Thanks, operator, and welcome, everyone, to the call. I would first thank Jindal Steel for giving JM Financial the opportunity to host today's call.

Without much ado, I'll hand over the call to Mr. Vishal Chandak, Head Investor Relations, Jindal Steel, to introduce the management.

Over to you, Vishal.

Hi, Ashutosh. Good morning.

Thank you very much. Good afternoon.

Thank you very much for joining us for the Q4 and FY25 earnings briefing on a Saturday, on a long weekend. Quickly, we'll introduce the management participants.

We have with us Mr. Gautam Malhotra, CEO; Mr.

Damodar Mittal, Whole-time Director; Mr. Sunil Agrawal, CFO; Mr.

Sanjeev Nanda, President Finance; Mr. Pankaj Malhan, ED Sales and Marketing; Mr.

P.K. Biju Nair, ED Angul; and Mr.

Debojyoti Roy, ED Raigarh. Without much ado, I would request Mr.

Gautam to start with his opening remarks. After this, we will open the floor for this Q&A.

Over to you, sir.

Thank you, Vishal. Small correction, I think Vishal meant FY26.

Good afternoon, ladies and gentlemen. Welcome to Jindal Steel's fourth quarter FY26 and FY26 earnings conference call.

We appreciate you finding time on a Saturday afternoon to join us. FY26 has been a defining year for Jindal Steel, marked by significant progress across our expansion projects, which have taken our steelmaking capacity from 9.6 million tonnes per annum to 15.6 million tonnes per annum.

We have had a steady ramp-up of these newly commissioned capacities at Angul and a continued focus on operational efficiencies across all three manufacturing sites, including Raigarh and Patratu. As we transition into a higher scale of operations, we are well positioned to deliver not only higher volumes, but a value-add product range geared towards the infrastructure demands of a growing India.

Let us start with a big-picture view on the global steel industry, which is entering a phase of measured recovery. There are projections of modest growth of 0.3% in 2026 to reach 1.7 billion metric tonnes, accelerating to 2.2% in 2027 at 1.762 billion tonnes.

China's demand contraction is gradually decelerating, while India and other developing Asia remains growth drivers. Developed economies, including the EU, US, and Japan, are expected to return to positive growth in 2027.

The Middle East conflict has tempered near-term regional demand. However, the broader global outlook remains largely resilient.

With regards to China specifically, production remains resilient despite weak demand. Crude steel production was 950 million metric tonnes in CY25, down 5% year-on-year, even as domestic steel demand continued to contract at 7% year-on-year.

This growing gap signals persistent oversupply. With that context, exports reached a record high of 119 million tonnes in CY25, with surplus steel entering global markets to compensate for continuing demand weakness, primarily in real estate construction.

Coming on to India, the country continues to assert itself as the world's fastest-growing major steel market, with domestic demand projected to expand by 7.4% in 2026 and accelerate further to 9.2% in 2027. This outlook is underpinned by broad-based strength across all key steel-consuming sectors: infrastructure-led construction activity, the automotive sector, a broader industry capex cycle, and a nationwide rail network expansion plan.

These demand fundamentals are well reflected in FY26, with finished steel consumption rising 8% year-on-year to 164.2 million tonnes and crude steel production expanding 11% year-on-year. At a quarterly level, Q4 FY26 sustained this trajectory, with finished steel consumption at 44.6 million tonnes and crude steel output at 44.7 million tonnes.

This reflects growth rates of 10% and 5% respectively over Q3 FY26, underscoring India's steel demand recovery. It is also important to recognize that India has now become a net exporter of steel, with 0.1 million tonnes in FY26.

It is important to note that the safeguard duty on flat steel imports stepped down from 12% to 11.5%, effective April 21, 2026. Turning to Jindal Steel, FY26 has been an exciting milestone year in terms of project execution and capacity expansion.

During the year, we made significant progress on the Angul expansion. As you would recall, this plan is to increase our ironmaking capacity by 6.6 million tonnes through BF2 of 4.6 million tonnes, which is operational, and DRI2 of 2 million tonnes, which is under construction.

