Good afternoon, everyone, and thank you for joining us today. We at Equirus are pleased to host Lloyds Metals and Energy 4Q and FY26 earnings call.

We have with us today Mr. Rajesh Gupta, Managing Director; Mr.

Riyaz Shaikh, Chief Financial Officer; and Mr. S K Naredi of Finance from Triveni.

We would like to begin the call with brief opening remarks from the management, following which we will have the forum open for an interactive Q&A session. Before we start, I would like to point out that some statements made in today's call may be forward-looking in nature and a disclaimer to this effect has been included in the earnings presentation shared with you earlier.

Now, I would like to invite Mr. Rajesh Gupta to initiate the proceedings for the results call.

Over to you, sir.

Good afternoon, everyone. A very warm welcome to all the participants joining us on this call today.

Thank you Shivansh and the entire Equirus team. We deeply value your continued support and engagement.

It fills with immense pride to share that Lloydsteel had crossed the consolidated market cap of ₹1 lakh crore, a milestone that would have seemed distant not long ago. This milestone belongs first and foremost to every single investor, each and every one of you who backed us through our 50-year journey, through our early days of uncertainty and up to this milestone.

This I'm saying as a guy who all years thought that IR meant industrial relations only. Your patience is a reflection of trust you placed in us and we take that responsibility very seriously.

Our sincere gratitude to all our investors, analysts and stakeholders joining us on this call and on this journey. Before I speak about our performance, I want to take a moment to acknowledge our team at the mine, at the plants and all the offices all over the world.

What has been achieved by us in FY26 is quite extraordinary. It did not happen by accident.

It happened because of a team that showed up every day with clarity of purpose and relentless focus on execution. In the last 50 years, our in the last five years, sorry, in the last five years, our CAGR on revenue is up by 109%, and on PAT the CAGR is a whopping 139%.

This shows that we are a 50-year-old startup. This year, our standalone profit crossed ₹3,100 crores on a standalone basis and ₹3,800 crores ₹3,829 crores on a consolidated basis.

Consolidated revenue crossed ₹17,000 crores, fast approaching the $2 billion mark. On operations front, our iron ore scaled from 10 million to 22 million tonnes, which is a 120% growth in a single year.

The pellet plant commissioned at the fag end of Q2 reached 100% capacity utilization within just four months, three months, 3 million tonnes in nine months, a ramp-up that very few plants anywhere in the country have achieved. DRI volumes scaled 56% year-on-year, with the new kilns ramping up as steadily as the pellet plant.

Going on to the projects, we have invested heavily for the future: ₹13,500 crores in the last four years and this will continue. Konsari in Gadchiroli, we have completed the two pellet plants, reaching capacity of 8 million tonnes, making us the largest merchant pellet player by far.

We also commissioned along with this the 85-kilometer slurry pipeline, which is delivering now cost savings and operational stability. In the mine in Hedri, we have completed our mine capacity increase from 3 to 55 million tonnes, with a saleable output of 26 million tonnes over the last four years.

The BHQ beneficiation project is progressing, pilot plant results have delivered excellent yields and major engineering contracts are completed, construction machinery is mobilized. All major machine are ordered on a key European supplier and we are well in target of first phase readiness by December 2027.

This plant, the BHQ beneficiation, is a trailblazer in India and will lead to greening of our company in the steel cycle in very dramatic ways. Meanwhile in Chandrapur, the DRI capacity is doubled, power capacity is tripled 200 million tonnes 100 megawatts, sorry, and it is stabilized.

The steel plant, that is the blast furnace, arc furnace, coke oven and the rolling mill of 1.2 million tonne wire rod, is well underway for commissioning for last quarter this year. The engineering of this third pellet plant is also nearing complete in Chandrapur, along with the 195-kilometer pipeline from Hedri to Ghugus via Chandrapur stockyard.

This pipeline will reduce logistics cost for most of the iron ore output by us by more than ₹500 a tonne, and is in advanced planning stage. Few milestones for us on the efficiency front: the EBITDA margin has held steady at approximately 34% across both the last two quarters, demonstrating structural cost efficiency and not one-off gains.

Return on capital employed stood at 56% ex-CWIP for FY26 and return on equity at 37%. These are world-class metrics.

Pricing parity with competition is maintained along with a volume increase of 120% and new products like pellet being started. Triveni has ranked number one among 383 opencast mines in India by the Ministry of Coal, a reflection of operational excellence across the group.

Other than Surjagarh, the growth in Triveni operations in Odisha and Jharkhand continue with three new mining operations starting. A few key updates on copper: copper, which is the new gold, and Congo, which is our new Surjagarh, is led by Surya.

I want to congratulate his team and him for successful commissioning of the Surya copper plant in six months. We're the first Indian integrated player in the copper business.

Copper is the backbone of energy transition, electrification and renewables. It is the perfect foil to our one mine portfolio and also our international entry into critical minerals.

We have defined pathway to expand capacity to 30,000 tonnes per annum at Surya Mines. In addition, we have acquired 49% in CHEMAF group.

