Yeah. Thank you.

Good afternoon, everyone. On behalf of Nuvama Institutional Equities, we are glad to host the senior management of KEI Industries Limited to discuss the Q4 FY26 and FY26 earnings.

We have with us Mr. Anil Gupta, Chairman and Managing Director of the company, and Mr.

Rajeev Gupta, Executive Director Finance and CFO. We'll start the call with the opening remarks from the management and then move to Q&A session.

Thank you, and over to you, sir.

Okay. Good afternoon, friends.

I am Anil Gupta, CMD, KEI Industries Limited. I'll give a brief about this financial results of this quarter as well as the full year.

As you must have received all the information already, net sales in Q4 in FY25-26 is grown is ₹3,476 crore, with grown by around 19.27%. EBITDA/net sales margin achieved is 12.21% as against 11.61% in the same period previous year.

Profit after tax in this quarter is ₹284.31 crore, with a growth in PAT with 25.5%. Profit after tax/net sales margin is 8.18% over the 7.77%.

We improved could improve it by 0.5% for the same period over the same period. Domestic institutional cable sales, B2B, is ₹804 crore, up around 6%, and sales of extra high voltage cables, B2B, is ₹188 crore in the fourth quarter against ₹115 crore last year, with a growth of around 64%.

Export sales in this quarter is ₹443 crore. Total B2B sale contribution is 40% as against 46% in the previous year same period.

Sales through dealer network, distribution network, is ₹1,936 crore in fourth quarter against ₹1,498 crore, with a growth of around 29% in the B2C sale. Distribution sale contribution was for 56% in fourth quarter as against 51% in the previous year same period.

EPC sale, other than cable, is ₹123 crore as against previous year same period ₹72 crore. Out of the total sales of EPC, extra high voltage cable EPC sale is ₹106 crore against ₹32 crore in the same period last year.

Sales of stainless steel wire in Q4 is ₹55 crore as against ₹46 crore for the same period previous year. Now I will give you a summary of the full-year results, full financial year '25-26.

The net sales in FY25-26 is ₹11,746 crore against previous year ₹9,735 crore. Growth in the net sales is 20.66%.

However, our wire and cable segment in this terms of in terms of value in FY25-26 has grown by 22.32% against previous year. All our cable plants of Rajasthan were operating at peak capacity during last financial year '24-25 itself, and capacity at our Chinchpada plant was added in Q2 of last financial year '24-25, which resulted to a overall volume growth in financial year '25-26 by 15% for copper cables, but aluminum was flat.

The net volume volume increase was 6.21%. For the current financial year '26-27, volume growth will come from Chinchpada for wire capacity, and for cables, the growth will come from Sanand plant.

We are expecting 17% to 18% volume growth in this current financial year, which will mainly coming from Sanand new facility. You are aware that our Sanand, plant was commissioning of first phase was delayed by around six months.

We, commissioned the first phase in the December '25. Second and last phase is expected to be commissioned in the fourth quarter of FY26-27.

In financial year '25-26, average copper price increased by 16.85%, and average aluminum prices increased by 9.91%. During FY25-26, operating margin has improved to 10.46% against 10.18%.

EBITDA in this financial year, full financial year, is ₹1,387 crore, up by 30.56% compared to last year. EBITDA/net sales margin is 11.81% as against 10.92% in the previous year.

The profit after tax in financial year '25-26 is ₹918 crore with a PAT margin of 7.82%. Domestic institutional cable sale, wire and cable, has been ₹2,688 crore.

However, the domestic institutional cable sale of extra high voltage cable is ₹559 crore against ₹308 crore previous year, with a growth of 82%. Export sale achievement is ₹1,833 crore against

₹1,267

crore, the growth in export is 45%. The total cable institutional sale contribution is 42%, which is at par with the previous year, and sales through distribution network is ₹6,349 crore, up by 25%.

The total active working dealers of the company as on 31st March, 2026 was approximately 2,125. Dealer sale contribution is 54% in overall sales.