At the steelmaking level, capacity was increased by 6 million tonnes with BOF2 and BOF3, each at 3 million tonnes. The cold rolling complex of 1.2 million tonnes per annum enhances the Jindal Steel product portfolio and supports margin improvement through higher value-added products.

On the power side, we commissioned the 1,050-megawatt Shri Bhoomi power plant, consisting of two modules of 525 megawatt each. The coal pipe conveyor belt between the thermal coal mine in Utkal C and Angul is operational now.

On the slurry pipeline from Barbil to Angul, this challenging project is close to completion now. The pipeline is expected to be commissioned in this quarter, Q1 FY27.

Overall, as mentioned earlier, the Angul expansion has taken our company's total steelmaking capacity from 9.6 million tonnes per annum to 15.6 million tonnes per annum. During the year, we have continued to progress our integrated raw material strategy.

We have been declared the preferred bidder for Thakurani A1 in Odisha. For thermal coal, you may recall at the end of last year we were awarded the Salbhadrapur [unclear] coal block.

For FY26, production volume was 9.25 million tonnes and sales was at 8.68 million tonnes, representing an increase of 14% and 9% respectively. For Q4 FY26, production volume was 2.65 million tonnes, representing quarter-on-quarter growth of 6% and year-on-year growth of 26%, and sales volume was at 2.62 million tonnes, representing a quarter-on-quarter growth of 15% and year-on-year growth of 23%.

This performance reflects the strong ramp-up at Angul and improved capacity utilization across operations, including Raigarh. Dispatches have also improved in line with the stronger demand environment.

Overall, we have achieved a balanced sales mix across product categories, with focus on optimizing realizations by moving our product mix towards higher value-added products. Coming on to the financial performance in FY26, Jindal Steel reported consolidated gross revenue of ₹62,412 crores, an increase of 8% compared to FY25.

Consolidated adjusted EBITDA was ₹9,099 crores, and on a per tonne basis, the adjusted EBITDA was ₹10,482 per tonne, compared to ₹11,712 in FY25. The profit after tax for the year is ₹3,361 crores, a growth of 18% over last year, and a corresponding earnings per share of ₹33.

The board of directors has recommended a final dividend of ₹2 per share. For Q4 FY26, consolidated gross revenue was ₹19,399 crores, compared with ₹15,172 crores in Q3 FY26, a growth of 28%.

In addition to the expansion ramp-up volumes, HRC and TMT rebar prices recovered strongly during the quarter, although the benefits were partially offset by an increase in coking coal prices. The blended ASP has increased by ₹4,743 per tonne on a sequential basis.

Consolidated adjusted EBITDA for the quarter was ₹2,647 crores and an adjusted EBITDA per tonne of ₹10,093. Profit after tax for the quarter was ₹1,041 crores.

Until the previous quarter, the Australian assets were under care and maintenance. This quarter, we have closed the shaft and the reserves are no longer accessible, although we still have the license.

Accordingly, we have recognized an impairment of ₹1,433 crores, which equates to $159 million in the standalone business, and ₹834 crores, which equates to $93 million in the consolidated results. Overall, the ramp-up of the expanded Angul facility along with our commitment to ongoing operating efficiencies and customer focus will drive our financial performance in the quarters to come.

As of 31st March 2026, consolidated net debt was ₹16,019 crores, with a net debt-to-EBITDA of 1.66 and debt-to-equity of 0.43x. With the ramp-up of new capacities and corresponding improvement in operational cash flows, we expect leverage metrics to normalize by Q2 FY27.

We remain committed to maintaining a disciplined capital structure whilst funding our sustenance and future growth initiatives. During FY26, we have invested a further ₹9,574 crores out of the total planned capex program of ₹47,043 crores.

Along with the ₹25,924 crores already invested up to FY25, the remaining capex program is ₹11,545 crores. It is interesting to note that from FY22 to FY26, net debt increased from ₹8,876 crores to ₹16,019 crores, which is ₹7,143 crores more, and during the same time, we have invested ₹35,498 crores in the current capex program, which reflects the strong internal accrual allocation we've been able to do to the capital allocation framework.

