Thank you, Bhumi. Good evening and a very warm welcome to everyone.

On behalf of PL Capital, I am pleased to welcome you all on the Q3 FY '26 earning call of Jindal Stainless Limited. We are happy to have the senior management of JDSL with us for next 1 hour.

Management is represented by Mr. Abhyuday Jindal, Managing Director; Mr.

Tarun Kumar Khulbe, CEO, CFO and Whole-Time Director; Ms. Shreya Sharma, Head of IR; and other senior management team.

We will begin with the opening remarks from the management, followed by an interactive Q&A session. With this, I hand over the call to Ms.

Shreya. Over to you, Shreya.

Thank you, Tushar. Good day, everyone, and thank you for joining us for the company's Q3 FY '26 earnings call.

I hope you all had a chance to review the results and the accompanying presentation uploaded on the exchanges and on our website earlier. Our discussion on this call will follow that presentation.

Before we begin, I would like to remind you that some of the statements made today may be forward-looking in nature and are covered by the disclaimer on slide two of the earnings presentation. Joining me on the call today is the senior leadership team, who will take you through the key business developments and the performance for the quarter.

After the remarks, we will open the floor for the questions. With that, let me hand it over to our Managing Director, Mr.

Abhyuday Jindal, to take you through the highlights. Over to you, sir.

Thank you, Shreya, and a very good evening to everyone. I would like to welcome you all to the Q3 FY '26 earnings call.

I will begin by outlining the key business highlights for the quarter ended December 2025 and the progress we continue to make across our priority sectors. Following that, Mr.

Khulbe will take you through our operational and financial performance. Continuing the positive momentum, our sales volume in Q3 FY '26 grew by 11% year-on-year and remained steady quarter-on-quarter, supported by sustained domestic demand amid uncertainty in the export market.

In the domestic market, JSL performance was consistent, underpinned by the demand momentum from key sectors, such as automotive, ornamental pipe and tube, railways, metro, lift and elevator, white goods. Last quarter, we also launched the JSL Saathi Pragati initiative for the stainless steel pipe and tube segment, a key step in our commitment to empower fabricators and retailers to verify products instantly and to reward their effort in enabling product authenticity.

Stainless steel demand in the passenger coaches segment also saw increased traction from design revisions in Vande Bharat and new orders from Vande Bharat sleeper class. The new thrust on Amrit Bharat coaches is expected to further boost stainless steel demand in the sector.

Higher activity in metro projects across the country also supported the delivery momentum. I'm pleased to report that our stainless steel has been accepted by ICF Chennai for the fabrication of external sidewalls of metro cars being supplied to the Calcutta Kolkata Metro.

GST cut supported festive season demand from white good segment, supporting strong deliveries during the quarter. Sequentially, the auto segment also saw strong volume growth, driven by lower GST rates on combustion ICE combustion vehicles.

On the export front, global trade sentiments remain subdued due to ongoing uncertainties and the protectionist measures in key Western markets, particularly the United States and European Union. In response, the company continue to strategically prioritize the domestic market with a focus on providing value-added solutions tailored to the need of our long-term partners.

On the import side, subsidized inferior materials continue to enter our country. The temporary suspension of QCO is definitely a matter of concern and poses a discouraging setback for quality-focused domestic industry players.

We remain hopeful that the government will strengthen and enforce frameworks that uphold quality standards to protect consumers, MSMEs, and all. In this environment, Jindal Stainless retained its market share through its competitive pricing, robust distribution network, cost competitiveness, and customer-focused initiatives such as Jindal Saathi Seal and QR code and loyalty incentive programs.

On sustainability front, I'm happy to report that JSL achieved an S&P Global Corporate Sustainability Assessment score of 78 out of 100 for FY '25, ranking us among the top 5% in the steel sector and securing fourth position globally. Securing one of the top global positions in the DJSI-modeled ESG ranking is a very proud moment for us.

Our significant improvement over the years' past year scores reflects our continued commitment to responsible growth, grounded in transparency, innovation, care for our people and the planet. In parallel, our renewable power utilization at Jajpur and Hisar facilities has steadily increased, now 56% of our total imported power in Q3 '26, making a significant step towards cleaner and more sustainable operations.

With this, I would like to hand over to Mr. Tarun Khulbe to discuss our operational and financial performance.

