Thanks. Good evening, everyone.

I would like to welcome you all on Supreme Industries Q3 FY '26 results call. We have the senior management of the company with us on the call, led by Mr.

Taparia, the Managing Director, to whom I hand over the call now. Thank you, and over to you, sir.

Thank you. Good afternoon.

Thanks very much, Mr. Aasim.

I am M. P.

Taparia, Managing Director of the Supreme Industries Limited. I, along with my colleague Shri P.

C. Somani, CFO, and Shri R.

J. Saboo, Vice President (Corporate Affairs) and Company Secretary, welcome all the participants who are participating in the discussion of the un-audited stand-alone and consolidated financial results for quarter and nine-month period ended 31st December, 2025.

The stand-alone results and the consolidated results are already with you. I'll give brief on company's product operating performance and other highlights.

The company sold 5,22,018 metric ton of plastic goods and achieved net product turnover of Rs. 7,582 crores during the nine months of the current year against sale of 4,74,645 ton and net product turnover of Rs.

7,336 crores in the corresponding nine months of previous year, achieving volume and product value growth of about 10% and 3% respectively. The consolidated operating profit and profit after tax for the nine months of the current year amounted to Rs.

980 crores and Rs. 520 crores as compared to Rs.

1,103 crores and Rs. 667 crores respectively for the corresponding period of the previous year, resulting in a decrease of 11% and 22% respectively.

The business scenario of all the product segments of the company for the third quarter ended 31st December, 2025 as compared to the corresponding quarter of previous year has been as under: Plastic piping system business grew by 16% in volume and 10% in value term. Packaging product segment business grew 2% in volume and degrew by 2% in value term.

Industrial product segment business remained flat in volume and grew by 1% in value term. Consumer product segment business grew by 8% in volume and 5% in value term.

The overall turnover of value-added products remained at Rs. 1,118 crores during the third quarter of the current year against Rs.

961 crores in the corresponding quarter of the previous year, achieving growth of around 16%. Business outlook: World economic growth is affected by geopolitical tension in several regions.

This has resulted in extreme volatility in commodity prices. Combination of these factors have resulted in lower growth in world economy in the year 2025.

The company believes this downward trend has now reversed. Polymer prices have started upward trend.

The polymer producers have gone through quite tough time. It has resulted into closure of several petrochemical plants and/or running at quite low capacity.

Combined outcome of these actions has put brake in erosion of the prices of polymers. Starting from the calendar year 2026, the polymer prices have started upward movement.

The company is operating in various segments of the business. The company has grown 10% in overall volume and 13% in plastic piping business in first nine months of the current year.

The company expects to grow overall in volume between 12% to 14%, and for plastic piping system, it expects to grow 15% to 17% during the year over previous year. Plastic piping business growth is now coming back to normalcy as continuous downward price trend has been arrested.

Driven by good monsoon, favorable economic conditions, and encompassing housing, agriculture, infrastructure in the last quarter of FY '26 will put good demand growth in the year. The company is well equipped to meet increased demand of its plastic piping product portfolio.

Newly launched PP silent pipe system in technical collaboration with M/s Poloplast of Austria has been well received in the market. The company is expanding its range of electrofusion fitting and bathware product.

The company continues to invest and enlarge the product basket in all its divisions and to remain focused in increasing the share of value-added products. Capacity expansion at various locations for plastic piping business and protective packaging products taken in hand are nearing completion and shall be available for full fiscal year FY '27.

As informed earlier, new greenfield plant capacities shall be taken up for execution in next financial year. Three units acquired through Wavin business acquisition are fully integrated and realigned and shall be available for their full potential from this month from February onward.

Total installed capacity of the plastic piping business shall reach to 1 million ton per annum by FY '26. Project execution at site for profile for window is now nearing completion.

Production trials have commenced. The company expects to launch commercial production of window in the market from February 2026.

During first nine months of the current year, company has made capex outflow of Rs. 1,031 crores, including acquisition of Wavin business.

The company expects total cash outflow during this year will be around Rs. 1,200 crores toward existing and new committed capex commitments, including acquisition of Wavin business.

