Good morning, everyone, and thank you for joining us for the Q4 and FY26 earnings conference call of Sarda Energy & Minerals Limited. We have with us today Mr.

Pankaj Sarda, Managing Director; Mr. Manish Sarda, Deputy Managing Director; Mr.

Padam Kumar Jain, Director and Chief Financial Officer; and Mr. Neelesh Joshi, Executive Director.

Before we proceed, I would like to mention that some of the statements made on this call today may be forward-looking in nature and may involve risks and uncertainties that are difficult to predict. Documents related to the company's financial performance have been uploaded on the exchanges and the company's website.

I now hand over the call to Mr. Pankaj Sarda for the opening remarks.

Thank you, and over to you, sir.

Thank you. A very good morning and thank you everyone for joining the Q4 and FY26 earnings call.

I hope everyone had an opportunity to review the financial results and investor presentation uploaded on the exchanges and our company website. Over the last 5 years, Sarda Energy has undergone a significant transformation from a mid-sized, cyclical, commodity-linked metals...

Sorry for that. Good morning and thank you everyone for joining the Q4 and FY26 earnings call.

I hope everyone had an opportunity to review the financial results and investor presentation uploaded on the exchanges and our company website. Over the last 5 years, Sarda Energy has undergone a significant transformation from a mid-sized, cyclical, commodity-linked metals business to a more diversified and integrated energy and mining business.

In FY21, the company's earnings were largely driven by steel and ferroalloy cycles, with profitability exposed to commodity price volatility and fluctuations in raw material costs. Since then, we have strategically diversified our business through investments across thermal power, hydropower, and coal mining.

Key milestones in this journey include the acquisition and integration of SKS Power's 2x300 megawatt thermal power assets, operationalization of the 113 megawatt hydropower project in Sikkim, and commencement and scale-up of coal mining operations at Gare Palma IV/7. These initiatives have materially strengthened our integrated business model and improved earnings visibility.

This transformation is reflected in our financial and operating performance. Over FY21 to FY26, revenue has doubled at a CAGR of 21% to approximately INR 5,928 crores.

EBITDA has tripled at a CAGR of 25% to INR 2,025 crores, with 3x jump in profit after tax as well, at a CAGR of 24% to INR 1,109 crores. During the same period, our energy capacity has increased nearly fivefold to 929 megawatt, supported by a strong liquidity position, improved credit profile, and a net-debt-free balance sheet.

We believe Sarda Energy is well positioned to deliver long-term sustainable value creation. Against this backdrop, FY26 was another year of strong operational performance across our energy, mining, and metals businesses.

In FY26, the company not only surpassed its 2,000 crores EBITDA guidance, but also recently crossed the market capitalization of Rs 20,000 crores. The board has also recommended a record dividend of 200%, subject to shareholders' approval.

Operationally, FY26 was a landmark year for the company, with several businesses delivering their highest ever production and generation level. I am happy to report that the company achieved the highest ever generation and sale of thermal and hydro energy during the year, despite planned shutdowns, led by the successful integration and scale-up of SKS Power, addition of Rehar hydro project capacity, and signing of profitable long-term PPAs.

The thermal power generation ex-captive reached its highest ever level at 4,155 million units in FY26, as against 2,238 million units in FY25, representing a robust growth of 84% year-on-year. Hydropower generation also remained strong during the period, with annual generation increasing to a record 661 million units in FY26 from 508 million units in FY25, recording a growth of 31% YoY, supported by the commissioning of 25 megawatt Rehar hydro power project.

Consequently, the energy segment continues to drive growth, with two-third of EBITDA being contributed from the segment. Going forward, we will continue to scale up the energy portfolio.

An important development during the period was the honorable Supreme Court dismissing all dissenting appeals filed against the approval of the company's resolution plan for acquisition of SKS Power Generation (Chhattisgarh) Limited under the IBC process. This paves the way for the company to efficiently double the capacity to 1,200 megawatt by FY30, supported by strong cash generation and a robust balance sheet.