This is the first deal after the US and Congo signed a critical mineral agreement in December 2025. We are proud to be at the forefront of the strategic realignment in global critical minerals.

CHEMAF is a large operating copper-cobalt platform in the Katanga Copperbelt with 50+ permits. Cobalt capacity is expected to scale to approximately 20,000 tonnes in the two operating plants.

Along with this, we will be achieving 100,000 tonnes of copper over the next three to five years from both CHEMAF and Surya. Let me give you our FY27 outlook briefly.

The steel markets and therefore iron ore are as strong as ever, especially in Indian market. Our FY27 guidance reflects the next change in our scale: iron ore production at 26 million tonnes, dispatches of 27 million tonnes, pellet of 7.75 to 8 million tonnes, DRI at 125,000 tonnes at 825,000 tonnes, and a formal entry into steelmaking with wire rod mill production at around 150,000 tonnes.

We expect annual cost savings to surpass ₹2,000 crores per annum as all logistics and sustainability initiatives are maturing by March '28. FY26 has been a year of extraordinary achievement.

Our financials have never been stronger. Our operational foundation has never been robust, and our strategic pipeline in ferrous, in pellets, in steel and now in copper has never been more exciting.

We remain deeply grateful to all our investors, partners and every member of our team. Without taking more of your time, I hand over the call to Riyaz.

Mr. Naredi and Mr.

Hemankur will take you through detailed financial operations of the Triveni and the Congo operations as well. Thank you once again, everybody.

Thank you, Rajesh ji. Good evening, everyone.

I want to open with a line from Aristotle that I believe captures exactly what FY26 means for us: "We are what we repeatedly do. Excellence, then, is not an act, but a habit."

That is precisely the story of our FY26 numbers. The margins you will see today are not a one-time event; they are the outcome of systems we have built, disciplines we have embedded, and habits of execution that run deep across every function of this organization.

With the context, I will take you through the standalone financials and operating performance for Q4 and the full year FY26, focusing on the numbers, margins, and CAPEX. For the financial highlights for quarter four FY26 standalone, this has been the strongest quarter we have ever reported on a standalone basis.

The total income came in at ₹4,977 crores, registering a remarkable 310% year-on-year growth. EBITDA was ₹1,679 crores, up 498% year-on-year, a near sixfold jump in absolute profitability.

PAT stood at ₹1,066 crores, up 368% year-on-year. EBITDA margin expanded to 33.73% in quarter four, an improvement of more than 1,000 basis points year-on-year.

For the financial highlights of the full year FY26, FY26 without doubt the best year Lloyds Metals has ever had across every single metric. Total income for FY26 stood at approximately ₹13,838 crores, up 104% year-on-year.

We more than doubled our revenues in a single year. EBITDA came in at ₹4,673 crores, growing 133% year-on-year.

PAT was ₹3,194 crores, up 120% year-on-year. EBITDA margin for the full year stood at 33.77%, up 418 basis points year-on-year.

The margin improvement is not one-off. It is structural and is coming from: higher share of value-added products, specially pellets, in the revenue mix; benefits of the slurry pipeline, which has started flowing meaningfully into the P&L; better utilization across mining, pellets, and DRI; operating leverage as volume scaled significantly.

Coming to the operational highlights for iron ore: iron ore production for quarter four FY26 was 9.09 million tonnes, up 529% year-on-year. For the full year, production stood at 21.96 million tonnes, up 120% year-on-year.

Iron ore sales volume for quarter four FY26 was 6.16 million tonnes, up 271% year-on-year. For FY26, total sales were 16.18 million tonnes, up 71% year-on-year.

Realization per tonne stood at ₹5,848 in quarter four and ₹5,806 for the full year. EBITDA per tonne was ₹1,894 in quarter four and ₹1,930 for FY26, reflecting strong unit economics.

Our monthly run rate in April 2026 is already at approximately 2 million tonnes, underpinning a strong start to FY27. Now for the operational highlights for pellets: pellet production for quarter four FY26 was 1.08 million tonnes, and for the full year was 3.03 million tonnes.

The pellet plant commenced commercial production at the fag end of quarter two FY26. Within four months of commissioning, it has already reached 100% capacity utilization, which is an exceptional execution outcome.

Realization per tonne for quarter four FY26 stood at ₹9,590, supported by strong product quality and strategic geographic positioning. EBITDA per tonne for pellets stood at ₹4,040 in quarter four, robust margin driven by captive iron ore, slurry pipeline-based evacuation, and strong domestic demand.

I'm also pleased to share that the second pellet plant was commissioned in May 2026. This takes our total pellet capacity to 8 million tonnes per annum and positions us strongly for FY27 volume growth.

For the operational highlights of DRI and power: DRI sales volume for quarter four FY26 was 180 188,000 tonnes, up 171% year-on-year. For the full year, DRI volumes were 480,000 tonnes, up 56% year-on-year.

DRI realizations stood at ₹27,306 per tonne in quarter four, with EBITDA per tonne of ₹7,999, strong unit economics. Power volumes were up 48% year-on-year in quarter four FY26.