Entire capex shall be funded from internal accrual. All other product divisions are faring well and envisage moderate growth during the year.

The protective packaging product division is specifically driving its growth plan by increasing its product range, expanding capacity, and offering customized solutions. The company has fully executed letter of intent for supply of 2,00,000 number of 10 kg composite LPG cylinders to Bharat Petroleum Corporation Limited.

Company received further letter of intent for supply of 2,00,000 number of composite cylinder to Bharat Petroleum Corporation Limited, which shall be executed in the current quarter. The company continues to work to expand export geography and participate national and international exhibitions in the field of energy and gas.

This is a brief and overall summary for the quarter and half year ended quarter and half year under reference. Thank you for your patience now.

Now I and my colleague, Shri P. C.

Somani and Shri R. J.

Saboo, are available to reply to various queries raised by all of you. Thank you very much.

Yeah. We are here.

Hello?

Yeah.

Yeah. Thank you, sir.

Sir, first on the volume front, this quarter, Wavin volume was how much?

Wavin volume is a part of it now because after all they are making the same product what we are making.

Okay. You

cannot say how much volume is from Wavin, but we got Wavin customers also. More than 180 customers joined our company.

They made the same product what we were making, only very small range were different. You consider part of overall volume of 16% growth in the quarter comprise growth due to Wavin also.

Okay. Got it.

Sir, now given that now we are maintaining the piping volume growth of 15% to 17%, that means for the fourth quarter of '26, the ask rate is 20% to 27%. Are we confident that it will be done, given also if you can throw light in terms of how the PVC prices have increased till now, and how do we see given the China VAT whatever that will be applicable from the 1st April.

Before that, is there a possibility that further price of PVC can decline?

You have put three questions together. Basically, this quarter onward, the demand for agriculture come full way.

The lead demand season starts from March. This quarter will include the month of March.

Demand for agriculture segment come in a always big way after the harvesting of crops that happens end of February. Already sugarcane is being harvested, we are seeing the demand coming from agriculture sector.

We are quite confident that the growth this quarter will be adequate to justify our guidance of 15% to 17%. We are quite confident.

In third quarter, we have grown by 16%. Yeah.

True. On PVC

prices now they started hardening. First thing I say they stopped going down.

The PVC world booking has gone down up to $580, and now currently $640. The rupee also become weak.

Earlier it was Rs. 89, and now it's close to Rs.

92. The local maker fixed the price based on import parity.

PVC price has gone up, and with the rupee depreciating further and China putting some restriction on the export from 1st April 2026, we anticipate the price may go further up a little bit.

Got it. Sir, now on the margin front.

In the nine months and even this quarter also our overall EBITDA margin is 12.1%, even if we exclude the labor code extra 15 crore or also, then also 12.3%. We were looking at previously 14.5% to 15%.

Now how one can look at the margin for fourth quarter and even let's say going forward for FY '27, '28, how one can look at the margin?

'27, '28, we'll talk in April. For the current year, now we have revised our guidance and we now believe that our margin will be between 13.5% to 14%.

Sir, that also means that in the fourth quarter, we are looking at minimum 15%, 16% plus kind of a margin. So—

Mathematical calculation anybody can do, please.

Okay. Lastly, sir, finance cost, other income, and profit from associate, all these three things, particularly other income and profit from associate has came down and finance cost has gone up.

How one can look at on the quarterly run rate basis?

You see, finance cost increase is a temporary for this funding the capex plan totally for the current year. Some short-term borrowings have been taken not compromising on the liquidity of the balances.

That's why finance cost is a bit higher in this quarter. It was there in last quarter.

Going forward, we will again be having a good surplus in hand. Our whole capex plan has already been funded.

As mentioned, Rs. 1,031 crore outflow has been made, and not much outflow has been planned now for the current year.

Since the other income mainly consists of the surplus being generated from the liquid balances, since we had a healthy opening balance of Rs. 950 crore, we got initially good surplus by putting into the liquid schemes, which has come down.

That is a temporary phase. Ultimately, we want to put our money for business activity.

Investment is not the core activity.

True. In Q2, the other income was Rs.

15.5 crore and now it came to close to Rs. 3.8 crore.