Thank you.

Thank you, Abhyuday. Good evening, everyone.

Welcome to the call. I would like to begin by providing a detailed overview of our operational and financial performance.

Our Q3 FY '26 deliveries are at 0.65 million tonnes, with an increase of around 11% on year-on-year. Our Q3 consolidated EBITDA increased by around 17% year-on-year and around 1% on quarter-on-quarter to Rs 1,408 crores, while our consolidated PAT stood at 828 crores, an increase of around 23% on year-on-year and around 2% on quarter-on-quarter basis.

For 9 months FY '26, our deliveries stood at 1.92 million tonnes, with an increase of around 11% year-on-year. Consolidated EBITDA increased by around 14% year-on-year to Rs 4,106 crores, and consolidated PAT stood at Rs 2,350 crores, with an increase of around 23% year-on-year basis.

We are pleased to report continued improvement in our balance sheet. As of December 31, 2025, our consolidated net debt has further reduced to Rs 3,451 crores, with a net debt-to-EBITDA ratio at 0.67, comfortably below 1, and a net debt-to-equity ratio of 0.18, reflecting our disciplined approach to financial management.

This robust financial management continues to place in the better position to navigate ongoing macroeconomic challenges. Turning to subsidiaries front, all subsidiaries have shown improvement and contributed positively to the group's overall EBITDA.

Operationally, we are encouraged by the ramp-up at Chromeni and NPI, with both experiencing an increase in capacity utilization. Our SMS projects in Indonesia and aligned downstream capacity expansion in India are progressing well and remain on track as per the timelines.

I would also like to inform that the Board of Directors have approved an interim dividend payment for FY '26 of Rs 1 per share with a face value of Rs 2 each, aggregating to a payout of nearly Rs 82.44 crores. The record date for the purpose of payment has been set as January 29, 2026.

To further develop the stainless steel ecosystem and capabilities, we have signed MoUs with four government industrial training institutes in Odisha, Uttar Pradesh, and Maharashtra to implement a 155-hours stainless steel fabrication course as a part of their curriculum. India's stainless steel demand is rising, in line with its economic and infrastructure growth.

We are proud to support the shift towards this sustainable wonder metal. With that, I conclude my remarks and invite the moderator to begin the question-and-answer session.

Thank you.

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

Congratulations for a very steady set of numbers. I have a couple of questions.

The first one is on essentially some kind of a protection mechanism. We have seen that in case of steel, finally carbon steel, the safeguard duty have been imposed.

Now we are also seeing an influx of imports, though it has not surged, there was always a very steady high level of imports in stainless steel industry, and I understand that we have been working with the government in making sure that we get some kind of a protection at least against the unfairly priced imports. Just wanted to get an update on that.

Where are we? Is the government now more conducive, considering that a step has been taken for carbon steel players?

Amit, thank you for your question and always good wishes. Yes, as we mentioned last time also, safeguard, because of the reason you mentioned, there was no surge in imports in stainless steel and it's been steadily at 30% plus, that's why safeguard was something that they were not in favor of going ahead.

Anti-dumping duty investigation is on. We are hopeful that the government will give us some relief.

Those are the lines we're working on. On the other side, absolutely, we are pointing to them that once this QCO relaxation was given, import surges further happened again in the last 2 months.

That is another area that we are constantly picking up with the ministries that a lot of circumvention is happening, import surges happened. QCO is definitely required for the entire industry.

It will uplift the sentiment, it will increase more investments in this industry for us. Both sides we're working.

One is on anti-dumping duty, which we feel next few quarters we should get some positive response, and on this QCO relaxation should not be extended further.

Great, that's helpful. The second question is essentially on the profitability flow and volume side.

Now if we look at the last quarter, particularly towards the end, nickel prices have been rising, ferrochrome prices have risen, do you see some kind of impact of this on the finished steel prices as well through increased surcharges? Therefore, what kind of profitability can we expect in Q4?

Also, if you could briefly let us know, I know in prepared remarks you mentioned about the demand environment, but on the overall volume growth, how do we see it in Q4 and going ahead as well?

Okay. Rightly, you indicated or you have said that the raw material prices on nickel in particular, which was otherwise has, in fact, on an average basis, has gone down in Q3, but towards December end, it started going up and, yeah, in the month of January also, it is on the higher side.

