Thank you, Ankit. Good evening to everyone.

On behalf of Monarch Networth Capital, we welcome you all to the 4Q FY26 earnings conference call of Ratnamani Metals and Tubes. We are delighted to host the management of Ratnamani, and from their side, we have Mr.

Manoj Sanghvi, the Chief Executive Officer, and Mr. Vimal Katta, the Chief Financial Officer.

Without taking much time, I'll hand over the call to Mr. Manoj Sanghvi for opening remarks.

Thank you, and over to you, sir.

Thank you, Sahil. Good evening, everyone.

I warmly welcome you all and thank you for joining us for our performance update for the quarter ended on 31st March 2026. The company operated in a challenging business environment during the quarter, with continued muted demand conditions and adverse geopolitical developments in the Middle East, impacting order booking, project execution, and overall market sentiments.

Despite these headwinds, the company demonstrated strong operational resilience and successfully navigated the evolving situation. On standalone basis, our sales for Q4 stood at ₹893 crores as against the base of ₹1,575 crores in Q4 of the previous year, which was also the highest ever quarterly sales in the company's history.

For the full year as well, standalone performance remained impacted by subdued demand conditions, impacting order inflows and resultant lower capacity utilization. The stainless steel division performed broadly in line with the previous year, while the decline in overall sales was primarily driven by lower volumes in carbon steel division.

Despite lower volumes, our continued focus on operational efficiency, cost optimization, and improved product mix with higher value-added products ensured that there was no negative impact on the EBITDA margins in percentage terms, both for the quarter and for the year. We also continued to focus on expanding our market through new geographical areas and product applications.

During the year, company further strengthened its portfolio and manufacturing capabilities with 18-meter spiral welded pipes and expansion of API 5CT product range. I am also happy to share that company continues to remain debt-free on a standalone basis.

The order book has continued to be around ₹2,000 crores during the previous year, and as on 1st May 2026 was around ₹2,160 crores, while export contributing around ₹700 crores, providing good revenue visibility for the coming periods. Now moving on to our subsidiaries.

Ravi Technoforge continued its strong presence and achieved a revenue of ₹105 crores during the quarter, representing a growth of 28% over corresponding quarter of last year. For the full year, revenue grew by 33% to ₹377 crores.

Growth was driven by both exports and domestic markets, while EBITDA margins improved from 10% to 12% due to operational efficiencies. Our expansion projects at Ravi Technoforge are progressing well and will further enhance capacity, automation, and precision capabilities.

These upgrades will also help us step into new customer segments. Our subsidiary Ratnamani Sino Spooling Solutions also continued its strong momentum.

The company achieved a revenue of ₹72 crores during the quarter, registering around 60% over the corresponding growth 60% over the corresponding quarter of last year. FY26 was the first full year of operations for RFSS, during which it achieved a revenue of ₹390 crores.

RFSS continues to witness healthy order inflows and improving execution efficiencies. The new manufacturing facility being set up by the company is progressing well and is expected to start contributing revenues from the second half of the current financial year.

On consolidated basis, our Q4 sales stood at ₹1,085 crores as against ₹1,715 crores in the corresponding quarter of the previous year. For the full year, consolidated sales stood at ₹4,494 crores compared to ₹5,186 crores in FY25.

At the consolidated level, the strong performance of Ravi Technoforge and RFSS significantly supported overall group profitability, with the bearing rings and pipe spooling business emerging as key growth drivers. Despite lower revenues, the group maintained profitability margins and absolute EBITDA and net profit broadly in line with the previous year.

Based on the current year's performance, the future outlook, and the present challenging times, conservation of resources till things settle down, the board has decided to recommend a lower dividend of ₹10 per share, which will still be 500% on the face value. Although order booking remained moderate during the quarter due to delayed project cycles arising from current global situation, inquiry levels have started showing signs of improvement across key markets.

With expected improved demand visibility going forward, strong subsidiary momentum, contribution from ongoing expansion projects, and a positive long-term industry outlook, we remain confident of strengthening our market position and delivering sustainable growth in the years ahead. Thank you once again for your continued trust and confidence in the company.