The value-added mix: value-added products now account for 32% of FY26 standalone revenues, up from 20% in FY25. In terms of EBIT contribution, the share is 30%, up from 11% in FY25.

This mix shift is central to improving margin stability, reducing volatility, and enhancing overall return metrics. With pellet plant two now commissioned and the wire rod mill on track, this VAP share is expected to improve further in FY27.

Coming for the CAPEX update: the company has incurred CAPEX of approximately ₹13,500 crores during FY24 to FY26. FY26 standalone CAPEX alone was 8,100 close to ₹8,100 crores, reflecting the significant investment phase we are currently in.

Key projects funded include two pellet plants, DRI expansion, slurry pipeline investments, and the ongoing CAPEX of the steel plant. Importantly, CAPEX execution is on track and within approved budgets.

To give further color on CAPEX of ₹13,500 crores, we have capitalized ₹5,100 crores of assets, comprising mainly of pellet plant one, slurry pipeline, and the DRI plants. ₹1,850 crores is capital advances.

Remaining is CWIP, which you can see is in our published numbers. The balance sheet and the net debt: standalone net debt as on 31st March 2026 stands at ₹3,901 crores, a manageable level given our EBITDA generation.

Despite an intensive CAPEX cycle, the balance sheet remains comfortable. Strong EBITDA has supported internal accrual-led funding and controlled leverage.

Working capital continues to be well managed, helped by faster dispatch cycles and healthy demand conditions. To summarize, FY26 standalone performance has been extraordinary across every metric.

Margins are structurally strong. CAPEX execution remains disciplined, and the pipeline into FY27 is the strongest it has ever been.

With that, I will hand over to Naredi ji for Triveni's performance.

Thank you, Rajesh ji and Riyaz ji. Good evening, everyone.

For us at Triveni, growth has always been about disciplined execution, consistency, and doing the fundamentals right day in and day out. Let me take you through Triveni's performance in Q4 and the full year FY26.

Financial overview TIPL FY26: from a financial perspective, FY26 has been a transformational year for the Triveni. The total income for the full year stood at approximately ₹8,000 crores, to be precise ₹7,997 crores, with an EBITDA of ₹1,990 crores and EBITDA margin of approximately 25%.

This compares to the EBITDA of ₹1,062 crores and margins of approximately 16% in FY25, a nearly doubling of EBITDA in a single year. In Q4 FY26 specifically, EBITDA was ₹910 crores with margins of 36%, reflecting exceptional operating leverage as volumes scaled.

Cash PAT for the full year stood at ₹1,196 crores, with cash PAT margins of approximately 15%. The improvement in margins reflects better operating leverage, higher equipment utilization, and continued focus on cost discipline across all project parameters.

Now I'll come to the operations at Gadchiroli. The environmental capacity at Surjagarh Mine has been increased from 10 million tonne per annum to 55 million tonnes per annum, a massive regulatory win that unlocks significant volume headroom.

FY27 volume growth is expected to be more than 75%, including BHQ, underpinned by full-scale operations at Central Hill and completion of FY27 equipment mobilization as per schedule. We have now deployed 88 electric equipment units at the mine and 20 electrical units at the railway siding that firmly establishes our green mining credentials.

BHQ beneficiation plant: excavation has commenced with 22 large-scale equipment mobilized; 14 mobile crushers and 26 heavy earthmoving machines are also deployed for BHQ crushing at the mine. We have also established a full EV and LNG ecosystem at Surjagarh Mines.

100-tonne diesel dumper has been successfully converted to LNG hybrid operation, which is a significant sustainability milestone. Now Odisha operations: our Odisha operations also continue to scale meaningfully.

One of the mine MGM Mines has been awarded the prestigious five-star rating by Indian Bureau of Mines, which reflects our operational quality. Guali iron ore mine production has also been enhanced from 7.4 million tonne per annum to 9 million tonne per annum.

Sarojini Pradhan Mine has scaled up from 0.57 million tonnes to 4.99 million tonnes per annum. These are significant capacity additions.

Talpahar iron ore mine, it's a new mine and the operations are expected to commence in Q1 of FY27 with FY27 production target of 3 million tonnes. Laxmipada Pacheri Mines again, a new mine, the MDPA has been signed and operations are to commence in Q1 FY27 with FY27 production target of 1.5 million tonnes per annum.

Shree Metallic Mines capacity has been increased from 1.5 million tonnes to 1.8 million tonnes. Overall, the Odisha operation volumes are expected to increase by 39% year to year to 34 to 35 million tonnes in FY27.

One of the mining lease Sagasahi Mine was selected for the 11th FICCI Excellence Award, an acknowledgement of our operational and sustainability standards. Now I'm coming to coal: Triveni Sainik Mining, our subsidiary, PB West and PB Northwest.

PB West has achieved the highest distinction of a five-star rating from the Ministry of Coal, ranking number one among 383 opencast mines across India, which is an extraordinary distinction. PB Mine was also awarded the overall winner at the 68th Annual Mine Safety Week, receiving the Suraksha Shikhar Gold Award.