As all along we have stated that normally in a stainless steel the prices are governed by the movement in the raw material prices, definitely aligned to that we could see the movement in the prices of the stainless steel not only in India, globally as well. There is a price movement into that.

Far as our profitability part is concerned, whatever guidance we have provided for the year, Rs 19,000 to Rs 21,000 per metric tonne is what we had given. We have delivered in 9 months an average of around 21,300, and we believe that this year, on an average, this is around this number we should be closing.

Yeah. Whatever guidance we had given in terms of volume growth and EBITDA per tonne, we are extremely confident of meeting those numbers.

It is still because of certain of these geopolitical situations, QCO relaxation, we would like to stick to this guidance only.

Understood. Thank you.

Thanks a lot, and all the best.

Thank you.

Good evening, sir, and congratulations on decent numbers. Sir, just had a couple of questions.

One is on exports. If you could highlight why there's sharp drop in export contribution to the volume, and how do we see that going ahead?

Second is on the any change in the mix in terms of HR and CR in the overall, because there also we were looking at some improvement in the mix. If you can just touch on that.

Definitely, as we are all aware, export is a very uncertain situation because of the geopolitical factors, nothing to do with the company. We are still sticking to our supply chains, we're still supplying our customers.

It is more from our customer side, because of this lack of clarity that is there, whether Mr. Trump every day wakes up, announces something new, plus CBAM is on our head, where even in December they changed certain rules or nomenclatures.

It's the uncertainty that is not letting our customers look forward to orders. We are absolutely geared up, we've been supplying, catering to them for decades now, and we still continue doing that.

On the other side, as a company, which I've always stated, our goal is for EBITDA maximization, creating more shareholder value. If we are seeing that in the domestic market where there is good demand, then we would be more than happy to cater to the domestic market.

Export is more on account of global geopolitical situations. To your second question, CR output has definitely increased, maybe Mr.

Khulbe can add to that.

Yeah. Just sir, to add to whatever you have given, because even on CBAM, just to add that towards the year-end only or towards the December end only eventually they came out with the threshold levels and calculation methodologies, but still who will be verifying it, and the verification methodology of this tax calculation is still not has come out, which is again holding customers' some of confusion or uncertainty into their mind.

Now coming to the mix of HR and CR, two ways we can look at it. If we look at our only CRAP percentage of the overall sales, now it is at around 55%, which was at around 50% a year before.

Then if we look only HRAP and CRAP ratio, then I can give you a 3 years' trend. In Q3 FY '24, it was around 40% HRAP, 60% CRAP, which changed to 35% and 65% CRAP.

This financial FY '26 Q3, it is 30% and 70%. Somewhere our investments into the downstream, our acquisition of Chromeni, all that has helped us in improving this percentage of CRAP.

Sure. Thanks for that.

Just one follow-up on the export side. Whatever volume we are expecting for FY '27, even if exports were to be lower, at say, 5% to 6% in terms of contribution to total volume, we don't expect to have any major slippage in terms of overall volumes?

Not at all. Absolutely not.

Got it.

Got it. That's all from my side, sir.

Thank you, and all the best.

Thank you.

Hi. Thank you for the opportunity.

I hope I am audible. Actually my first question is a very generic one, just wanted to get a breakup between the series if Shreya can help us out.

Yeah. Parthiv, I'll just read it in a order of 200, 300, and 400.

In quarter 3, it was 38%, 45%, and 17%. For the 9 months, it was around 36%, 47%, and 17%.

Perfect. That's quite helpful.

Thanks, Shreya. My first question is just taking a couple of points or the comments forward from the previous analyst.

If you see right now our blended ASP for quarter 3 was about 1,61, which was a fall of almost about 4%, 4.5%, whereas your blended stainless steel market was down by about, say, 2%. I believe there is some aspect of export which plays out, but just wanted to get your understanding for say FY '26 for the last quarter and for '27, how do you expect the stainless steel prices and your realizations to improve going forward?

I think we have to look at it from the two angles. First question you had asked to Shreya that what is your series mix.

This series mix, if we look sequentially quarter-on-quarter basis, then there was a almost 4% drop in 300 series and almost equal increase in the 200 series. This is one of the factor that there was a shift in the series mix.

