

Brijendra Pratap Singh: Yes. Good morning.

Pathanjali Srinivasan: Yeah. Good morning, sir. You had mentioned about this premiums for metal at around $110 currently. Can you tell us what was it in the last time when you had done the revision, and what is the impact between then and now?

Speaker #4: So you had mentioned about this premiums at for metal at around 110 dollars currently. Can you tell us what was it in the last time when you had done the revision and what is the impact between then and now?

Speaker #5: That was last time. We did that around five or six months back. At that time, we got the premium, it was around $60, somewhere around $60.

Brijendra Pratap Singh: That was last time we have done around five, six months back. At that time, we got the premium was around INR 60. Somewhere around INR 60.

Speaker #4: Okay. But based on what you're saying, your premium has only increased. But I think in your presentation you had mentioned something like premiums are declining, or premiums are likely to reduce, or war risk premium.

Pathanjali Srinivasan: Okay. Based on what you're saying, your premium has only increased. I think in your presentation, you had mentioned something like premiums are declining or premiums are likely to reduce war risk premium. Can you tell me the difference between the two?

Speaker #4: Can you tell me the difference between the two?

Speaker #5: You see, the premium totally depends on demand and supply. If the demand is more and the supply is lesser, the premium we get is better. Now, last time when we did the tender, at that time there were supply restrictions due to this war situation.

Brijendra Pratap Singh: You see, the premium totally depends on the demand supply. If the demand is more, the supply is lesser, the premium we get better. Last time when the tender we did, at that time, the supply restrictions were there due to this war situation. Since the war situations are easing out, even the smelters in the Middle East, they're trying to increase the production. In the subsequent months when this eases out, the premium will go down.

Speaker #5: Since the war situations are easing out, even the cementers in the Middle East are trying to increase their production, and in the subsequent months, when this eases out, the premium will go down.

Pathanjali Srinivasan: Okay. Got it, sir. Just one question. Your new alumina refinery that you are starting, what will be the difference in terms of cost of production versus your current plants? The current plants are much older, right?

Speaker #4: Got it, sir. I missed one question. For your new alumina refinery that you are starting, what will be the difference in terms of cost of production versus your current plants, because the current plants are much older, right?

Speaker #5: What is the cost of production in the expansion unit you are talking about?

Brijendra Pratap Singh: Cost of production in the expansion unit you are talking?

Speaker #4: Correct.

Pathanjali Srinivasan: Correct.

Speaker #5: Aha. We have calculated for our expansion unit stream that the cost of production will not be much higher, because if you see our current cost of production of alumina, last year it was around 20,000, but this year, in the first quarter, we have got around 22,700.66 because of the increase in caustic soda and fuel oil, that is, HFO.

Brijendra Pratap Singh: We have calculated for our expansion unit fifth stream, the cost of production will not be much high, because our average, if you see our current cost of production of alumina, last year it was around INR 20,000, this year, first quarter, we have got around INR 22,766. This is because of the increase in caustic soda and fuel oil, that is HFO. These are the two major contributors that has increased. In our new refineries, that is the fifth stream refinery, the advantage which we will be getting is that is a pressure digestion, where the caustic soda consumption will be on the lower side. The caustic soda consumption in our existing refinery, which is around 103 kg to 105 kg per ton of alumina production. That should go down to around maybe 85 to 90 kg per ton of alumina consumption.

Speaker #5: These were the two major contributors that have increased. In our new refineries, that is, the fifth time refinery, the advantage which we will be getting is that it is a pressure digestion, where the caustic soda consumption will be on the lower side.

Speaker #5: The caustic soda consumption in our existing refinery which is around 103 kg to 105 kg per ton of alumina production that should go up to go down to around maybe 85 to 90 kg per ton of alumina consumption and that will reduce our cost by maybe I think by 1000 or 1500 rupees per ton as far as alumina cost is concerned and other areas like manpower cost and all that because that is a big unit one line producing around 1 million ton.

