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 Finance, International Strategy and Operations; and Mr.

Chintan Mehta, IRO. Now without much ado, I would like to invite Mr.

Rajesh Gupta for his opening remarks. Over to you, sir.

Evening, Jashandeep, and everyone else on the conference call. A very warm welcome to all of you joining us on our Q1 call.

Thank you to Jashandeep 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 ₹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. 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.

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 ₹7,324 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. Our second plant of pellet was commissioned in May 2026, and, again, in a very short period and as scheduled and within budget.

I'm proud to say our pellet operations reached 100% capacity utilization within just 4 months. Pellet production stood for this quarter at 1.69 million tonnes at a very, very healthy realization.

A large part of 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 meeting our regions 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 3/4 domestic and 1/4 export, is helping us to place volumes where it matters privately.

Why I have been focusing on pellets is because that's a big factor of the margin that we are reporting of, including the slurry pipeline that has centrally lowered our logistics and freight cost for iron ore, a very effective fuel mix, including switch partly from LF-case 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 can sustain in this cyclical commodity because we continue to actively pursue better and higher value markets for every product we make, chasing 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.

The same integration, 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: 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. We are confident that this pipeline will continue to drive meaningful value for the company over the period of time.

Riyaz will now walk you through the standalone financial corporate performance. Thank you.

Thank you, Rajesh ji, 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 ₹5,413 crore, a sharp 127% growth year on year and 10% sequentially over quarter four. EBITDA came in at ₹2,120 crore, 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 ₹1,527 crore, up 141% year on year and 43% sequentially.

Profit before tax stood at ₹2,008 crore. 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 margins the company has ever reported. Importantly, this has came 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. Three factors drove this.

First, the commissioning of the slurry pipeline lowered logistics and freight cost on iron ore and pellet. 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 EBITDA 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: Iron ore: Iron ore production for the quarter was 6.05 million tonnes, up 53% year on year, and sales were 5.46 million tonnes, up 58% year on year. 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 tonnes. DRI and power: DRI sales volumes stood at 183,920 tonnes, up 133% year on year at a realization of ₹27,376 per ton and an EBITDA of ₹6,273 per ton.

Power volumes were up 87% year on year. Pellet production was 1.69 million tonnes, reaching 100% capacity utilization within 4 months of the second plant coming on stream in May.

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

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 of ₹3,005 crore in quarter one FY27 alone as we continue to build out our downstream and beneficiation projects.

Standalone net debt as of 30th June stood at ₹5,616 crore, very comfortable relative to the EBITDA the business is now generating. 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 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 margins expanding on both a year-on-year and a quarter-on-quarter basis.

With that, I hand over to Naredi ji for the Triveni's performance. Thank you, everybody.

Good evening, everyone, and thank you, Rajesh ji and Riyaz ji. 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 ₹2,672 crore, which is up 63% year on year.

EBITDA came at ₹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 ₹447 crore, up 145% year on year with cash margins cash PAT margins improving 522 basis points to 16.72%.

Our margins this quarter were marginally impacted by higher higher fuel costs due to this Gulf crisis. 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. We are confident of getting there as pass-throughs conclude and as volumes scale throughout the year through the year.

Operational performance: Iron ore volumes, including BHQ, stood at 19.09 million tonnes for the quarter, that nearly doubling from 9.81 million tonnes in Q1 last year. Core volumes from Indian operations, including overburden, were 26.02 million cubic meters with overseas operations at 5.93 million cubic meters and barite at 2.14 million cubic meters.

Gadchiroli operations: Now following the environmental clearances obtained in FY26, our iron ore 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. Full-scale operations have commenced at Central Hill, and the FY27 equipment mobilization plan is on schedule.

On green fleet, 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.

In other operations in Odisha, the Lasa-Taldih mining operations 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.

On the coal side, our Triveni-Sainik operations retained a 5-star rating from the Ministry of Coal and the number one position among opencast mines in India for the second consecutive year. In our logistic 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.