Importantly, for this brownfield expansion, the land, water, grid connectivity, fuel availability, coal handling, railway siding infrastructure, etc. is already in place.

We have applied for the environment clearance, and the same is expected in due course. During the quarter, the company has also approved the acquisition of a majority stake in Adisankar Khutam Power Private Limited, which holds rights for a 66 megawatt hydropower project in Arunachal Pradesh.

Most approvals and critical forest land for the project has already been secured, and we are confident of a successful scale-up of this capacity. Work on the other three small hydropower projects in Chhattisgarh totaling 74 megawatt is progressing as per plan.

Within our power portfolio, commissioning of the 50 megawatt captive solar power plant is expected before end of next quarter. The 30 megawatt TG set replacement project is in final stages of its erection, and the plant is expected to be commissioned by the end of this quarter, ahead of the earlier targeted completion timeline of H1 FY27.

On the mining side, the company received consent to operate from the Chhattisgarh Environment Conservation Board for expansion of production capacity at the Gare Palma IV/7 coal mine from 1.68 million ton per annum to 1.8 million ton per annum. The production during FY26 reached the maximum permissible annual limit of 1.8 million ton per annum.

Q4 production numbers appear relatively lower due to exhaustion of the approved annual limit. However, this achievement demonstrates the company's strong mining execution capabilities and its ability to efficiently maximize extraction.

Development of the Shahpur West high-grade coal mine is progressing as scheduled, with commissioning targeted before the end of FY27. Approval processes for the Gare Palma IV/5, Bartunga, and Senduri coal mines are progressing as per plan.

Moving on to the metal business, iron ore pellet production reached a record of 836,293 metric tons in FY26. Sponge iron production also achieved a new milestone, with overall yearly production increasing to 345,066 metric tons in FY26.

Further, the HB wire division achieved record yearly production of 40,425 metric tons in FY26. Further, the board has approved the expansion of the iron ore pellet plant capacity at Raipur from 9 lakh tons to 20 lakh tons.

The project is estimated to involve a capital outlay of approximately 500 crores and is expected to be completed within 2.5 years from commencement. EC for the project is already in place, and the DPR is currently under preparation.

The standalone operating performance in the fourth quarter was impacted by the shutdown of 1 30 megawatt captive power unit for replacement, which is expected to come into operation by end of this quarter. Despite this, the financial performance improved on account of better market conditions.

Price realization in the steel segment improved during the quarter on both YoY and QoQ basis. However, price realization during FY26 remained lower compared to FY25.

As part of our sustainability commitment, we have installed mineral wool project to utilize the industrial waste of production of usable industrial product. Coming to the financial performance, consolidated revenue for Q4 FY26 stood at INR 1,258 crores.

EBITDA for the quarter stood at INR 352 crores, while PAT for Q4 FY26 stood at INR 155 crores, an increase of 53% YoY. As pointed out earlier, performance during the quarter was impacted by certain planned operational shutdowns and seasonality.

Steel production was temporarily affected due to the shutdown of 1 30 megawatt captive power plant unit since December for replacement activities. Additionally, thermal power generation declined year-on-year, as 1 300 megawatt turbine continued to be under planned maintenance for part of January 2026.

Hydropower generation is also impacted because of the seasonal slowdown. For the full year, consolidated total revenue increased 23% YoY to INR 5,928 crores in FY26 from INR 4,815 crores in FY25.

EBITDA for FY26 stood at INR 2,025 crores, as compared to INR 1,410 crores in FY25, representing a growth of 44% YoY. Profit after tax increased significantly to INR 1,109 crores in FY26 from INR 702 crores in FY25, reflecting a strong growth of 58% YoY.

Our balance sheet continued to remain strong, with net debt of EBITDA well below 1x and credit rating by CRISIL at AA- with a positive outlook. Consolidated net debt as of 31st March 2026 stood at INR 215 crores, as compared to INR 1,566 crores as of 31st March 2025, a significant reduction of over 85%.

