Thank you very much. Good evening, everyone.

On behalf of Surya Roshni Limited, I once again extend a very warm welcome to everyone for joining us today. On this call, we are joined by B.

B. Singhal, CFO and Company Secretary; Mr.

Gaurav Jain, CEO, Steel Division; Mr. Vasumitra Pandey, CEO, Lighting and Consumer Durable; Mr.

Naresh Singhal, Executive Director, Steel Division; and SGA, our investor relation advisor. I hope everyone had an opportunity to go through the financial results.

Now moving on to the overall financial performance in the Q3 FY26, our consolidated revenue increase by 3% year-on-year to ₹1,927 crore, while EBITDA stood at ₹148 crore with margins of 7.7%. Consolidated PAT for the quarter is ₹80 crore.

For the nine-month period ended December 2025, the company reported consolidated revenue of ₹5,377 crore, EBITDA of ₹371 crore, and PAT of ₹188 crore, compared to ₹5,290 crore, ₹397 crore, and ₹217 crore respectively in nine-month FY25. We are zero-debt company with a net cash surplus of ₹250 crore as of December 31st, 2025.

Coming to Lighting and Consumer Durable, during Q3 FY26, the Lighting and Consumer Durable segment deliver a stable operating performance, despite a challenging of uneven demand condition on select appliances category. Segment revenue for the quarter stood at ₹476 crore, representing a growth of about 6% year-on-year and a strong sequential growth of nearly 10% over Q2 FY26.

This was largely driven by festival season demand, healthy volume across consumer lighting categories, and the traditional stronger second-half demand profile for this lighting business. EBITDA margin stood at approximately 8.8%, while EBITDA margin remain under pressure due to elevated input cost and category mix, absolute EBITDA improve sequentially over Q2 of FY26 driven by higher volumes and better operating leverage.

Category-wise, consumer lighting continue to perform well during the quarter. We witness very strong volume growth across LED bulb, batten, and downlighter segment, supported by sustained retailer engagement, regular product launches, and enhance brand visibility initiatives.

Professional lighting also remain a key growth driver with consistent transition across infrastructure-led applications such as airport, railway, tunnels, stadium, and facade lighting. Now moving on to the steel pipe and strip segment, during FY26 Q3, the steel pipe and strip segment deliver a stable operating performance in a challenging environment marked by volatility in steel prices and uneven demand condition across select end markets.

Revenue stood at ₹1,451 crore supported by dispatch volume of 2.37 lakh tonnes, reflecting steady year-on-year growth and sequential improvement over Q2 FY26. Volume momentum remain healthy across most product categories, reinforcing our confidence in achieving full-year volume as guided for FY26.

On the profitability front, EBITDA for the quarter stood ₹106 crore with margins of approximately 7.3%. Margin were impacted by a one-time inventory loss of around ₹500 per tonne arising from the sharp correction in steel prices during October and November month.

Importantly, despite this headwinds, EBITDA improved sequencially by about 4% quarter-on-quarter supported by better operating leverages and partial recovery in realization as steel price stabilized towards the latter part of the quarter. However, hollow section and structural pipes continue to be the very key growth drivers aided by strong demand from infrastructure, industry fabrication, and engineering applications.

Volume in this segment increase meaningfully, and we continue to invest in capacity expansion across our plants at Anjar, Gwalior, Bahadurgarh, and Hindupur, along with the installation of new DFT lines to support sustained growth in this particular category. Export accounted for almost 19% of volume growth in Q3 FY26 and with export volumes growing almost 10% year-on-year.

As of the end of the quarter, the order book stood at approximately ₹500 crore for steel division and almost ₹150 crore for lighting, led by spiral pipes, export, and domestic API orders. Overall, while near-term volatility persists, particularly on raw material price, exports, and government-linked projects, we remain focus on mix optimization, discipline execution, and capacity augmentation.

Now I will request our CFO, Mr. B.