EPC sales, other than cable, is ₹311 crore against ₹343 crore. Stainless steel wire sale in full FY25-26 is ₹212 crore, at par with the previous year.

Now I will give you the demand outlook and the future outlook of the company. The demand outlook continues to remain strong.

We are very hopeful that whatever we have projected in the volume growth and plant utilization, it will happen, and we are bullish about huge capex coming up in India in the power transmission and distribution sector, data centers, institutional infrastructure projects like metro rails and railways, as well as the construction sector comprising of commercial construction as well as real estate. Oil and gas sector will continue to remain strong.

Especially the power generation sector will see substantial growth in this in coming financial year, not only in the solar and solar and the wind, but also in the thermal power thermal power generation. The data centers will also be a big boosters.

We have also commenced restarted our exports to United States after the lull in last financial year because of the tariff, and we hope to do a a substantial sale in US this year, taking our export to around approximately 20% of our total sales in the current financial year, which which is as per our previous target. This is a brief summary from our side.

We now look forward to answering your questions. Thank you.

Good afternoon to the team. I have two questions.

My first question to Mr. Anil Gupta is, in your view, how is KEI Industries—

Yes. Hello, am I audible?

Hello? Am I audible?

Sir, thank you for taking my questions. Sir, two questions.

Firstly, are you witnessing any supply chain issues right now, supply of PVC compound, XLPE, any other sort of supply chain issue? On the TV interview, you mentioned freight costs have gone up quite meaningfully, and you are sharing part of that with the customer in the export market.

Anything else on that side that you'd like to highlight in terms of costs and supply chain?

Thank you. Supply, as of now, I think none of our plants has suffered because of the raw material issues coming through imports because of the good stocking by us as well as the domestic availability.

Only the imports of XLPE from Middle East, especially Abu Dhabi, is not happening because of the shipping problems. Also, in March, we witnessed we were not able to ship our goods to Middle East because no shipping line was ready to take the deliveries.

Now in April, it has started, albeit at a very high cost, because the containers are now going to Fujairah and from Fujairah port by land to various destinations in Abu Dhabi and Qatar, etc., in other countries. Most of the customers are bearing 50% of the differential freight cost from us.

In cases where our prices were FOB, there the entire freight cost is to their account. That has also started because they need material.

Of course, in March we suffered. We could have done around ₹50 crore more ₹50 crore to ₹60 crore more exports, which could not happen.

Fair point, sir. Sir, my second question is, historically we've done a very good job in meeting our guidance.

Our guidance has always been in the high teens to early '20s in terms of revenue growth. You just mentioned right now that 17% to 18% is the volume growth in FY27 that you are targeting from the Sanand facility.

If I was to just make the assumption of where copper is likely to be based on what the last year prices were, then we are talking about at least a 10% to 15% upside that will just come from copper. Is it fair to assume both added together that we could look at more like a 30% revenue growth this year, or am I reading too much into this?

No, no. I think if what you are saying, if that happens, this will happen.

It could happen.

Okay. This is clear, sir.

Thank you so much for taking my questions.

Yeah. Thank you so much, and congrats on great performance.

My question is if you can elaborate a bit on what has been the key drivers of your margin expansion in this quarter, especially when you face some bit of challenges on the freight side and the Middle Eastern supply side?

No. What he said is that freight side only related to the Middle East, and our Middle East sale is practically very, very less.

It is no impact on the overall profitability.

What I said is the freight impact coming on the supplies to Middle East, but that freight impact has come in April, not in March, because in March, the supply could not happen because of the restrictions on the shipping.

Okay. No adverse impact there.

Whatever 70 bps margin that you lost is more sort of—

I can say that whatever extra freight we are bearing in April, that will be compensated by higher exchange rates, which we will get from our export revenue in those orders itself, because those orders were priced at anywhere around ₹90 or ₹91. Even if we are bearing some extra freight, that will be compensated by the extra revenue from that exchange fluctuation.