Consolidated liquidity remains robust at INR 2,380 crores, and on a standalone basis, the company continues to remain net cash positive. With that overview, I now hand over to Mr.

Manish Sarda to discuss the industry environment and outlook. Over to you, Mr.

Manish. Mr.

Manish, will you unmute your line? Thank you.

Thank you, Pankaj. Good evening, everyone, and thank you for joining us today.

I will briefly touch upon the broader industry environment and the demand outlook across steel, power, and related commodities. FY26 was a defining year for India's industrial and energy sectors, marked by strong domestic demand, improving pricing trends, accelerated infrastructure activity, and record quarter.

The operating environment across both steel and energy remains stronger compared to previous quarters, supported by policy interventions, rising investments, and sustained economic momentum. India's vision of Viksit Bharat 2047 continues to drive a strong structural push towards domestic manufacturing, infrastructure creation, and energy security.

Increasing investments across semiconductors, electronics manufacturing, data centers, and industrial infrastructure are expected to significantly increase the long-term power and resource demand in the country. India's semiconductor ecosystem alone is witnessing a multibillion-dollar investment, supported by strong policy initiatives and localization efforts.

At the same time, evolving geopolitical tensions and structural energy supply risks have further strengthened India's focus on Aatmanirbhar Bharat and reducing dependence on adaptability and industrial fuels. The Government of India's emphasis on coal gasification and domestic resource utilization reflects the broader strategic direction.

Recently, the government approved a INR 37,500 crore incentive scheme to promote coal gasification projects aimed at reducing imports of LNG, methanol, ammonia, fertilizers, while strengthening India's long-term energy security. In the backdrop with our planned capacity expansion across thermal, hydro, and renewable power, along with our integrated mining business, we believe SEML is well positioned to benefit from the increasing demand for reliable and competitively priced energy driven by India's manufacturing-led growth trajectory.

Given our integrated presence across coal mining, power generation, and industrial operations, we believe that the company remains structurally aligned with India's long-term priorities around energy security, manufacturing growth, and economic self-reliance. During FY2026, India stood out positively among global steel markets.

Crude steel production in India grew by over 11%, even as China and several other global markets recorded a contraction. While China's steel production fell to a 6-year low, its exports increased.

China also introduced export licensing requirements for a wide range of steel products starting in 2026. India's apparent steel demand continued to grow, while exports remained higher than imports for the second consecutive quarter.

India's steel consumption reached approximately 164 million tons, supported by sustained infrastructure spending and steady manufacturing activity. Steel prices, which had reached multiyear low earlier in this year, recovered sharply by around 10% to 15% during quarter four.

Despite the near-term global stability, the long-term outlook for both steel and energy sectors remains highly encouraging, supported by India's infrastructure push, manufacturing growth, policy continuity, and long-term energy transition goals. Turning to the power sector, demand has strengthened significantly and recently touched a record peak of 270.8 gigawatt driven by severe heat waves, surpassing the previous peak demand of 250 gigawatt recorded in 2024.

During the quarter, power prices on the day-ahead market of the exchange stood at 3.75 per unit, compared to 4.30 per unit in the corresponding period last year and 3.33 per unit in the previous quarter. The Indian Coal Index increased by 8% from March 2025 levels and by 9% from December 2025 levels due to the import supply disruptions arising from the ongoing war situation.

Looking ahead, the West Asia crisis has resulted in higher input cost and supply chain disruptions. Inflationary pressures from elevated oil prices, along with their impact on government finances, may have implications for Middle East, is also expected to impact global economic activities.

However, given that India is a largely domestic consumption-driven economy, the impact is expected to be relatively moderate. At SEML, we are entering into the next phase of growth with stronger tailwinds, almost operational momentum, and a clear expansion roadmap.