B. Singhal, to share his line.

Thank you, respected MD sir, and a very good afternoon to all the participants on the call. For the quarter, the revenue was ₹1,927 crore as compared to ₹1,868 crore, a growth of 3% year-on-year basis.

EBITDA and PAT stood at ₹148 crore and ₹80 crore as compared to ₹156 crore and ₹90 crore respectively. For nine months FY26, the revenue was ₹5,377 crore as compared to ₹5,290 crore, a growth of 2% year-on-year basis.

EBITDA and PAT stood at ₹371 crore and ₹188 crore as compared to ₹397 crore and ₹217 crore respectively. In Lighting and Consumer Durables, for the quarter, the revenue stood at ₹476 crore as against ₹451 crore, a growth of 6% year-on-year basis.

EBITDA and PBT stood at ₹42 crore and ₹31 crore as compared to ₹45 crore and ₹35 crore respectively. For nine months financial year 2026, the revenue stood at ₹1,308 crore as against ₹1,232 crore, a growth of 6% year-on-year basis.

EBITDA and PBT stood at ₹112 crore and ₹82 crore in nine-month financial year 2026 as compared to ₹115 crore and ₹87 crore respectively in the same period last year. In the steel pipes and strips, during Q3 FY26, the revenue was ₹1,451 crore as compared to ₹1,417 crore, a growth of 2% year-on-year basis.

Similarly, EBITDA per metric tonne stood at ₹4,810 compared to ₹5,163 in the same period last year. EBITDA and PBT stood at ₹106 crore and ₹76 crore as against ₹111 crore and ₹86 crore respectively.

For nine-month FY26, the revenue is ₹4,069 crore as compared to ₹4,061 crore. Similarly, EBITDA per metric tonne stood at ₹4,320 compared to ₹4,840.

EBITDA and PBT stood at ₹259 crore and ₹171 crore in nine months of FY26 as against ₹282 crore and ₹203 crore respectively in the same period last year. Improved capacity utilization, working capital optimization, and cost rationalization enabled us to become a zero-debt company and having cash surplus of fund of ₹245 crore in nine months FY26.

In Q3 FY26, our net working capital cycle was 61 days with a return on capital employed, ROCE, of 17.57% and a return on equity, ROE, of 12.65%. With this, I conclude the presentation, and we can now open the floor for further questions and answers.

Hi sir, this is Viraj here. Sir, pehla question yeh hai ki apan jo volume soch rahe the is quarter, 2.6, 2.65 lakh tonnes, utna ho nahi paya, sir.

Kya wajah rahi uski, sir, itna matlab we are short of our ambition by 10-15% kam volume ho paya usse?

Hello?

Haan, sir.

Viraj ji. Overall jo hai matlab jo humne volume expect kiya tha kareeb jo hai 9.5 lakh tonne jo hai abhi tak ka humne socha tha, usme thoda sa peeche hain aur is baar bhi is quarter mein humne socha tha 2.5, 2.6 ke aas paas karenge.

Mainly isme hamara jo API segment hai jo oil and gas segment hai, usme 35% ka jo hai degrowth hai. Woh ek main reason hai volume ke andar mein aur doosra jo hai jaise main baaki cheezon ke andar mein dekhun, galvanizing mein aur un sab mein growth hai, jaise section pipe mein kareeb 25% ki quarter-on-quarter growth hai, spiral pipe mein bhi 7% ki growth hai, galvanizing mein bhi 13% ka growth hai, cold rolling mein bhi jo hai apna 10% ka growth hai, lekin jo black round pipe hai woh uske andar mein jo hai kareeb 8% ke aas paas ka degrowth hai.

Mainly woh jab price fall hota hai toh usme thoda stocking nahi hoti, woh ek reason ho sakta hai. Toh yeh API aur thoda matlab domestic mein jo black round pipe hai un mein thoda sa degrowth dikha gaya hai.