Understood. Sir, 17%, 18% volume growth that you guided from the Sanand plant, that's effective from this FY27 itself?

Then

what sort of another growth should be expected for FY28 based on the second phase?

Similar growth will continue to happen because the capacity will keep on coming up, and plant will on getting stabilized with more and more supplies going from that plant. When we set up a new plant, it takes a little while to get that plant-specific approvals also from the customers.

Hence, the ramp-up is always gradual.

Okay. FY27 it is 17%, 18%.

'28 it could be a bit more gradual you that's—

It could be around 20%. Yeah.

Okay. Lastly, if you can also talk about how do you think about margins for the current year?

On a conservative side, we can expect around 11 anywhere between 10.5% to 11%.

Okay. That's all from me, sir.

Thank you so much, and all the best.

Just a quick clarification, sir. When you are talking, you said the wires growth will come from Chinchpada, and the cables growth will come from Sanand plant.

That 17%, 18% volume growth you said for the cables or the company as a whole? I presume company as a whole.

Yeah. Okay.

Company as a whole. Yeah.

Perfect. The other question I had is, in terms of exports, if you could elaborate a little bit as to where we are, what kind of products we are currently exporting, and what incremental new product categories can we look at?

If you could get a little bit more to us in terms of the export front, of growth as well as the categories and the key drivers or geographies? See,

we are exporting mainly LT, HT, and extra high voltage cables. Apart from that, we are also exporting control and instrumentation cables for oil and gas refineries.

This is our total product mix, and export basket is not different from domestic supplies. Export basket is in terms of products is similar to domestic.

Understood. Geographies, if you could give us a sense, FY26 export mix?

Our major export destinations are Middle East, Australia, Africa, and as well as the United States. We are also exporting to Europe as well.

Understood. Would it be possible to know what kind of solar cables mix we have, sir, for FY26 at our company level?

Solar cables, we are manufacturing power cables, and also now we are manufacturing solar wires by electron beam process. We have set up this electron beam facilities in our Sanand plant and which has started.

Got it. The contribution will be relatively small at this stage, right?

No, slowly, quarter-after-quarter, it will keep growing.

FY26 will be smaller, and FY27 will grow substantially.

Yeah.

Understood. Would this be a value-added product, sir, in terms of margins or similar margins?

No, no. It will be a similar margin.

When we talk of EBITDA margins, we talk of all products averaged together.

Got it. I'll fall back in the queue for further follow-ups.

Thank you so much.

Good afternoon, sir. Thank you so much for the opportunities.

Sir, my first question, we have planned around ₹2,000 crore kind of investment over next three to four years post Sanand. I think we also bought a Bhiwadi land around for ₹92 crore, and we also bought a 70-acre land in Baroda.

I'm trying to understand what is that use case of this land and what kind of products we are going to target for the investments? We are also planning any backward integration into compounds?

I think you are currently highly importing high voltage compounds.

At the moment, we are manufacturing PVC compounds and low-tension XLPE compounds ourselves, but importing or procuring domestically medium-voltage compounds, and extra high voltage are all being imported. Extra high voltage will continue to be imported.

However, we will be working on manufacturing medium-voltage compounds ourselves, but this project will take minimum two years because the civil construction to the factory setup takes time. Similarly, we are also considering manufacturing our own galvanized steel wire, cable armor wire, because we have a substantial consumption of close to 5,000 tons a month.

Which makes it economic sense to do that. Other products whatever products in electrical side in cable industry which we may be missing, we will continue to add those plus the newer capacities in our new facilities whatever will come up in the next two, three financial years.

Sir. Sir, my second question is we have active dealers of 2,125, but around 100 top dealers contribute 70% to 80% 70% to 80% of sales.

Basically, 5% of the dealers are bringing 70% to 80% of the sales, and dealer inventory is typically nearly 15 to 20 days. I'm trying to understand the remaining dealers are inactive or they are the low-productive dealers?

Yes, sir. What is our dealer churn rate annually, sir?