I am confident that with our planned strategic expansions to quadruple our mining capacity and to double our energy capacity, we are well placed for sustained growth going forward. With that, we can now open the floor for question-and-answer session.

Hi. Thank you for the opportunity.

My first question is that after a long time, we are doing some capex in the steel division in that pellet plant. What has prompted us to do that?

Because we were holding the capex in this sector for a long time because it is deeply cyclical. Just some comments here.

Already environment clearances is in place. Land and water availability is there.

We see a lot of mines opening up in Chhattisgarh in near future. We think that we'll be ready when these mines open up in the next 2 to 2.5 years.

We'll be ready with our production.

Okay. You're saying the supply of iron ore in the catchment areas will be good, we'll get a chance to process them, right?

That is the idea. Yes.

Yes, looks like.

Okay. Sir.

Sir, second question is that in this steel and ferroalloy division, do you think we have really bottomed out? This year can we expect slightly better here?

Because, since 4 years, our operating profits in these divisions have actually been declining. So...

Manish ji?

I think at the current levels, they look to be bottomed out. It all depends upon the global scenarios as to what happens in the Middle East.

If the war again starts and the demand goes down globally, it will have an impact on India as well. I personally feel these are the current bottom-level prices that we are seeing of steel, ferroalloys.

Once the war is settled, if there is a peace agreement in place which is intact and tight, we will see recovery of prices also.

Okay. Okay.

Manish ji, you don't see much of Chinese dumping these days? Has it declined over last 2, 3 months because of the currency spreads are now really very high between India and China?

In last few months... Yeah.

If you look at the China steel growth, it has contracted. If you look at the exports, that has increased globally.

In India, we have the safeguard measures, and we are seeing that there is a less import from China. Globally, if you look at it, they have been exporting.

Sir. Then and last question is on our power division.

In our hydropower division, we have done around 300 crores of EBITDA, which means that we have done around 800 crores of EBITDA in the SKS Power, the thermal power, the independent power production division. Just wanted to check that is there any efficiency possible here or we have already maxed out?

Because we have produced 411 crores of 411 crore units, and we have done 800 crores of EBITDA, roughly 2 rupees per unit kind of EBITDA. Can this plant increase production or improve EBITDA or we have reached the maximum potential of this plant?

No, how are you...

I think so...

Sorry, sir? Please go ahead.

800, how are you saying?

See, in our segmental results, we say that 1,095 crores is the segmental results.

EBIT,

that is EBIT. EBIT.

In the presentation you have given that hydropower division has done 386 crores revenue and 80% EBITDA.

Just clarifying. The hydropower division number is the EBITDA number that you are referring to, and the thermal that you are referring to is the EBIT that we disclose, right?

There it's not comparable. That all I wanted to clarify.

Yeah. Okay.

Okay.

To answer your second part of the question: Yes, in any plant, there is a scope of improvement. We have already infused almost more than 140 crores of capex in our [Bhikot?]

plant till now. For the next 2 years, we are incurring another 150 crores of capex.

There could be an improvement in PLF. We are trying our level best that the spares and everything and all the capexes that was due till now, we are completing those capexes.

Definitely, there is a scope of improving the performance in the plant.

Okay. I think I'll come back in the queue.

I have two more questions, but I'll come back in the queue. Yes, thank you.

Hi. A very good morning, and thank you so much for the opportunity.

First question is actually in line with the previous participant. When we look at the pellet plant that we are bringing in, you had mentioned that you see a lot of mines opening up for iron ore in Chhattisgarh.

Is there a case where Sarda can also bid for these mines, and does the company see that the pellet plant would be a better play if we have our own iron ore mine?

Yes. These mines are owned by Chhattisgarh Mineral Development Corporation.

I was talking about these mines that are opening up by the state itself. Yes, we will be looking for all the opportunities in this sector if the mines comes up in auction in Chhattisgarh and neighboring states.