Toh sir, jaise fir apan agar December se baat kare, toh December se toh almost ₹4,500-₹5,000 bhav badh gaya hai steel ka aur shayad aur bhi zyada badha hai recently. Toh jo destocking hui thi, abhi stocking honi chahiye na uske samne fir?

Nahi, woh already chalu hai. Matlab end of quarter jo hai December end se hi stocking shuru ho gayi hai aur lagataar hum ever-highest volume kar rahe hain, January mein bhi aur February bhi usi line pe hum aage badh rahe hain.

Toh jaise Q3 ke andar mein humne do impact dekha on EBITDA front also, ek toh kareeb jo hai hamara stock ka loss tha kareeb ₹12 crore ke aas paas, jo per tonne almost ₹500 per tonne EBITDA ka contribution uska tha. Aur API ke andar mein drastically 35% degrowth hone ke kaaran uska impact ₹8-₹9 crore ka tha.

Toh aisa ₹20-₹21 crore ka humko EBITDA mein bhi impact aaya hai. Ab jaise restocking ho rahi hai aur is quarter ke andar mein particularly ₹40-₹50 crore ka jo hai ₹40-₹45 crore ke aas paas ka jo hai stock gain ka jo hai matlab EBITDA mein woh positive impact bhi aayega.

Main aisa maan ke chalta hoon thoda volume jaise ab revenue mein bhi agar hum volume mein dekhe pipe segment mein kareeb 5% ka volume growth hai overall fir bhi uske bawajood bhi. Mujhe aisa lagta hai abhi tak hum 6,45,000 tonne kar chuke hain aur 2,90,000 se lekar ke 3 lakh tonne ke aas paas jo hai quarter four ke andar mein jo hai hum log karenge.

Aisa lagta hai 9,35,000 se leke 9,40,000 tonne pe hum log close karenge pura saal.

Theek hai. Toh sir, agar apan mota-mota pakde, toh aap 2,90,000 tonne karenge is quarter aur uspe agar main ₹5,000 EBITDA per tonne bhi pakadta hoon, toh ₹140-₹145 crore EBITDA udhar se aata hai.

Aur aap bol rahe ho ki yeh jo 40-50 crore ka inventory gain hai yeh uske upar hai?

Aisa hai ki overall jo hai jo aap EBITDA ki baat kar rahe hain matlab hamara saal bhar mein jo hai woh kareeb ₹4,800-₹4,900 per tonne ke aas paas rahega aur Q4 ke andar mein jo stock ka gain wagera le kar ke woh ₹5,600 se lekar ke ₹5,700 ke aas paas per tonne EBITDA rahega.

Toh sir, agar main ₹5,600 bhi pakadta hoon, toh apna almost ₹180 crore ya ₹170 crore type EBITDA steel division mein se aata hai aur apna lighting ka toh har quarter ka ₹40-₹45 crore ka EBITDA aata hai. Toh kya yeh sahi maanna hai ki apan ₹210-₹215 crore EBITDA Q4 mein kar lenge?

Q4 mein hamara ₹200 se ₹210 crore ke aas paas jo hai hamara EBITDA lighting aur steel division ko mila kar ke rahega.

Main isliye pooch raha hoon, sir, do-teen baar alag-alag tarike se because hamara poore saal ka EBITDA ₹260 crore hai khaali. Toh matlab isiliye ₹260, yeh khaali steel ka hai but toh thoda sa concern yahi hai, sir, ki—

₹371 ke aas paas hai.

₹371.

₹371 ke aas paas.

Toh sir, thoda sa concern yahi hai ki pehle sir kya hota tha ki apan matlab we were just probably 2-3% short here and there aur apan sir apni pakad banaye hue the. Abhi sir aisa lag raha hai ki apan market share loose kar rahe hain.

Aapko aisa lagta hai aur agar aisa hai toh kya apne ko karna chahiye ki market share loss band ho jaye apna?

