Thank you, operator, and good evening, ladies and gentlemen. Thank you for joining us today to discuss the third quarter and nine months results of FY26.

In this call, we will refer to our investor presentation available on our company's website. Please note that today's entire discussion will be covered by the Safe Harbor clause mentioned on slide two of the presentation.

Today, we have our CEO, Mr. Arun Misra, and CFO, Mr.

Sandeep Modi. The management will be discussing the operational and financial updates for the quarter, followed by a Q&A session.

Now I would like to invite Mr. Arun Misra to present the results.

Over to you, sir.

Thank you, Raksha. A very good evening to all of you.

Thank you for joining us today for the third quarter and nine months FY26 results briefing. Before we begin the presentation, with profound sadness and a heavy heart, let me share that during the quarter, we lost Kailash in an unfortunate incident at our Rajpura Dariba mine.

On behalf of the entire organization, I extend our deepest condolences to the bereaved family. We stand firmly beside them in these difficult times and assure them of our unwavering support.

Such incidents are truly heartbreaking, particularly as we continue to strengthen our safety-first culture. Following a detailed investigation, we are implementing strong corrective and preventive measures with utmost urgency, and the learnings are being disseminated through the organization.

The safety and well-being of every individual remains paramount, and this incident serves as a reminder of the need of constant vigilance and continuous improvement. The quarter has been one of our strongest.

We achieved the highest ever third quarter mine metal production since the underground transition, along with record third quarter refined metal production. This was delivered alongside the lowest zinc cost of production, including royalty, in the last five years, scoring our structural cost leadership and operational discipline.

Advancing our sustainability journey, we flagged off ten EV bulker trucks at our Debari smelter in collaboration with Enviro Wheels Mobility Private Limited, with plans to scale the fleet to 40 vehicles. Further, reinforcing our sustainability leadership, the company achieved a global milestone by securing number one ranking in the S&P Global Corporate Sustainability Assessment 2025 for the third year in a row in mining and metals sector with an industry-leading score of 90 out of 100.

This recognition reflects our consistent commitment to the highest global standards of sustainability. Our efforts in corporate social responsibility have also been recognized with the Best CSR in Private Sector Award at the Mining and Metals Excellence Awards 2025, acknowledging our sustained focus on creating a meaningful impact on local communities.

Moving to the market environment, India continues to stand out as one of the brightest spots globally, with manufacturing PMI firmly above 56 throughout the quarter. The nation's GDP growth for FY26 is projected at around 7.4 percent by the Reserve Bank of India.

Against a highly uncertain global macroeconomic backdrop, commodity prices have stayed buoyant, supported by strong fundamentals. Zinc prices surged to around 3,350 dollars per ton, the highest level since early 2023, driven by tight physical supply.

Silver prices, in particular, witnessed a strong rally of around 75 percent year-on-year, even reaching an all-time high of over 93 dollars per troy ounce in January. The inclusion of silver in the U.S.

critical minerals list and its relative undervaluation versus gold and strong festive demand from India attracted robust investor interest. Despite such strong rally, the outlook for silver remains bullish.

Turning to the operational performance, we delivered mine metal production of 276,000 tons, our best ever third quarter since the underground transition, taking nine-month production to a record 799,000 tons. We achieved highest ever third quarter refined metal production of 270,000 tons, with second highest nine-month production of 766,000 tons.

With the successful completion of debottlenecking at Chanderiya smelter and the earlier commissioned debottlenecking at Dariba smelter, we added 21,000 tons to the overall refined metal capacity. Earlier this year, we completed the commissioning of 160,000 tons per annum roaster at Debari, which has improved the overall plant availability.

With this, we are comfortable in delivering the refined metal production as committed. Our sellable silver production stood at 158 tons, up 10 percent sequentially.

The contribution of the precious metal portfolio has increased to 44 percent of the profits, making it uniquely placed to ride the silver wave and unlock full potential. We delivered silver production of 451 tons in nine months.

During the quarter, we achieved five-year lowest zinc cost of production, excluding royalty, of 940 dollars per ton, better by 10 percent year-on-year and 5 percent sequentially. This achievement was in line with record operational performances, higher domestic coal usage, softened coal prices and higher by-product realization, and this was partly offset by higher mine development costs.