From Q4 again, can we see a Rs. 8 crore, Rs.

10 crore kind of a number or this kind of a number is a normalized one can look at?

I think you can start seeing from next year. It is not in this quarter because this quarter we have to wipe out this small borrowing what we have taken.

The interest cost will come down, finance cost will come down, and the finance cost is again combination of actual borrowing as well as Ind AS accounting, lease accounting also.

Even for profit from associates, sir, for nine months also, significantly from Rs. 88-odd crore, Rs.

50-odd crore has came down. Why—

Yeah. The last one only.

Sorry to

Supreme Petrochem results, as you have seen yesterday, are not to the expectation level what we expect. That is the result of that only,

figures. Okay.

Thank you, sir, and all the best.

Yeah. Thank you for opportunity.

Can you give the capacity number for all the three verticals, and as well as kind of a capex you have done? What kind of a capacity you are looking for FY '27 for all four verticals?

No.

For FY '27, we will talk in April.

Okay. Right now, if you can give the capacity

As mentioned last time also, plastic piping will be 1 million ton.

Thank you. Okay.

Other three segments, packaging, industrial, and— They are in April only. Yeah.

Total will be 12.2. There's no much addition into the other segment in any case.

Okay. Got it, sir.

Second question is related to the cylinder. You had mentioned that's a 2 lakh of cylinders already executed and the 2 lakh of LOI you have.

How much of the revenue you have generated and expecting from the pipeline of LOI?

No, I think we have mentioned into our declaration to stock exchange also. This 2 lakh cylinder will generate revenue of around Rs.

54 crore.

Rs. 54 crore you had already generated with the execution of a 2 lakh cylinder of LOI?

Correct.

Okay. The similar amount you are expected to do again?

Correct.

Thank you, sir. I'll come in.

Yeah. Hi.

Good evening, sir. Sir, my first question is related to the plastic pipe demand scenario.

In the—

Your voice is not clear, Utkarsh.

Maybe, can you just repeat the question? Not clear.

Hello. Sir.

Am I audible right now?

Please.

Yeah. Sir, what I wanted to understand on the demand side, in the opening remarks, it was mentioned that the plastic pipe demand is now coming back to the normalcy.

In this context, I want to understand whether we meant that the channel has started refilling inventory or we are also seeing signs of demand improvement at end-consumer level in the January month compared to the previous December quarter? You see,

now normal demand has started coming up, and you are right that the destocking was taken to very extreme level. Now because there is a chance of some price going up also.

Normal stocking has started and going to continue. Because now this is a pre-demand period from January to June of plastic piping system.

We have now to a pre-demand period.

Sir, are we seeing signs of improvement in demand for plumbing and infra pipe in the January month compared to December quarter period, sir?

We are finding improved demand.

Okay. Sir, in the press release, it was mentioned that we are planning to put up a greenfield plant in FY '27.

Sir, can you please provide some more details regarding the location and the timeline of those new plants?

Two plants: one is near Gwalior, that is Malanpur, and other plant in Bihar, near Patna.

Okay. Sir, those plants are expected to become operational in FY '27?

They should be operational by FY '28.

Okay. Thanks a lot, sir.

These are my questions.

Thank you for the opportunity. Sir, I have only one question.

PVC price has again from point-to-point from October to December, it's gone down by about 7% Q-o-Q. I'm sure there would have been some element of inventory loss this quarter.

Is it possible for us to quantify that?

No, it's not only in PVC. The polymer prices have gone down across the board.

All the polymers—PVC, polyethylene, polypropylene, CPVC, all polymer prices gone down. We believe in first nine months, company might have taken a hit of between Rs.

100 to Rs. 120 crores in nine months operation, which resulted in our giving lower guidance of operating margin.

Understood, sir. Sir, and just one more if I may.

In the remarks that Mr. Somani said about the higher interest cost, we said that we had short-term borrowings for the funding.

Is this regarding the Wavin funding that we spoke about?

No Wavin funding. Routine funding.

It was very small amount, Rs. 132 crore.

Now they're all being paid.

Understood. The interest cost is likely to normalize from Q1 FY '27.