Brijendra Pratap Singh: That will reduce our cost by maybe I think by INR 1,000 or INR 1,500 per ton, as far as alumina cost is concerned. Other areas like manpower cost and all that, because that is a big unit. One line producing around 1 million ton. Now, from four lines in the existing refinery, from four lines we are producing 2.1 million ton. The fixed cost, that is the manpower cost, will also be on the lower side. Of course, the interest is not there. The depreciation will be loaded. Some depreciation will be loaded on the cost. What we have calculated, the overall cost of the existing refinery and the new refinery will be almost same. New refinery also, somewhere around INR 20,000 to INR 23,000 will be the cost coming.

Speaker #5: Now from four lines in the existing refinery, from four lines we are producing 2.1 million tons. So the fixed cost, that is the manpower cost, will also be on the lower side.

Speaker #5: Of course, the interest is not there. The depreciation will be loaded—some depreciation will be loaded on the cost. But what we have calculated is that the overall cost of the existing refinery and the new refinery will be almost the same.

Speaker #5: The new refinery also, somewhere around 22,000 to 23,000, will be the cost coming.

Speaker #4: Got it, sir. Thank you, sir.

Pathanjali Srinivasan: Got it, sir. Thank you, sir.

Speaker #5: Thank you. Thank you. The next question is from Parvani Datta. Please go ahead.

Bharat Kumar Sahu: Thank you. Thank you. The next question is from Palguni Dutta. Please go ahead.

Speaker #4: Sir, I just have one question—just a clarification. Our current alumina capacity is 2.1 million tons, right?

Palguni Dutta: Sir, I just have one question, just a clarification. Our current alumina capacity is 2.1 million ton, right?

Speaker #5: Yes sir.

Brijendra Pratap Singh: Yes.

Speaker #4: And sir, after expansion, how much is this going to become?

Palguni Dutta: Sir, after expansion, how much is this going to become?

Speaker #5: You see, our current capacity is 2.1, but last year we produced around 2.3. So we have done 0.2 excess of our capacity. With the expansion, one more 1 million ton will be added.

Brijendra Pratap Singh: You see, our current capacity is 2.1, last year we produced around 2.3.

Palguni Dutta: Okay.

Brijendra Pratap Singh: We have done 0.2 excess of our capacity.

Brijendra Pratap Singh: With expansion, 1 million ton will be added. After expansion, we are targeting the rated capacity will be 3.1 million ton, but we'll be targeting around maybe 3.2 or 3.3 million ton.

Speaker #5: So, after expansion, we are targeting the rated capacity to be 3.1 million tons. But we'll be targeting around maybe 3.2 or 3.3 million tons.

Speaker #4: And sir, when does this extra 1 million ton capacity come up?

Palguni Dutta: Sir, this comes up when, this extra 1 million ton capacity?

Speaker #5: Out of 1 million tons, this year only 0.2 million tons will be added. From next year onward—that is, 2027–2028—more will be added.

Brijendra Pratap Singh: 1 million ton, this year only 0.2 million ton will be added. From next year onwards, that is 2027, 2028.

Speaker #4: Okay. By 2027-28, we will have a full 3.1 million tons.

Palguni Dutta: 2027, 2028, we will have a full 3.1 million tons.

Speaker #5: Yes. Yes sir.

Brijendra Pratap Singh: Yes.

Speaker #4: So then, obviously, we'll have—as of now—are we selling what, closer to 1 million, right?

Palguni Dutta: Obviously, as of now, we are selling what? Closer to 1 million, right?

Speaker #5: Last year we sold around 1.4 million, that is 14 lakh tons. This year we are planning for 1.6 million. So after this goes to full capacity, because in our smelter we require only 0.9 to 0.95 million tons.

Brijendra Pratap Singh: Last year we sold around 1.4 million, 14 lakh tons. This year we are planning 1.6 million tons. After this goes to the full capacity, because in our smelter, we require only 0.9 million, 0.95 million tons.

Palguni Dutta: Okay.

Speaker #5: The rest has to be sold in the open market.

Brijendra Pratap Singh: The rest has to be sold in the open market.

Speaker #4: So next year we'll get an extra 1 million tons. Meaningful, okay.

Palguni Dutta: Next year we'll get extra 1 million tons.

Brijendra Pratap Singh: Yes.

Palguni Dutta: Okay.

Speaker #5: That has to be sold.

Brijendra Pratap Singh: That has to be sold.

Speaker #4: Okay, sir. Thank you. That's all from my side. And sir, one...