R&R set a national record in FY25-26, completing over 1,400 houses, which is 143% of the previous year's target, and acquiring over 420 acres of land, which is 103% of the target. A record yearly performance at PB West: that OB removal has been at 72.8 million BCM.

Coal production was 17.5 million tonnes. Coal crushing and dispatch 17.4 million tonnes.

IPCC commissioned on 11th August '25, handling 2.89 million tonnes. Electrical loading 28 21.8 million BCM, that is up by 80% year-on-year.

Electric drill, 1.5 lakh meters, that is up 45% year-on-year. Wireless communication system implemented across all HEMM and midscale equipment.

Now coming to international and new ventures: on Indonesia, we are rationalizing lower margin operations and plan to redeploy equipment to higher return opportunities in Congo and PNG. On Geomysore gold mining, our MDO and exploration contract commenced in January '26.

We have a targeted EBITDA contribution of approximately ₹60 crores in FY27, a meaningful new revenue stream with further upside as exploration progresses. Now outlook: Triveni's focus remains clear: scale responsibly, execute efficiently, and protect margins through productivity and cost optimization.

The pipeline for FY27 looks strong across Gadchiroli, Odisha, and coal operations. We are confident of sustaining both growth and profitability.

With that, I hand over the mic to Hemankur Upadhyaya sir. Thank you.

Yeah. Hello?

We'll open up for the questions Shivansh.

first question is from the line of Amit Dixit from GS. Please go ahead.

Hi. Good evening, everyone, and congratulations for good performance.

A couple of questions from my side. The first one is on slide number 25, where you have this arrangement with Tata Steel on the TRPL project.

Just wanted to understand the economics of this because you've mentioned that the free cash and the profit accruing to us is quite substantial. Just wanted to understand the CAPEX part of it and how we are looking at operations to ensure that these kind of numbers in terms of free cash accrued to us.

Thanks, Amit, for the question. As you rightly said, this is a business which is already in place.

For generating this kind of free cash flow, the amount of sustaining CAPEX is not much. That's why the free cash flows are high because this is a take-or-pay contract that we have with Tata Steel as the captive consumer.

This is of great strategic benefit to Tata Steel because this operates a pipeline which is near about the mine mouth of their existing mines, and it opens up near the Kalinganagar plant within the 5-kilometer radius. Because of which, the entire capacity is dedicated to them, and as a part of our shareholder agreement, this was agreed as a margin for the existing assets.

That's why this is a large amount of free cash flow. You would also recall that we had signed MOU with Tata Steel for evaluating multiple projects, which involved some of the projects that we'll be taking up with them.

It involved working on slurry pipeline for their projects. It involved steel plant facility in Gadchiroli, and it also involved new MDO projects that we'll be doing with them.

Given all of that, we are progressing on some of those projects. As of now, those projects' CAPEX is still being finalized because they're still in the discussion and finalization stage, but some of these free cash flow will go towards generation of and development of those projects.

We intend to maintain high return on capital for such projects so that it is deployed and suitable for maintaining the high return on capital that we have. Sir,

just a related question to this, because our expertise in laying slurry pipeline in record time is quite well documented. Is there some exclusivity that you have with Tata Steel or you can approach any other steel player because a lot of them are looking for the slurry pipeline?

No, there's no exclusivity.

Okay. The second question I have is on the Congo operations and congratulations for starting the copper operations over there.

Just wondering what kind of incremental CAPEX you expect to incur in both copper and cobalt project to reach the capacities that you have mentioned? Also, on the related note, this geography is not the easiest one to work.

I would say I don't recall any other company that has done that in such a small time. Yeah.

Thanks again, Amit. Yes, definitely it's a new territory, and that's why the new opportunities are coming out of it.

That's why we see that this was a very unique case, which presented us an asset which was near operational. To answer the first question, how much capital expenditure will be required, this plant is near about 85% to 90% complete.

We are already engaging with the EPC players. These are world-class EPC players.

The plants are designed and built by people like Outotec and big firm from China. We are getting them back on the ground.

I think within this month, we are getting them up and running. In terms of completion of the plant, the total plant CAPEX initially was near about $1.1 billion, out of which $800+ million has already been spent.

Based on our current evaluation, including the initial working capital and the mine development which will be feeding these plants, it would require near about $200 to $260 million. We are still working on the exact numbers, but this is a fairly broad estimate, which can be taken at the moment.

In terms of players who are operating and working in the mines in Congo, it's a fairly established mining destination. It had its challenges earlier, but given the rising demand of copper and cobalt as a strategic material for defense products particularly, apart from the batteries, this is something which is of great importance to US.

US because I mean US has also started realizing that a lot of supply chain of critical minerals is is basically residing with China. Whenever this tariff barriers and different problems happened, they saw that the supply chain can be choked.

That was one of the key things which kind of drove us to this because having this kind of an asset at such a large scale, yes, you are right, it is a high risk if it you are doing it alone. That risk is mitigated by the fact that we are partnering with the US and US has a strategic and critical minerals deal which was signed in 2025.