Is that right?

Yes. There's no doubt about it.

Understood. Thank you, sir, and all the best.

Yeah. Hi, sir.

Good evening. Thank you for the opportunity.

Sir, just wanted to know your thoughts on the industry for the entire PVC industry. If you look at the nine months gone by, any comments could you offer on how the PVC industry would have grown and market share for Supreme?

Because Supreme overall has grown 10% on volumes in nine months. What could be the volume growth for industry and are smaller players losing market share?

What is happening? That number of

industry growth you can get from raw material producer, please.

Sure, sir. Have we seen any—

I can to the growth of Supreme Industries, please.

Yes, sir. I understand that.

Anything on the smaller player side? Is there consolidation in the industry?

We know our sales have gone up in plastic piping system.

Yeah. All right, sir.

No problem. Thank you so much and best wishes for the year.

Hi. Thank you for the opportunity.

Just a follow-up. Have I understood correctly?

Your interest cost, which has increased in this quarter to Rs. 12 crore, possibly will reduce in Q4, and maybe from FY '27 onwards, the quarterly run rate would be Rs.

4 crore, Rs. 5 crore.

Is this a fair assessment?

You are right.

Okay. How will the other income move, which is only Rs.

4 crore this quarter, earlier which used to be Rs. 15 crore?

How will this number be in Q4 and in possibly maybe FY '27, some sort of guidance?

As I mentioned, this is not our core activity. It was deployment of surplus funds available in hand.

Since we are using money for businesses, again depends the activity for the business, all depends upon the availability of liquid funds in hand.

Understood. Got it.

What I'm trying to get it, is it due to working capital, possibly there was some stretching of working capital that has led to possibly more utilization of funding in business in this quarter?

Yes, absolutely. For the current year, since the production capacities were being utilized up optimally, the working capital has been increased, particularly on the inventory side, not on the receivables, which will come down once the fourth quarter is over.

Understood. Got it.

Earlier, you have sort of indicated your CPVC volume growth was 26% in H1. How has been the growth in this quarter?

Total growth in nine months is 30%.

Oh, 30%. Implying 40% kind of CPVC volume growth in Q3.

Quite good to hear that. In nine months In

nine months, we have grown 30%.

Got it. One last question from my side, sir.

Can you compare how was the channel inventory at September and how has it moved in December, and how is it moving now in January when PVC prices have started to rise?

We don't know. We only know that when they place the order, they're following very vigorously that, "Please dispatch the goods very quickly."

When they place the order, they follow up very intensively, "Please dispatch very quickly."

Okay. Got it.

Very helpful, sir. Thank you so much.

Thank you for the opportunity, team. I just wanted to get a sense on demand, how are we seeing on-ground demand at this point of time and how do you see moving for various segments like PVC, CPVC, in case you can give some numbers there?

No, demand for every product is reasonably good now. Economy is growing well and the product prices have gone quite low.

The demand from housing, agriculture, infrastructure, all are growing quite well now.

Yes. If at all we have to put some volume numbers in place that how much would be industry demand volume growth, it would be 8% to 9% or probably 10% to 12%?

Some sense there would be helpful,

sir. We told now that in piping system we'll grow between 15% to 17%, which necessarily means that our growth will be more than 16% in this quarter.

Sir, I was speaking more from the industry perspective, industry growth. If this is your outperformance over industry, but how much can industry be growing at?

Check with the raw material producer, please.

Sure, sir. Thank you.

Check with the raw material producers.

Good evening, sir. Sir, I have one question regarding the capacity that you're setting up in FY '27.

Can we get the understanding how much capacity are we setting up across the two locations for FY '27?

Normally, we are planning to add 1,00,000 ton overall as on today. The precise number will be told to you in the month of April.

Okay. This will include all the PVC, CPVC and other value-added products as well?

All product segments what we are dealing in plastic piping system. Other product also.

All together, as on today, this is a plan. Precise plan, we will share with you in the month of April.

Understood. Also, sir, in terms of the industry, one thing that we are hearing about is it has been lifted the export rebate that they were offering to their exporters.

From that understanding that we are seeing the prices of PVC can increase going ahead. Can you comment on that?