See,

it's not inactive dealer. The major part of 20% dealers which do 20% of the total sales, the 20%

those dealers are anywhere between 50 lakh to 1 crore. First, they are operating in the smaller towns doing small-town sales or retail sales, and they are mostly operating to 90-meter wire segment because there you require dealers at every nook and corner, you need a lot of numbers.

Then only the sale comes. Far the churning is concerned, I think every year, 10% to 12% is the churning of dealers.

Some dealers leave, and some new are added.

Got it, sir. Thank you so much for the detailed explanations.

All the best.

Thank you.

Hello, sir. Thank you for the opportunity.

I had a couple of questions. Firstly, could you tell us what is the increase in terms of price and what is the volume growth for this quarter?

On a year-on-year basis, where do you see things for the next year?

For the full-year basis, the copper price increased by 16.85%, and for aluminum was increased by 9.91% for the full-year basis. Overall for full year, we have grown for the copper production that was by 15%, but our aluminum consumption was flat.

Overall the net volume growth for the metals was 6.21%.

Got it, sir. What is the price increase we had to take this year, around 8%, 9%?

We are passing on, no? We are working on the passing-on mechanism.

Correct.

Basically, pass-on mechanism. Because we are a tender-driven business, whenever we are quoting, we are quoting on a prevailing market price on that date.

Accordingly, we are quoting the price. In all the institutional orders, it get passed on.

Sir. We had mentioned that 15% to 17% volume growth can happen in FY27.

This is only from the new plant or it's entire even the existing plants put together? What would be the guidance for overall?

Existing plants like Rajasthan plants, they are already working on the peak capacity, only the Chinchpada plant and the new plant of Sanand, they will add in the volume actually.

Yes, sir. In terms of growth, you still stick to 20% growth for '27 over '26, or is that

Normally, if the price remain If the price remain at this level and with the volume growth of 17%, 18%, this value will grow more. If the prices are going down, then still we will be maintaining a 20% because we are adding 17%, 18% volume.

Except the last year, except the last '25-26, if you go for the next previous five, six, seven years, our volume growth was close to 14% to 16% year after year. I can add here that if the prices remains bullish of the metals, then definitely the revenue growth will be much more.

Got it, sir. No, sir.

Just only doubt or concern is that the volume growth is a bit lower given that we had very strong base for the last two, three years, and we are also bringing new capacities. Will we see any challenges in terms of volume growth?

That is what the concern is, sir.

No, volume was based on the capacity addition. Whatever in the phased manner we are adding the capacity, volume growth will be in this range only, which will be resulting more than 20% value terms growth.

Got it, sir. Thank you so much, sir.

All the best.

Thank you.

Hi. Thank you for opportunity, and many congratulations for a good set of numbers.

First question related to the acceptance from the last Q3 and now the Q4. The acceptance number has been on the higher side.

How we will read this the way forward? Even the trade payable numbers, I can see that's increased for a year YoY if I look at.

How to read this numbers way forward, where you want to see this number?

This number will remain in this category only because now the prices of the metal has already increased. The volume of the company is also increasing after the production, this number will remain in this range only.

It's a factor of a pricing, and that's where you are saying that's number to be here.

The new Sanand plant also, no? Because their inventory has increased.

Right, sir. Okay.

The second question is related to the housing wire and winding wire. We had observed in the last three years continuously increase in the contribution.

Now it's for FY26 33% of contribution. Further you are guiding for Chinchwad there is a wire production which will further add to the volume.

Where you want to see this contribution to go from here, 33%?

I think dealer-distribution contribution is already 54%, and whatever cable capacity is increasing in Sanand, we hope that a 53% to 55% contribution from the dealer-distributor will remain.

Okay. As far our this contribution also to go housing wire and winding wire?

Yeah.

Basically, the housing wire goes to the dealer only. The housing wire sale is increasing, but that cable sale is also increasing, no, because of the Sanand plant.

Okay. Okay.

Okay. We will maintain this number at this level.