Zinc cost of production, excluding royalty for the nine months, stood at its five-year lowest of 980 dollars per ton, well within the guided level. The combination of lowest cost of production and record output resulted in all-time high financial performance for the quarter and nine months.

During the quarter, we delivered record revenue of 10,980 crore rupees and the highest ever EBITDA of 6,087 crore. The profit after taxes for the quarter surged 48 percent sequentially to 3,916 crore, marking a new record for the company.

With respect to two-year growth projects of 250,000 tons per annum integrated zinc smelter at Debari and tailings reprocessing plant at Rampura Agucha, we have locked in key EPC partners and groundwork has started. Both the projects are set to be completed by second quarter of FY29 and fourth quarter of FY28 respectively.

As we advance into the next phase of our growth journey, Hindustan Zinc stands on a foundation of scale, resilience and disciplined execution. Our robust balance sheet, sustainably low cost of production and best-in-class assets provide us with the confidence to invest through cycles and capture opportunities emerging from a favorable commodity environment.

Guided by an unwavering commitment to safety, sustainability and governance, we continue to strengthen our operational excellence while expanding our resource base and advancing strategic projects that will define our future growth. As global prices increasingly shift towards electrification, decarbonization and energy security, our focused diversification into metals critical to the energy transition positions well.

With a clear strategy, proven execution capabilities and the dedication of our people, we remain firmly committed to creating enduring values for all our stakeholders. With this, I now hand over to Sandeep for an update on the financial performance.

Thank you, Mr. Misra, and a very good evening, everyone.

The global environment continues to see uneven growth and geopolitical-driven volatility. However, India remains a clear outperformer.

The RBI has projected India's GDP growth at 7.4% for financial year FY26, significantly ahead of global average, supported by strong domestic demand, sustained infrastructure-led capex, and policy continuity. While commodity prices are influenced by global macro sentiment in the near term, underlying fundamentals remain influenced by the global constructive.

The recent rally in commodities reflects tightening supply dynamics and resilient demand, and we believe this positive price trajectory is well supported. Against this backdrop, our focus on cost leadership, operational discipline, and balanced strength position us well to convert favorable macro and commodity trends into sustained value creation.

Before moving to the financial performance, I am pleased to share that our integrated annual report of FY25 received Platinum Award at the prestigious LACP Spotlight Awards for the first time. We were the number one among the Indian companies and the only Indian company in the global top 10, securing the sixth position worldwide, reinforcing our commitment to strong governance, transparency, and global best-in-class reporting practices.

Turning to quarterly performance, this quarter marked a new milestone with record financial performance. We delivered highest-ever quarterly revenue of 10,980 crore, up 28% quarter-on-quarter and 27% year-on-year, driven by higher production, a favorable commodity environment, higher by-product realization, and rupee depreciation.

We achieved record quarterly EBITDA of rupees 6,087 crore, up 36% quarter-on-quarter and 34% year-on-year, while maintaining our industry-leading EBITDA margin of 55%. The EBITDA growth was supported by record revenue and five-year lowest quarterly zinc COP, excluding royalty of $9.40 per ton, driven by higher domestic coal usage, softened coal prices, increased production, and high by-product realization.

Importantly, this is the first time where we have also achieved the lowest third-quarter zinc COP, excluding royalty, since underground transition, underscoring the strength of our assets, effective use of technology, and our disciplined execution. In line with strong operating performance and EBITDA, we delivered our best-ever profit after tax of 3,916 crore, up 48% quarter-on-quarter and 46% year-on-year.

On a nine-month basis, we delivered historic highs with record revenue of 27,300 crore, the highest ever EBITDA of 14,415 crore, and the best ever profit after tax of 8,799 crore. Zinc cost of production excluding royalty on a nine-month basis stood at $980 per ton, the lowest in last five years, well below guided levels.

Our free cash flow before growth capex and renewable energy investment for the quarter stood at 3,413 crore, taking the nine-month free cash flow generation before capex and RE investment to 7,225 crore. We achieved net cash position of 329 crore at the end of December 25, in comparison to net debt position at the September end of 2,547 crore.