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

On gold, Jonnagiri, which is India's first private integrated gold mining and processing operation, this was formally inaugurated in July 26, and it delivered ROM production of 0.17 million tonnes and drilling of over 14,000 meters in its first quarter. 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'll hand it back to open the floor for Q&A.

Thank you.

Good afternoon, sir. Thank you for the opportunity and congratulations on very good set of numbers.

Sir, my first question pertains to our copper division. We have so given in slides 8x growth in the next couple of years in the copper production basically from almost 8,000 to 86 96,000 including the cadmium.

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.

Can you just repeat the question, as there was some disturbance?

Yeah. In the copper division, we have given a roadmap to almost over a lakh ton of production of copper as well as the cadmium.

What kind of capex you have already done? What is the capex would go in FY27-28?

Because if you want this ramp-up to be happen 29, the capacity has to be completed by 28, I believe.

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. Large part of it was already done last year.

That number is a total of around $130 million, which has been invested into that asset. That is for the current operating asset, which is operating at the rate of around 800 tonnes per month.

Roughly 2,400 tonnes 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, so 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. 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 9 months. We intend to have the assets operational somewhere in Q1 of FY28.

For both the projects combined, $300 million in the next 9 months we would be spending. That assumption is correct?

Correct. The capex that we are talking about, that is together as a JV company.

Effectively our capex will be part of it, and the balance basically, we'll have to do the contribution as per our share.

Out of that 50% contribution, how much you are planning to invest from the India business and how much you are taking loan here?

We are looking at all options. We are in discussion with multiple financing parties, which includes US-based financial institutions as well as Africa-based institutions and the India institutions.

We'll be looking at partly equity infusion and also partly debt infusion. I think we'll get the clarity on it in the next 3 months when we intend to achieve the financial closure for that.

Got it. Sir, my second question is another two parts.

Firstly, any update on the 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?

Tata Steel, we have made reasonably good progress right from starting operating the plant which was already there part of the JV company. We reported an EBITDA of around ₹99 crore, which is as per the long-term conversion contract that the company has.

That will continue as it is. Over and above that, we have started a few long-term projects with them, which is primarily on two fronts.

One is the MDO contract, we have started a very small mining operations which is in their Kotasahi mine. 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.

There the value addition of this JV company will be much higher. Current MDO 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 3 to 5 years.

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.

The JV will develop the pipeline, and they'll be providing it as a service to TSL, and it will be connecting the Tata Steel mines with their steel plants. That evaluation and technical studies is also currently going on, and we'll get to know more on it in the coming year.

Sir, just a clarification. These are the NINL or Bhushan mines for which you have been jointly developing or as an MDO or how is the status?

No, currently, we are looking at some of the mines which will be scaling up. The final set of mines where all we will be taking up the MDO is not clear.

We are still evaluating that. 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. We are evaluating all the mines where ever scaling up is required, and if we can help in the faster scaling up, it may be taken up by the JV.

Noted. Second part of the question, in existing...

Fine, no issues.

Hi, good afternoon. Firstly, congrats on a good set of numbers.

My question is actually on the pellet segment. We've seen pellet profitability go up this quarter.

I just want to understand how much of that is your export mix and pellet premiums versus how much of it is captive or on slurry pipeline? As we scale up in the next few quarters, is this the margin that we can build in, or is there something one-off about this?

So

25% of our production is being sold as export right now. The slurry pipeline saving is around ₹900 to ₹700 a ton, and that will remain.

Sorry, ₹500 a ton, that will remain. We assume that the export quantity will be more or less remain the same.

Right now giving 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.

Got it. Thank you.

Thank you and congratulation for a great set of numbers. Sir, 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 and has not seen any operating leverage benefit.

Can you provide some light on it, sir?

See, the sales price basically remained the same over the last year on year if you see. It's been on ₹6,000.