In fact, we have very strong support from US and given the kind of support that US is building with DRC, there is a strong cooperation and this is the first project under this, flagship project, it becomes de-risked by the same amount. It's something what you can probably see with Surjagarh, like it was one of the first projects that we opened up here.

Of course, risk was there, but this was the first project in Maharashtra. For Maharashtra, iron ore was new, and now Maharashtra is looking at opening up many more mines and coming up additional iron ore.

This gives us a good entry and also helps us build a very strong partnership with US because they see us as reliable, credible operators. In difficult terrains, wherever the US companies are not able to operate or not able to scale as fast as they would want the supply chains to be built, we would be a partner of choice.

This is an alternate to China on the global scale, and that's why we see this partnership is something which will be quite important and also de-risked in the entire process because of the presence of US.

Quite clear, sir. Thank you so much and all the best.

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

Sir, my first question pertains to Triveni. If I look at our iron ore ramp-up has been largely done, while the coal has not been ramping up.

Are we going to expect volume growth in which segment? Because if I remember correctly, couple of quarters back, we have given a pretty good numbers in terms of revenue guidance on the Triveni side.

What has caused this margin expansion on the year-on-year basis from EBITDA margin of 16%

to 26%? Iron ore, we are starting two new mining leases.

The other mining leases where we are already doing, we have got the environmental clearances enhancement. Due to that, the iron ore production is going to be higher as compared to the earlier year.

In respect of coal, as we stated, Indonesian operations we are slightly slowing down due to lower margins. Jharkhand operations, the contract volumes and all these things we are achieving.

Yes, we'll be increasing our revenues in a quantity in iron ore more as compared to coal. Surjagarh also we have got a large expansion, there also we are going to increase it.

This is the reason that iron ore expansion will be much more as compared to coal.

Okay. Sir, just a follow-up question on this: in the remarks somebody said that 37%, 39% higher iron ore production could be there.

Would our revenue follow the similar model or the rates are different and revenue growth would be lower than that?

No. Revenue growth will be there and we'll be getting the benefit of economies of scale.

Our revenues would be much, much better.

No, would that go in tandem with the volume assuming the same kind of rates we are getting across the board or the intensity would be lower than the volume growth? That's what I was asking effectively.

No, more or less it will be the same.

Top line will be more or less the same. Bottom line will be faster because of economies of scale.

Noted, sir. Sir, my second question pertains to our realization this quarter.

If I see iron ore and pellet, there was a deviation: one has gone up on sequential basis while the pellet realization gone down, which is a little bit surprising. Could you explain what has happened here and what is the spot realization?

Have we also taken price hike today?

What has gone down?

Pellet. Pellet.

Sir, pellet realization sequentially was down as per our own presentation, while the iron ore has been up sharply. Just wanted to understand

As volumes have gone up in pellet, we have had to search new markets and that is why the pellet realizations are a little lower because the newer markets are at a distance. Some tenders were there earlier which we have not been able to re-establish again and we have been doing a little bit more export.

On the pricing of iron ore, it's more or less driven by the market. We are in line with the rest of the market and the steel market.

Noted, sir. Sir, lastly, if you could give us some update on your BHQ project because next year, if I remember correctly, we wanted to do more of a low-grade beneficiation versus the high-grade sales, where are we?

In my opening remarks I mentioned that by December 2027 the BHQ first phase of 30 million tonnes input and around 12 million tonnes output would be commissioned. The land is with us, the construction equipment has been mobilized, the crushing of the material has started and we'll be placing the metal onto the site and getting it evacuated from the site in this year.

Over next two years, that material will be accumulated there. As far as the project itself is concerned, the total engineering is motamoti complete.

The main ordering of 85%, 90% has been ordered on very fine five-star parties. The pellet plant has helped us a lot in establishing the final engineering and that is the status.

Sir, since we are beneficiating and the mining ratio to output is lower, do we expect that once the BHQ picks up, our overall blended EBITDA per tonne on the iron ore side at least would settle on a lower scale?

We think it's on a higher scale because BHQ beneficiated ore will be 66%, 67%. The cost upside is around ₹200, ₹300, which I think we explained in the last concall, and particularly with the revised notification of the government on reduced royalties.

The upside on the cost would be around ₹200, ₹300, the upside on the selling price or on the usage level, even if we do it internally, will be at least ₹700, ₹800. We think that the EBITDA will go up once the BHQ is commissioned.

Sir, wouldn't the mining cost per tonne of the final material would be three times two and a half times higher, so that should get added in the cost, not only on the beneficiation?

It's easier to mine. There much bigger scale volumes.

Like I said, the total cost would be in that range as I just mentioned, and the royalties are much less.

This is adjusted for the mining ratio you're talking about.

Absolute. I'm talking about net usable ore.

Noted, sir. Thank you, sir, and all the best for future.

Hi, thank you for the opportunity and congratulations for a great set of results. Sir, my first question is regarding CAPEX as you are highlighting how much CAPEX will be required for the second copper stream that you have entered.