It is prudent to note that in the last nine months we contributed over 13,000 crore to the national exchequer, of which 4,000 crore was contributed to the state of Rajasthan, reflecting our continued role as a significant economic partner to both the state and the nation. Consistent with our track record, the company continues to deliver strong shareholder returns of 35% over nine months, outperforming the Nifty 100 and Nifty Metal indices.

As of December 25 end, we ranked third in the Nifty Metal Index and 33rd in the Nifty 100 with a market cap of around 2,60,000 crore, compared to 1,95,000 crore at March 25 end. During the quarter, Hindustan Zinc delivered returns five times that of Nifty 100, reflecting our resilience, execution excellence, and sustained value creation for all stakeholders.

Overall, the quarter underscores the strength and resilience of our operating model and the consistency of our financial performance, anchored by structural cost leadership and disciplined execution, supported by technology-driven efficiency, continuous innovation, and a robust sustainability framework, we are well aligned with India's economic expansion and energy transition priorities. This positions Hindustan Zinc to deliver resilient growth and long-term value creation for shareholders, communities, and the broader economy.

With this, I now hand over to the operator for Q&A. Thank you.

Hi. A very good evening.

Congratulations on the wonderful results for this quarter. My first question comes, particularly to wanted to understand how the premiums are working, especially for lead and silver, because they have been higher than what historically has been seen.

Could you throw some light on the same? Because, we have also had a good amount of volumes for silver, which were hedged at lower prices.

What sort of changes happened here? So

as far as the premiums are concerned, this is a part of our net sales realization, and we separately don't report the premium over whatever we earn through the LME. What we can say, the premiums are in line with the market, which we are getting in the India.

In case of lead, in our domestic primary lead market share, our market share is 90% plus. That is the thing on the lead.

Silver, as you say, is quite volatile in the Indian market as well. It has been over the landscape prices, it has been sometimes discount physical delivery, it has been sometimes premiums as well.

We benchmark ourselves with CRISIL, and we have been great in line with whatever CRISIL has been publishing for the premium or discount for the month.

Can we expect a similar sort of range to be in the upcoming quarters as well?

Absolutely.

Sure, sir. Sir, second question would be, could you give us the number of hedged quantities for Q3 FY26?

Hedge

quantity for the Q3 FY26 was 47 KT for zinc, which got squared off, and 55 ton was silver, which got squared off within quarter three.

Got it. Are we trying to hedge further quantities for FY27 at higher prices, or looking for spot sales over there?

Manoj, let me give the perspective. Hedging is not playing with the prices.

In line with the global practices and Indian peers, our objective has been for last two, three years to continue to follow the consistency in the strategic hedging for 10 to 20% of the volume for the whole year. That's how we have been going on.

For FY27, we are hedged by 66 KT of the zinc and silver by 56 ton at $58 per ton and zinc at 3,117. That is for FY27.

FY26, we are hedged at silver for 68 ton at the price of 39, because that is the most thing we hedged in the month of June and July itself. For the quarter four, we are hedged for zinc 53 KT at 2,900.

That is also the earlier hedged price only.

Okay. Now that is quite helpful.

Just one last question. I wanted to know, would it be possible for you to give the targeted silver volumes for FY27?

How will the silver volumes look in Q4? Because Q3 has seen good pickups from the earlier first half.

Traditionally, we do our best in Q4. I am hoping that the same trend will continue because one, of course all shutdowns are cleared and we'll have more availability of equipment running, as well as the temperature, weather and ambient conditions are favorable for both mine as well as smelter.

You can expect better than what we have reported in Q3 kind of a number, if possible. Second is with the same, can we throw some light on next year?

I think let us carry our business plan sessions first. That's what we are undergoing now.

I think by April or May board meeting, we should be able to give you the guidance for the next year.

Sure, that is quite helpful, sir. Thank you so much and all the very best.

Good evening, sir, and congratulations on the good performance. A couple of questions.

First one was on the COP. You gave some reasons for the low cost of production.

How much of this is sustainable? Going forward in Q4, can we expect a similar level of COP?

Pallav, same. This COP, if you see the last quarter also we say it should be a sustained basis.

As we said earlier, the sustained COP should be between 950 dollar to 1,000 dollar. That is a sustained level which we can do.