Another point is as we are always stating that stainless steel prices, that is the realization, also eventually governed by the raw material movement. Already as we all can see that the nickel in quarter 3 was a bit softer, and that is where that also impacted the realization.

All right. You expect this to cross or stay over, say, right now it's around blended is about 1,90, 1,91,000 a tonne.

You expect that to stay or hover around similar levels for the remaining part of the quarter?

It all depends if the nickel remains on the higher level at the level at which it is, it will definitely lift the average realization than what we attained in quarter 3. All right.

All right. That's actually helpful.

My second question is on CBAM. We understand there were new threshold calculations which came out.

There are certain ways we should look into it. However, just going by couple of articles, whether it be in India or globally, we have some calculation as far as the carbon steel manufacturers are concerned across the globe, right, whether it be China, India, and so forth.

Have you done any calculation for our company? What is our CBAM impact?

What is on a per-tonne basis?

Yes, absolutely. We are tracking that very closely, and like I had announced, which I can repeat, we are actually scoring very high in most of the criteria.

Like in the S&P Global Corporate Sustainability Assessment, we scored 78 out of 100. That puts us in the top 5% globally in the steel sector with the fourth position.

In DJSI ESG ratings, we have secured the top position in the global. Whatever is available, whatever is in S&P or a well approved body, we're already moving ahead.

Whatever is required for Indian ratings like BRSR or by SEBI, we are doing all of that. As a company, we are absolutely geared up.

Everything is in place. It is more clarity that is required from European Union that who is the verifier, when will the verifier come, all that clarity from their side is required.

As a company, we are absolutely geared up. We're increasing our renewable capacity month-on-month.

We've invested in green hydrogen. We are already a scrap-based company.

Everything is there in place to ensure that CBAM does not impact us in a very negative manner.

All right. Do you expect this to get some clarity within, say, next maybe a quarter or two or it'll take beyond that?

My guess is as good as yours. We are also waiting, and like I said, it is from the European Union to decide when they can send the verifiers.

The expectation is this quarter there should be, because they were supposed to start from January and we're already in the middle of the month, I'm expecting this quarter more clarity should come.

All right. Sir, if I may just squeeze a very quick one.

I think as per couple of articles, the Indian stainless steel imports is hovering about 20, 25, 22% to be precise of the production in last year. Just wanted to get some clarity on it.

Do you expect this to go down or remain around the same level? Because I think as our series 300 is the largest, we import the maximum under 300 series.

Just wanted to get your overall picture on this. On the import front.

Without any government intervention, I don't see these import numbers going down. Because again, what everyone has to understand and what we are trying to push through government is that globally every country is trying to protect their manufacturers, trying to protect their borders, and India is relatively open.

I don't see the number going down without some kind of government intervention. Despite imports going down or going up, whatever we are committing to, whatever we have announced, we're very confident of achieving that.

Okay. I'm just circling back to the CBAM question again.

You don't have any number or any numbers in mind, right? Or have you calculated any given number?

We have calculated all the numbers. Again, like I'm saying, we're waiting on EU to clarify how they want us to calculate and show.

That's why those verifiers are required. Otherwise, like I mentioned, DJSI, S&P, SEBI numbers, BSR, they're all based on certain calculations, certain metrics, which we have already proven and shown.

Absolutely. Is it possible to share a certain range, whatever is your internal understanding?

I'll ask the team to get back to you. If PR allows to, then they're done with

you then. Sure.

Thank you so much. Appreciate, and best of luck, sir.

Thank you.

Good evening, sir, and thank you for the opportunity. Sir, just wanted to understand a little bit longer-term growth path.

Looking at our capacity and probable 2.6 million ton of the volume and that, we would have another year of 10% kind of the volume growth, and then we probably would have to wait until our Maharashtra plant picks up. Just wanted your thought process that do we have a plan to continue to grow at at least 10%, 15% for the next 3 years or another 10% growth in the next year and then we have to wait couple of years for waiting time for the next?

No. Definitely don't have to wait after this time, let's say, till our Maharashtra project comes up.

We're already firming up our plans of further downstream investments. If you just give us one more quarter, then by Q4 I will come out with let's say next 2, 3-year volume growth target and plans.