No, the international offer which are coming to India are already high. As I told earlier, it had gone down up to $580 CIF India.

Now you cannot get any booking below $650. Price from the bottom level have gone up by $70 in last one and a half month.

The trend has been reversed. Now so many producers because they were causing too much loss, many capacity were running at low capacity and some plants actually closed also.

This is the way demand-supply balance is now started. People don't want to go on making polymer if they are losing money.

Understood, sir. Thank you so much.

Hi, sir. Most of my questions were already answered, but just as a continuation of the last query, going forward, how much increase would you expect in domestic PVC prices?

I know you mentioned the $70 increase has already happened. Do you think this is the quantum of increase or further increase is also possible?

Dear friend, in such an uncertain atmosphere in the world, how can you forecast the price, man? We only know very well now that the price erosion has been arrested.

Price has started going up. Now how much can go up, very difficult to say.

You can't forecast nowadays in such an uncertainty. Many war taking place, so many location.

Much uncertainty. We are going through first time VUCA time: volatility, uncertainty, complexity, such a business atmosphere.

We know that all the polymer producers, not only PVC, other polymer producers also, some people have closed their plant permanently, some people have temporarily closed, some people have put their plant on maintenance shutdown, some people are running at low capacity because they were all losing money. You can't forecast about crude price.

Today crude is around $60 to $64. Suppose crude price goes down to $40, nobody knows what can happen to crude price.

If that happens, then polymer price will go down for sure. If crude price can go down to $40, which happened in 2008, who can forecast nowadays?

Very difficult to forecast. In such a complex world economy, you can't forecast, please.

Sure. No problem.

Thanks.

Please.

Hello?

Please. Yes.

Yeah. Is it possible to share CPVC volume for this quarter and nine months?

Nine months, we have grown by 30%.

Oh, but you would not like to share the absolute volume number?

Very classified information.

Okay. Thank you, sir.

Thank you.

Yeah. Thank you for taking my question.

Can you tell us how the industrial product segment is doing because it was facing challenge, especially from the business side? Also on the rural side, how the demand activity is there right now?

See, our industrial segment consists of three segments

in

product division: industrial component, material handling, and cylinder. Material handling and cylinder are enjoying a moderate growth.

We are getting good business of material handling products and also on the composite cylinder. The supply of component to automotive or to appliance sector, automotive sector is still doing better and encouraging, but the appliance sector is in turbulence time, you can say, whether it's the appliances of washing machine or the refrigerator or air conditioner, cooler, or something.

That industry, the models to which we are supplying the component, if they are doing fair or better, we are also in better shape, which is not the case in the current year. Industrial component to appliance sector is tough time and seeing a degrowth compared to previous year.

Okay. Thank you.

On the rural side, how the demand is there right now, especially on the pipe segment?

Demand is quite okay. Rural side, we are catering to our tarpaulin and our plastic pipe system and demand is quite okay.

Sir. Thank you, sir.

Hello?

Please.

Yeah. Hi.

I guess the Supreme Industries is growing so rapidly and have an ambitious plan for future. I just wanted to get the understanding about the succession planning to ensure the stability that the company will have in future also.

They will do better than us.

Can you please elaborate on that?

Our two grandsons are also now involved in the business.

Okay.

We are confident that they will do better than us.

Okay. Thank you for your time.

Please.

Am I audible?

audible. Please speak up.

Please.

Hello? Hello?

No question, please. We can't hear anything.

Hello?

Yeah. Hi, sir.

Firstly, congratulations on great set of volume growth for the quarter. Sir, just wanted one follow-up.

In the start of the year, you were mentioning that you are looking at a Rs. 12,000 crore top line for '26.

We agree that you have maintained your volume growth guidance. Would you throw some light on this number if you have revised that downwards?

Only thing we revised only the margin part.

No. Even the top line, you see, polymer prices since they are coming down, instead of Rs.

12,000 crore, now we are maintaining Rs. 11,000 to Rs.

11,500 crore.

Top line will definitely go down when the polymer price fall down between 12% to 20%. Top line is bound to go down now.

No, sir. I completely agree.