On a quarter basis, it may be depending varying upon the volume, grade, or some of the by-product realization, or any other items. On a year basis, you should be assuming 950 to 1,000 dollar on a sustained basis.

Of course, this year we expect to perform well below the guidance.

Sure, sir. Also, now that we probably reached a net cash position in Q3, can we expect that March also should be a strong quarter?

If there are no further dividends, then we probably can expect a net cash position at the end of Q4 as well? What is any maturity of debt is there in the fourth quarter?

Pallav, the maturity of debt is not very large, 1,300 crore rupees Q4. That's not a big issue.

I am sure with the current Mr.ji has said, volume normally remains we delivered quarter four is the best quarter within the year, and also this bond prices and the structural cost reduction, we should be in this direction. Only one thing, the growth capex which is 180 million dollars till December we have spent.

As we move further two x, a lot of partners we have to lock in. We may be having around 300 million dollars total year growth capex.

That is something which you can factor for the full year, incremental say 120 million dollars extra spend in the growth capex.

Sure, sir. What would be the maintenance capex?

Maintenance capex is routine, which will be around 90 to 100 million dollars for Q4, and the whole year should be 400 million

dollars. Thank you, sir.

Sure. Is it better?

Congrats on a great set of numbers for the quarter. My question was actually answered, but I just had another question.

Can you please tell us if you're maintaining the FY26 guidance for mine metals and for silver? Are we expecting any rise in the silver volumes in 4Q, or 680 is the guidance for FY26?

I think we revised the guidance in October, 680 plus minus 10 tons. We should be closer to the silver guidance.

One thing which I would like to also highlight that during the quarter company also sold concentrate of the lead concentrate, given that there was a tightness in the market globally, and at the same time the silver prices were quite higher. It was a good strategy from getting the realization of the inventory and the realization of the EBITDA.

That we sold 21 tons equivalent to silver during the quarter three. You will have to, from the guidance EBITDA point of view, you should be adding that number in my view.

Got it, sir. Thanks.

Thank you. Thank you very much.

My first question is can you give us a sense of the cost of production without by-product credits? We're just trying to understand how has the underlying COP moved, ex-by-product?

So

you should reduce around 100-120 dollars per ton from this thing. Because if you have to compare from the historical past, then you will have to use different data.

At this point of time, if you have to compare to like, you may have to reduce 60 to 70 dollars reduction.

Would the ex-by-product realization, there would have been a similar reduction in COP?

Absolutely. That's why I have said on a constant basis, you should be assuming 950 to 1,000 dollars cost of production.

That's true. My second question is, and maybe I missed it during the call.

The cash profits were roughly 5,000 crores in the quarter. How were they utilized in terms of spending?

We generated the free cash flow around 3,400 crore, free growth capex, and out of which growth capex was invested. I am not able to understand what do you mean by cash profit.

No, if I just add the net profit plus depreciation, right? That would be around 4,700-4,800 crores.

So,

that comes to, yeah, 4,700. Out of which 800 crore has been invested in the sustaining capex and 500 crore has been invested in the growth capex.

1,300 crores was invested out of that 48. There was a 3,400 crore net cash accretion?

Absolutely.

Understood. Got it.

Thank you very much, sir.

Thank you for the chance. First question is, could you share what were the grades for this quarter versus last year or some previous comparison?

This quarter the grade was 7.3 percent, and last quarter similar period was 7.4 percent. Grade overall for the nine-month it has been 7.4 percent.

Okay. Sir, the silver production guidance of 685 plus minus 10 KD, are we confident of achieving it?

Because the ask rate suggests some 230-odd tons of requirement in the fourth quarter. Is the mining sequence and the sales what we are having visibility now, given one month we are into January mid.

Are we confident of achieving it?

If you look at silver now, since we have unable to utilize all the concentrate in our smelter for various reasons. If you look at the silver number that way, we have sold silver through concentrate up to 21 tons, and we have produced silver 451 tons.

Two together would be 472 tons. That is the number.

If you look at that, and in quarter four normally it is much better than quarter three and one of the highest in the year. I think we'll be close to our guidance that we gave.