Understood. Just to follow up, because now I think up till last year, we were quite bent on not expanding our steel business further, and now we are seeing some inclination towards it.

Is there a possibility whether probably in the future, the company might be looking at demerging the steel and power verticals or from a long-term strategy point of view, or how should one look at it?

PK Jain ji?

Yeah. We are definitely considering separation of the renewable energy business, not the complete power business.

That is being explored, and we have not yet come to any conclusion. That is being examined, but yes, that is on table under consideration.

Okay. My second question comes for doubling up of SKS Power capacity.

By when should we expect? We see Q2, Q3, but it would be this fiscal, right?

No, no. We are taking the environment clearances because the earlier environment clearances had expired.

We are again going to MOEF for the environment clearances. After the environment clearances, I think so by 2030-31, we'll see that project commissioning.

Okay. This is a calendar year or the fiscal year?

Either way, it's going to be 2031 is what the goal is, right?

Yes, fiscal.

Got it. My one last question I had, first of all, how are you looking at the long steel realizations for Q1 as compared to Q4?

When we look at the Q4 realizations, right, you had guided 12% to 15% jump in the realizations, which is being reflected by the end product. When it comes to sponge iron and pellets, there's sort of a distortion.

I think pellet prices were quite up during the quarter. Just wanted your point of view on how should we see the realizations going ahead, especially for pellets and sponge iron.

Manish

ji? Manish is Recent, please?

Can you please repeat the question?

Yes, sir. Wanted your viewpoint on how the realizations are looking for steel business for Q1 as compared to Q4.

Okay. See, if you've witnessed that we are inching closer towards a deal being struck by US and Iran.

Once that happens, we are going to see a supposedly strong growth in terms of infrastructure being rebuilt. I personally feel that the long-term prices for long products will be on upward trajectory.

We have seen the flat steel prices not dipping down considerably compared to the long product prices. We will see some growth in the long-term steel pricing of long products.

No, that is quite helpful. My question was actually pertaining to also how the realizations are looking in Q1 as well of FY27.

It's very difficult to predict in such a volatile market. It's very difficult to predict the exact numbers.

No, no, understood, sir. That is helpful.

To answer your question a bit, NMDC and OMC both have reduced their prices in iron ore sector. Because of energy crisis, there is a little bit increase in coal indexes.

Say, the prices have gone up by 7% to 8%, but the iron ore prices have come down. We think that prices of the end result might also reduce.

Got it. If I may just squeeze one last question into this.

If we refer to slide number 13, which is the sales trend for this particular quarter, and if I look at the domestic coal sales volumes, I think the numbers are reflecting the same ones as it was in the Q3 PPT. Would it be possible if you could give me the FY26 number for whatever the sales were for domestic coal, total sales for FY26?

You see, what is reflected

domestic sales is there in the presentation also, 150.

Yes, but sir, 9 months if we look at the Q3 presentation, the number is the same.

Realization price, no?

No, not the realization, but the sales trend, slide number 13. The domestic coal sales for FY26 is at 150.

That was the same number in Q3.

Domestic coal, to give you an answer, we are selling very less coal in the market because most of the coal is captively consumed.

Okay. Numbers are really very No worries.

Got that. That's good.

No worries, sir. Thank you so much.

Thank you. Participants, you may press star and one to ask a question.

Namaskar, sir. Bhandari.

Hello. Haan ji.

Namaskar. Sun pa rahe hain, sir?

Haan, sir.

Sun pa

rahe hain, sir? Haan, haan.

Haan, haan. Haan, haan.

Sir, aisa hai ki main regular working ke baare mein toh kuch bhi nahi poochunga, kyunki woh ek aisi cheez hai jaise bacchon ko maa-baap pe bharosa hota hai na, waise hum investors ko aap promoters ke upar utna hi bharosa hai. Toh main abhi kuch dusre prashna poochna chahunga, sir.