Palguni Dutta: Okay, sir. Thank you. That's all from my side.

Speaker #5: Yes.

Bharat Kumar Sahu: Yes. Ma'am, please press star one. Palguni, ma'am. Meanwhile, we will take Mr. Rajesh Majumdar from 360 ONE. Palguni, ma'am is back. Please go ahead.

Speaker #4: All right. Ma'am, please press star one. Parvani ma'am, meanwhile we will take Mr. Rajesh Majumdar from 361 Capital. Yeah, Parvani ma'am is back. Please go ahead.

Palguni Dutta: Thank you. What was the cost of this 1 million tons new refinery?

Speaker #4: What was the cost of this 1 million ton new refinery?

Brijendra Pratap Singh: Around INR 5,600 crores.

Speaker #5: Around 5600 crores.

Speaker #4: Okay. Fine sir. Thank you. That's all from my side. And interest we also this is also one more thing sir. This is all to internal accrual right?

Palguni Dutta: Okay. Fine, sir. Thank you. That's all from my side.

Brijendra Pratap Singh: Thank you.

Palguni Dutta: Interest also. One more thing, sir. This is all through internal accrual, right?

Speaker #5: Yeah, it was internal accrual. No interest will be loaded; depreciation only will be there.

Brijendra Pratap Singh: Yeah, it was internal accrual. No interest will be loaded. Depreciation only will be there.

Speaker #4: Okay, thank you. Thank you so much. Thank you. The next question is from Mr. Rajesh Majumdar. Please go ahead.

Palguni Dutta: Okay. Thank you so much.

Bharat Kumar Sahu: Thank you. Thank you. The next question is from Mr. Rajesh Majumdar. Please go ahead.

Speaker #3: Yes sir. Good morning, and thanks for the opportunity. So I had a few questions on the bauxite alumina part. First of all, on the existing bauxite mine at Panchpatmali, what is the balance life of the Panchpatmali mines and what is the reserve there? And regarding Potangi mines, what are you producing right now and what is the capacity you can go up to next year?

Rajesh Majumdar: Yes, sir. Good morning, thanks for the opportunity.

Brijendra Pratap Singh: Good morning.

Rajesh Majumdar: Sir, I had few question in the bauxite alumina part. First of all, on the existing bauxite mine, the Panchpatmali, what is the balance life of the Panchpatmali mine, and what is the reserve there? Pottangi mine, what are you producing right now, and what is the capacity it can go up to next year?

Speaker #5: Basically, at our Pachpat Mali boxite mine, we are having a reserve of around 110 million tons. In addition to that, we have acquired a new mine, which also has around 110 to 120 million tons.

Brijendra Pratap Singh: Basically, at our Panchpatmali bauxite mine, we are having a reserve of around 110 million tons. In addition to that, we have acquired new mine, which is also having around 110, 120 million tons. If we take the present rate of this thing, 85 lakh tons, around eight million tons per year if we take, so we can say that the balance life of our Panchpatmali bauxite mine will be approximately 15 to 20 years.

Speaker #5: So if we take the rate of present rate of this thing it it 85 lakh ton around 8 8 million ton per year if we take so we can we are we can say that the balance life of our Pachpat Mali box site mine will be approximately 15 to 20 years.

Speaker #3: Okay. And I understand that the Potangi mines’ bauxite quality is better, due to which the cost of production for the new alumina expansion is going to be lower.

Rajesh Majumdar: Okay. I understand that the Pottangi mines, the bauxite quality is better due to which the cost of production for the new alumina expansion is going to be lower. Is that correct?

Speaker #3: Is that correct?

Speaker #5: Please repeat.

Brijendra Pratap Singh: Please repeat.

Speaker #3: I'm saying the quality of bauxite that is going to be mined from the Potangi mine is going to be incrementally positive for the cost of alumina production going forward.

Rajesh Majumdar: I'm saying that the quality of bauxite which is going to be mined from the Pottangi mine is going to be incrementally positive for the cost of alumina production going forward. Is that correct?

Speaker #3: Is that correct?

Speaker #5: Basically, the quality of bauxite at Potangi mine we will come to know after detailed exploration and all, after development of the mines.

