Thank you, Rutika. Good evening everyone.

On behalf of PhillipCapital India Private Limited, we welcome you to the Q3 and nine-month FY26 call of JK Cement Limited. On the call we have with us Mr.

Ajay Kumar Saraogi, Deputy Managing Director and CFO, and Mr. Prashant Seth, President Business Information and Investor Relations, of JK Cement.

I would like to mention on behalf of JK Cement and its management that certain statements that we make or discuss on today's conference call may be forward-looking statements related to future development and statements which are based on current management expectations. These statements are subject to a number of risks, uncertainties, and other important factors which may cause actual developments and results to differ materially from the statements made.

JK Cement Limited and the management of the company has no obligation to publicly alter or update forward-looking statements, whether as a result of new information or future events or otherwise. I now hand over the floor to the management of JK Cement for their opening remarks, which will be followed by interactive Q&A.

Thank you and over to you, sir.

Thank you, Vaibhav. Good evening and welcome to Q3 call.

The Board of Directors met on 17th January to review the working for the quarter ended 31st December 2025 and nine-month period ended 31st December 2025. The major highlights are standalone.

The net sales are higher by 14% over previous quarter at 3,132 crores as against 2,754 crores, and year-on-year it is higher by 19% as the comparative numbers are 3,132 and 2,630. For the nine-month period, the net sales is higher by 19% at 8,555 crores as compared to 7,542 crores.

The EBITDA during this quarter was 536 crores as compared to 440 crores in the previous quarter, an increase of 22%, and it is higher by 10% year-on-year, 536 as against 486 in the previous year. For the nine-month period, the EBITDA is 1,648 crores as compared to 1,232 crores, an increase of 34%.

The comparative margins are, for this quarter, 17.1%, previous quarter 15.9%, previous year 18.4%. For the nine-month period, the EBITDA is 18.4% versus 16.3% in the previous year.

After deducting depreciation, finance cost, and exceptional item, exceptional item is towards the new labor code liability, the profit before tax is higher at 276 crores as compared to 261 crores, and it was lower by 5% at 290 crores in the previous year. For the nine-month period, the profit before tax is 1,034 crores as against 37 crores, an increase of 62%.

The EPS for this quarter is 23 rupees 30 paise as compared to 22 rupees 70 paise. It was 25 rupees 80 paise in the previous year, and for the nine-month period it is 89 rupees 10 paise as compared to 56 rupees 70 paise.

The EBITDA per ton is 928 in this quarter as compared to 902 in the previous quarter. Previous year it was 1,022, and for the nine-month period it is 1,022, was an increase of 14% as compared to 896 in the previous year.

As far as the consolidated results are concerned, the net sales in this quarter is higher by 15% at 3,383 crores as compared to 2,940 crores, and even as compared to previous year is up by 20%. For the nine-month period, net sales is higher by 19% at 9,565 crores as compared to 8,028 crores.

The EBITDA for consolidated EBITDA is 558 crores versus 447 in the previous quarter, and year-on-year it was 492. For the nine-month period, it is 1,692 crores, and previous year it was 1,262 crores, an increase of 34%.

If we consider, if we look at the profit before tax consolidated is 268 for the quarter as compared to 243, and 279 in the previous quarter. 1,000 crores for the nine-month period as compared to 707 crores in the previous nine-month period.

This profit after tax for the quarter and for the nine-month period considers a new labor code liability of 47.8 crores. If we look at the volume numbers, the gray cement numbers quarter on quarter it is higher by 20%, and year-on-year 23%.

The white business on quarter on quarter is higher by 15%, and year-on-year 13%. As regards the project, the brownfield 6 million ton expansion in Central India, out of this a clinkerization unit of 3.3 million tons and 3 million tons of grinding, 1 million tons each at Panna, Hamirpur and Prayagraj have already been commissioned.

The Buxar greenfield grinding is in advanced stage of completion, and we feel that within the next 30 days this should get commissioned. With this we are confident that all the remaining work of the project at Panna, OLBP, etc.

would also get commissioned within February, and by end of February the entire work would be completed. We have undertaken greenfield expansion at Jaisalmer.

Here the work has already started in full swing at the integrated site. The orders for main plant and equipment have already been placed and the civil work has already started.

We are hopeful that by September 27, within September 27 this should get commissioned. We are soon going to start work at both the grinding locations in Punjab and Rajasthan.