Therefore the contribution which is the EBITDA is always also remained at the same. Got more and more usage of material which is gone internally.

Sales quantity has reduced. That's the reason why it's so.

Sir, volume has increased sharply. Must be there any operating leverage benefit that has not been seen in terms of higher margins.

That's what I said now, internal consumption has increased. When we talk of the margin, that is all based on the outward sales.

That has remained the same. The margin is then getting transferred to the value-added products.

Okay. Secondly on MDO business, over a year 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 on that as well?

EBITDA we have improved from last year. Current year also, we are going to maintain the same rate since the volumes are now picking up.

For the Odisha operations also, we are going to ramp up the production, and 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'll be able to maintain the EBITDA level of around 27% to 30%.

Sir, can you give more clarity because EBITDA is up by around 145% year on year so and the volume is up in iron ore around 80%. Just want to cover the bridge of what led to such high Is there any the contracts which is giving us the higher margins now compared to the last year?

Can you just detail out something over here?

In Odisha this year, we have already started two new mining projects. One is Lasa-Taldih, and another we are going to start is 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 this thing, fuel efficiency, we are going to improve upon, and our EBITDA would be stable as compared to the last year. EV vehicle fuel saving we are going to go get more due to this EV vehicles.

These two mining contracts where the margins would be around more than 40%. We'll be able to maintain the higher EBITDA margin.

Okay. Lastly, at the console level...

Sure, fine. Yeah.

Hi. Good afternoon, everyone, and thanks for the opportunity.

Couple of questions from my side. 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 grade 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.

In BHQ, we hope to commission it by March '28 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 through the pilot plant.

Is the cost is also more or less within that range that we had originally assumed.

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

The total gangue will be less than 3%, alumina and silica, of the finished product. The finished product will be in the range of 66%, 67% at the bare minimum.

Wonderful, sir. The second question is essentially on capex.

Now 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 we want to further increase the operations in Congo, let us say, and also if there is any capex apart from that $300 million that you mentioned in your opening question to Vikas, yeah?

Capex currently actually, as Hemankur mentioned, we'll be having for the foreign operations somewhere around $300 million is what is planned. This should be in this financial year is what would be expected.

Plus as for the ongoing projects, we should be having apart from the ISP in Konsari, we would be having around ₹8,500 crore of capex in this year. We're going done around ₹3,000 crore rupees already in the first quarter, and then so it should be at around 11 ₹11,500 over the next three next 2 years.

That should be the capex. Going forward with the steel plant coming in, it should be in a higher range.

Plus this does not include anything for the copper project in PNG, the Panguna mines. We just exploring that.

Once that is clear and we have a clear picture on it, then we should be coming back to you all.

Okay. Sure, sir.

Thank you so much and all the best.

Hi, sir. Congrats for the strong set of numbers.

Sir, first question is on the India business. If I look at the production and sales volume this quarter, it seems that we have some carryforward inventory of iron ore.

Can you quantify that? One.

Secondly, the ₹325 crore of cost savings on the slurry pipeline, can we annualize that annually on a per-ton basis?

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

The cost saving on the slurry pipeline was around ₹325 crore, you mentioned in the presentation. Can we annualize that savings on a per-ton basis for the full

year? I think Rajesh ji has mentioned it around ₹500 to ₹550 per ton because of the slurry line, a 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 tonnes 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 tonnes.

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

Like both Siddharth and Hemankur had mentioned, sir, the PNG ABG project is still under study. It's very, very in pipeline stage, and it will be very difficult to hazard any guess at the moment.

It's a very positive movement for the company. We're studying it.

We have our team for exploration, for the studies, for everything for CSR to start with also. We hope to replicate what we have done in Gadchiroli, both in Chemaf and in Panguna.

To give figures as for Panguna at this stage is impossible.

Sir, just last question on the steel plant. Any changes on the steel plant capex and timelines for when are we expecting to start the steel plant capex?