I'm happy to answer questions now. Thanks.

Hi, sir. Thank you for this opportunity.

Just wanted to ask you, with this Middle East--

Can you hear me? Hello?

Hello? Hello?

Hello?

Yeah. Hello.

Thanks for the opportunity. Sir, can you hear?

Hello?

There is excess capacity available in domestic stainless steel pipe industry while demand also remains weak, which is getting reflected in the order backlog numbers. Historically, this segment has not witnessed meaningful pricing pressure, but the dynamics now, it is completely different.

Almost every carbon steel company has entered into stainless steel space. Do you believe that there is a structural change underway in the profitability per metrics in stainless steel?

Also, this is also very capital-intensive business with historically, if you see, it is a very good margins also. If margins begin to decline structurally, where do you see the best deployment opportunity for Ratnamani incremental?

For example, if we generate ₹100 incremental cash flow, how much will deploy it in LSAW, HSAW, bearing, and pipe spooling business? Because if you see in the current capex cycle, we are spending only 50 crores, yeah, pertaining to stainless steel out of 770 crores, the capacity that we are creating in India.

Could you please talk about the stainless steel division?

Just to give you the correct perspective, the stainless steel volumes in the last fiscal year actually went up, not down, but the prices were down, we were more or less flattish on the revenue.

Okay.

Yeah. Yes, a lot of carbon steel players plus other players, the competition intensity in stainless steel or carbon steel is increasing.

However, most of the capacity is for the pierced seamless products, which market as it is Ratnamani is not catering to. Still our focus remains on high value-added extruded products, where only one new player is supposed to come.

I don't know by when, but it will take some time before the new capacities in the extruded segment comes.

Okay.

Yeah.

In the near future, is there any capex plan in stainless steel division, or our focus

will be

fully-- Yes,

debottlenecking capex is going on. We are already doing instrumentation tubes in straight lengths.

Now we are executing a few orders in the coil form, and we will continue to increase the capacity over there. We are planning for a new tube mill on the welded side.

Since all the capex put together is not significant, it is part of our routine capex, it is not highlighted separately. Sir.

Sir, on the line pipe side, that opportunity appears very promising in both domestic as well as exports market. There are multiple pipeline projects being discussed in Saudi, including the sea pipeline opportunity from Middle East to India.

In addition, that could be a sizable opportunity in stainless steel in the Middle East if reconstruction activity gathers space. Adnoc is also talking about that doubling the exports.

How do you see the business opportunity evolving for us both in stainless steel, carbon steel division for us over the next 1-2 years? Now,

with the current situation internationally, definitely, once this is over, we don't know today by when it will be over or by when things will be normal, but yes, definitely not only in Middle East, but domestic as well as other parts of the world, we will see a push in carbon steel pipes as well as stainless steel tubes and pipes, because refineries, petrochemical plants, whatever is damaged, plus the new expansion, once the oil is transported from say the point of originating to wherever it goes, the refining capex, petrochemical plants, also we will see capex, and we feel that yes, in 2 months, 3 months from now, we'll see if things normalize, we'll see the demand. Of course, many projects are announced, but detailed working of that will be done.

In another 3 months, 6 months, we will see those kind of demand for both stainless steel and carbon steel pipes coming in.

Yeah. Sir.

Thank you, sir. All the best.

Thank you.

Hi, sir. I have actually a question for each of the business verticals.

Starting with the spool pipe business, is the understanding correct that the spool pipe assembly that we give is more of a one-time in a nuclear plant? If yes, then the question is that how are we seeing the order book build-out?

Where are the orders coming from? What is giving us confidence to expand our capacity, given that even if someone says, "I want to do a nuclear plant today," the requirement of the pipe might come, it's a 2 or 3 years down the line when the actual fitment of the nut and bolt is expected to happen?

Yes, thank you. Your first question was whether it is a one-time requirement.