Dekhiye, market share toh hum loose nahi kar rahe hain kyunki mere paas jo hai na across the peers sabhi ke data bhi hain aur main sabke saath compare karun toh jo hai matlab volume mein hum kahi loose nahi kar rahe hain aur jis particular segment mein growth hai usme hum log capex bhi aage badha rahe hain. Aur is particularly quarter mein thoda yeh API ki wajah se impact hai, otherwise overall jaise humne pichle saal ₹608 crore ke aas paas kiya tha, is saal bhi hum year ending ₹585 se lekar ke ₹590 crore ka aas paas jo hai EBITDA poore saal ka karenge.

Right. Aur sir, last hamara yahi tha ki aapne jaise bola tha ki itna sara cash company banayega toh significant improvement in payout hoga, sir.

Hamari ek hi request hai, sir, and of course, you are the only medium who can take it to the management is ki do ek hum jo demerger ka bahut saalon se aapko bol rahe hain aur doosra sir agar hamara growth kam hai sir, at least hum payout badha sakte hain at the company level because company ko itne paise ki zaroorat hai nahi.

Nahi, aapki baat bilkul theek hai. Hum dono baat bhi rakhenge.

Demerger ka bhi jo hai aapka valid woh hai suggestion hai aur subsequently jo hai matlab jo bhi hamare ko capex zaroorat hai uske alawa jo hai matlab humne koi bank toh chalana hai nahi. Toh hum yeh management ko hamesha yeh kehte hain isiliye interim dividend ke roop mein bhi kuch kuch dete rehte hain.

Toh hum poore saal mein bhi koshish karenge ki shareholder ko uska advantage mile.

Theek hai, sir. Best of luck.

I'll come back in the queue, sir.

Theek.

Hello sir, good evening.

Hi, good evening.

Pehle toh exports ke baare mein poochna tha, jo hame headwinds dikh rahi hai exports mein because of EU quotas and CBAM aur price cap ke wajah se. Toh hamara abhi I think 19% exports hai in terms of volume.

Kya hame lagta hai FY27 mein yeh export ka volume contract hoga aur then other markets will cover up and offset that export?

Dekhiye, isko hum log counter karne ke liye ek baat toh jaise iske andar mein abhi do FTA recently jo hai country ne sign kiye hain, EU ke saath aur US ke saath. Ek baat toh poora steel ko dono FTA ke andar mein alag rakha hai, matlab generally steel ko alag hi rakhte hain.

Bas iske andar mein EU ke andar mein ek samasya hai quota system ka, woh gradually reduce hota hai, toh uska ek impact hai. Woh already hum log jo hai usme do-teen cheezein kar rahe hain, jaise Middle East mein hamara accha volume jaata hai toh wahan aur quantity badh raha hai.

Kuch Africa ke naye countries bhi humne add kiye hain aur isme humne ek dekha ki jo hai yeh jo hollow section ka export bhi jo hai India se abhi viable ho raha hai, toh woh kuch capex mein investment kar ke hum usko badha rahe hain aur is quarter mein bhi kareeb 19% ka growth tha aur poore saal bhar mein abhi tak jo hai 10% ka growth hai, toh bahut zyada operationally aisa koi export ke andar mein dikkat aayega aisa matlab abhi tak toh nahi lagta.

Sir. Matlab Middle East and Africa markets aap bol rahe they should be able to cover up for that shortfall?

Haan ji, haan.

Theek hai. Sir, mera next question professional lighting ke order book ko leke hai.

Jo ₹150 crore aapne mention kiya, iska kuch execution timeline hai kya? Because yeh infrastructure projects hai, toh inke margins kya zyada behtar honge B2C consumer lighting se?

Dekhiye, yeh jo B2B business hai iska jo abhi hamare paas order book hai kareeb ₹150-₹160 crore ka aas paas hai. Iska teen se chaar mahine ka jo hai woh matlab execution time hai aur isme kuch aur naye add bhi ho jaate hain, kuch April tak chala jayega.