Also, I just want to add historically, except the FY18, we have been running every year some or the lead mode certain months. This year will be the full zinc and lead mode first year after 2018.

In 2018 we delivered some 560 tons of silver, and this year whatever extra we are doing, that is with this zinc and lead mode. I think that is the operational efficiency and the recovery and other parameters has been supporting us.

Understood. Sir, and what would be the RE mix in terms of overall power contribution for this quarter and your guidance for 27?

So

this quarter we were 20% for the RE power, and we should be exiting at 25% as the wind power capacity getting installed. For the next year, we should be between 35 to 40% and after the next year 70%.

That has been our stated statement earlier as well, because the battery storage and wind is now getting commissioned.

Sir, in terms of cost saving from, say 25% this year to 75% in FY28, incrementally 50%, what would be the cost saving in, say rupee crore or something, or dollar per ton?

So 20 to 25 dollars per ton saving will be through RE power, but there will be, as we go deeper to the mines and grade differentiation also happens. As I said, that's why we should be assuming between 950 to 1,000 dollars per ton of the cost.

If you ask only from the RE power point of view, we should be saving annually with this incremental almost 250 to 300 crore annually.

Understood. Just one last question on our hedging strategy.

You said 10 to 20%. When did we, have we been doing since last two three years hedging?

I thought it is more of a this year phenomenon.

If you see the last three years, we have been doing, before that year and before that year also we did it, and this has been consistently 10 to 20% of the hedging. Silver we started hedging in the FY25 as well.

This is the second year. Going forward...

Zinc, it's the third year, silver is the second year.

Understood. Going forward, this is the range we should expect, right?

Irrespective of whatever our view on commodity is, we would be maintaining 80% spot and 10 to

20% hedged. So 20% we, wanted to give again the perspective.

Whenever when we start the business planning internally from the board approval and the consensus which published by 25-50 bankers, if we see that price is trading and which we are getting in the market is better than business plan and the consensus, that's how we did the hedging and that's how we will be continuing. Because the remaining 80 to 90% volume will always remain available for the market to be anything.

More from our certain margin lock-in, this is the right strategy we believe, and this has been being done across the globe by the large figures.

Understood. If I may squeeze in one more.

Can I ask one more question?

Please go ahead.

Yeah. No, I had a question on free cash, but it is covered.

All right. Thank you so much.

Thank you.

Hi, a couple of questions. One, while the zinc cost of production has been the lowest in the last five quarters, but if I look at overall cost of production, that's actually in step.

I think in the opening comment, Mr. Misra alluded to some mine development cost being higher.

Say on a year-on-year basis, what would that number be, incremental mine development cost?

I think he was saying it's getting offset with the mine development rate, because there is certain positive and there is certain... As the mines go deeper, if you see, there will be always such kind of scenario.

Mine development, YOY last year was 14 kilometers, this year

15 kilometers. Additional mine development.

That impact will come, then the inflation of the mine development rate, that also comes. That is the operational excellence company continue to do.

If there is one way cost is increasing, the other way is to decrease. That is the major cost reduction is happening in the power cost, where due to three things.

This quarter we had 58% domestic coal utilization. Second, our imported coal prices were lower, and third, Adi Power share.

All these three put together, offsetting the power cost, and our volume was also YOY better. That also gives the benefit of the better cost.

These get offset, and then remaining comes to the whatever we are saying byproducts and other things.

Sir, if I look at it on a year-on-year basis, employee cost, power and fuel, all of them are lower on a per ton basis, right? Mining royalties obviously increase because our realizations have inched up materially.

There is this line item, which is other expenses including manufacturing. That metric has inched up by almost $150 on a year-on-year basis.

I was just curious, what are the factors that have contributed to this growth? I'm talking on the delta, I'm talking on a per ton basis.

In other expenses, you will see one of the key reasons is the revenue. Since our grant fee is linked with the turnover, in case the turnover is increasing YOY, it will be also increasing.

It remains 3% of the turnover, but in terms of absolute value, it will increase.

Okay. Sir, you spoke of hedging.

In Q3, did I get it right, almost 55 KT of silver was hedged?

Q3 is 55 kT metric tons was hedged, which got squared off. Q4 is 68.

So

55 was hedged at what price, sir?