Understood, sir.

Just wait for one more quarter, we will definitely come with our announcements.

Noted. Sir, my second question pertains to our subsidiary performance.

Giving the nickel prices has come down, usually thought process was the standalone would have been lower and subsidiaries probably with the same volume should have been maintaining the performance. The reverse has happened.

Standalone performance was better, while subsidiary seems to be a little bit on a dip. If you could give us some idea what has happened, it would be really helpful.

No, not really. All our subsidiaries have actually done better from our service center to lifestyle.

Any particular subsidiary you're talking about, then I can discuss. If I see the results of most of our subsidiaries from the international ones and the domestic ones, they have done better.

Sir, I'm talking about on a sequential basis. For example, JUSL from EBITDA of 205 crore went down to 190 crore, basically, which is even lower than the YoY basis.

Anything which has happened in JUSL?

Yeah. In JUSL, there was a shutdown because this subsidiary essentially works on a job work model.

The volumes were lower, and that is one of the reason. At the same time, if you look at the number that EBITDA per ton and all that, you'll find that things have, in fact, improved.

This shutdown has been over, right? We've gone back to

Yeah. Now it is over.

Yeah. Correct.

Noted, sir. Sir, just lastly on our debt side, basically.

Given there's still some time on the large capex to take place, what is our assessment in terms of the net debt at the end of FY '26 or maybe FY '27?

Our net debt as of now at the end of the quarter 3 is 3,451 CR. Now when we had provided a guidance at the beginning of the year, we had estimated to be closing the year in the range of 3,500 to 3,700 CR.

Now looking at the current situation, we believe that this year we should be closing somewhere around where we are already or maybe a bit even lower than what net debt position we have at the end of quarter 3.

No further reduction and what is causing that, because overall cash inflows seems to be pretty healthy for F4 Q4 as well, because usually volume-wise that is the best quarter. So

I've already stated that could be even slightly better position than where we are, because it also depends, we have to look at some of the possible payments and all that.

Okay. Just let me rephrase this.

How much of the capex we have spent in 9 months and what is the fourth quarter target?

Okay. We had given a guidance of 2,700 CR as a capex for the whole financial year FY '26.

2,200 crores we have already done, and we are on course of completing or ending with 2,700, around 2,700 crores of capex in the FY '26.

Noted, sir. That's all from my side.

Yeah.

Hi, thank you. Just another follow-up question on CBAM.

What I'm trying to understand is that it seems that you've not got the emissions verified. Will the emissions be default emissions that the importer will have to use?

Is that the current status? Given the order pipeline that you have, just trying to see how much of imports from Europe or your exports to Europe could be in the next quarter or two.

No. What we said that in CBAM the European Union has come out with threshold levels and calculation methodologies, but what they have not yet come out with the verification methodology and who is going to verify the calculations.

Now in the absence of that, we have seen that a lot of changes, frequent changes are being done. Even with whatever they have suggested so far, we have found them changing.

That is why we are also waiting for this process to be absolutely clearer. Let them clarify that how the verification will be done.

Let them say who will be authorized to verify it, and then probably we'll be making better discussion once all this happens.

Just wanted to discuss this, because in the document that CBAM put out, they seem to suggest that many companies during the transition phase, it's been a 2-year transition, did get their emissions verified. You are stating that there was nobody who reached out.

Your emissions are not verified. Anybody who's importing JSL steel into Europe will have to use default emissions till the emissions get verified.

Just trying to understand.

That is the situation for every in the market. It is not that somebody in India has been verified and we have not been verified.

There has been no verifier that has been appointed till now, so that is what we are waiting for.

Okay. There is no import order as the imports have totally dried up from Europe in the last few weeks?

Is that

We are still supplying to our customers, absolutely.

Okay. On the volume growth for FY '27, just wanted to understand, first half the HRAP towards the end of next year.

Given you'll have maybe shortage of HRAP throughout the year, because the expansion comes in later part of the year, what kind of volume growth is realistic to assume for FY '27? Let's say whatever excess SMS you have, how do you sell it till the HRAP comes in?

Like Mr. Jindal already stated that for FY '27, give us some more time.

When we got on to the next call, we'll be providing the guidance of FY '27. We are definitely aware of all the situations, which constantly we are evaluating within the organization.