Brijendra Pratap Singh: Basically, the quality of bauxite at Pottangi mine, we will come to know after detailed exploration and all, after development of mine. At this point of time, we cannot be 100% sure that we will be getting that advantage.

Speaker #5: So, at this point in time, we cannot be 100% sure that we will be getting that advantage.

Speaker #3: Okay, so then, how are you assuming that the cost, so that the requirement for the new expansion will be lower, is based on the plant specification, not on the bauxite? Is it?

Rajesh Majumdar: Okay. How are you assuming that the caustic soda requirement for the new expansion will be lower based on the plant specification, not on the bauxite, is it?

Speaker #5: Basically basically for for this year for this year we will be feeding box site from our existing mine to the new 50 stream. And once the production of Potangi box site mine starts then only we will be using Potangi mine box site and this box site both will be mixed and proportionately will be used in our 50 stream as well as in old stream.

Brijendra Pratap Singh: Basically, for this year, we will be feeding bauxite from our existing mine to the new fifth stream. Once the production of Pottangi bauxite mine starts, then only we will be using Pottangi mine bauxite. This bauxite both will be mixed and proportionately will be used in our fifth stream as well as in oldest stream.

Speaker #3: So then the cost of production is likely to fall further with the Potangi mines being fully operational. Is that correct?

Rajesh Majumdar: The cost of production is likely to fall further with the Pottangi mines being operational fully. Is that correct?

Speaker #5: I think more or less it will be same. Yes because you see when the new mines are operated when the new mines are operated the quality is better and the more mines becomes older we go deeper the quality is deteriorating.

Brijendra Pratap Singh: I think more or less it will be same. Yes, because you see when the new mines are operated, the quality is better. When the mines becomes older, we go deeper, the quality is deteriorating. This will be a new mine. The quality will be getting better. In our new refinery, which is coming out with the pressure digestion with the new technology, there the caustic soda consumption advantage we'll be getting due to the new technology in the refineries.

Speaker #5: So this will be a new mine, so the quality will be getting better, and in our new refinery, which is coming up with the pressure digestion with the new technology there, the caustic soda consumption advantage will be getting due to the new technology in the refineries.

Speaker #3: Right. Thank you. And sir, I wanted to ask one question on the alumina revision, because we track something on the LNE, which is a different number from the one you get on the 370, because LNE average for last quarter is 320, 325, but you've got 370.

Rajesh Majumdar: Right. Thank you. Sir, I wanted to ask on the alumina realization one question. We track something on the LME, which is a different number from the one you get on the $370. LME average for last quarter is $320, $325, but you've got $370. Could you tell us which countries the broad breakup of the exports are, and why is there a difference between the LME and your realization?

Speaker #3: So, could you tell us which countries the broad breakup of the exports are, and why there is a difference between the LME and your realization?

Speaker #5: As far as you're talking about alumina alumina yes alumina is not directly linked with the LME it totally depends on the supply demand supply of the alumina now earlier we used to get from if you compare to LME it was we are getting around 14 15% now it has come down to 10 10 to 11% most of our alumina are going to the middle east as of now also around 60 70% of the alumina is going to middle east by some route or other and few of the aluminas are also going to maybe Europe some China some shipments are going so is actually what is happening is the box site prices has gone up also slightly New Guinea due to rains and all that in Rusal Russia and also China two of the major refineries today have cut the production of alumina because of the red mud issues there so some supply temporary supply restrictions are there which has caused to the increase in alumina spot prices to the level of 370 380 which we which we are seeing with easing out of this war situation and supply requirements in the the requirement of alumina in the middle east it will continue to the same level.

Brijendra Pratap Singh: As far as you're talking about alumina?

Rajesh Majumdar: Alumina, yes.

Brijendra Pratap Singh: Alumina is not directly linked with the LME. It totally depends on the demand supply of the alumina. Earlier if you compare to LME, we were getting around 14%, 15%. It has come down to 10% to 11%. Most of our alumina are going to the Middle East as of now also. Around 60%, 70% of the alumina is going to Middle East by some route or other. A few of the aluminas are also going to maybe Europe, some China, some shipments are going. What is happening is the bauxite prices has gone up also slightly, New Guinea due to rains and all that. In Rusal, Russia and also China, two of the major refineries, they have curtailed the production of alumina because of the red mud issues there.