That also, we are confident that by September 27 we should be able to commission this four lakh ton additional grinding plant. These are the major highlights for the quarter.

If you have any questions, we'll be happy to address the same. Thank you.

Hi, good evening, thanks for the opportunity. Just on incentives booked, could you give that number for Q3?

Q3 number of incentive is lower on account of the GST rate cut, and the impact is around 25 crores. Last quarter number was 86 crores, and this quarter it is

60 crores. It was 86 crores in Q2, you mean?

Yeah.

It's 60 now. So 60 should be the run rate, or it will go up now with the Buxar unit starting in this quarter?

I think the Buxar first we would be taking the project GST credit, in this fiscal we don't see. This run rate of 60 should be there in this quarter.

Okay. Also on cost, in this quarter your other expenses have declined quite sharply, while we had explained in Q2 that it was a bit elevated in Q2, but Q3 seems actually a little bit lower than what was generally expected to come through.

Is it some marketing spends kind of being lower in the quarter or anything like that which led to this lower number, or is this a normal run rate to think of?

There is some marketing spend is lower because it was taken up in September. It was higher, especially in the white business.

Also we see that there is a dip in the grinding cost, but in this quarter, this is, I think, it will be higher than Q3.

Okay. This last question for Panna line to commissioning.

Your capacity mentioned in the press release is 3.3 million tons, but you have been saying that it has potential to go to 4. By when can we expect that 4 million ton potential to get unlocked through debottlenecking, or how will it happen?

See, it takes some time, one year, I think. We don't need that extra clinker immediately.

I think we would be seeing once we run the capacity at optimal rate for about six months or so. Maybe in the next fiscal, it is end of next fiscal that we will see the possibility, how we accelerate it to, higher capacity to about 4 million tons.

At this point of time, yes, we take it as 3.3 million.

Sure, but some additional equipment will be required to be added to get to 4?

No, nothing. No major capex.

Thanks a lot. I'll come back in the queue.

Hi sir. A couple of questions.

Beginning with the mid-teen sort of a base of volume growth which we have achieved during FY26, or will be achieving, what sort of growth now are we targeting over FY26 to 28 from a volume perspective?

Pardon, I didn't get you.

Sir, with the mid-teen base of volume growth that we will achieve during FY26 on the gray cement, what sort of a growth are we targeting for 27 and 28?

See, again, we expect the growth to be in double digits. Mid-teen will not, may not be possible, but definitely, in FY26 we end up at 20 million, and we are seeing maybe early teens, maybe closer to 23 million tons, 22 and a half to 23 million tons.

And 25 and a half. As we go, it should be, anything ranging between 12 to 15 percent growth.

Understood.

Hello?

Yeah.

Yeah. Secondly, on the capex bit, we had mentioned that roughly 2,000 crores of net debt would be the addition during FY27 due to the Jaisalmer capex, broadly.

Now would that be the peak number, or there are chances of that going up as well during FY28, given, we would need or want to fast-track our south expansion. All I'm just trying to understand is how the management is thinking between balance sheet over 27-28 versus growth.

No, see, as far as we are confident, yes, definitely post commissioning of Panna, we would like to take up the further brownfield expansion, and maybe it looks like more, as you mentioned, in Karnataka, where we are mostly almost sold out. That looks, but as far as if you see our debt profile and net debt to EBITDA as of 31st December, we are at 1.41, and I think by March it could be around 1.6 or something.

Next year also FY27, we should be closer to 2. Over these two, I think, and we would get incremental volumes, yes, because our greenfield capex is higher.

We are not concerned, but we will not delay. We'll definitely keep a watch on the balance sheet, but I think our journey for 50 million, still I don't think so many headwinds coming against that.

We should be able, we should be on track for that.

Understood. This is helpful.

Lastly, this one, bookkeeping. In the third quarter, you lost about 1.5-2% on realization, just adjusting with the incentives also.

How much of that have we been able to recover during the first 15-20-odd days of Jan, through these various price hikes, if you could just help on that.

The price hikes have been there, but we don't gain on incentives.

No, which is fine. I'm just talking of adjusting for incentives.

Pardon?

Adjusting for the ex-incentives, I'm saying. On the gray cement, ex-incentives, the realization that you have lost, how much have we been able to recover, if any, during the first fortnight of Jan?