Aur is particularly segment ke andar mein overall jo hai margins bhi accha hai aur iske andar mein as compared to consumer durable isme growth zyada hai kyunki abhi normal gharon ke andar mein bhi jo hai thoda high-end product category ke andar mein log ja rahe hain aur doosra infrastructure mein jitna activity desh bhar mein ho raha hai, jaise is budget mein bhi ₹12.25 lakh crore ka jo hai announcement hua hai aur sabhi state ke andar mein apne apne unke budget bade hain, toh mujhe lagta hai ki yeh ek kaafi accha growth segment jo hai continue karega aur execution ka jahan tak sawal hai aapka, woh teen se chaar mahine mein hum log isko complete karenge. Aur isme ek cheez yeh bhi hota hai ki March yeh jo fourth quarter ke andar mein isme order book bhi zyada rehta hai kyunki sabko apna budget jo hai woh use karna rehta hai, toh normal course mein bhi hum dekhte hain second half mein iske andar mein accha demand rehta hai.

Sir. Understood.

Sir, aur yeh jo API pipe volume ka jo crash hua hai year-on-year because of the slowdown aapne mention kiya na, oil and gas ke tenders mein jo mandi chal rahi hai. Toh kya hum yeh jo naya ONGC order aaya hai casing pipes ke liye, kya do you think this is the start of some improved tender activity to happen in FY27?

Dekhiye, ek hamare liye particularly Surya Roshni ke case ke liye ek bahut badi opportunity hamare saamne hai ki abhi tak jo hai ONGC wagera yeh sirf jo hai seamless pipe jo hai use karte the. Aur matlab Hindustan mein Surya Roshni pehli company hai jo uske andar mein jo hai humne ERW jo hai apna approve hua hai.

Ek silver lining hai hamare liye. Main is baare mein abhi bahut zyada detail nahi bata sakta, lekin aapne sahi pakda hai ki agar yeh particularly seamless ki taraf market convert ho jaata hai, toh isko overall desh ko bhi iska fayda hai aur matlab Surya Roshni jaisi company ko bhi iska bahut bada advantage aane wale samay mein hoga in terms of volume bhi aur overall jo hai margins ke andar mein bhi.

Theek hai, sir. Got it.

Sir, one last question from my side. Jo price gap humko dikh raha hai domestic aur international steel prices mein na, aapne exports ke baare mein just to touch on that again, aapne jo discuss kiya tha, kya aapko lagta hai ki jo Indian export agar uncompetitive hoga and are you looking to shift your utilization back to the domestic market more?

Nahi, pehli baat toh main aapko ek baat aur bhi batana chahunga jo aapne pehle poocha tha, uske andar mein jo hai kareeb pehla order bhi hum log dispatch kar chuke hain 4,500 tonne. Yaani jo seamless pipe ka jo alternative tha ERW mein, Surya was the first company aur kareeb 4,500 tonne ka jo hai drill hum dispatch kar chuke hain.

Doosra jo aapne bataya ki dekhiye export ke apne potential hain, domestic market ki apni strength hai. Dono jagah hum hain, lekin hum chahte domestic mein bhi volume badhe aur export ke andar mein bhi hum kyun loose kare kyunki duniya bahut badi hai aur kahi na kahi uske vikalp mil jaate hain aur humne thodi team bhi aur export ki badhayi hai pichle dino mein aur hamari team kaam kar rahi hai, mujhe lagta hai ki aisa koi bahut zyada pressure aayega nahi.

Theek hai, sir. Thank you so much and wish you the best.

Yeah.

Hello, doctor. Sir, yeh saal bahut mushkil rahi hamare liye.

Ek to first quarter now

Is this better?

Is this better? Hello?

Yeah. Thank you so much.

Yes, yes, Kiran.

Haan. This year we had a very tough year.

Q1 we had a SAP issue. Now Q3 we are having a API issue.

This year seems to be probably the most challenging year of Surya Roshni in the past few years that we have seen. Sir, is saal let's say we do 9.3, 9.4 lakh tonnes.