37.

Okay. Sir, against our general policy of 10 to 20%, 55 is almost 30% of our output.

You have to see the annual.

When you say 68 at 39, it's cumulatively for FY26, is it?

No. It's separately.

When I say the 10 to 20% of the hedging, silver was hedged for 20% of the total volume. That has to be seen on an annual volume.

Okay. Technically, if we are looking at about 680 tons, to say, in FY26, between Q4 and Q3, almost 125 tons is done, right?

Yes.

Basically, are we suggesting that most of the hedging actually happened only in Q3 and Q4? Is that the right way to look at it?

So

hedging was done in the month of June, July for the quarters of Q3 and Q4.

Got it. Sir, last question.

Sir, what is the net debt on books as on 31st December?

It's net cash at 329 crore.

Okay. Perfect.

Thank you.

Good evening and thank you for the opportunity. Just want updates on the tailings project, what sort of progress have we made on that?

Tailings groundwork has started, which is ground clearing, setting it up for construction. That has started.

Also we have to go through the various regulatory clearances. Basic work has started on the ground.

Sure, sir. Also on the 2x expansion, specifically on the lead and silver portion, sir, how is the progress been over there?

Sure, we are not doing 2x in formal lead and silver. Our mine is zinc and lead mine, and both are not separately lead mine and separately zinc mine.

We'll be expanding, if you look at it, expansion-wise at RD mine and expansion at Zawar are the two big components. They will add maybe some amount of silver, but the fact that the volume will double, automatically the silver quantity, even if we say even today's worst silver PPM, if I make it 650, then also we'll have 1,300 tons.

If we say at this current position we can make up to 700 tons, then we are looking at 1,400 tons of silver, just because of volume impact.

Sure, sir. More on the lead smelting part, I think the silver would be a byproduct from there.

So?

Absolutely. Automatically the silver, our current 220 production will go up to 400 KT production.

Automatically the silver also. Our Pantnagar refinery is already capable of 800 tons of silver, maybe we'll have to expand it by another 600-700 tons there, or we can put up a 600 tons silver facility in our existing location.

Sure, sir. Okay.

Along with the smelting, even the silver output should go up?

Of course.

Right, yeah. Thank you.

Good afternoon, sir, and thank you for the opportunity. I just wanted to understand our strategy here.

On one hand, we are selling lead and silver concentrate in the market, and at the same time you yourself said that at least one quarter you usually run at a lead-heavy pyro mode, which is not happening this time. I didn't understand why we are doing so, or is this something to do with...?

We are currently running the pyro in the lead plus zinc mode because we are having a very good zinc price as well. If I just go into lead mode, we do that when the zinc prices are, say, 2,000 or 2,200 dollars a ton, and the silver prices are around 30 dollars a troy ounce, then it makes heavy sense not to produce so much of zinc but produce more of silver, because lead quantity remains same in both the cases.

Right now with the zinc prices, there is no reason that why we should convert everything to lead mode only. Second, what have we sold?

The lead concentrate produced by the RD mill, which was in the beginning in the commissioning stage, they were lead concentrate, but the concentrate grade was poor. It is better that our smelter, as it is we are lacking in capacity, why would we overburden that smelter with this poor grade of concentrate?

That is the choice we made.

Noted. By that account means even at the current silver prices, the barter is more towards the lead production higher.

No, it is lead plus zinc mode. That means we'll produce more zinc at the same time the due amount of silver.

Okay. Just let me rephrase this way.

Given the current zinc prices, for next year also the most likelyhood of... We

will continue in the lead plus zinc mode only, because we will have a surplus MIZ at the end of the year, zinc MIZ, and we want to run through it in the month of April, May, and if the zinc prices also remain stable at that 32-33, then why should we not produce zinc? We'll keep on producing zinc and try to see what de-bottlenecking of lead production facility we can do so that we can increase silver production.

That we are working on this business plan, and I think once the board approves, then we will let you know what is that incremental facility in lead production we will do.

another thing to add that it is not by choice we can do, because zinc and lead is a joint product, which is get produced as part of the mining. If I run the zinc-lead mode, then lead concentrate will get piled up.