Which steel plant, sir?

The Maharashtra steel plant we had announced.

The first steel plant is already is under execution. We hope to commission the plant by the end of this year, March '27.

For the second one, the original one which was estimated at around 3 million tonnes in Konsari, we have, like I mentioned last time, we have put that on the study block, studying how we can get maximum weightage of the land that has already been allotted to us, already in our possession. Whether we can increase our capacities in that area given that we already have the iron ore availability and seen that the operations are going very smoothly, we might be increasing the capacity.

No decision has been yet made on that.

Sir. Thank you so much.

Hi, sir. Thank you for the opportunity.

Congratulations on great set of numbers. Sir, I just had a question regarding the guidance for capex for next 3 years.

As I just mentioned, we should be at around 11,000 close to ₹11,000 crore for the next 2 years and a bit higher around 15 to between 15, 20,000 crore in the year after that, the third year. That is what it should be.

Sir, coming to the EBITDA, the previous participant asked the same question on the EBITDA per ton. What do you think would be the next for this coming quarter?

How market has been subdued, as said by other players in the market as well. The prices have fallen off, pellets down and so as iron ore prices have fallen down.

Do you think the results for coming few months will be depressed for the pricing?

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 very exactly the same.

I believe that this year will be the same like last year. How we can improve is by placing our materials 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're selling in longer distances can be service to customers need not be service to those customers because we adding value by making pellets. That would probably add to our long-term margins, which we have seen with a 6% growth this year.

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

What is the sustainable margin going forward?

Sorry?

What will be our sustainable margin going forward post the copper?

Again, it's a commodity, which all of you guys call cyclical. How can I predict any margins?

Fair enough, sir. Thank you so much.

Hi, sir. Sir, on a copper division, you mentioned you are renegotiating terms on Chemaf project.

Want to know your views on that.

Yes. Sir, wanted to ask on copper division.

Also, the management had mentioned that you are renegotiating the terms on Chemaf. What's the status of the project, and what is the longer-term view of the management on this project?

See, the terms are already renegotiated. We are looking at total financial closure.

The project is under active development. I think we'll reach financial closure in the next 3 to 4 months, and we will have the firm timeline on closure out of all the agreements which have been signed.

Okay. What is the longer-term view on this project, is the project expected to generate a significant EBITDA margins at company level?

See,

basically we do have a feasibility report from the past, but I think it would be more prudent, and as you said, it's a commodity business. It depends.

If we consider current copper prices, of course the margins are very high. It would be a pretty early comment on what margins we'll be making.

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 and final commissioning timeline, which I think should happen in the next 3 to 4 months.

Okay. This project must be contributing to the depreciation, etc., other expenses currently in current quarter, right?

The assets were incomplete. All the depreciation benefits will remain and will be claimed by the company, which is the company which has been acquired.

That 100% will help in the tax benefits that will come along with the assets being there.

Got it. Thank you.

Hi, sir. Thanks for taking my question.

Congrats on great set of numbers. My question pertains to the NTPC raised receivable that was raised as EOM in auditor's note.

Right now, it stands at ₹300-odd crore, and it's still growing every quarter. Even though NTPC has walked away from the settlement 2 years ago, my question simply is, and I believe we have not provided anything for that yet.

What is the thought process behind that? What would make us provide that?

Do we wait for the final court verdict, or is there some other trigger for that?

We were not able to understand because the line is not clear, and we were just not able to understand any of your questions.

I'll just repeat it. My question pertains to the NTPC raised receivable that was raised by the auditor's note in our P&L.

It's currently stands at ₹300-odd crore, and I believe NTPC has walked away from the settlement 2 years ago. Somehow I believe we have not yet provided for this ₹300-odd crore 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 like?

No, we don't intend to make any provision for that. We are in negotiation with NTPC and the authorities, not only for this, but for our escalation and fuel costs and all these things also.