Just wanted to understand, with that in mind, what will be our FY27-28 CAPEX guidance for consol Lloyds now? In line with that, with CAPEX increasing and the earnings are also increasing significantly, but what will be a sustainable net debt to EBITDA or leverage numbers for the company?

Is the company looking for any deleveraging in the FY27-28? That will be my first question,

sir. Jashandeep, the total CAPEX excluding the ISP for the Konsari unit is around ₹28,000 crores, that is what we have.

Of which, we have already spent, as I have mentioned earlier, ₹13,500-odd crores. That remains with ₹14,500 crores to be spent over the next two years.

Next year, our plans are around between ₹10,000 to ₹11,000 crores is what we are planning to expend because that will include a lot of portion from the BHQ plant and the ISP at Chandrapur. It should be around ₹10,500, and the next year it should be ₹4,500.

Plus, yes, in 27-28, by that time we would be clear on the larger steel plant at Konsari, and also the copper. All those expenditures will be further included in this, and should be planned accordingly.

Yes. Sir,

largely copper CAPEX will start from FY28, is that right? Also on deleveraging or your sustainable net debt

to EBITDA? FY27 also there will be copper investments.

Yeah.

Actually, majority of the copper investments will get done in FY27. We should have the revenues and profitability from copper coming in from FY28 because, as I said, the plants are near about 85% to 90% complete.

We want to get them running ASAP, and that's why large part of the CAPEX will actually be done this year.

To this we will have to add the Triveni CAPEX also. Since you asked for consolidated, Triveni CAPEX would be around ₹1,000 crores in this coming year, in this current year.

The ₹10,000 to ₹11,000 crores also includes Triveni and copper, is my understanding right, sir?

No, that's on standalone basis.

Yeah. Consol,

sir, how much would be consol?

In terms of CAPEX you are asking? Okay.

So

Yes, sir.

Basically on a consol basis, copper would be, as I mentioned earlier, near about $200 to $260 million. We can add near about ₹2,000 crores

for that. Around ₹12 ₹15,000 crores roughly.

Consol number would be ₹15,000 crores for CAPEX in this 26-27.

Right, sir. Any plan of deleveraging Triveni?

Because most of the debt on the consol book is from Triveni. Any plan for next two years to reduce the debt on Triveni, and what is your target net debt to EBITDA that the management is internally working with?

Triveni debt, yes, we are looking at. The RPS is as it is reducing.

It was just paid around ₹700-odd crore rupees in the month of April for the RPS. That ₹2,100 crores in the debt is RPS.

₹700 crores is happening. Over the next three years, the ₹2,000 crore rupees reduces.

The debt automatically comes down. The regular payments are also

Understood. Sir, my last question again, because Lloyds is expanding and growing at such a rapid pace, will the company be able to manage all the CAPEX from internal accruals or is there a plan or is management looking towards raising some more capital either through debt or equity in near future?

How is management looking towards it?

Yes, debt we would be raising. As we have mentioned, we should have a proper mix of debt.

The EBITDA should be around 1, 1.5 times of the EBITDA, not more than that. That is what our numbers would be.

Equity as of now we've not planned of anything and in near future so we don't intend on that.

Any equity would be, if ever, would be in the books of Triveni if we go for an IPO in that company at a later stage, not in this year.

Understood, sir. Sir, my last question will be largely towards the new government regulation which came, which is now fixing ASP for iron ore grade below 45% with the close to 2/3 of your reserves being in that category.

While I understand beneficiation will be there and you will be selling output will be higher grade, but just wanted to understand how does the management look at that regulation, whether there will be benefits in terms of royalty or whether there will be benefits in more offtakes happening of the lower grades? Just wanted to understand that, sir.

The royalties paid on material going out of the mine, and the lower grade of less than 45 or less than 35 would be going out of the mine entailing a royalty at the rate of 50% or 75% respectively. That would reduce our BHQ output cost to the BHQ plant.

It helps us in terms of reduction of cost.

Understood, sir. Just one last question.

Sir mentioned that ₹2,000 per tonne saving coming largely from transport. Can we have a breakdown of that and how much will be coming from which particular?

Not

per tonne. I mentioned ₹2,000 crores once the second pipeline is commissioned from Hedri to Ghugus via the Chandrapur stockyard, all our 16 million tonnes of material which is now being transported to the railway siding or to various customers by truck at ₹600 a tonne, ₹500 a tonne would be saved.

That itself is ₹1,000 crores. Plus, whatever pipeline we're already doing right now, plus our solar projects and other green initiatives, plus various initiatives during all the sites.

We calculate a total of ₹2,000 crores per year going forward from 2028 onwards.

Understood, sir. Thank you so much for this, and I'm joining back the queue.

Thanks for taking my question and first of all congrats on great set of numbers. Firstly, it's in regards to our DRC assets.

We saw our commercial production of 12,000 tonnes per annum copper cathode plant at Surya Mines got commissioned in March '26. Plus we have done an acquisition of another 49% stake in CHEMAF.

What I want to first of all understand is how are we seeing this ramp-up of 10,000 tonnes per annum to 30,000 tonnes per annum happening? What is the timeline for that?