If I run on the lead mode, the zinc concentrate will get piled up, and we are not in the business of selling the concentrate. It was only an opportunity which we got during this time where the silver prices were also better.

Strategically and technically and operationally, we would like to run in the zinc and lead mode only.

Noted, sir. Sir, just one more thing, any update on the fumer?

current fumer is operating. We had some trouble as far as the Chinese and all that, but our engineers have got trained, and I think this year in nine months we have added about 3 tons of additional silver only through running the fumer.

And

in case of fumer, we have been running at 60% capacity utilization.

Eight tons we have added in nine months, and we will continue. At least now shutdowns are over, and fumer will operate far better in Q4 as well.

Noted, sir. That's all from my side.

Thank you.

Ashish Kejriwal (Executive Director Research of Metals and Mining, Nuvama Institutional Equities): Hi, thanks, good evening, everyone, and many congratulations for the results. Sir, my question is in the world volume guidance, you are not changing your guidance, assuming that fourth quarter normally is a seasonally good quarter and we normally see higher volume.

At the same time, if you look at, we are not changing the lead-zinc mode, and obviously then how I don't know how silver volumes will be higher as more than 200,000 tons. Even if I am assuming lower end of the guidance, as well as if I add 20,000 of lead concentrate which we sold indirectly, if I am putting that also.

From 158 to more than 200,000 tons, without changing the zinc-lead mode, are we seeing any higher PPM in this quarter, or how do we try to justify that? Secondly, even in terms of refined metal asking rate is much higher than what we have seen earlier.

What changes which we are making, which will make us comfortable for this volume?

One of the de-bottlenecking, which is pushing in higher current in the electrowinning processes at both Debari as well as Chanderiya, they have been completed and they are stabilized, working absolutely to the capacity, which have got a capability of adding 25,000 tons per annum capacity. We will use that.

At the same time, of course fourth quarter always sees better grades in terms of selectively we will ensure that we have to get more silver. The silver recovery processes in the mills, we have already commissioned a graphite pre-float process in Agucha, which was not there in quarter two or first part of quarter three.

Those initiatives are in place. At the same time we are very confident of quarter four being exceptional numbers and hence will be meeting the guidance or maybe close to the guidance on matters of silver.

Ashish Kejriwal (Executive Director Research of Metals and Mining, Nuvama Institutional Equities): okay. Sir secondly, in terms of hedging for next year, as our policy of 10-20% of the volume we normally hedge, and as far as even if we assume 720 KT for next year, we have hedged around 8% of the silver volume now.

Now silver price is $93 per ounce. Do you think that we are going to hedge more in the next one or two months, so that at least FY27 we will be comfortable with those numbers?

This is here. It will remain dynamic.

We also are watching the market and we also have the in-house experts who will be advising us. Depending upon that we'll be hedging.

It's not like when we hedge, we hedge on the day one a complete quantity. It's like staggered manner.

Whatever quantity I have said, this is mostly for April to October. Remaining five months we'll see when we move near to February and March.

Ashish Kejriwal (Executive Director Research of Metals and Mining, Nuvama Institutional Equities): What's your view, sir, on terms of silver as well as zinc price? Do you think that these prices may sustain for a while also or it may increase, or do you think that it's the right price to hedge a little more?

As I say that hedging is not for the purpose of playing with the prices. It is more about having the locking in margin when it is more than business plan or consensus prices.

That's how we have been doing. I just want to make it clear because it's being heard that hedging is being done at the right price.

No, there is no right price. The price is only where we believe that as a management that the margin should be locked in at certain level of the business plan or consensus prices.

Especially on the silver, I unfortunately don't have any price views, given the volatility which is going to the market, so many geopolitical tensions, one statement makes the prices down or prices up. I think it's very, very difficult to comment upon the silver prices.

We believe that given maybe a bit of a surplus maybe in the calendar year 26, but still I think the prices should be in the range which is going on 33,000 to 32,200. Ashish Kejriwal (Executive Director Research of Metals and Mining, Nuvama Institutional Equities):

Sure. Thank you so much and all the best.

Thank you.

Thank you, operators. Thank you everyone for joining us today on this call.

If there are any follow-up questions or any clarifications required, please feel free to reach out to the investor relations team. Thank you.