Ek toh jo apna second 600 megawatt ka expansion ka hai, woh sir '30-'31 jaa raha hai, woh bohot lamba ho raha hai, sir. Isme equipment supply ka time hi bohot kafi hai aur environmental clearance mein time lagta.

Equipment delivery time in India is quite high. Toh utna time abhi expected hi hai, because India mein abhi all the capital equipment suppliers are fully booked.

Achha. Aur are we thinking of any coal gasification, sir?

At any point in time, we keep evaluating various projects, but yeah, nothing is

Aaye, sir?

The government is coming up with coal auctions, Bhandari ji. The government is coming up with coal mines auctions for particularly coal gasification itself.

We are evaluating the opportunity how, and then we'll take a call.

Hi, sir. Thanks for taking my question.

Sir, my question would be with regards to our capex schedule for FY27 and FY28, given the fact that we are expanding mines and hydro projects are also coming up. Secondly, if you can also share the schedule for commissioning of hydro projects that are there under development.

The capex, yeah, as stated earlier also, our capex, annual capex based on whatever we have planned initially will be in the range of about 500 to 700 crores, except for the IPP expansion of 600 megawatt. For 600 megawatt expansion, we expect to get the clearances during the current year, and from next year, full-blast capex will start.

That will be substantially on higher side.

Thanks for the information. With regards to hydro commissioning?

Hydro commissioning, we are evaluating the DPR, we are finalizing the DPRs, and our different hydro projects are in different phases of environment clearance as well. Regarding the three small hydro projects that is coming in Chhattisgarh, they might take 3 to 4 years to come.

The Khutam hydropower project, the forest clearance and everything we have already got in place. The DPR is under the finalization stage.

We already have a consultant in place, and we'll be starting the project soon by end of this year, and we expect to finish it in 3 to 4 years.

Got it, sir. For FY Sure.

If I can ask one more question. For FY27 and '28, what would be driving our top-line growth if commissioning schedule are on the later part of

the... Broadly whatever expansion, for FY28 you are talking about or '27?

Sir, if we can give schedule for FY27 and '28

both. FY27, majorly it will be on the efficiency parameters and availability of the Rehar power plant for the full year and improvement in the efficiency of our IPP.

These are the two major. Third, because our solar plant will come up by September, and the 30 megawatt TG set will restart here.

Basically efficiency parameters only will add to the top line and bottom line during the FY27. FY28, we will have one more coal mine operational, that is the Shahpur coal mine.

These are the immediate projects which will be come into operation.

Got it, sir. Thank you.

Our wool project will also add to the bottom line as it comes in the full blast, because as it is also growing rapidly.

Understood. Thank you, sir.

Hi. Thank you for the chance again.

One question is on our PPAs, of the power that we sold, what was under PPA and what was sold at merchant? What will that number be for FY27?

Because I see in the presentation, we have written that we have signed some long-term PPAs.

We have signed PPAs for about 300 megawatt out of 600 megawatt for the medium term and long term. Rest we have been selling in the short-term PPAs, which are for few months.

Far as the hydropower projects are concerned, two power projects have long-term PPA in place. Third one of our Sikkim power project, we are selling in the merchant market.

Sir. In thermal power, in FY26, what would have been the proportion of PPA and merchant in the thermal power only?

Thermal power, except for I think 100 megawatt for the medium term, rest was in the short term.

Okay. Sir, that will be from 100 megawatt, almost 300 megawatt will be under PPA from this year onward.

That should improve our realization also, right, sir?

This year, we will have 200 megawatt. 100 megawatt, we have entered medium term.

Long term, which will start from the next year. Although we have entered into PPA during the current year, but that will be starting supply from the next financial year.

From 200 to 200 megawatt, we have entered into medium term.

Okay. Maybe next year, we will go to 300, not this year.

Next year it will be going to 300 megawatt. In the meantime, we are also in negotiations for some more capacity during the current year, which may get into effect.

Okay. Then, sir, realizations are better in the PPAs, right, because they're long-term and all and...

