Q1 2027 Lloyds Metals and Energy Ltd Earnings Call

August 11, 2026

Operator: Ladies and gentlemen, good day and welcome to Lloyds Metals and Energy Limited Q1 FY27 earnings conference call hosted by Nomura. 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 this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Jasandeep Radha from Nomura. Thank you, and over to you, sir.

Speaker #1: Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded.

Speaker #1: I now hand the conference over to Mr. Jasandeep Chadda from Nomura.

Speaker #2: Thank you, and over to you, sir.

Speaker #3: Thank you. Good afternoon, everyone, and thank you for joining us today. We at Nomura are pleased to host the Lloyds Metals and Energy Q1 FY27 earnings call with the management.

Jasandeep Radha: Thank you. Good afternoon, everyone, and thank you for joining us today. We at Nomura are pleased to host Lloyds Metals and Energy 1Q FY27 earnings call. From the management, we have with us today Mr. Rajesh Gupta, Managing Director, Mr. Riyaz Shaikh, CFO, Mr. S. K. Naredi, Director of Finance from Triveni, Mr. Hemankur Upadhyaya, Director of Finance, International Strategy and Operation, and Mr. Chintan Mehta, IRO. Now, without much ado, I will like to invite Mr. Rajesh Gupta for his opening remarks. Over to you, sir.

Jashandeep Chadha: Thank you. Good afternoon, everyone, and thank you for joining us today. We at Nomura are pleased to host Lloyds Metals and Energy 1Q FY27 earnings call. From the management, we have with us today Mr. Rajesh Gupta, Managing Director, Mr. Riyaz Shaikh, CFO, Mr. S. K. Naredi, Director of Finance from Triveni, Mr. Hemankur Upadhyaya, Director of Finance, International Strategy and Operation, and Mr. Chintan Mehta, IRO. Now, without much ado, I will like to invite Mr. Rajesh Gupta for his opening remarks. Over to you, sir.

Speaker #3: We have with us today Mr. Rajesh Gupta, Managing Director; Ms. Riya Sheikh, CFO; Mr. S.K. Naredi, Director of Finance from Triveni; Mr. Hemankur Upadhyay, Director of Finance, International Strategy and Operations; and Mr. Chintan Mehta, IRO.

Speaker #3: Now, without much ado, I would like to invite Mr. Rajesh Gupta for his opening remarks. Over to you, sir.

Speaker #4: Good evening, Jasandeep, and everyone else on the conference call. A very warm welcome to all of you joining us on our Q1 call. Thank you to Jasandeep and the entire Nomura team for hosting this call today.

Rajesh Gupta: Evening, Jasandeep, and everyone else on the conference call. A very warm welcome to all of you joining us on our Q1 call. Thank you to Jasandeep and the entire Nomura team for hosting this call today. We deeply value the engagement and the platform you have given us to share the Lloyds Metals story with the investor community. Before I speak about the quarter, I want to pause on a milestone that is very special to all of us at Lloyds, as well as I hope for all the people on the call. This quarter, we achieved and crossed a market capitalization of INR 1 lakh crore, a level that would have seemed a distant dream not very long ago. This milestone does not belong to the management or the team.

Speaker #4: We deeply value the engagement and the platform you have given us to share the Lloyds Metals story with the investor community. Before I speak about the quarter, I want to pause on a milestone that is very special to all of us at Lloyds, as well as, I hope, for all the people on the call.

Speaker #4: This quarter, we achieved and crossed a market capitalization of ₹1 lakh crore—a level that would have seemed a distant dream not very long ago.

Speaker #4: This milestone does not belong to the management or the team; it belongs, first and foremost, to every investor and to the community that stood with us through the early years of uncertainty, through the ramp-up, and through every project that we have executed since.

Rajesh Gupta: It belongs first and foremost to every investor and to the community that stood with us through the early years of unsteadiness, through the ramp-up, and through every project that we have executed since. It is a reflection of the trust and the faith you have placed in our ability to execute. We are deeply grateful for it, and I want to assure you that we carry the responsibility with all the seriousness that it deserves. Q1 has been an outstanding quarter for Lloyds Metals on a standalone as well as a consolidated basis. Revenue of INR 7,354 crore, more than tripling year-on-year, is of course a milestone for the group. While Riyaz takes you through the numbers in detail, I would like to talk about some of the interesting events that have happened.

Speaker #4: It is a reflection of the trust and faith we have placed in our ability to execute. We are deeply grateful for it, and I want to assure you that we carry this responsibility with all the seriousness that it deserves.

Speaker #4: Q1 has been an outstanding quarter for Lloyds Metals, both on a standalone and consolidated basis. Revenue was ₹7,354 crore, more than tripling year-on-year.

Speaker #4: It is, of course, a milestone for the group. Riya, thank you for going through the numbers and details. I would like to talk about some of the interesting events that have happened.

Speaker #4: Our second pellet plant was commissioned in May 2026, once again in a very short period, as scheduled and within budget. I'm proud to say our pellet operations reached 100% capacity utilization within just four months.

Rajesh Gupta: Our second plant of pellet was commissioned in May 2026, and again, in a very short period and as scheduled and within budget. I am proud to say our pellet operations reached 100% capacity utilization within just four months. Pellet production stood on this quarter at 1.65 million tonnes at a very healthy realization. A large part of the realization comes from the geographical mix of our sales. We have expanded our export reach to Kenya, South Korea, Indonesia, and of course, China. While deepening our presence across central and southern India, most of the markets in southern India or central India are more or less catered to entirely by us. This spread of markets, roughly three-quarters of domestic and one-quarter of export, is helping us to place volumes where they project rightly.

Speaker #4: Pellet production stood this quarter at 1.65 million tons, at a very, very healthy realization. A large part of the realization comes from the geographical mix of our sales.

Speaker #4: We have expanded our exports to Kenya, South Korea, Indonesia, and, of course, China. And while deepening our presence across Central and Southern India, most of the markets in Southern or Central India are more or less catered to entirely by us.

Speaker #4: This spread of markets—roughly three-fourths domestic and one-fourth export—is helping us to place volumes well and protect privacy. The reason I have been focusing on pellets is because that's a big factor in the margins that we are reporting.

Rajesh Gupta: Why I have been focusing on pellets is because that is a big factor of the margins that we are reporting of, including the slurry pipeline that has substantially lowered our logistic and freight cost for iron ore. A very effective fuel mix, including shift partly from HFCPS to LNG, which is, of course, a greener mix, has given better cost control across the value chain. Captive ore, captive logistics, and a growing share of value-added products together means that these are structural margins and not cyclical ones. We are confident that these margins are sustainable in this cyclical commodity because we continue to actively pursue better and higher value markets for every product we make, gaining realization and not just volume. This is exactly the discipline that we intend to replicate as we commission our first 1.2 million ton long product steel plant very shortly.

Speaker #4: Including the slurry pipeline that has structurally lowered our logistics and freight costs for iron ore. A very effective fuel mix, including shifting partly from LSHS to LNG, which is, of course, a greener mix, has given us better cost control across the value chain.

Speaker #4: Cap table, cap to logistics, and a growing share of value-added products together mean that we have structural margins and not cyclical ones. We are confident that margins can be sustained in the cyclical commodity because we continue to actively pursue better and higher-value markets for every product we make.

Speaker #4: Changing realization and not just volume. And this is exactly the discipline that we want to replicate as we commission our first 1.2 million-ton long production plant very shortly.

Speaker #4: The same indication, the same cost focus, and the same market-first approach will carry into our steelmaking journey—and of course, into copper. Even as we deliver these results, the next leg of our project pipeline is already taking shape.

Rajesh Gupta: The same integration, the same cost focus, and the same market-first approach will carry into our steelmaking journey. Of course, into copper. Even as we deliver these results, the next leg of our project pipeline is already taking shape. BHQ beneficiation, the third pellet plant, and the next line of our total slurry handling and iron ore handling system without trucks. Together, these projects deepen our integration, expand our value-added capacity, and further lower our deliverable costs. We are confident that this pipeline will continue to drive meaningful value for the company over a period of time. Riaz will now walk you through the standalone financial performance. Thank you.

Speaker #4: BHQ beneficiation, the third pellet plant, and the next line of our total slurry handling and iron ore handling system without trucks—together, these projects deepen our integration, expand our value-added capacity, and further lower our delivered cost.

Speaker #4: We are confident that this pipeline will continue to drive meaningful value for the company over a period of time. Riyas will now walk you through the standalone financial performance.

Speaker #4: Thank you.

Speaker #3: Thank you, Rajesh ji, and good evening, everyone. Let me take you through our standalone financial performance for the first quarter of FY27. It has been our strongest quarter yet across every metric.

Riyaz Shaikh: Thank you, Rajeshji, and good evening, everyone. Let me take you through our standalone financial performance for the first quarter of FY27, which has been our strongest quarter yet across every metric. Revenue from operations for the quarter stood at INR 5,413 crores, a sharp 127% growth year on year and 10% sequentially over Q4. EBITDA came in at INR 2,120 crores, growing 172% year on year and 31% quarter on quarter. This growth was driven by higher iron ore EC limits, a faster-than-planned ramp-up of the pellet plant, and improved sponge iron volumes. PAT for the quarter was INR 1,527 crores, up 141% year on year and 43% sequentially. Profit before tax stood at INR 2,008 crores. I want to dwell on margins because this is the real story of the quarter. Our EBITDA margin came in at 39.2%, the best margin the company has ever reported.

Speaker #3: Revenue from operations for the quarter stood at rupees 5,413 crores, a sharp 127% growth year on year, and 10% sequentially over quarter four. EBITDA came in at 2,120 crores, growing 172% year on year and 31% quarter on quarter.

Speaker #3: This growth was driven by higher iron ore EC limits, a faster-than-planned ramp-up of the pellet plant, and improved sponge iron volumes. PAC for the quarter was ₹1,527 crore, up 141% year on year, and Q1 EBITDA stood at ₹2,008 crore.

Speaker #3: I want to dwell on margins, because this is the real story of the quarter. Our EBITDA margin came in at 39.2%, the best margin the company has ever reported.

Speaker #3: Importantly, this has scaled on both fronts, up 639 basis points year-on-year and up 631 basis points quarter-on-quarter. Very few quarters see margin expansion of this order on both a year-on-year and a quarter-on-quarter basis at the same time.

Riyaz Shaikh: Importantly, this has scaled on both fronts, up 639 basis point year on year and up 631 basis point quarter on quarter. Very few quarters see margin expansion of this order on both a year-on-year and a quarter-on-quarter basis at the same time. Three factors drove this. First, the commissioning of the slurry pipeline lowered logistics and freight costs on iron ore and pellets. Second, higher realization across products strengthened the overall mix. Third, and most structurally, a better product mix with a higher contribution from value-added products like pellets led to meaningful margin expansion. The shift is visible in our mix. Value-added products now contribute 41% of standalone revenue and 40% of EBIT, versus just 13% and 2% respectively a year ago. This is a structural rerating of the earnings base, not a cyclical spike. Product-wise performance.

Speaker #3: Three factors drove this. First, the commissioning of the slurry pipeline lowered logistics and freight costs on iron ore and pellets. Second, higher realizations across products strengthened the overall mix.

Speaker #3: And third, and more structurally, a better product mix with a higher contribution from value-added products like pellets led to meaningful margin expansion. The shift is visible in our mix.

Speaker #3: Value-added products now contribute 41% of standalone revenue and 40% of EBIT, versus just 13% and 2%, respectively, a year ago. This is a structural re-rating of the earnings base, not a cyclical spike.

Speaker #3: Product-wise performance: Iron ore production for the quarter was 6.05 million tons, up 53% year on year, and sales were 5.46 million tons, up 58% year on year.

Riyaz Shaikh: Iron ore production for the quarter was 6.05 million tons, up 53% year on year, and sales was 5.46 million tons, up 58% year on year. Realization stood at INR 6,068 per ton with an EBITDA of INR 2,230 per ton. Our monthly run rate is now upwards of 2 million tons. DRI and power. DRI sales volume stood at 183,920 tons, up 133% year on year at a realization of INR 27,376 per ton and an EBITDA of INR 6,273 per ton. Power volumes were up 87% year on year. Pellet production was 1.69 million tons, reaching 100% capacity utilization within four months of the second plant coming on stream in May. Realization stood at INR 11,783 per ton and EBITDA at INR 5,803 per ton. The slurry pipeline and captive port, coupled with strong realization, drove these robust pellet margins. Our sales mix was 75.3% domestic and 24.7% export.

Speaker #3: Realization stood at ₹6,068 per ton, with an EBITDA of ₹2,230 per ton. Our monthly run rate is now upwards of 2 million tons.

Speaker #3: DRI and Power. DRI sales volume stood at 183,920 tons, up 133% year on year, at a realization of ₹27,376 per ton and an EBITDA of ₹6,273 per ton.

Speaker #3: Power volumes were up 87% year on year. Pellet production was 1.69 million tons, reaching 100% capacity utilization within four months of the second plant coming on stream in May.

Speaker #3: Realization stood at ₹11,783 per ton and EBITDA at ₹5,803 per ton. The slurry pipeline and captive ore, coupled with strong realizations, drove these robust pellet margins.