We have been able to recover that. I think we will have the numbers, but I think there is a good because the major recovery has been in the non-trade sales.

Right. That should definitely be there.

Understood. Sure, sir.

Thanks, this is the info.

Good evening, sir. Thank you for taking my question.

I have only one question, mainly on the industry trends. Sir, from an industry perspective, how are you seeing demand trends over next two to three quarters across key regions?

Also, with multiple players announcing capacity additions, how do you see the supply situation evolving? Do you expect pricing discipline to sustain, or there could be some pricing pressure increase in certain markets?

Presently, as you said regarding demand position in the next two-three quarters, we are seeing definitely a good demand in this quarter. The March quarter, I think it could be one of the best quarters what we have ever seen.

It looks like the March... Then definitely, as the cycle goes, with the March hangover, though it's a good construction period, but marginally in April the volume does because there is a lot of inventory of March, which is there in the market.

We do expect that, year-on-year, because the volumes have been lower in the April-June and July-September quarter this year, the volume should be better year-on-year, definitely 7-8%, that is for the industry. This quarter, the growth, because the base is also high, year-on-year growth maybe not 8%, could be 6-7%.

Thank you, sir. That's all from my side.

Hi, sir. Thank you for the opportunity.

Three questions from my end. First, in terms of, if seen for a couple of quarters, a lot of expansions being announced in North, especially from FY2025-26 perspective.

How do you see industry pricing discipline, I am pricing trend? That was one.

Second, in terms of booking, what is our current CC ratio? Do we see any risk in terms of clinker shortage for H2 FY27?

That was second. Lastly, in terms of non-trade, we have seen a very sharp jump this quarter.

Do we expect our non-trade share to remain at these levels, or we expect it to inch back or inch down back to the earlier levels? That was the third question.

On your first question, lot of capacities which are coming up, yes, a lot of capacities happen. If we really see, if we look at the demand growth and, say, 7% or 8%, not being one of the best markets, even not requiring an incremental 10-12 tons incremental volume every year.

Yes, depending on the capacity which is coming up, there are, it takes time. I think there should not be much pressure unless one or two capacities bunching up come up one time.

At a time it may have some pressure for a quarter or two, not beyond that. Still we do not see any major concerns as of now.

On the CC ratio part, if you can help with that, and do we have any risk of clinker shortage in H2 FY27?

CC ratio is 67%. We do not have the clinker shortage.

We have a complete clinker backup for our cement capacity.

Hello? On the non-trade part, if you can help with that.

Non-trade, yes, see again non-trade was muted for some time. Now it also at the year-end, at every level, the annual budget has to be exhausted.

This is also one of the reasons for a spurt in the non-trade demand. Last year it was also muted because of the elections, the budgets have to be re-approved now.

Most of the states' election cycle is also over. I think the non-trade demand going forward should be good.

It should go in tandem with the cement consumption growth.

Thanks, sir, and all the best.

Thank you for the opportunity, sir. I just wanted to know how the lead distance would change for us and how logistics costs would change post commissioning of Buxar plant?

Because I believe we have been seeding this market for some time from Panna. Give me some color on this.

After commissioning of Buxar, yes, the lead distance for Central plant should definitely reduce because we have been feeding from Prayagraj and other, with clinker directly to Buxar. That will give us definitely a benefit.

Even though we are seeing, there has been a reduction in lead distance, but the freight per ton per kilometer is different in different states. Actually in this part, the per ton per kilometer freight being higher.

All this may have a, it depends on the mix, but definitely with the Buxar commissioning, we should see both reduction in lead distance as well as some reduction in the freight costs.

Got it, sir. Was there any volumes from Panna line to this quarter, or was it only from the existing plants?

There has been some in this quarter itself. There was some clinker production of over one and a half lakh tons from Panna Line 2.

As we had already commissioned Hamirpur, there were some dispatches, incremental dispatches from Hamirpur also in this quarter.

What is the timeline we can expect for this ramp-up for the plant? Because I believe there are some small works are still pending.

Pending where?

At Panna Line 2.

Yes, Panna Line 2, I said, the weigh sheet and the OSPC pending, which will all the other remaining work at the plant site will get commissioned within February.

Got it. Sir, and incentives for next year, what will be our expectation?

Actually, it may incentives definitely go down on a per ton basis with increased volume and everything and reduction in, but we expect that once we have the eligibility and all the units start getting with Buxar eligibility there, which our annual amount, which had, on the present had increased from 300 plus to about 240 crores, should again go up to 300 crores.