Yes.

Another question is related to the order book. If you can give the bifurcation of the order book EPC and extra high voltage, domestic cable?

Sir,

we have the as on 31st March, 2026, order book of EPC division is ₹309 crore. Extra high voltage power cable order book is ₹625 crore, and we have also L1 in extra high voltage power cable order book of ₹233 crore another order.

Cable domestic institution order book around ₹2,154 crore, and cable export order is ₹497 crore. Put together all, order book is close to ₹3,585 crore.

Whatever order book from the dealer-distributor, that is not reflecting here because they are the orders which we supply within three to four days time or maybe at that one-week time. That's it.

Right, sir. One clarification volume growth for a quarter is 12.5%?

No, no. Volume growth for the quarter was close to 2%, and the full-year basis, the net volume growth is I said 6.2%.

Okay. Okay.

Thank you, sir, and all the best.

Hello, sir. Congratulations on your results.

My question was regarding the EPC. EPC contributes around 2.6% as we saw in FY26 revenue.

Does the company plan to scale this up or keep it as a supporting business? What's your view on that?

Since last three, four years before, we have guided that EPC business will go down towards the 2%, 3% only. As per the guidance, because there the working capital is very long in EPC.

Because of that, we are increasing the retail where the working capital is very low. That's how it is our planning.

It is mostly a supporting business to support our extra high voltage cable projects where cable value is more than 80%.

Sir. I had one more question regarding the QIP proceeds.

I feel that around ₹400 crore to ₹500 crore remain unutilized, any specific deployment plan or timeline for this capital?

The second phase of the extra high voltage power cable in Sanand will complete by Q4 of the current financial year. The whole ₹385 crore unutilized QIP money will be utilized in the current financial year.

Sir. Thank you, sir, so much.

Yeah. Thanks, sir.

Sir, two questions from my side. What is the capex planned now for FY27, and will it include capex incrementally in Bhiwadi also?

Secondly—

Please. Please, please.

Secondly, just wanted to understand on the EHV side. This year we have seen a substantial growth on the EHV revenues, almost close to 66% growth.

Given our new capacities for EHV only will be coming towards the end of this year, how should we look at the growth on the EHV side? Thanks.

This year, in EHV segment, we expect a growth of around 20%, a little bit from our existing factory because we are already operating at almost full capacity, and some portion of growth will come from Sanand.

With regards to the capex investment, every year we will be doing around ₹600 crore to ₹700 crore capital expenditure for next two to three years continuous.

Got it, sir. Thanks.

Thanks a lot.

Hi. Thanks for the call.

Just a follow-up question on the quarterly volume growth, if I may. Is it fair to say that you were still capacity constrained or how do you explain the discrepancy or the difference to some of your peers' volume growth, and what was Sanand's contribution in the fourth quarter in terms of volume growth?

In Sanand fourth quarter, sale was very less. It was less than ₹100 crore because the ramp-up takes time.

Now from the first quarter onward for the current financial year, the sale from Sanand will be visible that extent. As Anil has just spoken about the current year growth will be coming from the Sanand.

The first part of the question, with the volume growth in the fourth quarter,

was that still capacity constrained or how should we—

It was mainly because of the capacity constraint, actually.

Got it. Okay.

Thank you very much. Thanks.

Hi, sir. Very good afternoon.

Good afternoon.

Sir, two questions. Firstly, I see reduction on the receivable balance on the receivable side on the balance sheet.

Overall, we see some changes to inventory and creditors. I believe that is because of some transit export delays, which will normalize in first quarter.

Overall, on a sustainable basis, the company should be between 85 to 90 days of net working capital cycle over the next two, three years? Is that understanding correct?

Yeah. Net working capital cycle is because of receivable to the B2C business is already reducing year after year, because of that, the working capital cycle is decreasing, actually.

That is purely because of channel financing?

That is mainly purely because of channel financing.

Okay. Incrementally, this 57 days of sales of receivable days, that should remain flattish or it should further decline?