No, it is not a one-time requirement now, and with the current situation globally and amount of data centers being announced not only in India, but elsewhere, the demand for power will go up. Only thermal or only renewable will not be able to suffice the future power requirement.

Saying that, we feel that not only in India, and with the vision of our honorable Prime Minister by 2047, where he wants to have say 100 GW of nuclear plant. Not only in India, but internationally also, a lot of nuclear power projects have been So us being at the moment the only nuclear approved facility from India for Nuclear Power Corporation of India Limited, plus internationally also now we've been approved to supply for projects in Egypt, Turkey, Hungary.

We see that there is good potential for RFSS to grow from here.

Got it. When you say it is not a one-time product, then let's say at what frequency is the product replaced?

Like the life of the spool pipe is, let's say--

Any nuclear power plant, greenfield, new project, say for 1 GW, 4,000 to 5,000 tons of pipe spools are required. Now currently, considering what the number of plants India is planning plus the other geographies what they are planning, this plant will be booked itself for the new nuclear power plants.

Got it. Understood.

Understood. On RTL, the question was that what is the percentage of either exports or deemed exports?

Does the tariff equalization now in the US brings any tailwind or any contracts which were delayed because of tariffs coming back on the discussion table? How should we see the business ramp-up happening?

We have the data for physical exports, which is between 35% to 40% for Ravi Technoforge. Deemed export, we don't have the exact data, but 50% of what we supply to the domestic manufacturers, SKF, Schaeffler, or the other bearing manufacturers, I think 40% to 50% of that is exported by them.

Got it. About 60%, 60% to 65% at least is getting exported?

The US tariff and which geographies are they getting exported to?

Europe, US, also rest of the world.

Is there a broad mix that you can give on--

No, see, we would not have that data in detail, but our customers would definitely have, yeah.

Understood. Coming to the Middle East plant that we were planning to set up, I see the date is still March of 2027.

If you can give updates on two aspects. Does the current war has led to any delays or, let's say, reevaluation of timelines?

Where are we currently after the initial certificate that we got to or the approvals that we got that, okay, we can start doing the capex activities in Middle East?

Yes. Considering that things will normalize say in another month or so, we still are confident that we'll be able to finish the project, especially the trials, within March 2027.

The current status, if I say the design and engineering is complete, it has been submitted to authorities for approval. Once it is approved, the contractor will be finalized for construction, and simultaneously we'll be ordering all the machinery.

By-- Sorry, continue.

Yes. We are also waiting at the moment for things to normalize so we can award the contracts for construction.

As of now, we still remain confident that the project can be finished within March 2027. If there is any spillage, it can be of 3 months.

Got it. Coming to the standalone entity, which is the fourth business vertical, the order book today if you can split it between CS and SS.

Second question is given that, let's say, given the government financials are under strain, I'm guessing the Jal Jeevan Nigam is under stress, and similarly the oil and gas is also under strain. What is the traction we are getting in CGD?

Because at least the article says that CGD is seeing a lot of traction. You mentioned that inquiries are coming, where are these inquiries coming from?

Any particular segment where we are seeing a lot of inquiries coming in?

On order book, Manoj, if

you permit,

I'll just share. As on 1st May, it was ₹2,162 crores, out of which ₹531 crores was stainless steel, and ₹1,631 crores was carbon steel.

Out of this ₹2,162 crores, ₹697 was the export component. Okay?

Got it. Understood.

On the inquiry part, where are the inquiries coming from, and are we seeing any tailwind because of CGD?

Domestic, there are a few inquiries from gas transmission companies. Then there are a few inquiries on stainless steel from the refinery segment and the petrochemical segment, some portion in the renewable energy segment.

Also, if we see the thermal power segment, where our stainless steel products go for high-pressure heater tubes and low-pressure heater tubes plus the condenser tubes, we are seeing strong demand from there also. Oil and gas, still yes, Middle East, we are hearing there are a few projects.

However, they are going slow because still the shipping system or the shipping lines are not willing to, or even if they're willing to, the cost is too high. Once that normalizes, the real picture of demand from Middle East, we'll know.

