Hi. Good evening, everyone.

Welcome to the Q4 FY26 Earnings Conference Call of Tega Industries. Today, we are joined by the senior management of Tega Industries as well as the senior management of Molycop.

The participants are Mr. Mehul Mohanka, MD and Group CEO, Tega Industries; Mr.

Syamaprasad Ganguly, Interim CFO; Mr. Pratik Basuroy, President, Product Management, Global Sales and Marketing; and from Molycop, we have Mr.

Lance Dawber, Chief Operating Officer of Molycop; and Mr. Patrick Koley, Chief Financial Officer of Molycop.

We'll begin with some opening remarks by the management, followed by the Q&A. Thank you, and

Good evening and a warm welcome to all the participants on the call. I am joined this evening with Mr.

Sourav Sen, CEO of Tega McNally; Pratik Basuroy, President, Product Group and Sales; Mr. Syamaprasad Ganguly, our Interim CFO; and it's a pleasure to also introduce the team from Molycop.

I'd like to introduce Lance Dawber, Chief Operating Officer, and Patrick Koley, CFO. Thank you for joining us today.

It's a pleasure to connect with all our valued investors, analysts, and stakeholders. I hope you and your families are keeping well.

Our consolidated revenue for the year ended FY26 stood at 17,736 million, representing a 5% year-on-year growth. We delivered an EBITDA before exceptional items of 3,967 million for the full year, with EBITDA margins of 22%.

Exceptional items comprise of Molycop-related acquisition costs of 775 million and 64 million towards the labor code impact. In FY26, our gross margins remained healthy at around 60% of revenue from operations, reflecting strong operating discipline and a resilient product mix.

Our equipment business recorded strong momentum, closing the full year with revenue of 2,688 million, a 25% year-on-year increase compared to the same period last year. We continue to make focused efforts to accelerate our growth trajectory in Q1 FY27, supported by a healthy order pipeline and operational improvements.

As of December 31st, our order book stands at approximately 12,060 million, with 9,060 million [executable?] within the next 12 months.

This provides strong visibility and confidence in our growth trajectory. As per World Gold Council data for calendar year 2025, gold demand reached record levels exceeding 5,000 tons, driven by strong investment demand and a sustained central bank purchases.

At the same time, supply growth remains constrained at around 1% annually, reinforcing gold's structural scarcity and its role as a strategic asset. As per ICSG data, global copper demand is growing at 3% annually, whilst supply growth remains relatively constrained at 2%, reflecting limited mine expansions.

In the near term, production growth continues to be modest, highlighting persistent supply-side challenges. From a longer-term perspective, UNCTAD projects copper demand to increase by over 40% by 2040, driven by electrification and the energy transition.

Meeting this demand would require significant investments of north of USD 20 billion 250 billion and the development of nearly 80 new mines, underscoring a structural supply gap in the industry. This surge in outlook has prompted mining companies to ramp up exploration and production, especially in copper-rich regions such as Latin America, North America, and Africa.

As on 1st June 2026, we have successfully completed the acquisition of Molycop in partnership with Apollo Funds, a significant minority shareholder, marking a transformational milestone in Tega's growth journey. This combination creates a stronger, more diversified global mining solutions platform with enhanced scale, deeper customer relationships, and expanded geographic reach.

A key priority over the coming quarters will be the successful integration of Tega and Molycop across key functions, with a focus on establishing streamlined processes, unified operating standards, and robust governance mechanisms. The integration will span critical areas.

Through this, we aim to build a more agile, scalable, and globally aligned organization capable of delivering sustainable long-term value while maintaining a strong focus on disciplined execution and accelerated growth. I want to thank our employees for their unwavering commitment, to our customers for their trust, and you, our investors, for your continued support.

We are committed to delivering sustainable value and transparent communication. I would now like to hand over to Lance and Patrick to share their thoughts before Shyama takes you through financial performance of the company.

Thank you. Over to you, Pat.

Thank you. This is Patrick Koley, Molycop CFO.

We are very confident that this combination will create a stronger growth platform, unlocking exciting opportunities for sustainable growth and long-term value creation for all stakeholders. We would like to express our sincere gratitude to all the stakeholders and investors for their continued trust and support as we begin this new, exciting chapter for Tega Industries.

I'd now like to hand it over to Lance Dawber.

Thanks, Pat, and good evening to everyone. My name is Lance Dawber, I'm COO for Molycop.

We are delighted with the successful completion of this transaction. It marks a transformational milestone for both Tega Industries and Molycop.

This partnership brings together two complementary organizations with deep mining expertise, strong customer relationships, and a shared commitment to innovation and operational excellence. I'll hand it back to the Tega team to finish the call.

Thank you, Mehul. Good evening, everyone.

Thank you once again for joining the earnings call for Q4 FY26 and FY26 performance and results. Our group total income for the period ending March 26 stood at 17,736 million vis-a-vis 16,818 million in FY25.