As of now, it has reduced from 2.2 months to 1.88 months. It may reduce to 1.75 months.

Got it.

Almost now the overall inventory plus debtor minus creditor is close to 2.97 months as against last year it was 3.39 months.

Right. I get that.

Secondly, Rajeevji, if you talk about capex of ₹800, ₹900 crore a year, your operating cash flow is going to be similar every year based on the growth guidance you are giving. The cash lying in the balance sheet, right, almost ₹1,300 crore net cash, how do we reinvest this in the business then?

Because the entire capex you're going to get funded from your accruals itself. What is the thought there?

Sir, we will be doing all future capex from the internal accrual only because whatever capex we are accruing year after year, we will be allocating close to 60%, 70% for the capital expenditure for the incremental capacity addition to grow at a CAGR of 20%. Because of we are growing more than 20%, we need to add some additional working capital, balance 30% of accrual will be kept for the incremental working capital requirements.

That is our overall plan to use our cash flow for the next three to four years

time. Sir, I was actually talking about the cash remaining in the balance sheet even after using working capital.

Even at 90 days of sales, you need ₹500, ₹600 crore of working capital, and when you need—

See, normally, the size of the company, ₹500 crore to ₹600 crore cash will always be carried. Only the additional ₹200, ₹300 crore cash, it may go up, it may go down depending on the receivable and the inventory cycle.

Because it cannot be remain same on month-to-month basis. On an average, it is there.

On month-to-month basis, it may increase or decrease. If suppose sudden jump in the raw material price, then for that particular month, it will increase substantially, cash will not be there at that time.

Because of that, we need to have the cash at ₹500 crore to ₹600 crore level at any given point of time in the balance sheet.

Got it, sir.

Because we are running a debt-free company. With this guidance, we will be continuing running as a debt-free company for next four to five years with a top-line growth of 20% CAGR depending on the capacity we are going to add.

Got it, sir. Got it.

This just to double-click on this fourth quarter volume growth, you said 2%. How do you read this in terms of your own expectations in the quarter?

I understand there have been a lot of fluctuations on a QoQ basis, month-on-month basis. Environment is not normal.

What was your expectation? How was the performance?

There are two aspects to this. First is the capital allocation.

If we are allocating the capital of 60%, 70% towards the capex and 30% for incremental working capital requirement considering we will be growing a CAGR of 20% plus, okay? If the value is increasing and the volume is also increasing, then we may be requiring more additional working capital also, no?

By saying 30%, 40% is very easy, but to arrange the capital for that also, we need some allocation. If we have already allocated to the capital expenditure, then we need to have the borrow.

As of now, we are not borrowing. Whatever capacity we are creating, we are creating a capacity with a volume growth of 17%, 18% because last year in Sanand, the six months was delayed.

Because of that, that volume could not be added into the sales. Because of that, the volume growth was not there.

Because otherwise our all the Rajasthan plants, even in '24-25, they were running at a peak capacity. Whatever capacity increased in the Chinchpada plant in the second half of the '24-25, that has contributed only towards the volume growth.

Because of that, the last year, the copper metal consumption has grown by 15%, but aluminum metal consumption was flat because the Sanand was not operative at that time. Now the Sanand is operative, and the Chinchpada is having the capacity for the wires.

Then we will be operating again back to the 17%, 18% volume growth.

Very clear, sir. Very clear.

Thank you so much, and wish you all the best.

Thank you, Rahul. Thanks.

Hi. Thanks for the opportunity.

Sir, just wanted to clarify something. Earlier we had given a number of around ₹2,700 crore from Sanand plant in FY27.

Are you still sticks to that? If yes, then

the

18% volumes would actually be slightly higher if actually we will do ₹2,700 crore is the question. The second clarification—

Volume will come not only from Sanand, but from Chinchpada also, no, for the wires. That is mainly for copper.

Understood. Just to reconfirm something you said to Pulkit earlier, 17%, 18% volume, plus if prices sustain as they are, then on an annual basis, we are looking at 25% plus top-line growth.