Speaker #3: Our sales mix was 75.3% domestic and 24.7% export. Coming to capex and net debt, the company incurred capex of ₹13,513 crore during FY24 to FY26, and a further ₹3,005 crore in Q1 FY27 alone.

Riyaz Shaikh: Coming to CapEx and the net debt. The company incurred CapEx of INR 13,513 crore during FY24 to FY26 and a further of INR 3,005 crore in Q1 FY27 alone, as we continue to build out our downstream and beneficiation projects. Standalone net debt as of 30 June stood at INR 5,616 crore, very comfortable related to the EBITDA the business is now generating. Let me add one point at the consolidated level. The consolidated net debt remains around INR 19,000 crore. A significant part of this pertains to the Chemaf acquisition, which we are actually working to renegotiate on more favorable terms. We will keep the investors informed as and when this materializes. To summarize, record revenue, record EBITDA, record PAT, and our best-ever margin expanding on both a year-on-year and a quarter-on-quarter basis. With that, I will hand over to Narendran for the Triveni performance. Thank you, everyone.

Speaker #3: As we continue to build out our downstream and beneficiation projects. Standalone net debt as of 30 June stood at rupees 5,616 crores, very comfortable relative to the EBITDA and business is now EBITDA the business is now generating.

Speaker #3: Let me add one point: at the consolidated level, consolidated net debt remains around ₹19,000 crore. A significant part of this pertains to the Shema acquisition, which we are actually working to renegotiate on more favorable terms.

Speaker #3: We will keep the investors informed as and when this materializes. To summarize: record revenue, record EBITDA, record PAC, and our best-ever margin expansion on both a year-on-year and a quarter-on-quarter basis.

Speaker #3: With that, I will hand over to Narini ji for the Q&A session. Thank you, everybody.

Speaker #2: Good evening, everyone, and thank you, Rajesh ji and Riyas ji. For us at Q&A, growth has always been about disciplined execution and getting the fundamentals right, quarter after quarter.

Narendran: Good evening, everyone, and thank you, Rajesh and JR. For us at Triveni, the growth has always been about disciplined execution and getting the fundamentals right quarter after quarter. Let me take you through Triveni's performance for Q1 FY27. For Q1 FY27, the revenue from operations for the quarter stood at INR 2,672 crore, which is up 63% year-on-year. EBITDA came at INR 658 crore, which is up 145% year-on-year, with margins at 24.63%, an expansion of 827 basis points over the same quarter last year. Cash PAT stood at INR 447 crore, up 145% year-on-year, with cash PAT margins improving 522 basis points to 16.72%. Our margins this quarter were marginally impacted by higher fuel costs due to the Gulf crisis. We are actively pursuing pass-through of these costs to our clients, and those negotiations are currently underway.

S. K. Naredi: Good evening, everyone, and thank you, Rajesh and JR. For us at Triveni, the growth has always been about disciplined execution and getting the fundamentals right quarter after quarter. Let me take you through Triveni's performance for Q1 FY27. For Q1 FY27, the revenue from operations for the quarter stood at INR 2,672 crore, which is up 63% year-on-year. EBITDA came at INR 658 crore, which is up 145% year-on-year, with margins at 24.63%, an expansion of 827 basis points over the same quarter last year. Cash PAT stood at INR 447 crore, up 145% year-on-year, with cash PAT margins improving 522 basis points to 16.72%. Our margins this quarter were marginally impacted by higher fuel costs due to the Gulf crisis. We are actively pursuing pass-through of these costs to our clients, and those negotiations are currently underway.

Speaker #2: Let me take you through Q&A's performance for Q1 FY27. For Q1 FY27, the revenue from operations for the quarter stood at ₹2,672 crore, which is up 63% year-on-year.

Speaker #2: EBITDA came in at ₹658 crore, which is up 145% year on year, with margins at 24.63% and an expansion of 827 basis points over the same quarter last year.

Speaker #2: Cash PAC stood at ₹447 crore, up 145% year-on-year, with cash PAC margins improving 522 basis points to 16.72%. Our margins this quarter were marginally impacted by higher fuel costs due to the Gulf crisis.

Speaker #2: We are actively pursuing pass-through of these costs to our clients, and those negotiations are currently underway. Having said that, I want to be very clear that our guidance of 28% to 30% EBITDA margins on a full-year basis remains intact.

Narendran: Having said that, I want to be very clear that our guidance of 28% to 30% EBITDA margins on a full-year basis remains intact. We are confident of getting there as pass-throughs conclude and as volumes scale through the year. Operational performance. Iron ore volumes, including BHQ, stood at 19.09 million tonnes for the quarter. That is nearly doubling from 9.87 million tonnes in Q1 last year. Coal volumes from Indian operations, including overburden, were 26.02 million cubic meters, with overseas operations at 5.93 million cubic meters and by-right at 2.14 million cubic meters. Gadchiroli operations. Now, following the environmental clearances obtained in FY26, our ROM handling capacity at Gadchiroli has been enhanced from 10 million tonnes per annum to 55 million tonnes per annum. That is a 5.5 fold increase. The mine achieved a total production of 12.83 million tonnes, including BHQ, during the quarter.

S. K. Naredi: Having said that, I want to be very clear that our guidance of 28% to 30% EBITDA margins on a full-year basis remains intact. We are confident of getting there as pass-throughs conclude and as volumes scale through the year. Operational performance. Iron ore volumes, including BHQ, stood at 19.09 million tonnes for the quarter. That is nearly doubling from 9.87 million tonnes in Q1 last year. Coal volumes from Indian operations, including overburden, were 26.02 million cubic meters, with overseas operations at 5.93 million cubic meters and by-right at 2.14 million cubic meters. Gadchiroli operations. Now, following the environmental clearances obtained in FY26, our ROM handling capacity at Gadchiroli has been enhanced from 10 million tonnes per annum to 55 million tonnes per annum. That is a 5.5 fold increase. The mine achieved a total production of 12.83 million tonnes, including BHQ, during the quarter.

Speaker #2: We are confident of getting there as pass-throughs conclude and as volume scales through the year. Operational performance: iron ore volumes, including BHQ, stood at 19.09 million tons for the quarter, nearly doubling from 9.87 million tons in Q1 last year.

Speaker #2: Coal volumes from Indian operations, including overburden, were 26.02 million cubic meters, with overseas operations at 5.93 million cubic meters, and Byrite at 2.14 million cubic meters.

Speaker #2: Virtually operations, now following the environmental clearances obtained in FY26, our ROM handling capacity at Virtually has been enhanced from 10 million tons per annum to 55 million tons per annum. That is a 5.5-fold increase.

Speaker #2: The mine achieved a total production of 12.83 million tons, including BHQ, during the quarter. Full-scale operations have commenced at Central Hill, and the FY27 equipment mobilization plan is on schedule.

Narendran: Full-scale operations have commenced at Central Valley, and the FY27 equipment mobilization plan is on schedule. On greenfield, 88 electric equipment units are now operational at the mine, with a further 20 at the railway siding. We have also mobilized 14 mobile crushers and 26 HEMM units for BHQ crushing, and are deploying higher capacity 240 tonner dumpers to support the enhanced production. We have other operations in Odisha. The Lakshada Pacheri mining operation commenced in Q1 FY27 with a target of 1.5 million tonnes per annum, and the Dalpahar mine is expected to commence in Q2 FY27 with a target of 3 million tonnes. Several existing mines have been scaled up, and we expect Odisha volumes to grow 39% year-on-year to 34 to 35 million tonnes in FY27.

S. K. Naredi: Full-scale operations have commenced at Central Valley, and the FY27 equipment mobilization plan is on schedule. On greenfield, 88 electric equipment units are now operational at the mine, with a further 20 at the railway siding. We have also mobilized 14 mobile crushers and 26 HEMM units for BHQ crushing, and are deploying higher capacity 240 tonner dumpers to support the enhanced production. We have other operations in Odisha. The Lakshada Pacheri mining operation commenced in Q1 FY27 with a target of 1.5 million tonnes per annum, and the Dalpahar mine is expected to commence in Q2 FY27 with a target of 3 million tonnes. Several existing mines have been scaled up, and we expect Odisha volumes to grow 39% year-on-year to 34 to 35 million tonnes in FY27.

Speaker #2: On Greenfield, 88 electric equipment units are now operational at the mine, with a further 20 at the radial siding. We have also mobilized 14 mobile crushers and 26 HEMM units for BHQ crushing, and are deploying higher-capacity 240-tonner dumpers to support the enhanced production.

Speaker #2: Other operations: In Odisha, the Lasada Pacheri mining operation commenced in Q1 FY27 with a target of 1.5 million tons per annum, and the Dalpahar mines are expected to commence in Q2 FY27 with a target of 3 million tons.

Speaker #2: Several existing mines have been scaled up, and we expect Odisha volumes to grow 39% year-on-year, to 34–35 million tons in FY27.

Speaker #2: On the coal side, our Q&A operation retained a five-star rating from the Ministry of Coal, and the number one position among open cast mines in India for the second consecutive year.

Narendran: On the coal side, our Triveni Sainik operation retained a five-star rating from the Ministry of Coal and the number one position among open cast mines in India for the second consecutive year. In our logistic business segment, at present, we have around 150 electric and LNG vehicles. We propose to add another 200 vehicles, of which 50 will be LNG and 150 will be EV to our fleet, aiming to make the fleet of green vehicles. Already 20 charging stations are installed, and we are in the process of installing another 30 charging stations. It will give us 30% to 40% cost saving and increase in EBITDA of this particular operation from 32% to 40%.

S. K. Naredi: On the coal side, our Triveni Sainik operation retained a five-star rating from the Ministry of Coal and the number one position among open cast mines in India for the second consecutive year. In our logistic business segment, at present, we have around 150 electric and LNG vehicles. We propose to add another 200 vehicles, of which 50 will be LNG and 150 will be EV to our fleet, aiming to make the fleet of green vehicles. Already 20 charging stations are installed, and we are in the process of installing another 30 charging stations. It will give us 30% to 40% cost saving and increase in EBITDA of this particular operation from 32% to 40%.

Speaker #2: In our logistics business segment, at present we have around 150 electric and LNG vehicles, and we propose to add another 200 vehicles—of which 50 will be LNG and 150 will be EV—to our fleet, aiming to make the fleet of green vehicles.

Speaker #2: Already, 20 charging stations are installed, and we are in the process of installing another 30 charging stations. This will give us 30 to 40% cost savings and increase the EBITDA of this particular operation from 32% to 40%.

Speaker #2: On gold, Geomesu—which is India's first private integrated gold mining and processing operation—was formally inaugurated on July 26, and it delivered ROM production of 0.17 million tons and drilling of over 14,000 meters in its first quarter.

Narendran: On gold, Geo Mysore, which is India's first private integrated gold mining and processing operation, this was formally inaugurated in July 2026. It delivered ROM production of 0.17 million tonnes and drilling of over 14,000 meters in this Q1. Triveni's focus remains clear. Scale responsibly, execute efficiently, and protect margins through productivity and cost optimization. The pipeline into FY27 across Gadchiroli, Odisha, and coal is strong, and we are confident of sustaining both growth and profitability. With that, I will hand it back to open the floor for Q&A. Thank you.

S. K. Naredi: On gold, Geo Mysore, which is India's first private integrated gold mining and processing operation, this was formally inaugurated in July 2026. It delivered ROM production of 0.17 million tonnes and drilling of over 14,000 meters in this Q1. Triveni's focus remains clear. Scale responsibly, execute efficiently, and protect margins through productivity and cost optimization. The pipeline into FY27 across Gadchiroli, Odisha, and coal is strong, and we are confident of sustaining both growth and profitability. With that, I will hand it back to open the floor for Q&A. Thank you.

Speaker #2: Q&A's focus remains clear: scale responsibly, execute efficiently, and protect margins through productivity and cost optimization. The pipeline into FY27 across virtually all of Odisha and coal is strong, and we are confident of sustaining both growth and profitability.

Speaker #2: With that, I'll hand it back to open the floor for Q&A. Thank you.

Speaker #1: Thank you very much. We will now begin the Q&A session. Anyone who wishes to ask a question may please press star and one on their touch-tone telephone.

Operator: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may please press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference call, please limit your question to two per participant. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Vikas Singh from ICICI Securities. Please proceed with your question.

Speaker #1: If you wish to remove yourself from the Q&A queue, you may press star two. Participants are requested to use handsets while asking a question.

Speaker #1: Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference call, please limit your questions to two per participant.

Speaker #1: Ladies and gentlemen, we'll wait for a moment while the Q&A queue assembles. The first question is from the line of Vikas Singh from ICICI Securities.

Speaker #1: Please proceed with your question.

Speaker #3: Good afternoon, sir. Thank you for the opportunity, and congratulations on a very good set of numbers. Sir, my first question pertains to our Copper division.

Vikas Singh: Good afternoon, sir. Thank you for the opportunity and congratulations on a very good set of numbers. My first question pertains to our copper division. We have given in a slide that 8x growth in the next couple of years in the copper production, basically from almost 8,000 to 86,000, 96,000, including the cathode. If you could give us the roadmap and the CapEx, how much you have already invested, the equipment ordered for this, it would be really helpful.