We are making strong progress on our AI and digital transformation journey, from upskilling our workforce and deploying AI-powered digital agents to running smarter and increasingly autonomous plants. We are building Jindal Steel into a truly intelligent enterprise.

Our JARVIS, which stands for Jindal AI for Real-time Visibility, Intelligence, and Systems, platform unifies production, sales, and business data into one thinking layer, while investments in robotics, end-to-end digitally integrated systems ensure that our business processes are safe, connected, and future-ready. Jindal Steel's ESG journey runs in four clear phases: Through FY30, we are building site-level control systems and credible reporting foundations.

By 2030, we target a 30% CO2 intensity reduction, 50% renewable energy, and full biodiversity coverage across all sites. The 2030 to 2040 decade will scale hydrogen, circularity, and CCS infrastructure.

By 2047, our goal is net zero emissions, zero waste, and net positive biodiversity. We were pleased to have our sustainability efforts recognized during the year, with S&P Global raising our ESG score from 37 on 100 to 74 on 100, and our CSA score improved from 30 to 72.

Looking ahead, we expect continued ramp-up of the new capacities in Angul to drive volume growth. Steel demand in India is expected to remain reasonably strong, supported by infrastructure development and construction activity.

Steel prices have shown recovery in recent months and are expected to remain supportive in the near term, although raw material costs, particularly coking coal, may remain volatile. With that context, our production plan for FY27 is 11 to 11.5 million tonnes and sales between 10.5 to 11 million tonnes.

For Q1 FY27, we expect coking coal prices to increase by $20 to $25 per tonne sequentially. Thank you.

Hello. Thank you for the opportunity, and congratulations, sir, for a very good set of numbers.

My first question is on realization. We see that realization has improved in the fourth quarter.

The steel prices continue to improve in the first quarter as well. I wanted to understand, have your contracts been reset on the higher realizations?

What will be the impact on realization in the first quarter? Any comment on the recent dip in steel prices?

That will be my first question, sir.

Thank you for your question. Two things: we have a mix in our order book of spot selling as well as contractual selling.

Typically in a rising market and a falling market, there is usually a lag also in the system. You can see that our ASP has increased significantly and considerably in the last quarter.

I think second part of your question was more related to you seeing a slight dip in the market. Yes, but we still feel that at the moment the market's holding firm and there's nothing to worry about on that front.

We do have contracts on the earlier prices as well, which are continuing, which will continue to support us as we move ahead in this quarter. Thank you.

Right, sir. Thank you so much.

It means the realization will remain strong. My second question is, sir, with BOF commissioned, steel capacity commissioned, with slurry pipeline expected to come in first quarter, and then conveyor belt also largely commissioned, what will be Jindal Steel's capex outlay for FY27 and '28?

Which are the key projects now which are left? Will it be fair to say that now Jindal Steel will be looking more at asset sweating than further capacity expansion in the next couple of years?

That's a lot of questions in one question. Let me try and break it up.

The first, I'll start reverse. I think you're 100% right.

We more or less finished our capex program. Our focus is on sweating the assets and getting returns out of them.

Bang on on that. Another question you had is, I think our guidance has been fairly clear that we'll be allocating ₹7,500 to ₹10,000 crores to our capital expansion programs or sustenance capex, as we call it.

I think that broadly answers your question. If I've missed any part of the question, feel free to go ahead.

Sir. Thanks for giving the opportunity.

Sir, my first question was basically we had earlier indicated shift to high throughput and low-margin products in Q3. However, it seems that even in Q4, our share of value-added products has fallen QoQ.

Can you just provide any timeline that by what time should we be able to recalibrate towards higher value-added products? What is the target value-added mix for FY27?

I think our thought process on this is fairly clear. At the moment, we are ramping up our facilities, and whilst in ramp-up, our primary goal is first to achieve capacity utilization, and once we start achieving the desired capacity utilization numbers, we start going towards the mix optimization.