That's correct, right?

As of now, if the prices may increase, the value will automatically be higher. We can't say the price will increase or decrease at this moment of time.

Sure, sir. Because

there may be the chance the price will increase also, no, further?

Sure, sir. Thank you so much.

These are all my questions. Thanks.

Hi, sir. Thank you for the opportunity, sir.

Earlier you commented export revenues share guidance of around 20% of revenue for FY27. If we assume even a 20% company-level revenue, this implies export revenue growing more than 50%.

A large part of 16% to 18% volume growth is supported by exports. Is there any identified geography which is contributing big to this, any particular product which will drive sharp increase in exports?

The products and geographies will remain same where we are exporting. Volume will come from the same geographies and similar type of project.

Okay. This is more of a broad-based rising acceptability of Indian product in the export market, we can say.

Yes.

On the volume growth front, volume growth is accelerating from 6.5% in FY26 to 16% to 18% in '27. How would this impact operating leverage, and do you expect any pre-operative expenses for Phase 2 of Sanand EHV plant?

Sir, already we have guided that from '27-28, when the Sanand will be at full capacity, so that will be the first year in '27-28, another 0.5% EBITDA margin will get improved because of economy of scale. In the current financial year, already operating margin has improved from 10.18% to 10.46%, and another 20, 25 bps point, it will further increase year after year because of the economy of scale and having more export and more B2C business.

Got it. Got it, sir.

This is very helpful. Thank you.

Hi, good afternoon, sir. Congratulations to the entire team of KEI Industries for delivering good set of numbers.

Actually, just wanted to reiterate the breakup of the current order book that you had mentioned actually. I had missed it.

If you could just give us the breakup of the current order book, sir, that would be great. Thank you.

Yeah. Sir, EPC order book is ₹309 crore.

Extra high voltage power cable order book is ₹625 crore. Domestic cable order book is ₹2,154 crore, and export cable order is ₹497 crore.

Put together all is ₹3,585 crore as of 31st March, 2026. L1 in EHV another order is ₹233 crore.

Sir. Thank you so much, sir.

Thank you.

Hello, sir. Congratulations to the entire team.

I want to understand about export business, particularly in US. Since you said you are looking good traction can be come from US, what kind of orders, product, or business that you are expecting from US business?

I want to know about particularly from the data centers area. Thank you.

See,

data centers, I think we expect to supply them mainly HT cables and also some copper flexible, but presently our market what we have built for data center is only for the medium voltage HT cables to US. We are working out that what other cables can be sold in the data centers because when we sell to data center, we have to face competition from their American domestic industry as well.

Because of the tariff of US market last year, the progress in market development was stalled, which has restarted now. We'll be able to let you know about it in our next call.

Right, right. I want to know about what kind of order book is currently from US side, and approximately what kind of margin that we are taking from US business?

Basically, in US market, close to ₹50, ₹60 crore order book as of 31st March, 2026 was there. As Anuj is saying that now this market has opened after the tariff has reduced, now our marketing team is traveling over there, and they are recapturing our existing customers and adding new customers.

In future, this will be adding up. Up till August last year, we have reached close to ₹40 crore per month sale.

Within three months' time, we will try to reach first at that level, then it will be further adding to our business.

Right, right. This is our value-added product area?

Every product is a value-added product.

I want to know about the EBITDA margin of US market.

Sir, average EBITDA margin is close to 11% for all exports.

Okay. Okay.

Sir. Thank you, and all the best to the team.

Thank you.

Yeah. Hi, sir.

Congratulations for good set of numbers. Just wanted to be having a two to three questions.

The Sanand facility second phase was, I believe, earlier operational in around August or September month. Has that got delayed to quarter four?

Am I reading it right?

Already the whole Sanand plant get delayed by six months, the Phase 1 was also got delayed by six months, the Phase 2 also will get delayed by six months because the construction will be in progress. By March 2027, the extra high voltage power cable production will be there.