Agle saal do you see the potential for a 12 lakh tonne kind of number where we can sail through that volume or is it going to be substantially lesser given the challenges with Jal Jeevan Mission and everything else?

Dekhiye, main aapko commitment wahi karunga jisko hum achieve kar sakte hain kyunki kuch na kuch jo hai headwind hote rehte hain market ke andar mein. Toh jaisa steel pipe ke andar mein 9,35,000 se 9,40,000 tonne karenge, toh agle saal hum log minimum jo hai 11 lakh tonne ka hamara budget hai FY27 ke liye aur usme bhi kareeb 17% se 18% ki hamari volume mein growth rahegi.

Aur main investors ko aur hamare shareholder ko yeh bhi jo hai woh confidence dena chahunga, minimum ₹5,000 per tonne ka jo hai EBITDA poore saal ka agle saal FY27 ka rahega. ₹540 se lekar ke ₹550 crore ka EBITDA hum akele steel division mein generate karenge.

Similarly, on lighting front mein bhi jo hai is baar hum pehli baar ₹1,800 crore se plus ka sale kar rahe hain aur agle saal hum log kareeb 15% ka growth maan kar ke hum chal rahe hain, ₹2,100 crore ke aas paas jo hai hamara overall turnover rahega aur iske andar mein akele lighting division ke andar mein ₹200 crore ka EBITDA ka figures bhi hum log touch karenge aur hamara maanna hai ki yeh jo ₹580-₹600 crore ka do-teen saal ho gaya aur agle saal hum log shareholder ko aur hamare investor ko ₹750 crore ka EBITDA company ki taraf se FY27 mein rahega, yeh bhi hum aashwasan aap sab ko dena chah rahe hain. FY27 ka.

Got it, sir. Got it.

Sir, yeh confidence especially on the steel division kaise aa sakta hai? Is it a dependency on government?

Because sir, aaj kal government ko jo bhi Jal Jeevan Mission challenges hain ya jo bhi hai, is it including some volume from a Jal Jeevan Mission or a government program standpoint or is it not including that? That can be an optionality, aisa poochna tha.

Dekhiye, hum usko bonus maan kar ke chalte hain. Hamara aap jo bhi sale dekhoge lighting aur steel division ke andar mein B2G toh na ke barabar hi hai.

Hum jo hai B2B karte hain aur pipe ke andar mein jo hai hamare jo ONGC wagera oil sector inse deal karte hain, direct government ko toh hum supply karte nahi hain. Aur iske do-teen kaaran hain.

Ek toh government ka bhi spending ka budget hai aur doosra kareeb ₹160 crore ke project already hamare internal chal rahe hain aur jo hai kareeb-kareeb jo hai ₹100 crore ka almost jo hai hum log work order issue karne hi wale hain agle hafte-das din ke andar mein. Toh kareeb ₹250 crore ke aas paas ka jo hai hamara yeh capex bhi hai existing planto ke andar mein aur woh ek kaaran hai.

Doosra jo hai lighting division ke andar mein bhi jaise humne wire launch kiya, hum soch rahe the Q2 se hi karenge lekin karte-karte jo hai last end mein aa kar ke hum 15 15 August ko hi hum launch kar paaye aur demand acchi-khaasi hai aur hum log jitni demand hai us hisab se hum in fact material de bhi nahi paa rahe hain toh usme bhi hum log capacity badha rahe hain aur hame dekh kar ke hamare kuch aur lighting mein hi jo deal karte the unhone bhi wire ki launching kar di. Acceptance bahut accha hai desh bhar mein aur usme bhi usko thoda visibility ko improve karne ke liye jo hai is particular quarter mein hi ₹10-₹12 crore humne additional jo hai uske andar mein kharch kiya hai publicity ke andar mein.

Wire ka volume increase hoga aur luminaires ka jo hai usme acchi-khaasi growth rahegi. Overall LED segment ke andar mein consumer durable mein growth hai.