Understood. Understood.

Thanks for answers. I'll join back the queue so that others can ask.

Thank you.

Hello, am I audible?

Yes,

you are.

Hello? Okay.

Sir, my first question is, with 80 GW of thermal and renewable power capacity expected to be added over the next 4 to 5 years, could you help us to size the stainless steel opportunity both in volume and value terms? Specifically, what is approximate tonnage of stainless steel tubes required per gigawatt of addition capacity, and what share of this opportunity is Ratnamani positioned to address?

Can you repeat the first part, because your voice was not very clear?

Sure, sir. With 80 GW of thermal and renewable power capacity expected to be added over the next 4 to 5 years, could you help us to size the stainless steel tube opportunity, both in volume and value terms?

I don't have the exact number at the moment, but for power plant, as I mentioned just before this question, that we are major suppliers for the heat exchangers, high pressure, low pressure, as well as the condenser tubes. All put together, the volumes for the power segment is substantial, which before say 2025 or 2024, the power demand was quite less.

Our supplies to the power sector had gone down. However, for the next 5 years, we feel and we see that the demand is going to remain quite strong in this segment.

Sir. Sir, my another question is regarding Middle East and O&G demand.

Sir, given the significant infrastructure disruption that had happened in the Middle East due to the ongoing conflicts, are you seeing any incremental inquiry or order inflow in the oil and gas segment, either from reconstruction activity or from the accelerated pipeline build-out?

Not yet. We have been hearing various projects.

However, the actual demand or the actual inquiry is not yet seen. Two major factors: one, the shipping, because whatever orders we have, we are unable to ship still,

because

only few ports we can ship to, and they are able to handle limited cargo. Plus the other ports where we want to send the material, however, the vessel is either charging say obnoxious amount, which the customer is not willing to accept.

Until and unless things settle, of course, on paper we see a lot of demand, but the actual demand on ground we will only know once things settle down.

Sir. Sure.

Thank you from my side.

Thank you.

Am I audible?

Yes, you are.

Thank you so much for opportunity. To start with about two questions which I have, can you give me a breakup volume for the CS and SS pipe for the forward guidance and where realization per ton?

What would be any other plans for the capacity expansions and a new products mix which is going to be there for the further year? This is my first question.

Exact volume breakup for the revenue guidance or you can say for the volume and sales for CS and SS. Yeah.

See,

carbon steel, the volumes have gone down, considering that we were shifting some capacity the whole year, out of the whole year, 9, 10 months, there was a shift of capacity from one location to another location. During the year, if you see, we started production at Orissa, so that capacity is back up and running.

Another modification what we did in Kutch, where we used to manufacture pipes in the length of 12 meters, now that plant is capable to manufacture pipes up to 18 meters. We are back to our capacities what it was before last financial year.

For stainless steel, there has been volume growth, as indicated earlier. However, in the price terms, we are more or less, say, 5% to 10% higher than the previous year.

Okay. Realization for the FY27 would be we can expect 5%, right?

Our budget for the year say is close to anywhere on standalone basis, anywhere between ₹4,800 to ₹5,000 crores.

Okay. Yeah.

Thank you, sir. With my second question about, as we have seen in the balance sheet, we have maintained with the low debt and again the net cash, I just would like to get the breakup of net cash position, and as given with the capex cycle, what would be the further forward guidance for the, you can say, further debt level position for the next 2 years?

We are working on two, three projects. Once those materialize, we will be able to give you the guidance on the cash flows or the cash that the company has.

At the moment, what is the amount available, Katta, if you can please reply to that?

As on date also, we'll be having close to ₹800 crores available as free cash with the company. Whatever little debt is getting reflected in the balance sheet, that is basically in case of any requirement, we have FD OD facilities, minor utilizations might be there.

Otherwise, company is 100% debt-free as far as regular bank limits are concerned.

Okay. Thank you so much, sir.

Thanks.

Thank you.

All the best.

Hello.

Please go ahead, Saurabh.