Vikash Singh: Good afternoon, sir. Thank you for the opportunity and congratulations on a very good set of numbers. My first question pertains to our copper division. We have given in a slide that 8x growth in the next couple of years in the copper production, basically from almost 8,000 to 86,000, 96,000, including the cathode. If you could give us the roadmap and the CapEx, how much you have already invested, the equipment ordered for this, it would be really helpful.

Speaker #3: We have given him a slide that ATEX growth in the next couple of years in the copper production, basically from almost 8,000 to 86,000–96,000, including the cadmium.

Speaker #3: So, if you could give us the roadmap and the CAPEX—how much you have already invested, the equipment ordered—for this, it would be really helpful.

Hemankur Upadhyaya: Can you just repeat the question? There is some disturbance.

Speaker #2: Can you just repeat the question? Is there some disturbance?

Speaker #3: Yeah. In the copper division, we have given a roadmap to almost over one lakh tons of production of copper, as well as cadmium.

Vikas Singh: Yeah. In the copper division, we have given a roadmap to almost over a lakh ton of production of copper as well as the carrion. What kind of CapEx you have already done? What if the CapEx would go in FY27, FY28? Because if you want this sample to be happen in 2029, the capacity itself to be completed by 2028, I believe. CapEx

Vikash Singh: Yeah. In the copper division, we have given a roadmap to almost over a lakh ton of production of copper as well as the carrion. What kind of CapEx you have already done? What if the CapEx would go in FY27, FY28? Because if you want this sample to be happen in 2029, the capacity itself to be completed by 2028, I believe. CapEx

Speaker #3: So, what kind of Capex have you already done? What Capex would go in FY27 and 28? Because if you want the sample to happen in 2029, the capacity has to be completed by 2028, I believe.

Speaker #3: So CAPEX.

Speaker #2: So, basically, we have two assets. Actually, for one of them, the CAPEX is already completed, which was part of the acquisition. So, that CAPEX is already done.

Hemankur Upadhyaya: Well, basically we have two assets. Actually, one of them, the CapEx is already completed, which was part of the acquisition. That CapEx is already done. A large part of it was already done last year. That number is a total of around $130 million, which has been invested into the asset. That is for the current operating asset, which is operating at a rate of around 800 tons per month. Roughly 2,400 tons per quarter is the average production from there. The larger asset, which is the JV company, which we have acquired together with the US partners. That CapEx actually has already been ongoing because this was an asset which was under construction. When we acquired it on the books, along with the liabilities, there is a total asset book size of near about $800 plus million.

Speaker #2: A large part of it was already done last year. So that number is a total of around $130 million, which has been invested into the asset.

Speaker #2: So, that is for the current operating asset, which is operating at the rate of around 800 tons per month. So, roughly 2,400 tons per quarter is the average production from there.

Speaker #2: The larger asset, which is the JV company that we have acquired together with a US partner, so that CAPEX has actually already been ongoing because this was an asset that was under construction.

Speaker #2: So when we acquired it on the books, along with the liabilities, there is a total asset book size of nearly about $800-plus million.

Speaker #2: And it would take a total CAPEX of around $300 million plus to get it to completion. So as of now, we have done part of it.

Hemankur Upadhyaya: It would take a total CapEx of around $300 plus million to get it to completion. As of now, we have done part of it, and we intend to complete that CapEx over the period of next nine months. We intend to have the assets operational somewhere in Q1 of FY28.

Speaker #2: And we intend to complete that CAPEX over the period of the next nine months. We expect to have the assets operational sometime in Q1 of FY28.

Speaker #3: So, for both the projects combined—$300 million—in the next nine months, we would be spending that? That assumption is correct?

Vikas Singh: So for both the projects combined, INR 300 million in the next 9 months we would be spending. My representation is correct?

Vikash Singh: So for both the projects combined, INR 300 million in the next 9 months we would be spending. My representation is correct?

Speaker #2: Correct. So, the CAPEX that we are talking about, that is together as a JV company. So, effectively, our CAPEX will be part of it.

Hemankur Upadhyaya: Correct. The CapEx that we are talking about, that is together as a JV company. So effectively our CapEx will be part of it. The balance, basically, we will have to do the contribution as per our share.

Speaker #2: And the balance, basically, I mean, we'll have to do the contribution as per our share.

Speaker #3: So, out of that 60% contribution, how much are you planning to invest from the India business, and how much are you taking as a loan there?

Vikas Singh: So out of that 50% contribution, how much you are planning to invest from the India business and how much you are taking loan on there?

Vikash Singh: So out of that 50% contribution, how much you are planning to invest from the India business and how much you are taking loan on there?

Speaker #2: So, we are looking at all options. We are in discussions with multiple financing parties, which include US-based financial institutions as well as Africa-based institutions.

Hemankur Upadhyaya: We are looking at all options. So we are in discussion with multiple financing parties, which includes US-based financial institutions as well as Africa-based institutions and the India institutions. So we will be looking at partly equity infusion, and also partly debt infusion. I think we will get the clarity on it in the next 3 months when we intend to achieve the financial closure for that.

Speaker #2: And the India institutions. So we'll be looking at partly equity infusion and also partly debt infusion. I think we'll get clarity on it in the next three months, when we intend to achieve the financial closure for that.

Speaker #3: Noted. And for my second question—sort of two parts—firstly, any update on the projects at Tata Steel? Has any progress been made there?

Vikas Singh: Noted. My second question has a two part. Firstly, any update on the projects with Tata Steel, if any progress has been made there? Secondly, in our existing capacity, we have a legroom to further expand the EC limit in case if we want to?

Vikash Singh: Noted. My second question has a two part. Firstly, any update on the projects with Tata Steel, if any progress has been made there? Secondly, in our existing capacity, we have a legroom to further expand the EC limit in case if we want to?

Speaker #3: And secondly, in our existing capacity, do we have the legroom to further expand the EC limit in case we want to?

Speaker #2: Yeah. So, Tata Steel—we have made reasonably good progress, right from starting operations at the plant which was already there, as part of the JV company.

Hemankur Upadhyaya: Yeah. Tata Steel, we have made reasonably good progress, right from starting operating the plant which was already their part of the JV company. So we reported an EBIT of around INR 99 crores, which is as per the long-term conversion contract that the company has. So that will continue as it is. Over and above that, we have started a few long-term projects with them, which are primarily on two fronts. One is the MDU contract. So we have started a very small mining operations, which is in the Sira West mines. Second, we are also evaluating in some of their mines, if we can ramp up the production faster and we can also increase the EC capacity for some of those mines. So there, the value addition of this JV company will be much higher.

Speaker #2: So, we reported a bit of around ₹99 crore, which is as per the long-term conversion contract that the company has. So, that will continue as it is.

Speaker #2: Over and above that, we have started a few long-term projects with them, which are primarily on two fronts. One is the MDO contract. So, we have started a very small mining operation, which is in the Utai West Mines.

Speaker #2: And second, we are also evaluating, in some of their mines, if we can ramp up the production faster. We can also increase the EC capacity for some of those mines.

Speaker #2: So there, the value addition of this JV company will be much higher. And so, the current MDO contract is a small step in that direction.

Hemankur Upadhyaya: Current MDU contract is a small step towards that direction, but our teams are evaluating and making a plan on how we can increase the production capacity in these mines over the next three to five years. So that's the longer term plan. Also we are evaluating slurry pipelines, which will be developed as a service model, which is on the BOT model. So the JV will develop the pipeline, and they will be providing it as a service to TSL, and it will be connecting the Tata Steel mines with their steel plants. So that evaluation and technical studies is also currently going on, and we'll get to know more on it in the coming year.

Speaker #2: But our teams are evaluating and making a plan on how we can increase the production capacity in these mines over the next three to five years.

Speaker #2: So that's a longer-term plan. Also, we are evaluating slurry pipelines, which will be developed as a service model on the BOT model.

Speaker #2: So, the JV will develop the pipeline, and they will be providing it as a service to TSL. It will be connecting the Tata Steel mines with their steel plants.

Speaker #2: So, that evaluation and technical studies are also currently going on, and we'll get to know more about it in the coming year.

Speaker #3: Sir, just a clarification. Are these the NINL or Bhushan Mines that you have been jointly developing, or as an MDO? Or what is the status?

Vikas Singh: Sir, just a clarification. These are the Neelachal Ispat Nigam Ltd. or Bhushan mines for which you have been jointly developing or as an MDU or how is the status?

Vikash Singh: Sir, just a clarification. These are the Neelachal Ispat Nigam Ltd. or Bhushan mines for which you have been jointly developing or as an MDU or how is the status?

Speaker #2: No. Currently, we are looking at some of the mines which will be scaling up. So, the final set of mines where we’ll be taking up the MDO is not clear.

Hemankur Upadhyaya: No, currently, we are looking at some of the mines which will be scaling up. The final set of mines where all will be taking up the MDU is not clear. We are still evaluating that. But whichever mines are ramping up, some of the mines which you mentioned will be ramping up. It is a decision which will be made by Tata Steel. But we are evaluating all the mines, wherever scaling up is required, and if we can help in the faster scaling up, it may be taken up by the JV.

Speaker #2: We are still evaluating that. But, yes, whichever mines are ramping up—some of the mines you mentioned will be ramping up. So, it is a decision that will be made by Tata Steel.

Speaker #2: But we are evaluating all the mines wherever scaling up is required. And if we can help in faster scaling up, it may be taken up by the JV.

Speaker #3: Noted. And the second part of the question: In existing.

Vikas Singh: Noted. Second part of the question in existing-

Vikash Singh: Noted. Second part of the question in existing-

Operator: Sorry to interrupt, Vikas sir. May we request that you return to the question queue for follow-up?

Speaker #4: Sorry to interrupt, Vikasa. Maybe request that you return to the question queue for follow-up.

Speaker #3: Fine. No issues.

Vikas Singh: Fine. No issues.

Vikash Singh: Fine. No issues.

Speaker #4: Thank you, sir. Ladies and gentlemen, in order to ensure that management is able to address questions from all the participants on the conference call, please limit your questions to two per participant.

Operator: Yeah. Thank you, sir. Ladies and gentlemen, in order to ensure that management is able to address questions from all the participants in the conference call, please limit your question to two per participant. The next question is from the line of Jay from PhillipCapital. Please proceed with your question.

Speaker #4: The next question is from the line of Jay from Philips Capital. Please proceed with your question.

Speaker #3: Hi, good afternoon. So, firstly, congratulations on a good set of numbers. My question is actually on the pellet segment. We've seen pellet profitability go up this quarter.

[Company Representative] (PhillipCapital): Hi, good afternoon. Firstly, congrats on a good set of numbers. My question is actually on the pellet segment. We have seen pellet profitability go up this quarter. I just want to understand how much of that is your export mix in pellet premiums versus how much of it is captive on slurry pipeline. As we scale up in the next quarters, is this a margin that we can build in or is there something one-off about this?

[Analyst] (PhillipCapital): Hi, good afternoon. Firstly, congrats on a good set of numbers. My question is actually on the pellet segment. We have seen pellet profitability go up this quarter. I just want to understand how much of that is your export mix in pellet premiums versus how much of it is captive on slurry pipeline. As we scale up in the next quarters, is this a margin that we can build in or is there something one-off about this?

Speaker #3: I just want to understand how much of that is your export mix and pellet premiums, versus how much of it is captive on the slurry pipeline.

Speaker #3: And as we scale up in the next few quarters, is this a margin that we can build in, or is there something one-off about this?

Speaker #2: So, 25% of our production is being sold as export right now. The slurry pipeline saving is around 9 million rupees, with the 700 rupees a ton.

Riyaz Shaikh: 25% of our production is being sold as export right now. The slurry pipeline savings around INR 900, INR 700 a ton, and that will remain. Sorry, INR 500 a ton. That will remain. We assume that the export quantity will more or less remain the same. Right now, given the vagaries of the market, sometimes export is better, sometimes local is better. We hope to maintain our product mix, which will serve all our customers regularly, including the international and the Indian ones.

Speaker #2: And that will remain, sorry, ₹550 a ton. That will remain. And we assume that the export quantity will more or less remain the same.

Speaker #2: Right now, I mean, given the vagaries of the market, sometimes export is better, sometimes local is better. But we hope to maintain a product mix which will serve all our customers regularly.

Speaker #2: Including the international and the Indian ones.

Speaker #3: Okay. Got it. Thank you.

[Company Representative] (PhillipCapital): Okay, got it. Thank you.

[Analyst] (PhillipCapital): Okay, got it. Thank you.

Speaker #4: Thank you, sir. The next question is from the line of Kunal Kothari from Nuvama Wealth. Please proceed with your question.

Operator: Thank you, sir. The next question is from the line of Kunal Kothari from Nuvama Wealth. Please proceed with your question.

Speaker #3: Yeah, thank you, and congratulations on a great set of numbers. So, my first question is in regard to our INO business, where volume has increased sharply by 58% year on year.