That's the way we're approaching it. I think you're going to see a little bit of movement in the first two quarters of this year and then stabilization in the second half of the year.

Sure, sir. Sir, and would you like to call for any one-off start-up costs in this quarter?

Which quarter? Last quarter or this quarter?

No, this Q4.

I think, most of the start-up costs were covered in Q3. There was some fag end of it which was there in Q4, but it's not anything which is significant, and it's all done now.

Thank you, sir.

Good afternoon, sir, and thank you for the opportunity. Sir, can you tell us the contract versus spot sales mix this quarter and expected in the 1Q?

The another question would be the product mix changes impact on your overall realization, because as we see, the sequential jump was much higher than what you have realized this quarter. If you could just elaborate on that point for us.

Vikash, hi, this is Vishal here. For any data-related questions, I'll connect with you offline.

Can you please repeat the second part of your question?

Our product mix is changing towards more on HRC, obviously, it's slightly on a blended basis deteriorating. Just wanted to understand the product mix change versus the realization ratio impact basically.

How should we look at the going forward realization increase basically? See, I think

I would stay away from saying the word deteriorating. Yes, we are increasing our flat sales, and you've picked up correctly specially on the HRC side, and over there also, we continue to expand our value-added portfolio.

Along with that, we have the downstream facilities, which will actually add more capability and more niche products downstream, which will also add to our realization and our value addition program and our ratios on that. In terms of how the numbers will pan out, I think earlier our teams have already spoken about it.

I think today we are around 50-50%. Flat sales will increase in times to come and move towards 70% odd as we move ahead.

Noted. Sir, any update on the FY27 at least in the production guidance as well as the benefit which we are going to receive from the infrastructure projects combined?

I think the guidance I've given infrastructure

Sir, Vikas, if you are specifically referring to any project as such? Because we have already just announced the FY27 production and sales guidance at 11 to 11.5 million tonnes of production and 10.5 to 11 million tonnes of sales.

That I see on your presentation, I think this was on slide five. Infrastructure-related, if you could tell me that slurry pipeline and the port facility, how much savings we are actually building in from those two projects?

I think on slurry, we've been clear in the past. Slurry will come online and it will start delivering in this financial year, and roughly about ₹700 is the savings that we indicated on that.

If you want to take it to a per tonne basis on steel level, it will be roughly about ₹750 to ₹1,000 as we ramp up.

Noted, sir. Thank you and all the best.

Thank you for giving me an opportunity. Can you hear me, sir?

We can.

Hello?

Yes, we can hear you.

Thank you, sir. Sir, can you give me a guidance for revenue growth for FY27?

I think we've given you the guidance for our sales and production numbers, and I think revenue is a function of a lot of other things, we'll stick with that for the time being.

EBITDA margin will be how much for '27?

Kiran, EBITDA is a function of several things, a lot of which includes raw material and the pricing, which remains outside our control.

Also, I'd like to add, I think if you look at our performance over the years and quarters, largely we've been a very robust and a consistent performer on EBITDA numbers as well as percentages. I think that should provide enough confidence for you to take guidance from that.

Thank you, sir. Thank you.

Hi. Thank you.

I'm not sure if you missed in the prepared remarks. What led to the write-downs in [JPL?]

and Wollongong?

Hi, this is Sunil Agrawal. Basically, we have written down Australian assets by ₹834 crore mainly because we are going to close that mine.

We have already closed the shaft, and that's why took the hit of around ₹834 crores. On India level, if you can see, that we have already write-off around ₹1,433 during the quarter.

The remaining loans that you have, is it safe to say that there would be no additional write-downs now?

That's right. We don't expect any further write-down.

This is represented by the independent valuation done by a reputed agency.

Okay. Just on the rail rakes that the company was going to buy, what is the current position?

How many rail rakes have already been acquired, how many are left?

I think our rail rake program was about 79 rakes. We're at about 72 rakes, and the remaining rakes are also very soon getting delivered.