Got it, sir.

It may not be fully in FY27. It may be a bit later, a quarter or two difference could be there.

Our, exit run rate of FY27, that could be 75 crores quarterly.

Got it, sir. Sir, and just one last question.

Our volume growth has been very good. It has been significantly higher.

Any particular region where we have been able to do better, or where we have seen that growth is stronger versus other regions? Could you give some comparatives here?

No, see, major growth is coming from Central India, and as we are doing an expansion, definitely we need to build up our customer base and our sales across all segments, even non-trade. For planning for a long-term relationship with long-term players also, we have built up those relationships, which has resulted in a higher volume growth.

Wherever, yes, in this journey somewhere that has non-trade prices being under pressure, the overall realization has been marginally lower.

Got it, sir. Just one last question, sir.

Guidance for 26 we are not changing? We are sticking to 20 million?

Any reason why? Because we seem to be doing very high in terms of nine months.

So

we are not changing any guidance on the volume numbers for FY26.

Okay. Thank you.

Hello?

Good evening, and thank you for the opportunity. Thank you for the opportunity, sir.

A couple of questions. First is that I think for nine months our volume growth is already 18-19 percent.

Should we look at it only from sales, incremental sales from new markets or new regions that we got, or we got through, because benefits, or we could increase our market share in the existing markets as well? That was my question.

If you look at, yes, the major gains in the market has been from Central India, where we are reaching out, we are going to new markets, and as we had entered, looking to Bihar and expansion, we have already started, making our footprint stronger in Eastern UP and Bihar. These are the...

Again, we will continue to grow over there, because we feel that we are still not a major player in the market. We would like to consolidate our position and as soon as possible get into, if not double-digit market share, at least mid-high market share in all of the market, in the entire market.

That has been the major areas where we have grown. We have grown in the south.

There was the tomatoes growth, our numbers are higher in the south. We have also grown in the north, but in tandem with the market.

Okay. In north you are saying our market share remain intact, while we would have gained in central, south, and east, of course.

That's altogether a new market. Is that correct?

It's a new market, and it was, it was not there. It's very small numbers, so that is definitely there, small number of Toshali.

It does help in increasing the percentage, but again it is not material.

Right. Sir, for the north market, our families, basically suggesting that December was probably a record month in the sense that, we could see volumes which were similar to even March for some of the players, March 25th.

Practically we are nearly, we have... It has been good.

All our plants, mills centers have been operating.

My...

I tell you, it's a good market, the demand is good, and it would be not only for us, I think for most of the north players it should be this quarter could be a sort of a sold-out situation, as was in the last year.

My question was around pricing, that if that was the kind of record numbers we saw, but I think pricing failed to impress in the month of December, and January, I believe, there is some price hike. My question was: what convinces us that we'll be able to see a better pricing in January and February if it failed to impress in December?

Definitely that’s a big possibility, and I hope it does happen, because one, in the last few months, the non-trade pricing, there had been a lot of pressure on the non-trade pricing. The difference between trade and non-trade had increased a lot, which was putting pressure on the trade pricing.

Still, the trade prices did not fall despite the huge difference. Now, since the non-trade, with the improved demand, the non-trade prices have improved.

This should definitely platform for a possible increase in the trade prices, and looking to the demand, there is all possibilities that the trade pricing should increase.

Understood. Just one more question, if I may.

From your presentation, I was looking at the data on petcoke and fuel costs. My observation was that while your monthly petcoke costs in dollar terms that you are reporting is increasing, and of course on an average basis, it is certainly going up in Q3, and there is a severe rupee depreciation as well, and despite that, our cost per kCal, or the fuel cost that we give, has fallen down sequentially.

What different are we doing to get a lower cost?

No, Navin, actually it is because of the mix. Because Indian fuel consumption has increased.

Central plant is actually more on closer to the mines. It is more on Indian coal, which is cheaper.

Petcoke is mainly used in the northern plants and in south plant, but in the central plants, it is a reverse situation where we are using the petcoke only as a blending fuel, about 20%. The CFR is also higher.

These are the two factors.

As we ramp up the new kiln, which is again in central India, we should get further benefit of domestic coal or we should see increased.