Kunal Kothari: Yeah, thank you and congratulations for great set of numbers. My first question is in regard to our iron ore business, where volume has increased sharply by 58% year-on-year, but EBITDA per ton has remained flat year-on-year. I have not seen any operating leverage benefit. Can you provide some guide on it, sir?

Speaker #3: But EBITDA per ton has remained flat year-on-year, and we have not seen any operating leverage benefits. Can you provide some guidance on this, sir?

Speaker #2: I think the sales price is basically remained the same over the last year on year, if you see. It's been on 6,000 rupees. And therefore, there's the contribution which is the EBITDA is always also remained at the same.

Riyaz Shaikh: The sales price has basically remained the same over the last year-on-year if you see. It has been on INR 6,000. Therefore, the contribution which is the EBITDA has obviously also remained at the same. We have got more and more usage of material which has gone internally. The sales quantity has reduced. That is the reason why it is so.

Speaker #2: We've got more and more usage of material which has gone internally, so the sales quantity has reduced. That's the reason why it's dropping.

Speaker #3: But sir, volume has increased sharply, so there must be some operating leverage benefit that has not been seen in terms of higher margins.

Kunal Kothari: But sir, volume has increased sharply, so there must be any operating leverage benefit that has not been seen in terms of higher margins.

Riyaz Shaikh: That is what I said. Internal consumption has increased. When we talk of the margins, that is all based on the outward sale, so that has remained the same. The margin is then getting transferred to the value-added products.

Speaker #2: That's what I said. Internal consumption has increased. So, when we talk of the margins, that is all based on the outward sale. So, that has remained the same.

Speaker #2: So the margin is then getting transferred to the value-added products.

Speaker #3: Okay, conclusion. Secondly, on the MDO business—so, over the year, again, the numbers are fantastic. But can you help us understand the EBITDA year-on-year growth breakdown in terms of what led to how much of the EBITDA growth, and margin as well?

Kunal Kothari: Okay. Secondly, on MDO business. Over here, again, the numbers are fantastic, but can you help us to understand the EBITDA year-on-year growth breakdown in terms of what led to how much of EBITDA growth and margin one as well?

Speaker #2: EBITDA has improved from last year, and this current year we are going to maintain the same rate, since volumes are now picking up.

Riyaz Shaikh: EBITDA, we have improved from last year, and current year also, we are going to maintain the same rate since the volumes have now picking up. For the Odisha operations also, we are going to ramp up the production. For the Gadchiroli also, the production is being ramped up. As I stated in my remarks that for this logistic operation, we are converting our conventional diesel vehicle to green vehicles. There also we are going to improve on the EBITDA. We are pretty sure that we will be able to maintain the EBITDA level of around 27% to 30%.

Speaker #2: And for the Odisha operations also, we are going to ramp up the production. And for Gadchiroli also, the production is being ramped up.

Speaker #2: And as I stated in my remarks, for this logistics operation, we are converting our conventional diesel vehicles to green vehicles. So there also, we are going to improve on the EBITDA.

Speaker #2: So, we are pretty sure that we'll be able to maintain the EBITDA level of around 27% to 30%.

Kunal Kothari: Sir, can you give more clarity because our EBITDA is up around 145% year-on-year. The volume is up in iron ore around 80%. Just want to cover the bridge of what led to such high. Is there any contracts which is giving us the higher margins now compared to the last year? Can you just detail out something over here?

Speaker #3: Sir, can you give more clarity? Because our EBITDA is up by around 145% year on year, and end-of-volume is up in INR by around 80%.

Speaker #3: So, just want to cover the bridge of what led to such highs. Are there any contracts which are giving us higher margins now compared to last year?

Speaker #3: Can you please provide more details here?

Riyaz Shaikh: In Odisha this year, we have already started two new mining projects. One is Laxada-Pacheri, and another we are going to start is in Dalpahar. In both the mining contracts, we have a better EBITDA margin as compared to our other Odisha mines. In these two, our EBITDA margins would be much, much better as compared to other mines. Also on the fuel cost and all these things, fuel efficiency, we are going to improve upon, and our EBITDA would be stable as compared to the last year. EV vehicle fuel saving is going to get more due to these EV vehicles. These two mining contracts, where the margins would be around more than 40%. We will be able to maintain the higher EBITDA margins.

Speaker #2: In Odisha, this year, we have already started two new mining projects. One is the Sardar facility, and another, which we are going to start, is Dalpahar.

Speaker #2: So, in both the mining contracts, we have a better EBITDA margin as compared to our other Odisha mines. So, in these two, our EBITDA margins would be much, much better.

Speaker #2: As compared to other mines, and also on the fuel cost and all these things, fuel efficiency—we are going to improve upon these areas. Our EBITDA would be stable as compared to last year.

Speaker #2: And with EV vehicle fuel savings, we are going to get more due to these EV vehicles. And for these two mining contracts, the margins would be around more than 40%.

Speaker #2: So, we'll be able to maintain the higher EBITDA margins.

Speaker #3: Okay. Lastly, on the control level.

Kunal Kothari: Okay. Lastly, on the control level.

Speaker #4: Sorry, Kunal sir. I request that you return to the question queue for follow-up.

Operator: Sorry to interrupt, Kunal sir. We request that you return to question queue for follow-up.

Speaker #3: Sure. Sure. Thanks. Yeah.

Kunal Kothari: Sure. Thanks.

Speaker #4: Thank you, sir. The next question is from the line of Amit Dixit from GS. Please proceed with your question.

Operator: Thank you, sir. The next question is from the line of Amit Dixit from GS. Please proceed with your question.

Speaker #3: Yeah. Hi, good afternoon, everyone, and thanks for the opportunity. A couple of questions from my side. First of all, congratulations on a very good set of numbers.

Amit Dixit: Yeah, hi. Good afternoon, everyone, and thanks for the opportunity. A couple of questions from my side. First of all, congratulations for a very good set of numbers. Sir, if you could let us know the progress of BHQ plant. You have mentioned in the PPT that yield is like 38%. Just wanted to understand what kind of grades we are getting now, and when is this project expected to be complete? Is there any delay or something like that, if you can comment on that. That is the first question.

Speaker #3: Sir, if you could let us know the progress of the BHQ plant. You had mentioned in the PPT that the yield is around 38%, so just wanted to understand what kind of grades we are getting now.

Speaker #3: And when is this project expected to be complete? Is there any delay or anything like that? If you can comment on that. That is the first question.

Riyaz Shaikh: In BHQ, we hope to commission it by March 2028 as per our original schedule. The recovery of 38% against original 35% is more or less confirmed with all the tests that we have been doing on the Test bench.

Rajesh Gupta: In BHQ, we hope to commission it by March 2028 as per our original schedule. The recovery of 38% against original 35% is more or less confirmed with all the tests that we have been doing on the Test bench.

Speaker #2: In BHQ, we hope to commission it by March 28, as per our original schedule. The recovery of 38%, against the original 35%, is more or less confirmed with all the tests that we've been doing on the test bench.

[Company Representative] (PhillipCapital): Got it.

[Analyst] (PhillipCapital): Got it.

Speaker #2: By the pilot, through the pilot plan. And so, if the cost is also more or less within that range that we had put in the assumed.

Riyaz Shaikh: through the pilot plant. The cost is also more or less within that range that we had originally assumed.

Rajesh Gupta: through the pilot plant. The cost is also more or less within that range that we had originally assumed.

Amit Dixit: Sir, what is the grade in terms of iron ore and alumina content, if you can highlight?

Speaker #3: Sir, what is the grade in terms of iron ore and alumina content, if you can highlight?

Riyaz Shaikh: The total gangue will be less than 3%, alumina and silica of the finished product, and the finished product will be in the range of 66%-67% at the belt end.

Rajesh Gupta: The total gangue will be less than 3%, alumina and silica of the finished product, and the finished product will be in the range of 66%-67% at the belt end.

Speaker #2: The total gang will be less than 3%. Alumina and silica. And the all the finished product. And the finished product will be in the range of 66, 67%.

Speaker #2: At the bare minimum.

Speaker #3: Wonderful. Sir, the second question is essentially on Capex. Now, if I look at the Capex, I mean, this quarter, it has, of course, increased quite a bit.

[Company Representative] (PhillipCapital): Wonderful, sir. The second question is essentially on CapEx. If I look at the CapEx, this quarter it has, of course, increased quite a bit. Just wanted to understand the peak CapEx for the company. Which year, we will be having the peak CapEx? What is your plan for CapEx in international geographies, particularly if you want to further increase the operations in Congo, let us say. Also, if there is any CapEx apart from that $300 million that you mentioned in your opening questions to Vikas.

[Analyst] (PhillipCapital): Wonderful, sir. The second question is essentially on CapEx. If I look at the CapEx, this quarter it has, of course, increased quite a bit. Just wanted to understand the peak CapEx for the company. Which year, we will be having the peak CapEx? What is your plan for CapEx in international geographies, particularly if you want to further increase the operations in Congo, let us say. Also, if there is any CapEx apart from that $300 million that you mentioned in your opening questions to Vikas.

Speaker #3: I just wanted to understand when the company will reach its peak Capex. Which year will we be having the peak Capex? Also, what is your plan for Capex in international geographies, particularly if you want to further increase operations in Congo, for example?

Speaker #3: And also, if there is any capex apart from that $300 million that you mentioned in your opening question, do let us know here.

Speaker #2: So Capex currently, as Imanco mentioned, we'll be having for the foreign operations—we are around $300 million is what is planned. This should be in this financial year, is what it should, what would be expected.

Riyaz Shaikh: Okay. CapEx currently, as Himangshu mentioned, we would be having for the foreign operations, we are around $300 million is what is planned. This should be in this financial year is what would be expected. Plus, for the ongoing projects we should be having apart from the ISpin Konsari, we would be having around INR 8,500 crore of CapEx in this year. We have done around INR 3,000 crore already in the first quarter. It should be at around INR 11,500 crore over the next two years. That should be the CapEx. Going forward with the steel plant coming in, it should be on a higher range. This does not include anything for the copper project in PNG, the Panguna mine. We are just exploring that. Once that is clear and we have a clear picture on it, then we should be coming back to you on.

Speaker #2: Plus, as for the ongoing projects, we should be having apart from the ISP in Coinsari, we would be having around 8,500 crore rupees of Capex in this year.

Speaker #2: So, we're going to have done around ₹3,000 crore already in the first quarter. And then, so it should be around ₹11,000–₹11,500 crore over the next two years.

Speaker #2: That should be the Capex. And, going forward, with these steel plants coming in, it should be on a higher range. Plus, this does not include anything for the copper project in PNG.

Speaker #2: The Panguna mines—so we're just exploring that. Once that's clear and we have a clear picture on it, then we should be coming back to you.

Speaker #3: Okay, sure, sir. Thank you so much, and all the best.

[Company Representative] (PhillipCapital): Okay. Sure, sir. Thank you so much, and all the best.

[Analyst] (PhillipCapital): Okay. Sure, sir. Thank you so much, and all the best.

Speaker #4: Thank you, sir. The next question is from the line of Siddharth Gadekar from Equidius. Please proceed with your question.

Operator: Thank you, sir. The next question is from the line of Siddharth Gadekar from Equirus. Please proceed with your question.

Speaker #3: Hi, sir. Congrats on the strong set of numbers. The first question is on the India business. If I look at the production and sales volume this quarter, it seems that we had some carry-forward inventory of iron ore. Can you quantify that?

Siddharth Gadekar: Hi, sir. Congrats for the strong set of numbers. The first question is on the India business. If I look at the production and sales volume this quarter, it seems that we have some carry forward inventory of iron ore. Can you quantify that? One, and secondly, the INR 325 crore of cost saving from the slurry pipeline, can we annualize that annually on a per ton basis?

Speaker #3: One, and secondly, the ₹325 crores of cost saving from the slurry pipeline—can you annualize that on a per-ton basis?

Speaker #2: I didn't get your second question. Can you repeat it?

Riyaz Shaikh: I didn't get your second question. Can you repeat it?

Speaker #3: So, the cost saving on the study pipeline was around ₹325 crores, as we mentioned in the presentation. Can we annualize that savings on a per-ton basis for the full year?

Siddharth Gadekar: Sir, the cost saving on the slurry pipeline was around INR 325 crores you mentioned in the presentation. Can we annualize that savings on a per ton basis for the full year?

Speaker #2: Yeah, that's a tragedy. You mentioned it at around 500 to 550 rupees per ton because of the study line. It's a study project.

Riyaz Shaikh: Yeah. As Gajanan has mentioned it, around ₹500 to ₹550 per ton because of the slurry line, the slurry project. That is the saving what we are getting on the pellet costing. To the first part of your question, we had around 1.5 million tons of opening stock of iron ore, which we would be selling out in this year. This year the sales would be more than 26 million with this 1.5 million tons.

Speaker #2: That is the saving that we are getting on the pellet costing. And to the first part of your question, we had around 1.5 million tons of opening stock of iron ore.

Speaker #2: Which we would be selling out in this year. So this year, the sales would be more than $26 million with this 1.5 million tons.

Speaker #3: Okay. Second, on the PNG, are there any timelines and any initial thoughts on how much the investment would be on that project?