I think in the next two, three months, we should be all in.

Okay. Thank you so much.

Thanks for the opportunity, sir. My first question is on iron ore.

If you could just help with the kind of pricing trends that we saw last quarter, and also in terms of captive versus outside buying, if you could give us a mix, and also if possible, a mine-level, Tensa, Kasia, and the newer mine.

Okay. I think mine-level, you can take it offline with Vishal.

Largely speaking, we saw that the pricing was more or less stable, and our mix is about 60-40.

60 captive, that's fair to be? 60 captive?

No,

40 captive.

40 captive. Got it.

Sir, and so in terms of incremental volumes that we are bringing in this year, in terms of markets, are we going to go into newer markets or in the existing markets we have the headroom to kind of have this sales put? How do we see in terms of this incremental 2 million tonnes versus last year in terms of placing in markets?

Which markets would be more in the eastern or will we have to move to newer markets?

I think there are a couple of ways we're looking at this. Firstly, with our wide product portfolio and the fact that we have a very rich value-added mix, and value addition is actually in our DNA, we are able to cross-sell products to existing customers and we become a good, natural choice for them to start buying other products also which we've just launched from us.

We become kind of a more or less quote, unquote, one-stop shop for them for a large portion of their portfolio. Second part, I think you're talking about which markets.

I think that's more difficult to answer, but we'll continue to remain focused on what we define as our strategic markets and our strategic markets where we have strong presence, where usually closer to where we are, and also markets which tend to be larger in size. That's the way we look about it, but generally thinking that our customers actually benefit from cross-selling opportunities that we bring on the table now.

Okay. Sir, on the mining assets, if you could just help us, you did speak about Australia, in terms of Mozambique and South Africa, what are the kind of contribution that we have had in this quarter?

Also with respect to the Australian assets, you mentioned that winding down of assets, is there any cash outflow that is required from our side by the time this kind of gets closed?

I will take the question. Basically, as you say regarding the Australian mine, since we have already closed and we have retained a lot of people, we have very minimal expenditure cash flow there.

That is one question. Regarding our Mozambique mine, clearly we are operating EBITDA positive level, we are getting all the mine coals from there for our captive use.

Hope that

South Africa also?

South Africa also. South Africa also is operating, but due to some local issues, we are not EBITDA positive, but that mine is operating at Somaiya,

just to add to it, if you look at the entire big picture of the overseas asset mine base, the only place where we have taken the large part of the write-down is on Australia. Rest of the mines on a net basis are functioning and EBITDA positive, largely.

Got it. Sure.

Thank you.

Hi. Thanks for the opportunity.

Just two questions. Firstly, on the thermal captive power plants, just wanted to understand when do we expect the ramp-up in those capacities and what's really the strategy on the power production from there?

I believe you will have some excess power capacity at hand once we fully ramp up the expanded power capacities. Will you be looking to sell in the merchant market, or will you just think of using it for captive consumption?

I think the ramp-up will be complete within the first half of this year. In terms of the excess power, yes, we intend to sell it.

If you look at the overall picture and the financials, it's not really material to that. It does two, three things: one, obviously, we can sell the excess power, but it gives us stability of power for our assets, and it gives us redundancy of power for our facilities as well.

That's the way to think about it. Yes, it will contribute to the bottom line, but it's not material.

Understood. Also, is it fair to say that now there'll be no excess sale of by-products going ahead with the ramp-up in steel capacities happening now?

Yes, that's right.

Okay. Just very lastly, you were also looking to increase your EC capacity for some of the mines, which I believe is still pending.

When is that expected to come through?

It's underway. I think pinpointing a date will be difficult, but the process is underway and it's working fairly well.

At the moment, with the current capacities, I think within that also, we're fairly comfortable.

Understood. That's it from me.

Thank you.

Hi. Thank you for taking my question.

Two questions. First is wanted your input on the overall steel demand in India, especially with the ongoing inflationary trends that we are seeing across commodities.