Yes, we have linkage domestic fuel, and even as of now even the open market domestic fuel is cheaper. See, this is the advantage to be closer to the coal sources.

We are closer to the coal fields, we have an access to cheaper fuel.

Understood. Just again one broader question, if I may.

In this quarter, as you rightly pointed, non-trade prices went down, and I can see it across, your mix also changed in favor of non-trade. My question was, post GST rate cut, I thought the expectation was of seeing benefits towards premiumization, to say.

That seems to have been on the other side, in the sense negative. Pricing in non-trade have fallen much more, and share of trade is also falling.

How should one look at it from that point of view?

No, see, yes, the non-trade, see incremental volume has gone into non-trade, but our premium brand volumes, in absolute numbers the trade numbers have increased, they have not gone down. The premium product percentage has also increased.

Quarter on quarter, if we see from July-September quarter, it was 14.9% against which we have done 17.3% of premium products in this quarter. There is an increase, even if we see July-September is a lean period, if we take it year-on-year, it was 15.8 against 15.8, we are 17.3% of premium products.

Understood. My only, if I may say, fear was that as we ramp up our Panna line 2, at least in the first year, our exposure to non-trade then could be much higher than what we saw in Q3, or you think it can come down?

Not as a percentage it will not be, this has been. I don't think as a percentage it will increase further.

Understood. That's helpful, sir.

Thank you so much.

Thank you for the opportunity, sir. Just one clarification.

In saying 20 million ton of volume, that implies early 1-2% kind of a growth on a year-on-year basis. Does it mean that given the clinker utilization rate of 97% in 3Q, probably volume growth from existing plants could be flat, and the incremental volume could be from the Panna plant?

Because at the same time you mentioned that industry growth could be at 6-7%, and given JK Cement's historical growth rate, we would assume that the volume growth should be higher than what the industry is doing. That's the first clarification on this.

Secondly, if you can put out some number on what has been the pricing improvement in January so far, both in trade as well as trade sales segment.

On the clinker, yes, definitely. See, the clinker, the major volumes is going to come from Central India, and in North it will be at the rate with the market.

We are not going to lose any market share because again some of the, there are twin markets and all that can be serviced accordingly. We are not going to lose any market share, either in the North, and gain, and we will definitely be growing overall more than the market in this quarter also.

And

any number to the pricing improvement which we have seen in January?

See, what we are seeing from the latter part of last week of trend, which we have seen now, is on non-trade pricing definitely about, in terms of 15 to 20 rupees improvement in the non-trade pricing, and in trade definitely that has helped one to, it has released the pressure on trade. We are really not seeing any, signs any increase in trade, but definitely since the pressure is off, it will help in some reduction of our discounts and further increase some of trade prices wherever possible.

Sir. Thanks a lot.

Hi, sir. Thanks for the opportunity, sir.

Couple of questions. Sir, first is, would it be possible for you to dissect the fuel mix, given you hinted on the linkage?

What is petcoke? How much is linkage?

How much is non-linkage? Any indication of how that will play out in the next quarter?

You see, presently the petcoke consumption was around 60%, and balance is the Indian coal and AFR.

Sir, how much will be linkage over here? So

in case of, I think about, of the Indian coal, around 70% is linkage coal and 30% is open market.

This helps, sir. Thank you for this.

Sir, my second question is on exceptional items. How should we read this number of 46 crores?

Is there a retrospective element over here? How should we understand it, and why is it under exceptional?

See, this is an exception item. This was under the new labor code, which has been effective from 21st of November.

On the new labor code where they have spelled out the new wage and the definition of how the gratuity and the leave encashment has to be calculated, where they have said, the gratuity of the total payment, 50% has to be the basic amount, and the leave encashment. There is not, we have broadly, reviewed that and we are still doing the fine working.

We have tried to. We see that this could be our, actually this could be the liability on account of this revision, though we are still discussing and, freezing the numbers.

This is the number. This is how we have arrived at the number.

Sure. Sir, last two questions, sir.

Capex number if you could highlight for full year 26, 27, 28, and if you could just dissect Jaisalmer out of the capex number, annual capex numbers.

capex number in this year should be 2,500 to 2,800, and out of that Jaisalmer would be 600 crores. Actually as you see, whatever number we had given without Jaisalmer, which was around 2,000 for FY26, that remains as it is.