Brijendra Pratap Singh: Some temporary supply restrictions are there, which has caused the increase in alumina spot prices to the level of 370, 380, which we are seeing with the easing out of this war situation and the requirement of alumina in the Middle East. It will continue to the same level.

Speaker #3: Right. So in the long term, the alumina prices will veer towards 14–15% of LME. Is that the right assumption as the production comes back in aluminum?

Rajesh Majumdar: Right. On the long term, the alumina prices will veer towards 14%, 15% of LME. Is that right assumption, as the production comes back in aluminum? Is that a right assumption?

Speaker #3: Is that a right assumption?

Speaker #5: Not 14, 15, maybe 12, 12, 11, 12% — all because LME is on the higher side. LME is around $3,200 to $3,300, so alumina, if you see percentage-wise, it will not go more than 11 to 12%.

Brijendra Pratap Singh: Not 14, 15, maybe 11%, 12%. LME on the higher side, LME is around 3,200, 3,300. Alumina, if you see percentage wise, it'll not go more than 11% to 12%.

Speaker #3: Right. And sir, my last question was on the net debt. Did you mention that the net debt is ₹10,000 crore now?

Rajesh Majumdar: Right, sir. Sir, my last question was on the net debt. Did you mention that the net debt is INR 10,000 crore now?

Speaker #5: Net debt, net cash, net cash, net cash. That is a cash reserve. We are a zero-debt company.

Brijendra Pratap Singh: Net debt?

Rajesh Majumdar: Net cash.

Brijendra Pratap Singh: That is the cash reserve. We are zero debt company.

Speaker #3: No. What is the net cash on the balance for the first quarter? Cash net debt.

Rajesh Majumdar: No, what is the net cash on the balance sheet as of Q1? Cash minus net debt.

Speaker #5: That is around 10,500.

Speaker #3: So that means that through the year, even after your dividend payments, you will end up with the 15,000 at the end as cash. Is that a correct number?

Brijendra Pratap Singh: That is around INR 10,500.

Rajesh Majumdar: That means that through the year, even after your dividend payments, you will end up with an INR 15,000 crore kind of cash. Is that a correct number?

Speaker #5: And if you see the balance cash flow for FY27—yes, our debtor finance will explain to you every year how much we will be adding in the cash.

Brijendra Pratap Singh: Pardon?

Rajesh Majumdar: If you see the balance cash flow and the CapEx. Sir, if you see the balance cash flow for FY 2027.

Speaker #3: No no we have the balance of 10,500 now. Every year see our profitability and the PAT we are adding 3,500 plus because we are expecting adding a PAT of 6,000 plus this year also we are projecting to earn 6,000 plus and next year onwards also so after paying our dividend and our normal capex expenditure around 1500 crore so and the non cash item will be added to that PAT will be adding 3,500 plus every year so when our capex funding will be there we will have a sufficient cash reserve with hand so we can easily finance our requirement through our internal acquirer.

Brijendra Pratap Singh: Just our Director (Finance) will explain to you every year how much we will be adding in the cash.

Abhay Kumar Behuria: No, we have a balance of INR 10,500 now. Every year, seeing our profitability and the PAT, we are adding INR 3,500 plus. We are expecting annual PAT of INR 6,000 plus. This year also, we are projecting to earn INR 6,000 plus, and next year onwards also. After paying our dividend and our normal CapEx expense around INR 1,500 crore, and the non-cash item will be added to that PAT, we will be adding INR 3,500 plus every year. When our CapEx funding will be there, we will have a sufficient cash reserve with us, we can easily finance our requirement through our internal accrual source. Okay.

Speaker #3: Okay. And that capex from the smelter will be approximately what, ₹4,000–5,000 crores per annum?

Speaker #5: Yes, yes, because we have already explained that for the power plant, we have gone for a JV. So the requirement of funds will be lesser there, because that will be funded through a debt-equity ratio of 30:70.

Rajesh Majumdar: That CapEx on the smelter will be approximately what, INR 4,000, INR 5,000 crore per annum?

Abhay Kumar Behuria: Yes. We have already explained that for a power plant, we have gone for a JV.