Negotiations with NTPC are on. Hopefully for this wages also, this matter would be sorted out because this what they had to pay, and they have not yet paid.

In arbitration, we had won this award. Since NTPC did not accept the arbitration, the matter is sub judice still now.

We are hopefully next two 2, 3 months NTPC matter would be resolved.

Okay. Has taking our this largest coal customer to court affected our working relationship with them in any terms, like contract renewals or anything?

No, because we are the largest MDO producer for NTPC, and their NTPC entire power plant and everything is dependent on our MDO operations. 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, there is nothing as such in this. In fact, they have awarded us a new contract also, that is another PB North Pit, which has just started production last year only.

That is again of 3 million tonnes. It shows our relationship with NTPC.

There is no issue in relationship and anything with to do with all this because these are part of normal business that business. Both the companies are doing their own job, but, yes, we are their preferred partner, and they have full confidence in us.

Okay. My next question is on our capex...

Fine. Thank you.

Hi, sir. Thank you for the opportunity again.

Sir, my first question regarding you just pointed out that your capex would be ₹11,000 crore for each of the 2 year and then ₹15,000 crore. Can you just give us from which year the integrated larger steel plant capex would take off?

How much time now the new timelines for you to complete that the new steel plant? Because that could be a next leg of larger portion of the top-line growth could be coming from.

To reiterate, Vikas ji, the capacity, original capacity planned 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 one.

With the confidence that the capital markets have given us as well as our success in the mining of the iron ore, we with both those factors together, we are hoping to increase our capacity, plant capacity for that plant. 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 pukka plan made that we can have any announcement on.

Noted, sir. Sir, just 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 2 or 3 years, which would give us a little bit of more satisfaction towards the Triveni growth path

going forward for

third party?

Hemankur mentioned about the Tata contracts.

That was smaller, he said. That is a smaller portion, basically.

We had a plan to grow the top line at 30%, just wanted to understand from where that 30% plus 30% growth for the next 2 year would come.

The Tata contract would be again, adding to that, would be 3 to 4 million tonnes. The NTPC contracts are going at around 3 to 4 5% growth.

Are the

OMC contracts.

The two this new mining iron ore for Dalpahar and Lasa-Taldih, 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, 50 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'll be able to achieve around 35 million tonnes.

Apart from that, our Jonnagiri contract is also there, which is the company not owned by Lloyds Metals. It's a group company, and there also So the growth that we are projecting includes all these contracts.

Noted, sir. Sir, in our contracts, the diesel and the power fuel cost...

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?

No, it will happen in the next quarter. There is still timeline left for it.

Basically, yeah, 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, etc.

They have been done and settled. Some of the other ones are pending, and they will get completed before the timeline expires for them.

Technically, our debt will come down by $700 to $800 million on a console basis after the restructuring?

Once we complete the final closure, it depends upon how actually we are refinancing, because we are still looking at complete financial closure. That includes taking some of the debt which is there.

Some of the new debt may replace the older debt which is there. 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.

Yes, it will come down by near about 40%

to 50%. Sir.

Thank you so much.

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 tonnes and pellet production to around 8 million tonnes 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?

At the moment, say, going forward to FY28, we'll have our 1.2 million ton plant commissioned. Between the iron ore and the pellet, around 2.4 tonnes 2.4 million tonnes on a round-figure basis would be consumed within the company.

Out of this, right now around a million tonnes is being consumed. So 1.4 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.

Okay. Sir, my second question is, once the BHQ beneficiation plant is operational, what annual salable output can the company expect from the planned 30 million ton throughput capacity?

Can you repeat your question, please?

Once the BHQ beneficiation plant is operational, what annual salable output can the company expect from the planned 30 million ton throughput capacity?

We would be putting in around 16 million tonnes of output from that roughly, 16 to 17 million tonnes depending on the yield that we get from the material.

Okay. Thank you.

Thank you, sir.

That's in two phases. There are basically nine modules, and once we start commissioning the modules one by one, continuously it will be ramped up like that.