Yeh sab mila kar ke main aisa maanta hoon ki jo hum jo aap sab ko confidence de rahe hain woh easily jo hai doable hai.

Got it, sir. Got it.

No, thanks for that, sir. Sir, last question mera yeh hai ki—

Thanks ki aapne hame remind karaya. Woh jo Q1 ke andar mein SAP ke kaaran impact tha, Q3 mein thoda humko yeh steel price ki wajah se issue hua, otherwise jo humne bola tha lagbhag hum us level pe pahunch bhi jaate.

Got it, sir. Sir, last question mera yeh hai ki API pipe mein jo degrowth aaya hai, yeh thoda temporary hai, Q4 mein hum pick up kar lenge ya yeh thoda ek-do teen quarter thoda mushkil hi rahega API growth, but spiral pipe growth will continue to grow?

Toh yeh API pipe degrowth thoda vistaar se batayenge toh accha rahega, sir.

Mujhe laga hai ki yeh API mein kyunki yeh kya hai tendering hota hai toh aaj ka kal ho aisa nahi lagta mujhe. Jo abhi tender process mein mujhe lagta hai iska material dispatch hona quarter one se hoga.

Lekin ek bahut badi opportunity hamare saamne hai jo maine abhi bataya aap sab ko ki jo seamless ka jo segment hai agar woh quantity ERW mein shift ho jaati hai toh mujhe lagta yeh ek bahut badi silver lining Surya Roshni ke liye hogi aur hamara poora thrust usi pe hai aur main iske bahut saare data aur numbers abhi share nahi karna chahta publicly, but aane wale samay mein uske jo hai impact aapko positively dekhne ko milega. Toh kaafi kuch hum wahan se compensate kar rahe hain aur hopefully quarter one se jo hai next year FY27 se yeh API ke bhi jo hai kyunki iske demand aana woh natural hai kyunki almost jo hai 30 years 35 saal poore ho chuke hain jo un pipon ki life hai toh government ko woh sab pe bhi kaam karna hi hai.

Got it, sir. Got it.

Thank you, sir. I'll join back in the queue.

Thank you.

Sir, hamara concern yeh hai sir ki pichle kaafi samay se sir kisi na kisi kaaran se sir hamari jo guidance hai sir woh nahi ho paa rahi hai aur sir we understand business toh dynamic hai sir, cheezein badalti rehti hai toh cheezein hamare haath mein nahi hai, but sir fir bhi yadi aap dekhiye toh pichle teen saal se sir hamara EBITDA nahi badh paa raha hai, flat hai. Aur sir hamari volume guidance bhi agar aap yadi dekhiye toh jab humne saal chalu kiya tha toh 11 lakh tonne hamara expectation tha, fir 10.5, 10 aur ab sir abhi hum 9.5 bhi nahi pahunch paa rahe hain.

Toh sir ab since hamari macro toh hamare haath mein hai nahi sir economy mein kya growth hai, kya demand hai, kya interest rate hai, sir toh kam se kam sir jo cheez hai hamare haath mein sir jaise aapke haath mein hai demerger aur sir hamari balance sheet bahut acchi hai sir, toh abhi sir haal mein sarkar ne budget mein buyback ke liye bahut kam kar diya hai taxation. Corporate share promoters ke liye sir 22% hai ab buyback mein taxation total.

Toh sir hum kyon nahi us disha mein kuch soch rahe sir? Agar company share buyback karti hai toh sir number of shares ghat jayenge aur sir hamara earning per share permanently badh jayega aur jo bhi future growth hai sir woh ek chhote base pe divide hogi toh sir woh bahut fayda hoga shareholders ko.

Toh sir is disha mein koi aapka kuch sir what is your thinking over this?

Nahi, accha hai. Aapne kaafi bahut detail mein jo hai poora homework karke aapne teen saal balance sheet dekh karke bataya hai aur yeh baat zaroor hai ki target hum thoda higher side pe hi rakhte aaye hain aur kahi na kahi us target ko achieve karne mein kuch hurdles rahe hain.