Yeah. Sir, thanks a lot, sir, for giving this opportunity, sir.

Sir, just two, three questions. One is, sir, given this year we had some spillover, some delay in dispatch of the products which were already ready because of the export orders, because of the Middle East issues, and the order book which you have, if this is spillovers and over time during the year if this normalizes, will this ₹4,800 to ₹5,000 crores of target which you have, is including this or is this for the current year's target, and this can have a higher number?

No, it is the ₹4,800 crores what we say is considering that things will normalize soon.

Last year's dispatches also will happen?

Last year, say we were sitting on about ₹100 to ₹150 crores worth of material which was about to be shipped, which could not be shipped because of this conflict.

Correct. Sir, secondly, this year last two quarters, we are having close to 40% kind of decline in our volumes, despite a growth in stainless steel.

Assuming this thing normalizes and we get some growth back in this carbon steel, how does this impact margins? Because I believe stainless steel has much higher margins, will your margins get impacted negatively?

No, the moment things normalize, we will see a lot of projects, right? We will get our share of margin of carbon steel product.

Okay. The current margins of carbon steel are depressed?

Or last year's carbon steel margins were slightly depressed compared to historical past?

Yes, I would say not depressed, but the mix changed, right, because a lot of it was water projects, not oil and gas.

Now

going forward, the demand for oil and gas and the Jal Jeevan Mission, both will be there. If we manage the product mix well, definitely we'll be able to sustain the margins.

We should be able to deliver 17, 16% to 18% margins? This is fair understanding?

Basically higher utilization of capacities will result into better absorption of fixed costs. That negative impact of higher contribution coming from line pipes, carbon steel line pipes, will not be that significant.

1% here and there might be there. In the longer run, this 16% to 18% seems to be sustainable range.

Understood, sir. Sir, just lastly, was there any forex impact, positive or negative, this year compared to last year in this quarter specifically?

Forex basically, because exports have been significant, we have been positive on the receivable side, positive impact has been there. That figure for the entire year will be closer to 45 CR.

Okay.

Yeah.

Sir. Thanks a lot, sir, and all the best.

Good afternoon, sir. Just wanted to understand, you've alluded to the fact that demand for stainless steel tubes from the power sector remains to be very buoyant.

Sir, but this is also a space where piercing technology is gaining wide acceptance. Do you see a situation where your margins in power will be lower than your margin that you've earned in the past because of acceptance of piercing?

Do you see that as a threat to you?

See, yes. I think it is echoing.

Hello?

Yes, sir. Please go ahead.

Yeah.

Yes, see substantial capacities have been added in stainless steel seamless segment. Products are being accepted if you say that.

I would say yes, they are being accepted. At the same time, we see failures also happening.

Recent fire or heat exchanger failure at one of the refineries in Rajasthan was a major failure, and the tubes is to be replaced in a month. Piercing technology, yes, it is accepted.

Short-term, maybe yes, margins, there will be a pressure. However, we continue to enter new segments like defense, which is increasing for us, aerospace, which is increasing for us.

We will move up the ladder. That market in India is growing, it's an opportunity for us.

Yes, power, we might have a little compromise on the margins, but I think that phenomenon may be temporary.

There might be eventually reluctance to accept piercing going forward, let's say 2, 3 years down the line in heat exchanger tubes in power and refineries? Could there be a rollback into that side, from piercing again back to--

Many end users have limited the tubes to be manufactured by extruded mother hollows. Hello?

We see the increase in number of such end users. That's all I could say.

Okay. There's been an increase in the number of end users who've restricted their demand to only extrusion, that's what you're saying, for tubes?

For tubes, yes.

Okay. That would be very helpful.

Sir, just one more question on the export business, especially on stainless steel, sir. Europe is coming with this Carbon Border Adjustment Mechanism later this year, and there is also some chatter about reducing the quota of Indian stainless steel exports to the continent.

Do you think it's going to be a big game changer either positively or negatively for your export business, especially in stainless steel?