What best can be done, management is taking all those measures and possibilities and working on all these things, and we'll come back to you with the numbers.

Okay. Thank you so much.

Yeah. Hi, sir.

Thanks for the opportunity. Sir, couple of questions.

One is, how are we looking at metal and scrap procurement in the marketplace given LME is high, we don't have much sense on physical market premiums on nickel? If you could highlight that.

A related question, given we are procuring something at a higher cost, how do we get comfort on the spreads into the next fiscal? If you could highlight what percentage of our volumes have a cost-plus mechanism inbuilt?

That's the first question, sir.

Ritesh, most things, as you know already, we pass on to the customer with maybe a lag of 30 to 45 days. Whatever we do in our raw material buying, it's always a back-to-back hedging that we try to ensure.

Most of these disruptions are taken care of over the course of the entire year. I don't know if I'm answering your question correctly.

Maybe Mr. Khulbe can further add.

No, I think you have answered it. That's what his apprehension is that right now the nickel is on the high and all, how are we taking care of it?

You rightly said that this is what over the years we have been stating that in stainless steel, this raw material prices movement, they gets passed on through the product to the consumer.

I would say most of them are on those lines only.

Sir, would it be fair to assume say 90% of whatever we sell will be back to back? Or if you could quantify that number?

Difficult to quantify, but most of the nickel-bearing grades definitely we can commit. Maybe not in the non-nickel-bearing grades, but most of the nickel-bearing grades is back to back.

Okay. That's helpful.

Sir, second question was related to the SMS Xingxiang. I think the timelines over there, I think earlier we had indicated first half FY '27.

What is the progress over there? That's one.

Second is, I presume we will move that slab from Indonesia to probably Odisha, and then if we have to get something on CR to Gujarat. Now given the processing time over here will be longer versus what traditionally we have been doing, how would we look to hedge the commodity risk over here given the turnaround time specifically for this movement or these volumes will be larger?

Two things. First, to answer your question, Ritesh, that it is on course, and I think very soon we'll be announcing the commissioning of the melt shop.

It is definitely on track or, in fact, slightly better. Far as your next question is concerned, see, you have to look at the situation like this, that whether we bring slab, otherwise we would have to bring in either scrap or NPI.

In that case also, everything would have gone to Odisha till we get any other melt shop, and then things would have come to Chromeni. It is more or less the same situation.

It is not changing just because we are bringing in slab. In fact, it will help in reducing the cycle time a bit even shorter, because nickel will be coming in the form of slab, because in India, nickel is not available.

For nickel, we have to import scrap, NPI, or slab, in any of the form. I think more or less situation is very similar for us.

Just bringing in slab is not changing any equation.

Sir, please correct me if wrong, because there will be procurement time in Indonesia, processing time at SMS, and then transit time by sea to get to Odisha. I would presume it will add at least a few days over here.

Given the volatility in nickel pricing, what you're referring to is basically there is no change in turnaround time.

Yeah. I'm saying that if I don't bring in slab, then I'll have to bring in scrap.

If scrap also, then will come either from Europe or US or from any other country, then that scrap will come. In that case, scrap will have to reach Odisha plant, then will have to get converted into slab, and then the process will start.

Here, one step we are taking before. Basically, end-to-end time would

remain the same. Remain the same.

Okay. Third question is more you explained it briefly, but sir, are there any timelines specifically on ADD and clarity on QCO?

QCO, they had given extension till March. I would expect definitely by next month, we should be hearing something on whether they're extending it or not.

On ADD application, investigation is on. Investigators have been appointed, but I think in the first half of this year, we should get some clarity.

Generally, they try to take about a year's time to implement, and we all know how slow Government of India can be. We expect first half of this year because we applied for it in July last year, I believe.

Sure. Sir, last question very quickly.

If you can highlight utilization levels for Chromeni, Rathi, and Iberjindal, and what are the plans going forward?

Chromeni is around, I would believe, 75% right now. Rathi is close to 85%, and the target, as always, is to further increase them to at least 90%, 95% this year.

Iberjindal? JUSL

is maybe at a lower number at the moment because certain changes in our strategy we are working towards.

Sure. That's helpful.

Thank you so much.