Comparatively, because this spot market is volatile. Sometimes you get very good rates also in the spot market.

Last year, if you've seen, the first quarter we had got much better prices. That is volatile.

When you enter into the long-term PPAs or medium-term PPAs, it gives much more visibility and stability in the realizations.

Got it, got it. Got it, sir.

Sir, thank you so much. My questions are done.

Thank you, and all the best.

Hi, good morning. Thank you so much for the opportunity.

My question is, do we have any particular investment outlay for the SKS expansion project? Also, have we got the approval from the board?

Do we require any other regulatory or statutory approvals for the same?

The board has approved in principle for expansion of the project. Accordingly, we have gone ahead with the necessary approvals, including environmental clearance and all those things.

Once all the clearances are in place and DPR being prepared, where we are evaluating the exact configuration of the project also. Giving the exact amount for the investment, it will take some more time.

It will be placed before the board once we freeze the final capacity and the configuration, everything.

Okay. Thank you so much, sir.

Thank you.

Thank you. I think my questions are done, and you don't choose to answer, it seems, at this moment.

Basically, I wanted to know what would be the capex for all the expansion that is planned for the next 4 years, '27, '28, '29, '30. The power plants would be the main one.

That I think we have already addressed. In the next 2 years, it will be in the range of about 500 to 700 crores, maybe in the range of 700 crores or so, excluding the SKS power project, for which it will take some time to give exact guidelines on the capex cycle.

Okay. Second is from the 600 megawatt thermals, how many units do you expect to sell this year?

What should be the output sold?

It will be better than the previous year. Previous year, we had sold about 375 crore units, and it should be much better.

Maybe we should be in the range of 400 crore units, saleable units I am talking about, not the generation.

So 400 crore units. What was the average realization for FY20...

What was the average realization for SKS in FY26?

It was more than 5

rupees, 5 rupees plus.

For the whole year? Plus, plus, more than 5 rupees.

Okay. What was our cost of generation, variable?

Or fixed, what was

it? I think that we shall have to work out and give offline.

We can discuss that.

Okay. Thank you.

For 400 Theek hai. 400-plus units crores.

Thank you, sir.

Hello. Am I audible?

Yeah. Thank you so much, sir, for giving me this opportunity.

Sir, I just have a couple of questions. Any update on the progress of the 30 megawatt turbine that is being impacting our production, along with the anticipated commissioning timeline?

As stated in our initial address, we will be completing this project by end of this quarter. By end of June, it will come into operation.

Sir. No significant impact on anything, right?

No significant.

Sir. My second question is any particular reason that is behind acquiring the shares of Godawari Power, particularly in the open market?

Should we investors like us expect any further purchases going ahead?

That was a part of normal treasury operations, nothing specific.

Sir. Going ahead we should expect, right, sir?

No, nothing specific as such. It was not a something, yeah, part of our treasury operations.

Just to give a perspective, we have almost 2,400 crores of liquidity as of March, and that was I think around 1%. It was part of regular treasury and not meaningful.

Sir. Sir, I late joined, please forgive me if this question might be already has addressed.

Sir, I wanted to ask what is the company's broader plan in respect to the real estate JV? Is there any land development opportunity that we are looking at?

It's immaterial. We have some land bank, and total investment is hardly immaterial.

Negligible investment of I think we had given the estimation of about 25 crores of investment that will add value to our land bank. That was the only purpose, otherwise that's practically insignificant.

To conclude, the performance reflects steady execution against our strategic priorities, supported by a constructive pricing environment across both energy and metal segment. We have continued to make visible progress in our growth initiatives, while also pursuing opportunities in green power to further strengthen our future-ready portfolio.

Our disciplined approach towards deploying surplus cash into diversified, long-term growth projects provides strong visibility and reinforces our commitment to sustainable value creation. Thank you for joining us today.

Should you have any questions, please feel free to reach out to us or our investor relations team. Thank you.

Thank you.