Short-term, I don't see any major impact on us. See, finally there has to be local manufacturing, or this is to support the local manufacturing.

Now the local manufacturing will also adjust the price accordingly. If the demand is more than the supply, the price adjustment will happen itself.

Short-term, not a major impact, but yes, long-term if it continues, we will see local manufacturers expanding their capacities. Yes, that is where the impact can come.

Understood, sir. That would be a 5, 6, 7-year phenomenon, but it's not more of a 2, 3-year thing.

Yes.

Sure. Understood, sir.

Thank you so much. I'll get back in the

queue. Thank you.

Thank you for the opportunity. Am I audible?

Yes, you are.

Hi, sir. Sir, my first question is on pipe spools business.

If I look at this quarter, we are seeing a decline of 63% Q-o-Q because the order book execution is a bit lumpy, but despite this 63% sales decline on a Q-o-Q basis, your margins has actually gone up by 3% to 4%, right? What explains this?

Is it some inventory gain that we see in this pipe spooling business, where our lower-cost inventory went into production, hence we see an improvement in margin despite 50%, 60% sales decline?

See, pipe spool business

was-- See, basically in Ratnamani, we don't have any pipe spool business, first thing. Second thing, all our orders are on fixed-price basis, and inventory adjustment does not happen because of that, because inventories are masked against those orders.

Only excess inventory is revalued at cost or market price, whichever is lower. That portion--

His question is about pipe spool business, so--

Okay. In pipe spool business, volumes didn't go down, no?

The pipe spool business volume did not go down. Where did this--

You are saying volume did not go down, but the realization went up exponentially higher?

Yes, see operational efficiency coming in as the volume goes up. See, today we are prepared to manufacture a certain capacity.

Now as the utilization increases, the margins improvement you are seeing, and plus the nature of the order.

Okay. Sir, what is our, let's say, growth guidance for this business in FY27 and also margin guidance for pipe spool business?

For spool business, we can see a growth of 20%, 20% to 25% for this particular year.

Will you be able to maintain that 32% to 35% margin band?

At the moment, it seems like. However, going forward, I think the margin should be in the range of 20% to 25%.

Okay. Sir, one question I had on your standalone pipe business.

If I look at your order book in FY25 closing, we had good amount of export order as well as stainless steel order. If I look at the current closing order book which we ended in March, our stainless steel order book is down, and our export order book is also down.

Do you think that 16% to 17% margin can be maintained in FY27? I am aware that you did highlight that the mix within the carbon steel has changed from, let's say, water to more oil and gas, but do you think that 16% to 17% margin can be maintained in '27?

Yes, margins say 16% plus minus 1%, definitely it can be maintained. However, if the conflict that we see today extends say beyond 3, 4, 5 months, then it'll be totally different scenario.

Okay. Sir, when you say that 4,800 crore, is it something which you are internally factoring, or is that an aspiration number which we have, assuming everything comes back to normal?

It's assuming that everything will be back to normal in a month's time.

Okay. Sir, lastly on Ravi Technoforge, just wanted to know your thoughts, because in the opening remarks, you said you're looking at new customer segment as your new capex comes into operation.

Just wanted to understand, means what kind of new customer segment are we exploring? Let's say in FY27, what is our growth and margin outlook for this Ravi Technoforge business?

Same RTL, this year we can consider a growth of 10% to 15%. However, next year, when the new capacity which we are installing comes into play, then the new customer and the new segment of some auto parts is what we can cater to.

We are toning down our guidance from 15% to 20% to 10% to 15% in '27, correct?

Yeah, 10% to 15%.

Okay. Thank you so much, sir.

Very helpful. All the best.

Thank you.

Hi, sir. Sir, thank you for the opportunity.

Sir, my first question is related to the spooling business. Sir, what is the outstanding order book over here?

Current outstanding order book

is spooling, yeah.

I think it is close to ₹550 crores.

Katta-ji, correct me if I'm wrong. So ₹550 crores.