Okay. I believe first phase will be fully operational for financial year '27 will be giving you a growth of volume growth of around 17% to 18%.

The second phase, which will be operational by around quarter four, would open up what sort of volume growth for financial year '28?

It will be another 17%, 18% volume growth will be there.

Okay. Another 17%, 18%.

Sure. With respect to the price hikes, have we taken all the price hikes in relation to what was the raw material increase maybe till March 31st or maybe till here?

Are we taking another price hike going forward?

Sir, that is our business model. Whenever price increase, we are increasing the price of the cable.

Whenever decrease, we are decreasing the price of the cable. There is no issue for the pass-on since last four, five years, if you see our balance sheet.

You will not find the fluctuation in our EBITDA margin.

Okay. Sure.

If you can just let me know what was the price hike we took in financial year '26?

Sir, in every order, we price hike, no? It's a order-to-order basis because we are quoting in a day at least 10 to 15 tenders, these kind of price are getting passed on on every day basis, not on month-to-month basis.

Only in the case of retail, the price is revised twice a month. In the institutional sales where order-to-make sale is there, every day we are quoting and every day we are quoting on a prevailing market price.

Sure. Okay.

Got it, sir. That should be from my end.

Thank you.

Hi. Thanks for the opportunity, and congrats on a great set.

Most of my questions have been answered. I just had one question.

In this institutional business and the distribution business, can you tell me the cables versus wires share in both of these segments?

See, major share in the institutional is for the cable only. For the dealer-distribution business, there is almost 55% business belongs to wire and close to 45% to 50% business belongs to the cable.

Okay. Wires was stronger this quarter, right?

No, no. Through dealer network, we sell cables as well.

That's why I said almost 45% to 50% we are selling to cable and 50% to 55% through dealer-distributor we are selling our wire product.

Got it. Okay.

Thank you.

Hello, sir. Congratulations for the good set of numbers.

I just want to clarify the one doubt, sir. For entire year, total institutional sales, including the exports, increased by around 19%.

The share of the total revenues is somewhat decreased. Could you explain the EHV segment strategy?

This quarter, domestic sales increased from 115 Cr to 188 Cr. Is this where you anticipate the main future institutional growth?

Sir, the institutional sales belongs to the domestic market as well as to export market. With the constraint in the capacity, if the export is increasing, then the domestic sale to institution will go down.

Only that was the reason. Otherwise, the market size in the domestic front is also very strong, and in export market is also we are improving year after year.

In extra high voltage power cable, because in '24-25, the sale was less, because of that, in '25-26, it is showing increasing, actually.

Okay. Okay.

Got it. Got it, sir.

Rest of the questions are already answered, sir. Thank you so much for the opportunity, and all the best for future.

Thank you, sir. Thank you.

Yeah. Hi.

Thank you for the opportunity, and congratulations for the good set of numbers. Sir, just one question.

Could you give us split in volume growth for annual and for 4Q for cables versus wires, the 2% and 6% split?

Sir, volume is not available for separate because in our factories of Silvassa and Chinchpada, within the same factory, we are making the wire as well as cable.

Okay. Would it be directionally right to say that cables volume would have outperformed wires or—

No, sir. Volume is depend on the capacity, actually.

We were not having the capacity for cable, actually.

Okay. Okay.

This 2% was mainly led by wires, you're saying, cable— The

market is so strong, demand is so strong in our Indian market and in overseas market, whatever capacity we are having, we are able to sell easily. Because our Sanand plant get delayed by six months, because of that, the sales plan from the Sanand was not happened in '25-26.

Because of this, we have grown in terms of value because the prices has increased. In terms of volume, we could have grown only from our Silvassa Chinchpada plant, actually.

Okay. Okay.

Got it. Got it.

Got it, sir. Thank you.

Thank you so much.

Thank you very much for joining this conference call. I hope that we have been able to answer most of your questions.

Still you have any queries, please you can refer it back to us. Thank you.