Ritesh, in Iberjindal, it's only the finishing lines that we are running right now, no other production on the P&B side, yeah.

Okay. That helps.

Thank you.

Good evening, gentlemen. I had a couple of questions.

Sir, one was on the line of the questions from other participant in terms of the net debt. Barring the Maharashtra project, if you look at our debt today and the kind of cash flows we are likely to have in the next 6 months to 1 year, we will largely be net debt-free by FY '27, given our normal capex of, say, 1,500 to 1,800 crore.

Is that a correct assumption?

We will not be absolutely without debt, but yes, for sure, our position would only be improving. It won't deteriorate.

Sir, secondly, my question was on the NPI venture. With nickel prices having moved to $18,000, what is the kind of profitability swing that we can expect once the venture is fully operational in terms of on an EBITDA basis, either through captive consumption or through sales?

What is the kind of benefit that we can look at in terms of the NPI venture?

Nickel has remained quite volatile. In fact, in the recent past, it was rather very subdued prices, but of late, just from December onwards, nickel prices have gone up.

Still we had indicated for our nickel venture, we had given a guidance of around $500 to $1,500 range, this dollar per metric tonne of nickel. Quarter 3, we have hit somewhere around 900.

We expect if the nickel prices remains high, we should be on the higher side of this range.

What is the nickel equivalent of that NPI venture? I know the total capacity, but what is the nickel equivalent in terms of tonnage that we can take for calculations?

The plant capacity is around 28,000 tonnes of nickel design capacity. Because we have around 50% or 49% of share, so, okay, roughly 14,000 at the 100% capacity utilization.

That's helpful, sir. Thank you so much.

Thank you.

Hi. Good evening, sir.

Sir, just two questions. Sir, what is the timeline for downstream expansion at Jajpur?

Like we said, Ritwik, just give us till next quarter. We're in the middle of planning our expansion for downstream, by next quarter, I will be announcing.

Or when I travel to Bombay, then we can meet and I can also give you the answers. I think we still need maybe another few weeks before.

Okay. Sure.

And Yeah.

Just to add, whatever the projects we had announced before, on them we have announced some two 20-high mills. They should get commissioned in the middle of quarter

End of next year.

End of

FY '27. Q3.

Target is for Q3 in Jajpur.

Right. Yeah.

Then in the same quarter, the HAPL also the commissioning activities should get initiated. Beginning or at Q4, I think it should start ramping up.

It should start producing. This is what is expected.

Yeah. Just to further add, I'm actually sitting in Jajpur plant right now just to work out on all these things.

Full war is happening, and definitely we'll have a bigger plan and more clarity in the next few months.

Right. Sir, another way to look at it is in H1 FY '27, the SMS plant from Indonesia will be commissioned and then the ramp-up will happen.

Then the downstream expansion at Jajpur gets commissioned. By FY '27 end, we should be ramping up both these units, right?

Would that be a reasonable understanding?

Yes, absolutely.

Sure. We can have volume growth safe beyond that of a million ton also depending on the demand

Not in FY '27, but yes, after that, we definitely will. That's why I'm saying, give us till next quarter, then all these questions will be answered by then.

Got it. One last question.

What is the maintenance capex for our current asset base on an annual basis?

Ritwik, maintenance capex Yeah.

Shreya, go ahead.

It's around 500 CR that we have it for the all the plants, yeah.

Okay. Sure.

Okay. Thank you, and all the best.

Thank you.

I request Mr. Jindal to please close the call.

Thank you, Shreya, and thank you all. In closing, I'm proud to share that we achieved a stable and resilient performance despite the challenges of a dynamic external environment.

Strong demand across key sectors, growing momentum in our value-added products, and our unwavering customer focus, combined with the breadth of our sector presence, drove our growth this quarter. Despite uncertainties in global trade, our long-standing customer relationships and differentiated value-added offerings hold us in good stead.

We continue to closely monitor evolving tariff clarity and market developments while continuing to serve the sustained growth and demand in the domestic market. I hope that we have been able to answer all your questions.

Should you need any further clarification or would like to know more about the company, please feel free to contact our Investor Relations team. I thank you all for listening in and joining in, and hope to see you all physically next time.

Thank you.

Thank you, and thanks, Tushar.

Thank you.

Thank you. Thank you, everyone.

Thank you.