Sir, basically what we're saying is ₹4,800 to ₹5,000 crores from the standalone business, 10% to 15% growth for Ravi Technoforge, and another 20% sort of 20% to 25% growth for Fino, right? That's

correct.

Got it. Sir, just continuing previous participant's question, you said that margins would be stable, or you will be able to hold it because your mix in carbon steel would be on the better side.

Sir, it's still if you look at our order book outstanding for SS, it's quite lower, right? On year-on-year basis, I am assuming that carbon steel's profitability per ton or however we see it, it will still be lower, right, versus CS?

That should have a bearing on our

EBITDA, sir.

Versus SS, even though your CS share, both revenue and even the mix goes up, but it will still be lower than SS, right, which should have a bearing on our EBITDA margin numbers?

Yes, but a lot of stainless steel projects are also under bidding. We will continue to maintain that mix of order book, both for stainless steel as well as carbon steel.

Got it. Sir, what is our capex number for '27 and '28, absolute number?

At the moment, on standalone basis, we have one capex which is for Saudi. Other than that, the routine capex items are I think ₹150 to ₹200 crores.

Okay. Got it.

Perfect, sir. Thank you so much for answering my questions.

Thank you.

Hello, hi, sir. The question was does RTL also have an order book kind of a metric, or it's more--

They have a schedule kind of a metrics. Yearly forecast based on calendar year is submitted by the international customers, and domestic customers based on the financial year, they give the yearly forecast.

Got it. This growth guidance for RTL that we have given, how much of it is, let's say, through forecasts, or is there a delta, or how should we see the current forecast against the growth guidance?

Is there a gap?

No, there is no gap against the forecast and our guidance.

That implies that there is no incremental order win expected because of capacity constraint. Is that--

We have limited scope of increasing that a little bit.

Got it. Understood.

In the order book, what would be the exposure to the Jal Jeevan Mission or water segment?

At the moment, not much. I think all put together, say Jal Jeevan Mission or not Jal Jeevan Mission, water all put together would be ₹300 to ₹400 crores.

Got it. Understood.

Sir, on the spooling business, the ₹550 crore order book that we have is expected to be, let's say, converted into revenue over what timeline?

This year, about ₹500 crores will be ₹480 to ₹500 crores is what we plan within this year.

Got it. Understood.

The last question on the spool pipes itself, let's say if someone is setting up a nuclear plant, from a land acquisition to the actual let's say it going into supercritical or whatever the plant going critical mode, right? At what stage does a EPC player, I'm guessing, places order with Ratnamani to say that I need X tons of spool pipes of this design and configuration, and how much is a lead time to design and deliver the pipes?

Once the land is acquired, I think anywhere between 1 to 1.5 year, pipe spools will be ordered.

Got it. For us to manufacture and deliver, it would take how much time, on an average?

I know specs-to-specs things can change,

but-- So 4,000, 5,000 tons every year, maybe 1,500 tons odd is what is required to be supplied.

No, I was asking from a timeline perspective, key you got an order today, you need to manufacture and deliver it in let's say 6 months, a year, or there is a whole schedule that, okay, give us--

It starts from 6 months and goes on up to 18 months, maybe, in this.

Got it. That implies that ₹550 crore of order book is basically at more or less a fag end of the order pipeline, right?

Because ₹550 order book, ₹500 is expected to be done within this year.

Yes.

What is the active pipeline of orders that we are either being nominated or being under negotiation or under bidding, and what is our win rate?

Total bidding right now is close to $400, $500 million. How much we will get, we will only be able to say when the time comes.

Got it. I'm guessing there's no historical past win rate that we can refer given the newness of the business?

Got it. Understood.

That's it from my side. Thank you.

Thank you.

Sir,

just wanted to check, in your FY24 annual report, you had mentioned that the export business was roughly 40% of the stainless steel business. What would be the rough ballpark figure now if you don't want to give specific numbers?

Export of stainless steel division? Hello?

Yes, sir. I'm talking about the export business in stainless steel.

It varies between 35% to 40% of our volumes.

Of your volumes. Sir.