Secondly, what I also want to understand is how are we seeing this integration of DRC assets happening and what sort of revenue and EBITDA contribution can we see in this financial year? Yeah.

Thank you. I'll explain on both the assets.

The first asset actually was commissioned and started producing copper plates in March 2026. We have produced near about 700 to 750 tonnes of copper as of date.

The plant as per budget is able to produce near about 40 to 45 tonnes per day. We are having certain supply shortages on the sulfuric acid because it's an inland country.

Because of which, there is a slightly lower volume than expected. Good thing is that with the plant that we acquired, the other company, we have a sulfuric acid plant, we are now continue to supply sulfuric acid from that.

There is synergy between the two companies. With that, I think we are looking at producing a total of around 9 to 8 9 to 10,000 tonnes of copper for the financial year ending this year.

CHEMAF will not produce anything this year. It is expected to start production meaningfully by July of 2027 when the plants are expected to be commissioned.

A big uplift will come when those plants are completed and they start operating fully. They are fully integrated plants in terms of mine next door to the plants.

We'll have near about 90,000 tonnes of copper production, but starting from July 2027. Until then, we'll have around 800 to 900 tonnes of copper that we expect once we solve the sulfuric acid problems, which should be sorted in the next three months.

That's broadly the production profile for the Congo assets.

Okay. Basically I also want to understand our stake acquisition that we have done for Lloyds Panguna, which we will engage with Bougainville Copper Limited.

If you can just provide some clarity on a strategic road map, anticipated timeline for securing mining rights?

No asset has been taken over. We've created a company for future actions in that country.

It was a very active mine 40 years back, with port built, roads built, and the mine commissioned and well established, etc., with fairly rich copper and gold deposit, but it's still in the discussion stage. We have got the rights only and nothing has been acquired, and we're only, like you say, setting our foot into the area.

Okay. Just lastly on our pellet plant: so, we have recently commissioned our second pellet plant as well.

What I want to understand is when do we expect both pellet plants together to reach the expanded capacity of 10 million tonnes per annum from our original 8 million tonnes per annum?

It's 8 it's 8 million tonnes: 2 * 4 8 million tonnes. The first plant in the first nine months of operation has achieved 3 million tonnes, which is within the capacity.

We hope to repeat that in the second plant as well, and therefore we hope to achieve 7.5 to 8 million tonnes in this complete year.

Okay. Thanks a lot.

That's it from my end.

Thank you.

Hello, am I audible?

Yes.

Yeah. Firstly, congratulations to the team for great set of numbers.

Sir, my first question is the receivables increased from 170 from ₹171 crores to ₹1,480 crores on a consolidated number, that is 3.24 times. Is this from the Triveni or on standalone?

Yeah. See, last year

last year, it was not a consolidated, because Triveni is just acquired in this year, only nine months has been consolidated. If you're looking at a consolidated numbers, then it is you're not it it is not comparable if you compare it with the last last year numbers.

Okay. Got it.

Thank

Hi, thanks for taking my and congratulations for a good set of numbers. Sir, actually I have a couple of questions.

The first one is an extension to the previous participant's question. I understand that now since MDO is integrated with our operations, if you could just give a bit of color on our receivable days and inventory days and payable days for the consolidated entity going ahead?

Second, sir, if you could just on an accounting side provide the number for IPS benefit this year, it would be really helpful.

On the IPS benefits, basically it is right now around one year in accrual, one year post the claim to be made. The claim will be made in June for the last year.

We'll get the moneys in June 2027. For current year, we're trying to see how that can be expedited.

For the consolidated receivables data, I think this question is a very interesting question. We don't have the clear-cut answer on why exactly that movement is there.

We'll come back very shortly on that.

In Triveni, the receivable is 15 to 30 days.

In Triveni the receivables are 15 to 30 days. In metals

Private buyers, but in coal it is 15 days, Lloyd's it is 15 days.

It is similar in

Lloyds Metals.

Lloyds Metals. We'll figure out exactly the reasoning behind it and come back.

Hi, good afternoon, sir. Sir, in your slide, you have given guidance of 26 million tonnes for FY27 production of iron ore.

Can you give us a split how much of this will be consumed internally for the downstream plants and what will be sold outside?

Around 8 million tonnes, 8.85 million tonnes 8.8 million tonnes will be consumed internally for the pellet plant, and the DRI plant maybe another 200,000 tonnes, around 9 million tonnes will be consumed this year internally. Pellet.

Pellet plus DRI, yeah. Part of the will also be consumed internally in the DRI plant.

Hi, sir. Sir, first on the CHEMAF acquisition, can you just speak on the debt that we have acquired with that entity, and how should one think about that debt?

Thank you. Yes, I think that needs a little bit of clarity because otherwise it may look that we have acquired a lot of debt.

We have become owners of the company, of course the company was under stress, there's a lot of debt which has accrued, built up, and they have spent that on the plant. As a part of the overall negotiation process, we have also made settlement agreements with the key creditors.