Lekin ab Trump agla statement kya dega yeh bhi hamare control mein nahi rehta aur isi beech jo hai general election bhi hua aur geopolitical jo scene bani rahi mujhe lagta aur steel ke andar mein bhi jo bahut lambe samay tak price jo hai correction hote rahe woh ek bada major tha. Aur humne yahan pe SAP aur IT mein jo improvement kiya uske andar mein mujhe lagta hai shayad steel segment mein humne 100% accuracy ke sath karne ki wajah se thoda humko uska bhi ek nuksan jhelna pada.

Dekhiye mujhe lagta hai yahi khasiyat hai ki acchi strong balance sheet hai aur cash surplus company hai aur saal bhar mein jo hai ₹585-₹600 crore ka EBITDA jo hai hum log lagataar kar rahe hain. Year-on-year aap dekhenge ki steel division ke andar mein EBITDA margin improve hota raha hai.

Aaj se 5 saal 5 saal pehle jo hota tha usse almost double ki taraf hum badhe hain. Volume ke andar mein hum thoda apne aap ko restrict karte hain kyunki growth toh hai lekin HR coil ke price pe aur hamara cost bhi na nikle toh woh material hum log uspe deal nahi karte.

Lekin jo higher-end product hai uske andar mein kuch na kuch cheezein is tarah ki hoti rehti hain. Rest assured aane wale samay mein hum aur bhi accha karenge aur aapne yeh accha bataya buyback ka aur aapke suggestion ko bhi hum zaroor jo hai board ke andar mein place karenge.

Sir, bahut-bahut dhanyawad sir aapka. Aur sir aakhiri mera prashn tha sir yeh jo Europe ne Carbon Border Adjustment Mechanism lagaya hai, toh sir iske kaaran kya sir hamare permanently Europe mein exports will be hit ya fir sir iska koi samadhan hai?

Kya sir hum green steel agar hum renewable energy use karke agar pipe banate hain toh will that suffice to dodge this duty or ya fir sir jo steel hai woh itself should be green steel?

Dekhiye, jaise maine aapko bataya woh iske wajah se jo hai woh quantity mein restriction hai aur usko replace karne ke liye hum already jo hai naye countries ke andar mein hamara already jo hai material testing pe ja chuka hai aur uska ek country ki wajah se bahut bada impact aisa as such balance sheet ke andar mein export ke andar mein nahi aayega kyunki kaafi badi quantity mein jo hai hum log Hindustan se export karne wali ekmatra company hain.

Sir, toh Europe mein hamara totally kitna export hai? Kitna percentage export hamara total Europe mein ja raha hai?

Nahi, abhi kareeb hamara dekhiye 2,500 se 3,000 tonne jo hai average mein mahine mein jaata hai hamara, toh usme kareeb 1,500 tonne abhi jayega toh kareeb 1,000 ek tonne ka jo hai humko disadvantage rahega saal bhar mein 10,000 se 12,000 tonne ka. Usko hum compensate karenge doosri Middle East aur Africa countries se.

Aur sir kya hum duty-free steel import karke pipe bana ke export kar sakte Advance Authorization scheme ke under?

Nahi, woh hum karte hi hain regular basis pe. Depend karta hai ki domestic price aur imported price ke andar mein kya kitna bada gap hai.

Toh jaise abhi recently humne dekha ki gap bahut zyada hai toh kal hi humne ek consignment book kiya hai. Toh regular basis pe hum usko karte hi hain.

Sir. Thank you very much.

Yeah.

Thank you everyone for joining us today on this earnings call. We appreciate your interest in Surya Roshni Limited.

I sincerely once again thank our MD sir and the CEOs for sparing their valuable time and addressing queries raised by participants who attended the call. For any further queries, if any, contact SGA, our investor relation advisor.

Thanks, good evening to all.

Thank you very much.