Sir, just one more follow-up on the carbon steel business. You've repeatedly highlighted that oil and gas capex in the country has been weak.

Sir, if I were to just look at, let's say, the number of CGD connections that have been rolled out, which I can see from the PNGRB website, that seems to paint a different picture compared to what we've been speaking about. Can you help me reconcile the difference?

Is it a different sector within oil and gas you're speaking about, or is it something that I'm missing? Can you help me understand this?

No,

what is your question, that the CGD numbers are going up and--

Yet, somehow, it's not trickling down to line pipe demand for us. I'm just not being able to tie both the situations.

No, pipe procurement is the first phase for any CGD operator. Whatever was procured say from '21 to '24, you would see those connections going up because of that network.

Understood. Okay.

Sir, the recent government ruling that has come out about further accelerating the CGD rollout, can that lead to front-loading of a lot of demand in this space for us over the next, let's say, 12 months?

Yes, all the CGD operators have been informed to increase the network. Of course, again there are private players, viability, and at this steel price and the capex cycle, whether it is viable or not, those studies will go on.

Yes, but eventually, once everything settles, yes, the demand for CGD also will go up.

Sir. When you talk about CGD, it would be mostly let's say ERW, or would it also be LSAW, HSAW for the long-distance pipelines?

No, mostly ERW pipes.

Okay. Sure.

That would help. Thank you so much.

Hello?

Yes, sir. Sir, thanks a lot for giving this follow-up opportunity.

Just two things quickly, sir. One is that this 4,800 kind of a target which you have, this is for the standalone business or it's for the entire company?

It's on standalone basis.

Okay. This is on the basis of the current pricing, or is that you've already built in the orders which you have, some of these would actually have the raw material price increases already there?

How do you plan to cope up with that, sir? Do you have those levers with you to increase the pricing in some of these cases?

No, for orders whatever we have, say raw material is already tied up. Our orders are mostly back to back.

Okay. This target which you have is basis the current pricing assuming you get the incremental orders this pricing?

It is considering, yeah, the current price.

Okay. Okay.

Great, sir. Thanks a lot, sir.

All the best.

Thank you.

Hi, sir. This is Sonal Minhas.

I hope I'm audible.

Yes, you are, Sonal.

Sir, my question is again with regard to the guidance for the standalone business. When we compare it to the standalone numbers for this year and then see the guidance, it means roughly more than 25% growth in the standalone business basically.

Just want to double-check and understand what gives us the confidence. When our order book compared to the same time last year, it is a little lower.

If there is anything significant in terms of wins, order execution, which you can talk about to help us understand basically this question.

There are two things: one, the capacity which was not available, which was being shifted from one location to another location, is now operational in this year. One sector of growth or one scope of growth is from that particular capacity.

If we see,

we are going to reach back to what we were a year back.

Got it, sir. That demand remains the same as a year back?

Basically, that is what also the assumption is there?

Yes, at the moment, with whatever announcements we see, definitely the third and fourth quarter seems to be quite promising. However, as indicated earlier, we hope that things settle down in next month or so.

Got it. Got it, sir.

That's it from my side. Thank you.

Thank you.

Hi, sir. Thank you for the opportunity.

Sir, just one question. How are we exposed with gas supply?

What percentage of cost has been increased, and how are the supplies currently?

Increase has been substantial, yes, the cost part has gone up. Supplies currently still not an issue.

This would only hit your carbon and steel pipe side of business, right?

Some part of stainless steel also, because we have some heat treatment furnaces working on gas.

Right. Okay.

Sir, what percentage would it be in terms of total cost on standalone or whatever, if whatever you can help me with the cost increase for--

I don't have that number offhand.

Okay. Okay.

No worries, sir. Thank you.

Thank you.

Just wanted to thank all the participants for joining the call, and also thank you, management, for very patiently answering all the questions. Manoj sir, any closing remarks from your side?

Just a thank you message to everyone for participating. In case if you have any further questions, you can reach out to us.

Thanks, bye.

Thank you. Thank you, everybody.

Thank you,