Just wanted to derive some sense. That's helpful, sir.

Thank you.

All right. Thank you.

Yeah. Hi, sir.

Am I audible?

Please.

Please. Yes.

Sir, just want to understand, today's PVC price is still below last quarter average PVC price. I hear you saying that demand is coming back, but your last quarter volume was also pretty solid.

I just want to be sure how are we certain of 200 to 300 basis point margin improvement that we're looking in the fourth quarter, right? What are the levers we have for that?

I don't follow what the question.

Sir, we looking at the margin guidance for the next quarter—

Better volume reduce our operating cost. The erosion in margin due to the falling price is arrested.

It is being arrested now. There won't be any inventory losses.

Okay. Is it possible to quantify what kind of inventory losses we had in third quarter?

For the overall nine months, I think the figures have been given between Rs. 100 to Rs.

120 crore.

Yeah.

You see, the price were so falling continuously. It's really difficult to quantify on a month-to-month, quarter-to-quarter basis.

That's why we have estimated for a period of nine months, what is the impact.

Fair enough, sir. See, if we put them equally, that basically explain probably 100 to 150 basis points margin compression.

Right?

For nine months, it is, yes. Yeah.

Right. That's something which you believe that we can gain back if the price remains stable?

Correct. The fourth quarter, we don't envisage any margin loss on account of the inventory losses.

Going forward, you don't know as predicting any price movement is very difficult.

We believe that there will be no price erosion now. Because the producers were losing money and this is season time now.

Is the price enough for you to improve the margin from here?

Yes, prices are always passed upon. There is no issue on the margin, but once whatever inventory you are carrying, if the value is getting eroded, then you are selling at a lower price, lower margin.

Fair enough, sir. All right, sir.

Yeah. That's it from my side.

Thank you so much.

Thank you.

Yeah. Hi, sir.

My question was, we have a capacity of 1 million tons of pipe by the end of this financial year. When do you expect it to be utilized fully, by which year?

Normally, if I utilize 70%, we should be happy. We should expect that we should be able to sell 70% capacity next year.

Sir, second thing is with regards to assuming there are no more PVC price cuts, which is not expected, will we go back to our historical range of 15%, 16% margins, assuming there are no more price fluctuations in PVC on the downward trend at least?

15%, 16% margin, I don't recall.

14%— 14.5% to 15% is the normal margin in normal scenario.

Operating leverage will play out, na, because our volume should go up. Still expecting around 15%?

We will decide and we will talk to you in the month of April for next year, please.

No, sir. I'm not talking next year.

I'm just saying assuming PVC doesn't correct from here anymore and you have the volume growth which you expect to come through, will we be doing 15%, 16% margin in that case?

For this quarter yes, because of the higher volume, our manufacturing cost, our administrative cost gets spread on the larger volume. That's how for the year, we are targeting 13.5% to 14% margin.

Yeah. Somani-ji, actually my question was for a longer term, not for the quarter.

That's why I'm saying for longer-term perspective, in the normal scenario, it is 14.5% to 15% is the operating margin we expect. Now depending on the new product launch, depending on the product mix, definitely we are trying to improve it further.

That is a quarter percent, half percent, it's all depends upon the plan of the new product launches and success.

We are happy to say that every quarter we are increasing the share of value-added product.

Yes, sir. Exactly, sir.

That's why I tend to say that things are growing better. Thank you.

All right.

Thank you.

Hi, sir. Am I audible?

Please.

Yeah. Thanks for the opportunity.

I have two questions. I just wanted to know what is the current capacity of PP silent pipes and what is the pricing on that?

Our

capacity is 3,000 ton per annum.

Okay.

There are hundreds of product in the system. Fitting and pipe all together.

Every product is a different price. Price is very elaborate word actually.

It's a premium product, and best and premium product only is marketed.

Understood. Second on the OPVC segment, what is the expected capacity planned and what is the capex outlay for the same?

Currently, we have got already capacity to produce around how much? Around 8,000 ton annually.

Okay.

Currently. It is not utilized fully.

Buying from government department, central, state government, is very slow for water supply. We believe that demand will start picking up now.