Sir. Thank you.

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, ₹650 crore or so fundraise they are doing? If you can help with them.

In fact, we just wanted to reduce our high-cost debt, and at the same time, we are going for capex, capital investment. We have to invest in our outside subsidiaries also for doing the MDO contracts.

For this 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 subsidiaries where we intend to start the mining operations. These are the main purpose of raising the funds.

Sir, can you also highlight what is the current interest cost that you're paying for this Triveni business?

Current interest cost for this quarter...

Either percentage like what is the interest percent?

Interest is around 9% to 9.5% is the interest. This blended.

Q1, we had paid interest of around ₹115 crore.

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?

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

Sure,

sure. Thank you, sir.

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 a structural savings of ₹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 DRI.

I also wanted to know about the 950-kilometer slurry pipeline that's mentioned in your website and how much of direct shipping iron ore is left in our mine.

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 per ton included I don't remember the figure exactly, but ₹2,000 included the Triveni savings, the savings by consolidating of Triveni, the slurry pipeline savings, the saving due to fuel efficiencies, etc.

It was a mix of everything. I would not have a breakup of that.

Overall basis, the plan is working well within the plan that we had, and that's why you see an increase of six 600 basis points or more in the EBITDA margin. Your one question I think I missed.

If you want to repeat that?

It was about the conversion ratios like from iron ore to pellet to DRI to steel.

Iron ore to pellet is around 1.07, which is much more competitive than most of our competitors because of the lesser LOI content. From pellet to DRI is around 1.5 roughly.

From DRI and blast furnace, it's a factor of various aspects, but I always consider 2 tonnes 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.

I got this. Just one more thing, how much...

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?

DRC government has announced that, but 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, we'll 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 capacities to convert to cathodes ultimately.

On our plans, it does not have any impact.

Got it, sir. Sir, I just wanted to know on the gross margin front...

Sure, thanks.

Hello. Am I audible?

Yeah. Sir, my question is that the other income has increased to ₹128 crore this quarter.

What is the reason of that? Because last quarter it was ₹11.21 crore.

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

Thank you.

Hi. Good afternoon, sir.

My question is on Triveni. Sir, if we exclude the captive revenue, then I think sequentially there's been very sharp uptick in Triveni from almost ₹1,100 crore to ₹1,800 crore.

Should we take this as a base for rest of the year and sequentially should be grown top of this?

I couldn't get your question, please. Could you repeat?

My question is for Triveni. In Triveni, if we exclude the Lloyds revenue, then sequentially between Q4 FY26 to Q1 FY26, we have seen a pretty sharp uptick almost to the tune of ₹1,800 to ₹1,900 crore of revenue.

How do we see this for the rest of the year?

Rest of the year, as I said, because the other two mines are going to have their full potential. What you're saying is not fully correct.

Q1 FY26 our revenue was ₹1,600-odd crore. Now this year is around ₹2,700-something.

No, I am speaking excluding Lloyds revenue.

Excluding Lloyds revenue, because we are going to increase the production in two mines in Odisha, scaling up the operation in other mines in Odisha. Gold mining also is going to increase the scale up.

PB coal mining also, that 3 million tonnes is going to increase the full production. We'll be ramping up our revenue in these mines also parallelly.

At the same time, Lloyds also, because this 26 to 55, this year full production will be there. There also we'll be getting the full revenue.

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's a very integral part, and both are very, very much married and very, very beneficial to each other. That is why it's a group, and that's why it's part of the company.

That has to be understood that it's a very symbiotic relationship which is beneficial on an overall basis. 1 + 1 is not 2 in this, but it is 111, not even 11.

One has to appreciate that.

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 website as well as in the presentation, you can just get in touch with us for any further questions.

Thank you, Jashandeep and the Nomura team, also for holding this earnings call. Thank you once again to everybody.

Thank you very much.

Thank you.

Thank you.