Are we hearing some kind of delays in capex executions across both public and private companies?

No, nothing like that. I think it's fairly healthy.

I think I indicated towards a 9, 9.5% market increase that we're expecting, and with the kind of infrastructure programs that we're rolling out, we don't see any issues on that side.

Pointed. Second question is actually on the timeline of the ramp-up of the slurry pipeline.

If the project gets onboarded in Q1, by when can we expect a full 100% ramp-up or at least at the level of ₹750 to ₹1,000 per tonne of steel savings?

See, full utilization will not happen this year, because this utilization will increase as the other facilities that we are coming up in the future also come online, namely TP2. In terms of savings, whatever material we're bringing in, we will save on that material per tonne basis as I indicated.

That is not a function of how much utilization we have.

Got it. That's all from my side.

Thank you.

Thank you. What was the NSR increase during the quarter, please, sequentially?

I just indicated the ASP increases about ₹4,700 per tonne.

Okay. Spot versus what we saw in the fourth quarter, how much upside is there for realizations to go up to where spot is at the moment?

You're talking about Q1?

Q1 and going forward, as in if Q2 will be higher than Q1 and Q1 Q2, basically how much more upside do we have on realizations?

I think predicting the market will be difficult, but all I can tell you is that the market's holding up. It's healthy, and as I indicated, because of the way we do our product mix and our contract mix, we are in a comfortable position at the moment.

Okay. Then on the cost side, in the last quarter, that's the third quarter, you had a one-time start-up cost of about ₹1,500 a tonne, and you indicated that there was something this quarter as well.

What is the total quantum, as in this quarter what is the quantum?

₹125 crores.

That was the amount

As I indicated earlier, it's done now.

We can expect a reversal of this entire thing going forward?

It's a cost. Cost can't be reversed.

No, as in it won't recur is I meant that was

Oh yeah, that's what, it's over. It won't recur.

Yeah. Okay.

The coking coal cost increase during this quarter was how much, $20?

About $20, yes.

Okay. Thank you.

Hi, a couple of questions. Given that our flat steel exposure is rising, what kind of end markets are we tracking in terms of segments?

Is it more autos, discretionary? What kind of end markets are we already talking?

Thank you for your question. We've been maintaining that we are an infrastructure-led organization, and we're also ramping up our facilities.

Our focus would be on infrastructure sector, followed by building and construction, and then of course into the downstream facilities, then followed with the automobile sector.

Do we need some kind of approvals from the consumers on these, or fresh approvals from the consumers on these, or what we have is good enough for now?

See, our HSM has gone very well in terms of getting the approvals, and we have developed all the grades which are needed for all the niche products. We are in the process of ramping them up in this quarter and going forward also.

To add on to that, I think the thing to look at over here is, this is not something which will hold up plans. We are well positioned to execute our plans going forward.

Sure. Lastly, if you can give the flat and long mix for 4Q and FY26 as a whole?

52% flats, 48% longs.

This is for the full year?

This is for the Q4.

Full year?

Sorry?

For the full year, FY26?

About 49-51.

Sorry?

49 flats, 51 longs.

Yes, sir. Thank you.

Hi. Thanks for the opportunity.

Wanted to get a sense about the metallic balance right now as the DRI plant is yet to commission. I understand that we have 15 million tonnes of ironmaking and 15.6 million tonnes of crude steelmaking.

Is there any plan to buy DRI or other metallics from outside and produce more this year, or that's something we won't be looking at, and DRI plant, once it comes up, it is the only one which will be contributing to our ironmaking facilities?

Prateek, Vishal here. As you must have noted that we have already announced our guidance for the production and sales volume for this year.

That would explain the kind of volumes that we are looking up and how we plan to deliver. As and when our DRI comes up, which obviously is under construction phase, we will have more metallics, and for the next year, the volumes will continue to ramp up.

I would suggest, if you can take the current guidance and work accordingly, that would be great.

Understood. Given that we have seen price increase in 4Q sequentially every month, fair to assume that the current NSRs would be or current ASPs would be still higher than what we delivered in 4Q?