We are getting many inquiries now onward. We hope that we will be able to sell good portion of the capacity next year.

We are not looking to add capacity on it?

Once this capacity is sold out, then we definitely will add.

Okay. Understood.

Thanks, ma'am. That's all from my side.

Sir, thank you for the opportunity. Sir, I just wanted to know if it is possible to throw some light on PVC pipes versus the metal pipes like the GI pipes and cast iron pipes?

How does the interplay happen for the demand when the prices changes in between them? How is the demand in terms of what is the general market trend in terms of liking for the GI pipe versus the PVC pipe?

The application where PVC pipe is used, metal is no substitute. PVC pipe, there is no substitute for metal.

Metal is very expensive, too much weight, too short life. The PVC good pipe has got very good life.

Right, sir.

Earlier the cast iron pipe are being replaced by PVC, and most of the places they are replaced. Cast iron pipe you don't see much in use now in India.

Right, sir. Thank you for your answer, sir.

Thank you.

Hello, sir. Thank you for the opportunity.

Sir, most of the questions have been answered. Just wanted to have an idea about what is the gross debt and cash number for us in nine months, at the end of nine months?

As on 31st December, the net debt is Rs. 132 crore.

Gross debt?

No, this is the total debt. What I'm saying is—

Okay.

What I say net debt, this is net of the surplus balance away—

Net of, yeah. Rs.

132 crore.

Okay. Sir, it would be great if you could just provide us with the debtor, inventory, and payable number.

Pardon?

Debtor,

inventory, and payable, working capital.

Inventory, you can say it is Rs. 1,900 crore.

Okay.

Receivables about Rs. 568 crore.

Mm-hmm.

Payable about Rs. 1,100 crore.

Sir.

All put together, all liability.

Understood, sir. Sir, as we have indicated that our finance cost will go down, how are we looking our debt in FY '27?

No. We want to remain debt-free.

That is our commitment and that we'll

remain. We'll be debt-free on 1st April itself, on 31st March only.

Okay. This year.

We will have a good amount of cash surplus in our books on 31st March, 2026.

Sir, what would be our capex number for FY '27?

April, we'll discuss.

Okay. Sure, sir.

Thank you. Thank you so much.

Yeah. Hi, sir.

Thank you for the opportunity. Sir, just wanted to have some sense on the packaging product division, like how is it progressing?

What is the demand like for that segment?

Packaging division means protective packaging, plastic pipe protective packaging only. Yeah.

Protective packaging is growing by 10% in volume. Margins are quite okay, double digit.

This is for the full year, you're saying?

For the quarter also, for the full year also.

Okay. The demand is good there, that's not a problem there, right?

Demand is good

because we are offering many customized solutions, fabricated products. Hello?

Please.

Yeah. Secondly, sir, on the PVC window business, could you give us an idea how is it progressing?

In terms of value, volume, and that's part of the piping division, right, if I'm not wrong? No,

as on today, this is a separate division. We plan to supply in the month of next month.

Type mix we will be selling windows only, no no profile. We anticipate we may be able to produce around 2 2,50,000 windows every year, which will take some time to sell the capacity.

Once the capacity is sold, we have a plan to go on expanding. This is Kanpur dehat in U.P.

Sir, what will be the revenue potential from this business?

In excess of Rs. 300 crore at full capacity.

Currently, how much are we doing, maybe, sir?

We will start sales from next month only.

Okay. As of now, it's not contributing any revenue?

Nothing, nothing. Nothing.

Okay. The non-pipe segment, only packaging, you're expecting a growth, and for industrial, you don't expect any growth for this quarter or maybe for next year as well?

We expect growth in material handling, we expect growth in furniture, we expect growth in protective packaging. Every segment, we are expecting growth except industrial component business.

Sure. Thank you, sir.

Any capacity expansion that we're taking in packaging that was planned for export?

We are planning next year.

Sure. Thank you.

No question. You can skip to other party now.

Hello?

Hello?

We are thankful to all the analysts who raised their questions. We were impressed by the very analytical questions raised by them.

We thank all of them for the time taken to ask several questions to clarify. Myself and my colleagues thank to all of them.

Thank you.

Thank you very much.