The incremental capex in this year will be on Jaisalmer, which is around 600 crores, and another 50-60 crores on the Nathdwara 140 plant. Otherwise we are broadly, in line, whatever earlier plan which we had given of the capex.

Next year capex would be around 3,500 crores, which would include around 3,000 crores of the capex only, 7 million ton expansion.

For 28?

28 will be the spillover capex in the range of 1,000-1,200 crores.

Okay. This is helpful.

Sir, any update on Toshali Limestone? I think we were engaging with the government.

Any update over there?

It takes time. We are still in dialogue with the government.

They are still considering our request, and so any plans on that, what we need to do as the next step will depend when they really. We have the order, we have everything in hand.

One is a positive indication. That is definitely there, but till we, when we are working with the government, unless you have the order and everything, the agreement in place for a long-term supply with a fixed rate, we cannot.

Still there is no negative discussions and the dialogue is all in the positive manner.

Sure, sir. If I can squeeze one question, if you allow?

Please.

Sir, can you give some indication on the trade and non-trade price cap across regions?

Now with the improvement, I think the gap would have come down in, really now at 20 to 30 rupees. Maybe in certain pockets still remaining at 40, but it has come down.

It had gone up to, 60 rupees, 60-70 rupees. That was the position.

Sure, sir. This is very helpful.

Thank you so much. All the very best.

Hi, sir. Good evening.

My first question pertains to your cost saving project. Could you quantify how much we have achieved so far in FY26, and what is the guidance for full year and next year?

So

as we said, we had a plan of about 150 to 200 rupees, anything in the range. FY25 we had already done a particular journey of 60 rupees.

We had a plan, I think exit of March, we should be at around, mostly everything done at around 125 rupees. Maybe we have another 25 to 40 rupees for next fiscal.

Okay. The 150, you have already done 100 rupees or

125 should be the exit of March 26?

I didn't get you. FY25 you achieved 50 to 60 rupees, and this year saying another 25 rupees FY26?

Another 50-60 rupees this year, which means the exit of FY26, it is around 120-125.

Okay? Understood.

The rest for next financial year looking at?

Yeah.

Second, on this labor cost provision, whatever you factored in as an exceptional, what would be the recurring impact on a quarterly basis here on?

We are just working out on that, not much clarity because, A, there would be some, the present other practice was, the industry was on a CTC basis. The CTC used to be very flexible.

Now we need to restructure the salary and then try to work out what would impact. Having said so, there could be some impact.

We have no exact numbers, but it's not something substantial. Maybe monthly 3 to 4 crores at the max.

So

this quarter everything has been in the exceptional. There is nothing which has been built up in the employee cost.

Advisory also, we have not put in any, none of the labor code liability has been included as part of salary.

Understood. Two clarifications.

Incentives, last quarter for last call you had mentioned for Q2 was 70 crore, which you said is 86 crore, and now Q3 is 60 crore. Q2 was 86 crore or 70 crore?

No, 86 crore was the same quarter last year.

Oh, I was asking for

YOY. It was not QOQ.

Q1, Q2 was, what is the number in Q2? 70 crore, and this quarter it is 60 crore.

Is this understanding right?

Yeah.

The 60 crore run rate will continue, but exit FY27 you are looking at going back to around 75 crore run rate?

At the end. Because you'll have more incentives on new place, but on first time it will be lower, the absolute amount we expect that by last quarter could be 75 crore annual.

And

on the pricing you mentioned non-trade 15 to 20 rupees improvement has happened so far in Jan, and trade, what was the number you mentioned?

I said there is no number on trade. It has removed the pressure on pricing to...

Okay. It may help us in certain discounts.

We have to see how the marketing gets back to us and what is the competition doing.

Understood. Basis that only trade prices may go up if non-trade prices remain firm.

Yes.

Understood, sir. That's great, and all the best.

Thank you, sir.

Hi, good afternoon, sir, and thanks for taking my question. Two questions from my side.

What was the rail share this quarter? Second, any comments on the pain business will be helpful.

Thank you.

Rail share was 9% in this quarter.

Sure, sir. And

paint turnover was 103 crores in this quarter. For the nine months, it is 285 crores.

And

anything about profitability, etc.? By when can we achieve breakeven here?

So

on the paints, what we see that we should end the year at around closer to 385-390, maybe 400. I am not too confident 400, but definitely between 380 to 390 crores.