Speaker #5: So, 70:30. So, the balance in our smelter part will be funded through our internal accruals only. So we need not go to the market for borrowing for our smelter expenses.

Rajesh Majumdar: Okay.

Abhay Kumar Behuria: Requirement of fund will be lesser there because that will be funded through debt-equity ratio, debt to 30, 70. The balance in our smelter part will be funding through our internal accrual source. We need not go to the markets for borrowing for our smelter expansion, seeing our cash reserve and our future earning potential.

Speaker #5: Seeing our cash reserves and our future earning potential.

Speaker #3: And sir, one last question, if I could sneak it in. The capacity of aluminium right now, on the 950 pots we are operating, is 4.6 lakh tons.

Rajesh Majumdar: sir, one last question, if I could sneak in. The capacity of the aluminium right now on the 960 pots we are operating is 4.6 lakh tons. Is there a possibility of any brownfield kind of growth there, or it will be limited to 4.6 lakh only? Like in the case of alumina, you are from 2.1, you are moving to 2.3.

Speaker #3: So is there a possibility of any downstream kind of growth there, or will it be limited to 460 only? Like in the case of alumina, you're moving from 2.1 to 2.3.

Speaker #5: And so, we are having a capacity of 4.6 lakh tons. Last year, we produced around 4.72, and this year also we are expecting we will be producing around 4.76 to 4.77 lakh tons.

Brijendra Pratap Singh: sir, we are having capacity of 4.6 lakh tons. Last year we have produced around 4.72. This year also we are expecting we will be producing around 4.76, 4.77 lakh tons.

Speaker #3: So really, we can go up slightly more.

Speaker #5: And as of date, we are operating around 958 to 959 pots.

Rajesh Majumdar: Realistically you can go up slightly more.

Speaker #3: Okay. So, realistically, you can go to a 4.75 kind of number, totally in aluminum.

Brijendra Pratap Singh: As on date, we are operating around 958, 959 pots.

Speaker #5: Yes, yes, 4.75. Yes, we are. Yes, we will go.

Rajesh Majumdar: Okay. Realistically, you can go to 4.75 kind of number totally in aluminium?

Speaker #3: Thank you, sir. Thank you, sir.

Brijendra Pratap Singh: Yes. 4.75 we are targeting.

Speaker #1: Thank you, sir. As there are no further questions from the participants, I now hand the conference over to Mr. Bharat Kumar Sahu for closing comments.

Rajesh Majumdar: Thank you, sir.

Abhay Kumar Behuria: Thank you so much for your time.

Brijendra Pratap Singh: Okay.

Speaker #1: Please go ahead sir.

Operator: Thank you, sir. As there are no further questions from the participants, I now hand the conference over to Mr. Bharat Kumar Sahu for closing comments. Please go ahead, sir.

Speaker #5: Yeah, thank you, Mr. Kalendra. On behalf of NALCO, I thank all the esteemed participants who took out their valuable time and participated in this earnings call of NALCO.

Bharat Kumar Sahu: Yeah. Thank you, Mr. Shailendra. On behalf of NALCO, I thank all the esteemed participants who took out their valuable time and participated in this earning call of NALCO. This shows your keen interest in the business activities of NALCO and also.

Speaker #5: This shows your keen interest in the business activities of NALCO, and also in the future, we expect a similar kind of cooperation from your side.

Speaker #5: Thank you, Chorus team, for facilitating this post-earnings call for the Q1 results of NALCO. I also thank Systematic Group for continuously hosting this post-earnings call of NALCO on a quarterly basis, and we solicit similar cooperation in the future as well.

Bharat Kumar Sahu: In the future, we expect a similar kind of cooperation from your side. Thank you, Chorus team, for facilitating this post-earning call for this Q1 results of NALCO. I also thank Systematics Group for continuously hosting this post-earning call of NALCO on a quarterly basis. We solicit similar kind of cooperation in future also. Thanks. Thank you all.

Speaker #5: Thanks. Thank you all.

Speaker #3: Thank you. Thank you.

Speaker #1: Thank you. Thank you. On behalf of NALCO Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Shweta Dikshit: Thank you.

Operator: Thank you. On behalf of NALCO Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.

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