Actually the total debt which is there on the books of CHEMAF is around $800 million. Large creditors mostly we have negotiated, and effectively once we pay out those creditors, this debt will be reduced by $475 million, so that the amount of negotiation that has been done.

The balance of the debt which will be remaining on the books, which is near about $330 million, that is fully non-recourse and it will stay at the company level at CHEMAF. Also, we are negotiating on that with some of the smaller parties which are there.

We'll go through that process and possibly we can also receive some benefits from there. That's broadly the current debt.

For completing the plants, possibly we'll borrow additional $200 million, which will also be non-recourse to LMEL and borrowed at the asset level because the assets itself is near about a billion dollars, which is already put on the ground. Sir,

secondly, in terms of the ramp-up on CHEMAF, how should one think about the ramp-up in this asset?

As I answered earlier, July 2027, we should see a reasonably full commercial-scale production. We should be producing near about 8,000 tonnes of copper including the Surya Mines.

Only CHEMAF itself it will be near about 6,000 to 5,500 tonnes per month. Sir, and

the entire debt will get consolidated into our consol balance sheet or how should one think about that?

Yes, that's right. Although we own 49%, but because we are having the operational control on the ground and we are the ones who are running the operations, which is typically for us as something which we like and control because effectively we need the operational controls to make the assets work, so that's why because of that reason, even though we are 49%, we have operational control and thus it gets consolidated into our books.

Good. Sir, lastly on the standalone operations on the pellet, we had spoken about some debottlenecking that we were doing on the standalone operations.

When should we start seeing the benefit of that debottlenecking coming in?

We are studying and applying to the government for relevant permissions. We should get that by the year end, that's by 2027.

Next year we will see a increased production in that.

That would be for both the pellet plants or only the first pellet plant?

Both the pellet plants.

Effectively we can go to 10 million tonnes of pellet capacities with these two plants?

No guidance on that, but yes, that is the target.

Got it, sir. Thank you so much.

Good evening, sir. Congratulations to you all for remarkable set of numbers and metallic numbers for FY26.

To start with the first question, just would like to know as have already said the estimated phase for the second cost and for the extending ports and what would be the timeline for that as the slurry pipeline for the project the phase one the cost and already it was got cleared in earlier sessions? Can you give some light

We're not able to understand. Can you be a little louder?

Yeah.

What would be the phase two cost and the timeline for the overall total project for the slurry pipeline, capacity of utilization and overall volumes? It will take up and ramping up.

The phase two slurry pipeline is for the 16 million tonnes what we are planning. This is the plans for the entire CAPEX to be completed is within two years as we mentioned earlier also.

Okay. My next question, what would be the revenue growth in terms of volume of iron ore and value-added product for FY27 and FY28?

What would

be the As we go increase in volume, this is the maximized volume that we have. FY27 we just discussed.

FY28 our steel plant would be operational fully, we would be having a production of say 1 million tonnes, which is 75%, 80% of the capacity, plus the pellet plant would be producing that 8, 9 million tonnes, so that would be the value-added product range, and relevantly DRI and pig iron, etc., would also be produced according to that.

Okay. Thank you.

Sir, one more: which is what would be the intersegment revenue in terms of captive iron ore that goes the using? Because after the acquisition as we can see that intersegment revenue have a ramp-up it was somewhere around ₹4,013 this year, sir, FY26.

What would be for Triveni MDO intra-group billing or something for FY27 if you can put some light? Because captive transfer of ₹907 crores which we can see the reflection in this.

I don't think we are ready with that exact figure that you're looking for. We'll come back shortly on that.

Am

Thank you for the opportunity and congratulations on great results. Sir, we have guided 26 million tonne of iron ore production and double down on a pellet production and pellet DRI production for FY27.

Can you broadly tell us the revenue growth and EBITDA growth for FY27 on the current realization of iron ore?

I think the figures are all with you. We leave it to the analyst to analyze and confirm the figures.

Hi, sir. Thank you for the opportunity.

Sir, my first question is on the logistics side, what is our evacuation plan through the pipeline and the trucks and railway siding and specifically for feeding our recently commenced pellet plant?

Your question is not very clear, sir. Can you repeat it?

Yes, sir. I'm asking on the evacuation plan through the pipeline and on the transport side, for feeding our recently commenced pellet plant.

The recently commissioned pellet plant is being fed by the pipeline which was commissioned around a year back. That same pipeline is now feeding both the pellet plants that are commissioned.

This product is being evacuated either by truck or from a railway siding, which is around 80 kilometers, 70 kilometers away. That's as far the evacuation of the current pellet plant and material into the pellet plant is concerned.

Does that answer the question? Hello?

Thank you, everybody. I guess we were able to reply to all your questions and queries.

Once again, thanks everybody, and if you have any further questions, you can get in touch with Mr. Chintan Mehta or myself, so that we can give you all the proper replies.

Thank you once again for participating and thank you Equirus team for hosting us.

Thank you. On behalf of Equirus Securities Private Limited, that concludes this conference.

Thank you for joining us. You may now disconnect your lines.