Siddharth Gadekar: Okay. Second, on the PNG, any timelines and any initial thoughts on how much would be the investment on that project?

Riyaz Shaikh: Like both Siddharth and Himangshu have mentioned, sir, the PNG ABG project is still under study. It is very pipeline stage, and it will be very difficult to hazard any guess at the moment. It is a very positive moment for the company. We are studying it. We have our team for the exploration, for the studies, for everything. For the CSR to start with also, and we hope to replicate what we have done in Gadchiroli both in Chemaf and in Panguna. But to give figures for Panguna at this stage is impossible.

Rajesh Gupta: Like both Siddharth and Himangshu have mentioned, sir, the PNG ABG project is still under study. It is very pipeline stage, and it will be very difficult to hazard any guess at the moment. It is a very positive moment for the company. We are studying it. We have our team for the exploration, for the studies, for everything. For the CSR to start with also, and we hope to replicate what we have done in Gadchiroli both in Chemaf and in Panguna. But to give figures for Panguna at this stage is impossible.

Speaker #2: Like both Siddharth and Imanco have mentioned, sir, the PNG ABG project is still under study. It's very, very pipeline safe, and it will be very difficult to hazard any guess at the moment.

Speaker #2: It's a very positive moment for the company. We are starting it. We have our team for the exploration, for the studies, for everything—for the CSR to start with also.

Speaker #2: But, and we hope to replicate what we have done in Battery Roadi, both in Kemas and in Panguna. But to give figures for Panguna at this stage is impossible.

Speaker #3: Sir, just one last question on the steel plant. Are there any changes regarding the steel plant Capex and timelines? When are we expected to start the steel plant Capex?

Siddharth Gadekar: Sir, just last question on the steel plant. Any changes on the steel plant CapEx and timelines of when are we expecting to start the steel plant CapEx?

Speaker #2: Which steel plant, sir?

Riyaz Shaikh: Which steel plant, sir?

Rajesh Gupta: Which steel plant, sir?

Speaker #3: The Maharashtra steel plant—we had announced.

Siddharth Gadekar: The Maharashtra steel plant we had announced.

Riyaz Shaikh: The first steel plant is already under execution. We hope to commission the plant by the end of this year, March 2027. For the second one, the original one, which was estimated at around 3 million tons in Konsari, like I mentioned last time, we have put that on the study block, studying how we can get maximum wastage of the land that has already been allotted to us, already in our possession, and whether we can increase our capacity in that area, given that we already have the iron ore availability and seeing that the operations are going very smoothly, we might be increasing the capacity. No decision has been yet made on that.

Rajesh Gupta: The first steel plant is already under execution. We hope to commission the plant by the end of this year, March 2027. For the second one, the original one, which was estimated at around 3 million tons in Konsari, like I mentioned last time, we have put that on the study block, studying how we can get maximum wastage of the land that has already been allotted to us, already in our possession, and whether we can increase our capacity in that area, given that we already have the iron ore availability and seeing that the operations are going very smoothly, we might be increasing the capacity. No decision has been yet made on that.

Speaker #2: The first steel plant is already under commissioning, is under execution. We hope to commission the plant by the end of this year, March 27th.

Speaker #2: And for the second one, the original one which was estimated at around 3 million tons in Coinsari, we have, like I mentioned last time, put that on the study block.

Speaker #2: Studying how we can get maximum weighted of the land that has already been allotted to us, already in our position. And whether we can increase our capacities in that area given that we already have the iron ore availability and seeing that the operations are going very smoothly, we might be increasing the capacity.

Speaker #2: No decision has been made yet on that.

Speaker #3: Okay, sir. Thank you so much.

Siddharth Gadekar: Okay, sir. Thank you so much.

Speaker #4: Thank you, sir. The next question is from the line of Vinith Thakur from Plus91 Asset Management. Please proceed with your question.

Operator: Thank you, sir. The next question is from the line of Vineet Thakur from Plus 91 Asset Management. Please proceed with your question.

Speaker #3: Hi, sir. Thank you for the opportunity, and congratulations on a great set of numbers. Sir, I just had a question regarding the guidance for Capex for the next three years.

Vineet Thakur: Hi, sir. Thank you for the opportunity and congratulations on great set of numbers. Sir, I just had a question regarding the guidance for CapEx for next 3 years.

Vinit Thakur: Hi, sir. Thank you for the opportunity and congratulations on great set of numbers. Sir, I just had a question regarding the guidance for CapEx for next 3 years.

Speaker #2: Yeah. As I just mentioned, we should be at around 11,000 close to 11,000 crores for the next two years. And a retire around 15 to between 15 to 20,000 crores in the year after that.

Rajesh Gupta: Yeah. As I just mentioned, we should be at around close to INR 11,000 crores for the next two years, and a bit higher, around between INR 15,000 to INR 20,000 crores in the year after that. So the third year. That is what it should be.

Riyaz Shaikh: Yeah. As I just mentioned, we should be at around close to INR 11,000 crores for the next two years, and a bit higher, around between INR 15,000 to INR 20,000 crores in the year after that. So the third year. That is what it should be.

Speaker #2: So, the third year. So that is what it should be.

Speaker #3: And sir, coming to the EBITDA, the previous participant asked the same question about the EBITDA per ton. What do you think could be next for this coming quarter?

Vineet Thakur: Coming to the EBITDA, the previous participant asked the same question about the EBITDA, but what do you think would be the next for this coming quarter? How market has been subdued, as you said, other players in the market as well, the prices have fallen off pellets down and so has iron ore prices have fallen down. Do you think the results in coming few months will be depressed for pricing?

Vinit Thakur: Coming to the EBITDA, the previous participant asked the same question about the EBITDA, but what do you think would be the next for this coming quarter? How market has been subdued, as you said, other players in the market as well, the prices have fallen off pellets down and so has iron ore prices have fallen down. Do you think the results in coming few months will be depressed for pricing?

Speaker #3: The market has been subdued, as mentioned by other players in the industry as well. The prices of pellets have fallen, and similarly, iron ore prices have also come down.

Speaker #3: Do you think the results in the coming few months will be depressed for pricing?

Rajesh Gupta: I don't count any pricing ever as depressed or bullish. It's a commodity, it changes with every season and every year. I believe that the average for this year, quarter-on-quarter, has been the same, like last year, which is exactly the same. I believe this year will behave the same like last year. How we can improve is by placing our material better geographically, which we are forcing our sales teams to do to ensure that we get better realizations with the same market, whatever it is. It has helped us that some of our iron ore that we were selling in longer distances need not be serviced to those customers, because we'll be adding value by making pellets. So that will probably add to our long-term margins, which we have seen with a 6% growth this year.

Riyaz Shaikh: I don't count any pricing ever as depressed or bullish. It's a commodity, it changes with every season and every year. I believe that the average for this year, quarter-on-quarter, has been the same, like last year, which is exactly the same. I believe this year will behave the same like last year. How we can improve is by placing our material better geographically, which we are forcing our sales teams to do to ensure that we get better realizations with the same market, whatever it is. It has helped us that some of our iron ore that we were selling in longer distances need not be serviced to those customers, because we'll be adding value by making pellets. So that will probably add to our long-term margins, which we have seen with a 6% growth this year.

Speaker #2: I don't count any pricing ever as depressed or bullish. It's a commodity; it changes with every season and every year. I believe that the average for this year, quarter on quarter, has been the same.

Speaker #2: Like last year, which is exactly the same, I believe that this year will be the same as last year. How we can improve is by placing our material better geographically.

Speaker #2: Which we are forcing our sales teams to do to ensure that we get better realizations with the same market, whatever it is. It has helped us that some of our iron ore, that we were selling to longer distances, can now be serviced to customers nearby. We need not service those distant customers because we are adding value by making pellets.

Speaker #2: So that will probably add to our long-term margins, which we have seen with the 6% growth this year. We hope to continue similar results, but pricing is impossible to predict.

Rajesh Gupta: We hope to continue similar results, but pricing is impossible to predict.

Riyaz Shaikh: We hope to continue similar results, but pricing is impossible to predict.

Speaker #3: And sir, what are the sustainable margins going forward?

Vineet Thakur: And sir, what is your sustainable margin going forward?

Vinit Thakur: And sir, what is your sustainable margin going forward?

Speaker #2: Sorry?

Rajesh Gupta: Sorry.

Riyaz Shaikh: Sorry.

Speaker #3: So, what will be a sustainable margin going forward, post copper?

Vineet Thakur: What will be your sustainable margin going forward post-

Vinit Thakur: What will be your sustainable margin going forward post-

Rajesh Gupta: It is a commodity which all of you guys call cyclical. How can I predict any margin?

Riyaz Shaikh: It is a commodity which all of you guys call cyclical. How can I predict any margin?

Speaker #2: That it's a commodity, which all of you guys call cyclical. How can I predict any margin?

Speaker #3: Fair enough, sir. Thank you so much.

Vineet Thakur: Fair enough, sir. Thank you so much.

Vinit Thakur: Fair enough, sir. Thank you so much.

Speaker #4: Thank you, sir. The next question is from the line of Meet Bhuva from Integritee Ventures and Partnerships. Please proceed with your question.

Operator: Thank you, sir. The next question is from the line of Meet Bhua from Integrity Ventures and Partnerships. Please proceed with your question.

Meet Bhua: Hi, sir. This side of copper leasing, you mentioned you are renegotiating term loan FEMA for project feasibility. I want to know your views on that.

Speaker #3: Hi, sir. This is regarding copper—you mentioned you are renegotiating down on the schema of the project, basically. So, I want to know your views on that.

Speaker #4: Sorry to interrupt, Meet sir. Your voice is not very audible. Could you please speak a little louder?

Operator: Sorry to interrupt, Meet sir, your voice is not that audible. Please can you speak a little louder?

Speaker #3: Yes, sir. I wanted to ask about the copper division. Also, the management has mentioned that you are renegotiating the terms on the schema. So, what's the status of the project, and what is the near-term view of the management on this project?

Meet Bhua: Sure. Sir, I wanted to ask on copper leasing. Also, the management has mentioned that you are renegotiating the term loan FEMA. So what is the status of the project, and what is the longer-term view of the management on this project?

Hemankur Upadhyaya: So see, the terms are already negotiated. We are looking at total financial closure. The project is under active development. I think we will reach financial closure in the next three to four months, and we will have the firm timeline on closure out of all the agreements which have been signed.

Speaker #2: So, see, the terms are already negotiated. We are looking at total financial closure. The project is under active development. So, I think we'll reach financial closure in the next three to four months.

Speaker #2: And we will have a firm timeline on the closure of all the agreements which have been signed.

Speaker #3: Okay. And what is the lower-term view on this project? Is the project expected to generate a significant EBITDA margin at the company level?

Meet Bhua: Okay. What is the longer-term view on this project? Is the project expected to generate a significant EBITDA margin for its company life?

Hemankur Upadhyaya: Well, basically, we do have feasibility reports from the past, but I think it would be more prudent, and as we said, it is a commodity business. So it depends. If we consider current copper prices, of course, the margins are very high. But it would be a pretty early comment on what margins we will be making. We do have a plan. We do have projections, but I think we will be able to disclose more on that when we are confident and get final commissioning timeline, which I think should happen in the next three to four months.

Speaker #2: See, so basically, we do have feasibility reports from the past. But I think it would be more prudent—and as you said, it's a commodity business.

Speaker #2: So it depends. I mean, if we consider current copper prices, of course, the margins are very high. But it would be pretty early to comment on what margins we'll be making.

Speaker #2: We do have a plan. We do have projections. But I think we'll be able to disclose more on that when we are confident in the final commissioning timeline.

Speaker #2: Which I think should happen in the next three to four months.

Speaker #3: Okay. And this project must be contributing to the depreciation and other expenses in the current quarter, right?

Meet Bhua: Okay. This project must be contributing to the depreciation, et cetera, other expenses in the current quarter, right?

Speaker #2: Oh, yeah. Yeah. So, yes, the assets will work incomplete, so all the depreciation benefits will remain and will be claimed by the company, which is the company that has been acquired.

Hemankur Upadhyaya: Yeah. So yes, the assets will work in complete. So all the depreciation benefits will remain and will be claimed by the company which has been acquired. So that 100% will help in the tax benefit that will come along with the assets being there.

Speaker #2: So that 100% will help in the tax benefits that will come along with the assets being there.

Speaker #3: Okay. Got it. Thank you.

Meet Bhua: Okay, got it. Thank you.

Speaker #4: Thank you, sir. The next question is from the line of Ritesh Bhagwati from Alpha Plus Capital. Please proceed with your question.

Operator: Thank you, sir. The next question is from the line of Ritesh Bhagwati from Alpha Plus Capital. Please proceed with your question.

Speaker #5: Hi, sir. Thanks for taking my question. And first of all, congrats on a great set of numbers. My question pertains to the NTPC ways receivable that was raised as EOM in the auditor's note.