It is, but yeah, it's holding strong, it is higher, and at the moment, we don't see anything which is otherwise.

Understood. Thanks and all the best.

Hi, good afternoon. My first question pertains to this tax impact of this ₹840 crore write-down in Australia.

Does it have any tax impact on the reported P&L?

Whatever we have written down ₹1,433 crore and that will save tax on that. Yeah.

This ₹840 crore is net of taxes, or this is before tax?

₹840 crore is on the Australia balance sheet.

Yes, Australia.

India level, we have written off ₹1,433, and that is subject to income tax benefit. These are gross numbers.

You can calculate the tax accordingly, right?

Understood. Second is on the value-added product share has come down to around 61% from 66% QoQ.

Just wanted to understand the pricing gain versus the average price increase for steel, is it because this was tapered down also on account of lower share of value-added product?

No, I think I indicated earlier that as we're ramping up, we're going to focus on both the things: capacity utilization as well as the value-add mix. What you need to also appreciate that value addition and value-added products is something which is built into our DNA, and we continue to focus on that.

In times to come, it'll come back to its normal, robust levels and improve further. We also have additional capacities in our flats, in the plate segment, on our heat-treated plates, which are doing very well and they're also growing, so that will also add to our value-added mix.

Understood. Versus steel prices, what would be the concurrent increase which we can expect for coking coal and iron ore prices in Q1?

Coking coal, I've already indicated, it's going to be about $20 to $25 increase in this quarter.

For iron ore?

That's difficult to predict. It's a monthly thing that happens, it's fairly difficult to predict

without any But this is current prices for April basis April prices, at least?

It's plus-minus ₹100, ₹150 here and there, so that's how it moves. Anything beyond that is very difficult to articulate.

Understood. Lastly, when you mentioned the slurry pipeline, ₹750 per tonne saving once fully ramped up, this is on the company-level saving?

Yes. Steel level.

Sorry, at steel level. Okay.

Understood. Great.

Thank you. I'll come back in queue.

Hello, am I audible?

Hi. This is Pinakin over here from HSBC.

Sir, a couple of questions. First, can you give us a timeline of what are the key projects which will be commissioned in FY27 and '28?

I think the projects slurry will be commissioned in this quarter. We already indicated ports will be commissioned, and we have two projects left which were indicated for this financial year, which were DRI2 and PP2.

Sure. The DRI plant is what, Q2, Q4?

How should we look at it?

It's towards the end of the year.

Okay. Second is if we look at Q4 volume sales of 2.62 and the guidance, effectively, it's fair to say that the Q4 sales is going to be the run rate for this year?

Sequentially, unlikely to see any big pick-up in sales volume?

I think you know that the market is seasonal, this factors in the seasonality as well.

Oh, okay. Got it.

Thank you very much.

Hi, sir. Good afternoon.

Sir, my first question is a clarification. This cost savings from slurry pipeline, which you said is ₹750 per tonne, is on the full steel volumes of the company, right?

Like 10, 11 million tonnes kind of number. Is that the way to think?

No. Earlier I'd indicated that ₹700 per tonne of iron ore coming in, which will translate to that kind of a number, but that is not dependent on it going towards the full utilization.

Okay. Sir, secondly, in terms of our raw material security, where do we see ourselves moving in terms of, let's say, in the next two years or so versus where we are on thermal, coking coal, and iron ore?

By security, I mean backward integration.

I think all our announcements are there. The new mines are also announced, so that's also available.

We have the coal mine and the iron ore mine as I indicated. The current capacities are already I think in the pack for each mine.

If you want any further details, I think Vishal can take it offline.

I'll reach out to Vishal. Okay.

Thank you, sir. Thank you so much.

Thank you, and once again, thank you for joining us on a Saturday afternoon. Overall, Jindal Steel is well positioned to benefit from the ongoing industry dynamics and deliver sustainable growth in the coming years.

Thank you once again, ladies and gentlemen. I would like to invite you and thanks.