This year we should have a lower loss compared to last year because we are seeing the loss to be lower. Now, since we have already worked out, we have an improved gross margin, we have worked out on the product, and next year what we see when we cross the 500 crore number with a higher gross margin, that FY27 we should see a breakeven in the paint business.

Hi, sir. Thanks for the opportunity.

Just wanted to check, when you say that non-trade prices are up approximately 15 to 20 rupees per bag, is it similar across regions, or is it largely confined to the North region when you give this particular comment?

No, it is across all regions. You must have seen the reports.

It is across all regions, even in South, Central, East.

Sir, understood. That was all from my end.

Thank you, sir.

Hi, thank you, sir. Sir, a couple of questions.

First, in terms of the next expansion, post Jaisalmer, we will be going for the Muddapur 5 million ton expansion?

See, this is, as probabilities, I cannot say firmly this is we are going through. It depends upon the situation and what the final board approves.

In all likelihood, as a plan, yes, it should be there. We are still working on it.

That is the position. We are not announcing that this is after Jaisalmer we are taking up Muddapur.

This is the most likelyhood as we have said, and it will depend on the situation.

Got it. Then most likely by end of this year we should be announcing that, or it would be in FY27 we will be starting with?

I think that announcement will come post commissioning of Jaisalmer.

Okay, Okay. Then

then it's a big project and it's a greenfield large project. Having said so again, it's too premature.

If the market is different, it depends on how the market is, what is our balance sheet. We want to pre-pone something, but two, three, six months.

It all depends on how you see the market at that point of time, how you see your balance sheet. Okay.

Because then we need to do at least we have to start announcing two projects simultaneously, because we need at least 12 million tons.

See, as I said, you must see, you are confident that yes, as we announced Jaisalmer, before commissioning of Panna, was only for the reason that the balance sheet was in order, the project was well under control, we were confident that we would commission the project well within time, well within cost, and our balance sheet was supportive. We announced Panna big project before completion of Panna.

We announced Jaisalmer before completion of Panna. Yes, there could be an announcement before completion of Jaisalmer, but we have to wait and watch, see that everything is in our control, and then make a call.

Thank you for this opportunity, sir. May I request you if you can share the clinker production number for the quarter?

Yeah. The clinker production for this quarter is 3.6 million.

3.6 million?

Yeah. And

sir, if you can just give us some idea on the fact that what would be the cost differential for North vis-a-vis the Central and East, just, a ballpark number, maybe not.

See, broadly, actually it is more or less, the cost factors, there could be sometimes a variation of about 100 rupees, where in the central we get advantage of low fuel, in the North we can use more AFR, and so it is different but not much of a difference.

Sir. Thanks.

Thank you.

My question is already answered. Thank you.

Good evening, sir. Thank you for the opportunity.

My first question is that what is the spot fuel consumption cost?

Fuel consumption, the average rate you mean for the fuel, or?

Yes. It's around 7,900 rupees in terms of per ton?

1

rupee 50 paisa. This is flat compared to the quarterly average?

Quarterly average means

quarter? I'm asking for this quarter, current?

Current means for January?

Yes.

No, see current, freight costs are still a bit higher than what we are importing, but since we have an inventory, it will not have much impact. Yes, all the new shipments would be higher because mainly, A, because there have been an increase in the fuel impact cost by seven, eight dollars and the rupee devaluation.

My second question is that what would be the exit utilization for the Panna line 2 for the December quarter?

Exit? Exit utilization?

Yeah.

Exit utilization, see clinker again depends. Since we will not be able to fully utilize the plant, clinker, we would be definitely in a position to optimize the kiln by end of the quarter.

Though as far as the grinding capacities are concerned, it is a seasonal risk. Very difficult when all the output warranties would be completed, but utilization, very difficult to say what would be the utilization, exact utilization.

It's very difficult to say what would be that number.

Okay. The last question, can we assume commissioning of the grinding units at Rajasthan and Punjab could commission simultaneously with the Jaisalmer project, or will there be a lag?

Okay. That is one that should definitely be there at the spread location, if not the both.

Still, since there will be grinding at the integrated plant, even if there is a delay, we will be able to manage. Sure, that is very helpful.

Thank you.

Thank you. All my questions have been answered.

Thank you, everyone for the call, and also many thanks to the partners joining the call. Thank you very much, sir, to joining the call.

Thank you.

Thank you everyone for joining the call. Thank you.