Ritesh Bhagwati: Hi, sir. Thanks for taking my question. First of all, congrats on great set of numbers. My question pertains to the NTPC wage receivable that was raised as EOM in auditor's note. So right now it stands at 300 odd crores, and it is still growing every quarter, even though NTPC has walked away from the settlement 2 years ago. So my question simply is, and I believe we have not provided anything for that yet. So what is the thought process behind that, and what would make us provide that? Do we wait for the final court date, or is there some earlier trigger for that?

Speaker #5: So right now it stands at 300-odd crores, and it's still growing every quarter, even though NTPC walked away from the settlement two years ago.

Speaker #5: So, my question simply is, and I believe we have not provided anything for that yet—so what is the thought process behind that?

Speaker #5: And what would make us provide that? Like, do we wait for the final quote or date, or is there some earlier trigger for that?

Speaker #2: We were not able to understand; the line is not clear. And we were just not able to understand any of your questions.

Hemankur Upadhyaya: We were not able to understand. The line is not clear, and we were just not able to understand any of your questions.

S. K. Naredi: We were not able to understand. The line is not clear, and we were just not able to understand any of your questions.

Speaker #5: Okay, so I'll just repeat it. My question pertains to the NTPC wage variable that was raised by the auditor's note in our P&L.

Rajesh Gupta: Okay, I'll just repeat it. My question pertains to the NTPC wage variable that was raised by the auditor's note in our P&L. It currently stands at 300 odd crores, and I believe NTPC has walked away from the settlement two years ago. Somehow, I believe we have not yet provided for this 300 odd crores in our books.

Ritesh Bhagwati: Okay, I'll just repeat it. My question pertains to the NTPC wage variable that was raised by the auditor's note in our P&L. It currently stands at 300 odd crores, and I believe NTPC has walked away from the settlement two years ago. Somehow, I believe we have not yet provided for this 300 odd crores in our books. Now, what I want to understand is what is the thought process behind that and what are we waiting for? Are we going to wait for the final court verdict and only then we are going to book for the provisions or how is it?

Speaker #5: So it currently stands at 300-odd crores. I believe NTPC walked away from the settlement two years ago, and, somehow, I believe we have not yet provided for this 300-odd crores in our books.

Speaker #5: Now what I want to understand is, what is the thought process behind that? And what are we waiting for? Like, are we, like, waiting for the final quote or date?

Ritesh Bhagwati: Now, what I want to understand is what is the thought process behind that and what are we waiting for? Are we going to wait for the final court verdict and only then we are going to book for the provisions or how is it?

Speaker #5: And only then are we going to book the provisions? Or how is it?

Speaker #2: No, no. We don't intend to make any provision for that. We are in negotiation with NTPC, and they have authorities—not only for this, but also for our escalation on fuel cost and all these things.

Narendran: No, we don't intend to make any provision for that. We are in negotiation with NTPC and they have the parties, not only for this but for our escalation on fuel cost and all these things also. Negotiations with NTPC are on and hopefully for these wages also, this matter would be sorted out because this is what they had to pay and they have not yet paid. In arbitration, we had won this award and since NTPC did not accept the arbitration, the matter is sub judice still now. We are hopeful in next two, three months, NTPC matter would be resolved.

S. K. Naredi: No, we don't intend to make any provision for that. We are in negotiation with NTPC and they have the parties, not only for this but for our escalation on fuel cost and all these things also. Negotiations with NTPC are on and hopefully for these wages also, this matter would be sorted out because this is what they had to pay and they have not yet paid. In arbitration, we had won this award and since NTPC did not accept the arbitration, the matter is sub judice still now. We are hopeful in next two, three months, NTPC matter would be resolved.

Speaker #2: So negotiations with NTPC are ongoing, and hopefully for these wages also, this matter will be sorted out. Because this is what they had to pay and they have not yet paid.

Speaker #2: I mean, in arbitration, we had won this award. And since NTPC did not accept the arbitration, the matter is again sub judice even now.

Speaker #2: And we are hopeful that in the next two to three months, the NTPC matter will be resolved.

Speaker #5: Okay. Now I have taken all this—has the largest core customer we quoted affected our working relationship with them in any terms? Like contract renewals or anything?

Ritesh Bhagwati: Okay. Now, has taking our this largest core customer to court affected our working relationship with them in any terms like contract renewals or anything?

Speaker #2: No, no. Because we are the largest MDO producer for NTPC, and their entire power plant and everything is dependent on our MDO operation.

Narendran: No, because we are the largest MDO producer for NTPC and their NTPC entire power plant and everything is dependent on our MDO operation. So there is no relationship conflict between the two companies. In fact, we are their preferred MDO contractors and we are the largest producer of coal for them. So there is nothing as such in this. In fact, they have awarded the new contract also, that is another Pakri Barwadih North West, which has just started production last year only. That is again of 3 million tonnes. So it shows our relationship with NTPC. So there is no issue in relationship and anything to do with all this because these are part of normal business. So both the companies are doing their own job. But yes, we are their preferred partner and they have full confidence in us.

S. K. Naredi: No, because we are the largest MDO producer for NTPC and their NTPC entire power plant and everything is dependent on our MDO operation. So there is no relationship conflict between the two companies. In fact, we are their preferred MDO contractors and we are the largest producer of coal for them. So there is nothing as such in this. In fact, they have awarded the new contract also, that is another Pakri Barwadih North West, which has just started production last year only. That is again of 3 million tonnes. So it shows our relationship with NTPC. So there is no issue in relationship and anything to do with all this because these are part of normal business. So both the companies are doing their own job. But yes, we are their preferred partner and they have full confidence in us.

Speaker #2: So, there is no relationship conflict between the two companies. In fact, we are their preferred MDO contractors, and we are the largest producer of coal for them.

Speaker #2: So there is nothing as such in this. And in fact, they have awarded us a new contract also. That is another PV Northwest, which has just started production last year only.

Speaker #2: That is again of 3 million tons. So it shows our relationship with NTPC. So there is no issue in relationship. And anything with to do with all this because these are part of normal business that yes, that business that so both the companies are doing their own job.

Speaker #2: But yes, we are their preferred partner, and they have full confidence in us.

Speaker #5: Okay. And my next question is on our KPIs.

Ritesh Bhagwati: Okay. My next question is on our CapEx.

Speaker #4: Sorry to interrupt, Ritesh sir. Maybe request that you return to the question queue for follow-up.

Operator: Sorry to interrupt, sir. May we request that you return to question queue for follow-up?

Speaker #5: Okay, fine. Thank you.

Ritesh Bhagwati: Okay, fine. Thank you.

Speaker #4: Thank you, sir. The next question is from the line of Vikas Singh from ICICI Securities. Please proceed with your question.

Operator: Thank you, sir. The next question is from the line of Vikas Singh from ICICI Securities. Please proceed with your question.

Speaker #5: Hi, sir. Thank you for the opportunity again. Sir, my first question: regarding what you just pointed out, your capex would be ₹11,000 crore for each of the two years and then ₹15,000 crore.

Vikas Singh: Hi, sir. Thank you for the opportunity again. Sir, my first question regarding you just pointed out that your CapEx would be INR 11,000 crore for each of the 2 years and then INR 15,000 crore. Can you just give us from which year the integrated largest steel plant CapEx would take off? How much time are now the new timelines for you to complete the new steel plant? Because that would be a next leg of larger portion of which top-line growth could be coming from.

Vikash Singh: Hi, sir. Thank you for the opportunity again. Sir, my first question regarding you just pointed out that your CapEx would be INR 11,000 crore for each of the 2 years and then INR 15,000 crore. Can you just give us from which year the integrated largest steel plant CapEx would take off? How much time are now the new timelines for you to complete the new steel plant? Because that would be a next leg of larger portion of which top-line growth could be coming from.

Speaker #5: So can you just tell us from which year the integrated largest steel plant capex would take off? And what is the new timeline for you to complete the new steel plant?

Speaker #5: Because that could be a next leg, or a larger portion of the top-line growth could be coming from.

Speaker #2: To reiterate, Vikas ji, the original capacity plan was around 3 million tons. With new technology and new experiences of the Indian steel fraternity, we believe we can build a larger plant in the same location.

Rajesh Gupta: To reiterate, Vikas, the original capacity plan was around 3 million tonnes. With new technology and new experience of the Indian steel fraternity, we believe we can do a larger plant in the same location. Number 1, with the confidence that the capital markets have given us, as well as our success in the mining of the iron ore, with both those factors together, we are hoping to increase our planned capacity. Those plans have not yet been finalized, nor been approved by the board. We are doing various studies, technical, commercial, financial, and seeing where the capital should be allocated. Right now, there is no pucca plan made that we can have any announcement on.

Speaker #2: Number one, with the confidence that the capital markets have given us as well as our success in the mining of the iron, we with both those factors together, we are hoping to increase our capacity plant capacity for our plant.

Speaker #2: Those plans have not yet been finalized, nor have they been approved by the board. We are conducting various studies—technical, commercial, and financial—and assessing where the capital should be allocated.

Speaker #2: Right now, there is no proper plan made that we can have any announcement on.

Vikas Singh: Noted, sir. One more question regarding Triveni. Currently, we are doing larger part of the revenue coming from our own mining contracts. Could you list two, three larger mining contracts which could come in the next two or three years, which could give us a little bit of more satisfaction towards the Triveni growth path for the third party?

Vikash Singh: Noted, sir. One more question regarding Triveni. Currently, we are doing larger part of the revenue coming from our own mining contracts. Could you list two, three larger mining contracts which could come in the next two or three years, which could give us a little bit of more satisfaction towards the Triveni growth path for the third party?

Speaker #5: Noted, sir. I have one more question regarding Triveni. Currently, a larger part of the revenue is coming from our own mining contract. Could you list two or three larger mining contracts that could come in the next two or three years, which could give us a little more satisfaction toward the Triveni growth path?

Speaker #5: For the third party?

Speaker #2: Raymond, you mentioned the Tata contracts.

Rajesh Gupta: Hemant mentioned about the Tata contracts.

Vikas Singh: No, that was smaller. He said that is a smaller portion, basically.

Vikash Singh: No, that was smaller. He said that is a smaller portion, basically.

Speaker #5: No, that was smaller, he said. That is a smaller portion, basically. We had a plan to grow the top line at 30%. So, I just wanted to understand from where that 30% plus 30% growth for the next two years would come.

Rajesh Gupta: The definition.

Vikas Singh: We had a plan to grow the top-line at 30%, so just wanted to understand from where that 30% plus 30% growth for the next two years would come.

Vikash Singh: We had a plan to grow the top-line at 30%, so just wanted to understand from where that 30% plus 30% growth for the next two years would come.

Rajesh Gupta: The Tata contract would be, again, hazarding a guess, would be 3 to 4 million tonnes. The NTPC contracts are growing at around 3% to 5% growth.

Rajesh Gupta: The Tata contract would be, again, hazarding a guess, would be 3 to 4 million tonnes. The NTPC contracts are growing at around 3% to 5% growth. ONGC contracts.

Speaker #2: The Tata contract would be, again, hedging against—would be 3 to 4 million tons. The NTPC contracts are going at around 3 to 5% growth.

Speaker #2: So are we OMC contracts?

Narendran: ONGC

Rajesh Gupta: ONGC contracts.

Speaker #3: And the two to this new mining, I don't know, for Dalfar and the Serdar. This is going to add 5 million tons, and with a better margin.

Narendran: The two new mining, I do not know, for Dholsaher and Laxada, this is going to add 5 million tonnes and with a better margin. This year will be the full year's operation. One mine, 1.5 million full year operation and 3 million will be at least half of that. So 3 million we are going to increase this year apart from the normal increase in other mines. We are quite confident that in Odisha itself we will be able to achieve around 35 million tonnes.

S. K. Naredi: The two new mining, I do not know, for Dholsaher and Laxada, this is going to add 5 million tonnes and with a better margin. This year will be the full year's operation. One mine, 1.5 million full year operation and 3 million will be at least half of that. So 3 million we are going to increase this year apart from the normal increase in other mines. We are quite confident that in Odisha itself we will be able to achieve around 35 million tonnes.

Speaker #3: This year will be the full year's operation. One mine 1.5 million full year operation. And 3 million will be at least half of that.

Speaker #3: So, 3 million we are going to increase this year, apart from the normal increase in other mines. So, we are quite confident that in Orissa itself, we'll be able to achieve around 35 million tons.

Speaker #2: And apart from that, our Geomeso contract is also there, which is a company not owned by Lloyds Metal, but with the group company. And there also, the contracts will be worth, so the growth that we are projecting includes all these contracts.

Rajesh Gupta: Apart from that, our Geo Mysore contract is also there, which is the company now owned by Lloyds Metals, which is a group company. There also the contract will be worth. The growth that we are predicting includes all these contracts.

Speaker #5: Noted, sir. And sir, in our towers, what will the cost be?

Vikas Singh: Noted, sir. In our contracts, do these are the power flow costs?

Vikash Singh: Noted, sir. In our contracts, do these are the power flow costs?

Speaker #4: Maybe request that you return to the question queue for follow-up. Thank you, sir. The next question is from the line of Siddharth Gadekar from Aquarius.

Operator: Sorry to interrupt. May I request that you return to question queue for follow-up? Thank you, sir. The next question is from the line of Siddharth Gadekar from Equirus. Please proceed with your question.

Speaker #4: Please proceed with your question.

Siddharth Gadekar: Hi. Just one last question on the Chemaf debt. Has the restructuring of the debt completed this quarter or it will happen in the next quarter?

Speaker #5: Hi, so just one last question on the shipmass debt. Has the restructuring of the debt been completed this quarter, or will it happen in the next quarter?

Rajesh Gupta: No, it will happen in the next quarter. There is still timeline left for it. Basically, it will be completed before the timeline that is due and agreed with the creditors. Part of the debts have been done, like some of the EPC contractors, et cetera, they have been done and settled.

Hemankur Upadhyaya: No, it will happen in the next quarter. There is still timeline left for it. Basically, it will be completed before the timeline that is due and agreed with the creditors. Part of the debts have been done, like some of the EPC contractors, et cetera, they have been done and settled. But some of the other ones are pending, and they will get completed before the timeline expires for them.

Speaker #2: No, it will happen in the next quarter, so there is still time left for it. Basically, yes, it will be completed before the timeline that is due and agreed with the creditors.

Speaker #2: So part of the debts have been done. Like some of the EPC contractors, etc., they have been done and settled. But some of the other ones are pending.

Hemankur Upadhyaya: But some of the other ones are pending, and they will get completed before the timeline expires for them.

Speaker #2: And they will be completed before the timeline expires for them.

Speaker #5: So, from a technical standpoint, our debt will come down by $700 to $800 million on a controlled basis after the restructuring?

Siddharth Gadekar: Technically, our debt will come down by $700 to $800 million on a control basis after this instruction?

Hemankur Upadhyaya: Yeah, once we complete the complete final closure. It depends upon how actually we are refinancing, because we are still looking at complete financial closure. So that includes taking some of the debt which is there. Some of the new debt may replace the older debt which is there. Yeah, but there will be a significant reduction in the overall debt because that debt does include some of the accrued interest penalties, et cetera, from the past. But yes, it will come down by near about 40% to 50%.

Speaker #2: Yeah, once we complete the final closure, it depends upon how actually we are refinancing, because we are still looking at complete financial closure.

Speaker #2: So that includes taking on some of the debt that is there. Some of the new debt may replace the older debt that exists.

Speaker #2: So, yeah, but there will be a significant reduction in the overall debt because that debt does include some of the accrued interest, penalties, etc., from the past.

Speaker #2: But yes, it will come down by near about, I mean, 40 to 50 percent.

Speaker #5: Okay, so thank you so much.

Siddharth Gadekar: Okay, sir. Thank you so much.

Speaker #4: Thank you, sir. The next question is from the line of Nidhi Ashwasti from Bigmint. Please proceed with your question. Good evening, sir, and many congratulations on the numbers.

Operator: Thank you, sir. The next question is from the line of Nidhi Ashwasti from BigMint. Please proceed with your question.

Nidhi Ashwasti: Good evening, sir. Many congratulations for the numbers and thanks for the opportunity. Sir, my first question is, as the company ramps up their iron ore production to 26 million ton and pellet production to around 8 million ton in FY27, what proportion of the incremental iron ore and pellet volumes will actually enter the merchant market, and what proportion will be consumed within the integrated value chain?

Nidhi Awasthi: Good evening, sir. Many congratulations for the numbers and thanks for the opportunity. Sir, my first question is, as the company ramps up their iron ore production to 26 million ton and pellet production to around 8 million ton in FY27, what proportion of the incremental iron ore and pellet volumes will actually enter the merchant market, and what proportion will be consumed within the integrated value chain?

Speaker #4: And thanks for the opportunity. Sir, my first question is: as the company ramps up their iron ore production to 26 million tons and pellet production to around 8 million tons in FY27, what proportion of the incremental iron ore and pellet volumes will actually enter the merchant markets?

Speaker #4: And what proportion will be consumed within the integrated value chain?

Speaker #2: So at the moment, see, going forward to FY28, we'll have our 1.2 million ton plant commissioned. So between the iron ore and the pellet, around 2.4 million tons, on a round figure basis, would be consumed within the company.

Rajesh Gupta: At the moment, going forward to FY28, we will have our 1.2 million ton plant commissioned. So between the iron ore and the pellet, around 2.4 million ton on a round figure basis would be consumed within the company. Out of this, right now around 1 million tons is being consumed. So 1.4 additional will be consumed in the steel plant by FY28. Beyond that, like I already mentioned, we do not want to hazard a guess regarding the bigger steel plant.

Speaker #2: Out of which, right now, around a million tons is being consumed. So, 1.4 million additional will be consumed in the steel plant by FY28. Beyond that, like I already mentioned, we don't want to hazard a guess regarding the bigger steel plant.

Speaker #4: Okay. Thank you. For my second question, once the BHQ beneficiation plant is operational, what annual saleable output can the company expect from the plant with a 30 million ton capacity?

Operator 2: Okay. My second question is: once the BHQ beneficiation plant is operational, what annual saleable output can the company expect from the plant 30 million ton capacity?

Nidhi Awasthi: Okay. My second question is: once the BHQ beneficiation plant is operational, what annual saleable output can the company expect from the plant 30 million ton capacity?

Speaker #2: Can you please repeat your question?

Rajesh Gupta: Can you repeat your question, please?

Speaker #4: Once the BHQ beneficiation plant is operational, what annual saleable output can the company expect from the plant's 30 million ton low-grade capacity?

Operator 2: Once the BHQ beneficiation plant is operational, what annual saleable output can the company expect from the plant 30 million ton throughput capacity?

Nidhi Awasthi: Once the BHQ beneficiation plant is operational, what annual saleable output can the company expect from the plant 30 million ton throughput capacity?

Speaker #2: So, we would be putting in around 16 million tons of output from that, roughly—16 to 17 million tons depending on the yield that we get from the material.

Rajesh Gupta: We will be putting in around 16 million tons of output from that, roughly 16 to 17 million tons, depending on the yield that we get from the material.

Speaker #4: Okay. Thank you. Thank you, sir.

Operator 2: Okay. Thank you, sir.

Nidhi Awasthi: Okay. Thank you, sir.

Rajesh Gupta: That is in two phases. There are basically nine modules, and once we start commissioning the modules one by one, continuously it would be ramped up like that.

Speaker #2: Turn it into phases, and basically nine modules. Once we start commissioning the modules one by one, it would be continuously ramped up like that.

Speaker #4: Okay, sir. Thank you. Thank you, ma'am. The next question is from the line of Amir Sharda from Purnartha Investment Advisors. Please proceed with your question.

Operator 2: Okay, sir. Thank you.

Nidhi Awasthi: Okay, sir. Thank you.

Operator: Thank you, ma'am. The next question is from the line of Amish Sarda from Purnartha Investment Advisers. Please proceed with your question.

Speaker #5: Hi sir, thank you so much for the opportunity. I just wanted to ask, what is the reason for this fundraise in Triveni Earth Movers and Infra? The ₹650 crore or so fundraise they are doing?

Amish Sarda: Hi, sir. Thank you so much for the opportunity. Just wanted to ask, what is the reason for this fundraise in Triveni Earthmovers and Infra, INR 650 crores or so fundraise they are doing, we are helping them.

Amay Sharda: Hi, sir. Thank you so much for the opportunity. Just wanted to ask, what is the reason for this fundraise in Triveni Earthmovers and Infra, INR 650 crores or so fundraise they are doing, we are helping them.

Speaker #5: We are helping them.

Speaker #2: In fact, we just ordered to reduce our high-cost tests. At the same time, we are going for CAPEX, capital investment. We also have to invest in our outside subsidiaries.

Narendran: In fact, we just wanted to reduce our high cost here, and at the same time, we are going for CapEx, capital investment, and we have to invest in our outside subsidiaries also for doing the MDO contract. For these purposes, as I said in my opening remarks, that we are converting a few of our conventional equipment to the electrical equipment. For that we need funds. We just wanted to replace some high cost debt also, which we have replaced. At the same time, we are putting in funds for our overseas subsidiary, where we intend to start the mining operation. These are the main purpose of raising the funds.

S. K. Naredi: In fact, we just wanted to reduce our high cost here, and at the same time, we are going for CapEx, capital investment, and we have to invest in our outside subsidiaries also for doing the MDO contract. For these purposes, as I said in my opening remarks, that we are converting a few of our conventional equipment to the electrical equipment. For that we need funds. We just wanted to replace some high cost debt also, which we have replaced. At the same time, we are putting in funds for our overseas subsidiary, where we intend to start the mining operation. These are the main purpose of raising the funds.

Speaker #2: For doing the MDO contract. So for these purposes, as I said in my opening remarks, we are converting a few of our conventional equipment to electrical equipment.

Speaker #2: For that, we need funds. We just wanted to replace some high-cost debt also, which we have replaced. And at the same time, we are putting in funds for our overseas subsidiaries.

Speaker #2: We have been sent to start the mining operation, so these are the main purposes of raising the funds.

Speaker #5: Thank you. Can you also highlight what is the current interest cost that you are paying for this Triveni business?

Amish Sarda: In fact, can you also highlight what is the current interest cost that you are paying for this Triveni business?

Amay Sharda: In fact, can you also highlight what is the current interest cost that you are paying for this Triveni business?

Speaker #2: Current interest cost for this quarter, just telling you.

Narendran: Current interest cost for this quarter.

S. K. Naredi: Current interest cost for this quarter.

Speaker #5: Yeah, as a percentage—like, what is the interest percent?

Amish Sarda: Yeah, as a percentage, what is the interest percent?

Amay Sharda: Yeah, as a percentage, what is the interest percent?

Speaker #2: Interest is around 9 to 9.5 percent. So, blended, in Q1 we had paid interest of around ₹115 crores.

Narendran: Interest is around 9% to 9.5%. Blended. Q1, we had paid interest of around INR 115 crores.

S. K. Naredi: Interest is around 9% to 9.5%. Blended. Q1, we had paid interest of around INR 115 crores.

Speaker #5: Okay, okay, okay, okay. And the second question was: when do we expect the copper business to become profitable, and what kind of margins can we expect from the same?

Amish Sarda: Okay. The second question was, when do we expect the copper business to become profitable, and what kind of margins can we expect from the same?

Amay Sharda: Okay. The second question was, when do we expect the copper business to become profitable, and what kind of margins can we expect from the same?

Hemankur Upadhyaya: I think, sir, this question has been raised earlier by your previous participant. I would request you to refer to the transcripts later.

Speaker #2: I think, sir, this question has been raised earlier by your previous participants. I would request you to refer to the transcript later.

Speaker #5: Sure, sure. Thank you, sir.

Amish Sarda: Sure. Thank you, sir.

Amay Sharda: Sure. Thank you, sir.

Speaker #4: Thank you, sir. Ladies and gentlemen, in order to ensure that management is able to address questions from all participants in the conference call, please limit your question to one per participant.

Operator: Thank you, sir. Ladies and gentlemen, in order to ensure management is able to address questions from all the participants in the conference call, please limit your question to one per participant. The next question is from the line of Anjali from Mirania Family Office. Please proceed with your question.

Speaker #4: The next question is from the line of Anjali from Miranya Family Office. Please proceed with your question.

Anjali: Hi. Thank you for the opportunity. I wanted to ask two questions regarding this. One was that in one of your previous conferences, you highlighted a structural savings of INR 4,000 per ton. Can you please provide a granular breakdown of this savings? I also wanted to know the standard conversion ratios across our value chain from BHQ to iron ore to pellets to DRIs. I also wanted to know about the 950-kilometer slurry pipeline that is mentioned in your website. How much of direct shipping iron ore is left in our mining?

[Analyst] (Mirania Family Office): Hi. Thank you for the opportunity. I wanted to ask two questions regarding this. One was that in one of your previous conferences, you highlighted a structural savings of INR 4,000 per ton. Can you please provide a granular breakdown of this savings? I also wanted to know the standard conversion ratios across our value chain from BHQ to iron ore to pellets to DRIs. I also wanted to know about the 950-kilometer slurry pipeline that is mentioned in your website. How much of direct shipping iron ore is left in our mining?

Speaker #6: Hi. Thank you for the opportunity. I wanted to ask two questions regarding this. One was that in one of your previous concalls, you highlighted the structural savings of 4,000 per ton.

Speaker #6: Can you please provide a granular breakdown of these savings? And I also wanted to know the standard conversion ratios across our value chain, from BHQ to iron ore, to pellets, to DRIs.

Speaker #6: And I also wanted to know about the 950-kilometer slurry pipeline that's mentioned on your website. And how much direct shipping iron ore is left in our mines?

Speaker #2: So the longer pipeline is part of the long-term vision of the company. And not really a financial plan at the moment. The 4,000 rupees per ton included the I don't remember the figure exactly, but 2,000 rupees included the remaining savings the savings by consolidating of Triveni the pipeline slurry pipeline saving the saving due to fuel efficiencies, et cetera.

Rajesh Gupta: The longer pipeline is part of the long-term vision of the company and not really a financial plan at the moment. The INR 4,000 per ton included, I do not remember the figure exactly, but INR 2,000 included the Triveni savings, the saving by consolidating of Triveni.

Narendran: Very right.

S. K. Naredi: Very right.

Rajesh Gupta: The slurry pipeline saving, the saving due to fuel efficiencies, et cetera. It was

Speaker #2: So, it was a mix of everything. It was a mix of everything. I would not have the breakup of that, but on an overall basis, the plan is working well within the plan that we had.

Narendran: It was a mix of everything.

S. K. Naredi: It was a mix of everything.

Rajesh Gupta: It was a mix of everything. I would not have the breakup of that. But overall, since the plan is working well within the plan that we had, and that is why you see an increase of 600 basis points or more in the EBITDA margin. One question I think I missed. If you want to repeat that.

Speaker #2: And that's why you see an increase of 600 basis points or more in the EBITDA margin. And your one question, I think I missed.

Speaker #2: If you'd like, I can repeat that.

Speaker #6: Oh, yes. It was about the conversion ratios—from iron ore to pellets to DRIs to steel.

Anjali: Yes. It was about the conversion ratios, from iron ore to pellets to DRI to steel.

[Analyst] (Mirania Family Office): Yes. It was about the conversion ratios, from iron ore to pellets to DRI to steel.

Speaker #2: Iron ore to pellet is around 1.07, which is much more competitive than most of our competitors because of the, let's say, LY quantum. From pellet to DRI is around 1.5, roughly.

Rajesh Gupta: Iron ore to pellet is around 1.07, which is much more competitive than most of our competitors because of the, let's say, Lloyds quantum. From pellet to DRI is around 1.5, roughly. From DRI and blast furnace is a factor of various aspects. I always consider 2 tons of iron ore per ton of steel, give or take a few percentage points within that. That's a very complicated formula to explain right now.

Speaker #2: And from DRI and blast furnace, it's a factor of various aspects. But I always consider two tons of iron ore per ton of steel, give or take a few percentage points within that.

Speaker #2: But that's a very complicated formula to explain right now.

Anjali: I got this, but just one more thing.

[Analyst] (Mirania Family Office): I got this, but just one more thing.

Speaker #6: I got this, but just one more thing. Like Anjali ma'am,

Operator: Sorry to interrupt, ma'am. May we request that you return to the question queue for follow-up? Thank you, ma'am. The next question is from the line of Div Aggarwal from Ficcom Family Office. Please proceed with your question.

Speaker #4: May we request that you return to the question to follow up? Thank you, ma'am. The next question is from the line of Dev Agarwal from Fecom Family Office.

Speaker #4: Please proceed with your question.

Speaker #3: Yeah, hi sir. Thanks for taking my question. Sir, I just wanted to know about the recent announcement that was made by the DRC government on the ban on exports of copper.

Div Aggarwal: Yeah. Hi, sir. Thanks for taking my question. Sir, I just wanted to know about the recent announcement that was done by the DRC government on the ban on exports of copper. Could you throw some light on the potential impact of this move on your business?

Div Agarwal: Yeah. Hi, sir. Thanks for taking my question. Sir, I just wanted to know about the recent announcement that was done by the DRC government on the ban on exports of copper. Could you throw some light on the potential impact of this move on your business?

Speaker #3: So, could you shed some light on the potential impact of this move on your business?

Speaker #2: So, yeah, I mean, the DRC government has announced that. But just to give perspective, actually, the DRC has mostly been exporting cathodes. There has been very little concentrate which goes out of the DRC.

Rajesh Gupta: DRC government has announced that. Just to give a perspective, actually, DRC has mostly been exporting cathodes. There has been very little concentrate which goes out of DRC, and it is limited to mostly some of the players with Chinese shareholders. In our case, both the assets will be producing final cathodes. It does not impact us. It might impact some of the players who might have to find extension and maybe put capacity to convert to cathodes ultimately. On our plant, it does not have any impact.

Speaker #2: And it is limited mostly to some of the players with Chinese shareholders. So, in our case, both the assets will be producing final cathodes.

Speaker #2: So it does not impact us. It might impact some of the players who might have to find extensions and maybe put capacity to convert to cathodes, ultimately.

Speaker #2: But at our plant, it does not have any impact.

Speaker #3: Got it, sir. Got it. Next, I just wanted to know about the gross margin front.

Div Aggarwal: Got it, sir. Next, I just wanted to know on the gross margin front.

Div Agarwal: Got it, sir. Next, I just wanted to know on the gross margin front.

Speaker #4: Sorry to interrupt, Devya Sir. May we request that you return to the question queue for follow-up?

Operator: Sorry to interrupt, sir. May we request that you return to question queue for follow-up?

Speaker #3: Sure, thanks.

Div Aggarwal: Sure. Thanks.

Div Agarwal: Sure. Thanks.

Speaker #4: Thank you, sir. The next question is from the line of Mr. Zaluk from Chhattisgarh Investment Limited. Please proceed with your question.

Operator: Thank you, sir. The next question is from the line of Dilip from Chhattisgarh Investments Limited. Please proceed with your question.

Speaker #6: Hello. Hello, Anjali? Yeah. Sir, my question is, when the other income has increased to ₹128 crore this quarter, what is the reason for that?

Dilip: Hello. Am I audible? Yeah. Sir, my question is that the other income has increased to INR 128 crore this quarter. What is the reason for that? Last quarter it was INR 11.21 crore.

[Analyst] (Chhatisgarh Investments): Hello. Am I audible? Yeah. Sir, my question is that the other income has increased to INR 128 crore this quarter. What is the reason for that? Last quarter it was INR 11.21 crore.

Speaker #6: Because last quarter, it was ₹11.21 crore.

Speaker #2: So part of this increase is due to the IPS from the government, and part of it is from the interest.

Rajesh Gupta: Part of this increase is due to the IPS from the government and part of it is from interest.

Speaker #6: Okay, thank you.

Dilip: Okay. Thank you.

[Analyst] (Chhatisgarh Investments): Okay. Thank you.

Speaker #4: Thank you, ma'am. The next question is from the line of Harsha from Seven Rivers Holdings. Please proceed with your question.

Operator: Thank you, ma'am. The next question is from the line of Harsh from Seven Rivers Holding. Please proceed with your question.

Speaker #3: Yeah, hi. Good afternoon, sir. My question is on Triveni. So, if we exclude the captive revenue, then I think, sequentially, there has been a very sharp uptick in Triveni from almost ₹1,100 crore to ₹1,800 crore.

[Analyst] (Seven Rivers Holdings): Yeah. Hi, good afternoon, sir. My question is on Triveni. If we exclude the captive revenue, then I think sequentially, there has been very sharp uptick in Triveni from almost INR 1,100 crore to INR 1,800 crore. Should we take this as a base for rest of the year and sequentially, should we grow on top of this?

Harsh Shah: Yeah. Hi, good afternoon, sir. My question is on Triveni. If we exclude the captive revenue, then I think sequentially, there has been very sharp uptick in Triveni from almost INR 1,100 crore to INR 1,800 crore. Should we take this as a base for rest of the year and sequentially, should we grow on top of this?

Speaker #3: So, should we take this as a base for the rest of the year, and sequentially, should we grow on top of this?

Speaker #2: I couldn't get your question. Could you please repeat it?

Narendran: I couldn't get your question. Please, could you repeat?

S. K. Naredi: I couldn't get your question. Please, could you repeat?

Speaker #3: So my question is for Triveni. In Triveni, if we exclude the Lloyd's revenue, then sequentially between Q4 FY26 to Q1 FY26, we have seen a pretty sharp uptick.

[Analyst] (Seven Rivers Holdings): My question is for Triveni. In Triveni, if we exclude the Lloyds revenue, then sequentially between Q4 FY2026 to Q1 FY2026, we have seen a pretty sharp uptick, almost to the tune of INR 1,800 to INR 1,900 crores of revenue. How do we see this for the rest of the year?

Harsh Shah: My question is for Triveni. In Triveni, if we exclude the Lloyds revenue, then sequentially between Q4 FY2026 to Q1 FY2026, we have seen a pretty sharp uptick, almost to the tune of INR 1,800 to INR 1,900 crores of revenue. How do we see this for the rest of the year?

Speaker #3: Almost to the tune of ₹1,800 to ₹1,900 crores of revenue. So, how do we see this for the rest of the year?

Speaker #2: So, for the rest of the year, as I said, the other two mines are going to operate at their full potential. And the numbers you mentioned are not fully correct.

Narendran: Well, rest of the year, as I said, because the other two mines are going to have their full potential. Numbers what you are saying is not fully correct, because Q1 FY2026, our revenue was INR 1,600 odd crores. This year is around INR 2,700 something.

S. K. Naredi: Well, rest of the year, as I said, because the other two mines are going to have their full potential. Numbers what you are saying is not fully correct, because Q1 FY2026, our revenue was INR 1,600 odd crores. This year is around INR 2,700 something.

Speaker #2: Because in Q1 FY26, our revenue was 1,600 from outsourcing. And now, this year, it is around 2,700-something.

Speaker #3: No, I am speaking excluding Lloyds' revenue.

[Analyst] (Seven Rivers Holdings): No, I am speaking excluding Lloyds revenue.

Harsh Shah: No, I am speaking excluding Lloyds revenue.

Speaker #2: Yeah, excluding Lloyd's revenue, because we are going to increase our production in two mines in Odisha. Scaling up the operation in other mines in Odisha—gold mining also is going to increase as we scale up.

Narendran: Yeah, excluding Lloyds revenue, because we are going to increase our production in two mines in Odisha, scaling up the operation in other mines in Odisha. Gold mining also is going to increase its scale up. PB coal mining also, that 3 million ton is going to increase the full production. So we will be ramping up our revenue in these mines also. Parallelly and at the same time, Lloyds also because this 26 to 55 this year, full production will be there. So there also we will be getting the full revenue.

S. K. Naredi: Yeah, excluding Lloyds revenue, because we are going to increase our production in two mines in Odisha, scaling up the operation in other mines in Odisha. Gold mining also is going to increase its scale up. PB coal mining also, that 3 million ton is going to increase the full production. So we will be ramping up our revenue in these mines also. Parallelly and at the same time, Lloyds also because this 26 to 55 this year, full production will be there. So there also we will be getting the full revenue.

Speaker #2: PV coal mining also—that 3 million tons is going to increase the full production. So we'll be ramping up our revenue in these mines also, parallelly.

Speaker #2: And at the same time, Lloyd's also—because this 26 to 55, this year, full production will be there. So there also, we'll be getting the full revenue.

Speaker #2: One more thing I would like to add to this: Many of the participants are excluding Lloyd's or internal sales from the operations of Triveni.

Rajesh Gupta: One more thing I would like to add to this. Many of the participants are excluding Lloyds or internal sales from the operations of Triveni. One has to understand that it is a very integral part and both are very much married and very beneficial to each other. That is why it is a group and that is part of the company. So that has to be understood that It is a very symbiotic relationship, which is beneficial on an overall basis. One plus one is not two in this, but it is 111, not even 11. So one has to appreciate that.

Speaker #2: One has to understand that it's a very integral part, and both are very, very much married—and very, very beneficial to each other. And that is why it's a group.

Speaker #2: And that's why it's part of the company. So that has to be understood—that it's a very symbiotic relationship, which is beneficial on an overall basis.

Riyaz Shaikh: It is a very symbiotic relationship, which is beneficial on an overall basis. One plus one is not two in this, but it is 111, not even 11. So one has to appreciate that.

Speaker #2: One plus one is not two in this, but it is 111, not even 11. So one has to appreciate that.

Speaker #4: Thank you, sir. Ladies and gentlemen, in the interest of time, that was the last question for today. I would now like to hand the conference over to management for closing comments.

Operator: Thank you, sir. Ladies and gentlemen, in the interest of time, that was the last question for today. I would now like to hand the conference over to management for closing comments.

Riyaz Shaikh: Yes. Thank you very much everybody for your participation and all the wonderful questions. Hope we have replied to all your questions. If you have anything else, you can get in touch with us directly. The numbers and the email IDs are all there on the websites as well as in the earning presentation. You can just get in touch with us for any further questions. Thank you, Jasandeep and the Nomura team also for holding this earning call. Thank you once again to everybody. Thank you very much.

Speaker #2: Yes. Thank you very much, everybody, for your participation and for all the wonderful questions. We hope we have replied to all your questions.

Speaker #2: If you have anything else, you can get in touch with us directly. The numbers and email IDs are all there on the websites as well as in the earnings presentation.

Speaker #2: So you can just get in touch with us for any further questions. Thank you, Jashandeep, and the Namora team also, for holding this earnings call.

Speaker #2: Thank you once again to everybody. Thank you very much.

Speaker #3: Thank you.

Jasandeep Radha: Thank you.

Jashandeep Chadha: Thank you.

Speaker #2: Thank you.

Riyaz Shaikh: Thank you.

Speaker #4: Thank you, sir. On behalf of Lloyds Metals and Energy Limited and Nomura, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.

Operator: Thank you, sir. On behalf of Lloyds Metals and Energy Limited and Nomura, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines. Thank you.

Speaker #4: Thank you.

Riyaz Shaikh: Thank you. Hello?

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