Year-on-year basis, the total revenue have grown by 5%. Our adjusted EBITDA for FY26 is 3,967 million, excluding one-time exceptional items towards Molycop acquisition and labor code.

Our EBITDA margin is at 22% in FY26 against EBITDA margin of 308 3,829 million in FY25, which was 23% in FY25. For the period ending March 26, consumable business segment and the equipment business segment contributed 84% and 16% of the group's revenue from operation, respectively.

Equipment business has shown a robust growth of 25% at revenue from operation level. EBITDA margin has gone up from 12% to 13% and PBT margin from 4% to 8%.

As mentioned at the start of the call, during the period under review, we have accounted for the one-time exceptional expenses related to proposed Molycop acquisition and with regard to provision fees, due diligence, legal consultancy as for the terms and agreed milestone. Additional charge in employee benefit expense as a one-time charge on account of new labor code, which accounts for, in totality, 839 million.

Our order book for both the business segment, that is consumable business segment and equipment, remained strong. We have an order book of 12,060 million as at 31st March 26, out of which executable orders within 1 year is 9,060 million.

Pending order as at 31st March 26 is higher by 18% over last year. The total group income for Q4 FY26 stood at 5,633 million, with an adjusted EBITDA of 1,632 million, which is 29%.

Our group revenue for the similar period was 5,428 million, with an adjusted EBITDA of 1,566 million, which was again 29%. During the current quarter under reporting, the consumable business segment and the equipment business segment contributed 84 and 16% at revenue from operation level.

Revenue from operations of consumable business segment reported 4,406 million in Q4 vis-a-vis 4,568 million in similar period, which is down by 162 million. On a full-year basis, consumable business segment revenue remained flat.

Majorly because of the reasons, customer orders of both spares and conversion have been shifted towards end of Q3 and Q4. We have seen significant order booking during the February and March specifically, thereby outstanding order has gone up by almost 18% year on year, which shall be materialized in the coming quarters in Q1 and Q2.

The revenue from operations of equipment business segment witnessed an increase of 69 million, that is 9%, in Q4. We have maintained healthy gross margin of 60% at the group level vis-a-vis 58% last year same period, in spite of the raw material volatility, global uncertainty, and higher share of equipment business segment.

Thank you very much for your time. Now the forum is open for any question you may have.

Am I audible, sir?

Thank you very much, sir, for this opportunity. Just first off, just wanted to understand from when the consolidation will be happening and what sort of debt addition we are expecting because of this consolidation?

The fund that would be required at the parent level, yeah.

If you're talking about Molycop, yes, the date of acquisition is 1st of June, we'll be consolidating from 1st of June onwards. Mhm.

The first consolidation will happen at the end of June, that is the first quarter result we'll be consolidating. Mhm.

With respect to debt,

Yeah.

Yep. This is Himanshu Raijada here.

With respect to debt addition, we'll be adding close to $838 million of debt in our financial as of 1st of June, which is what we are taking over as debt. Also, just to let all the investors know that the initial debt levels was close to more than $1,050 million, which has been paid down by close to $220 million to bring down the debt at $838 million of number.

What is the additional debt that we'll have to take at the parent level? I think 1,700 crores we already raised, but I think we require around 3,500 crores, right, to fund this acquisition?

This is the debt that has come from Molycop. I was just asking at the parent level what sort of additional debt we would require.

Ok.

At parent level, we'll be adding a debt of 1,500 crores in our book, which we have taken from StanChart and other banks including Axis and EXIM.

Okay. That we would have already taken, right?

That's already done, and that amount was used specifically for acquisition financing and transaction expenses which we wanted to incur.

Correct. This first quarter, only 1 month of consolidation will be there from Molycop.

That's correct. Correct.

Okay. My second question is on your growth.

At the parent level, Tega, what sort of growth we are looking at for this year and Molycop as well and what's the Molycop revenue and margins in FY26, yeah?

From a Tega perspective, the consumable business, we are expecting the normal CAGR of about 15% to be maintained going forward, and Sourav sir?

I think for business, we also expect similar growth like we did in FY26, which is in the range of 25%.

Okay. Mhm.

That's helpful. What about Molycop?

Revenue in FY26, and what sort of growth outlook we have in Molycop?

This is just of late we have did the acquisition. We are reassessing the numbers currently, and most likely basis high-level assumptions what we have, the growth outlook what we are looking for FY27 is 3% in FY27 in particular.

Of course, this will be refined further once we have more detailed engagement with the management team of Molycop.

Understood. What was the absolute level in FY26 of Molycop in revenue and EBITDA?

That would be my last question, yeah.

We are anticipating a growth of around 1% in FY26, and anticipated EBITDA margin should be close to 12%. Just to give a caveat here that Molycop has a financial year ending at 30th June, and of course, once we consolidate, this financial year ending also will change to March ending in alignment with Tega Industries.

What was the absolute number? I just wanted to know the absolute number for Tega last year, maybe, yeah.

In Molycop for last year, yeah. In terms of revenue?

Molycop last year was $1,539 million for previous year.

Okay. That's very helpful, sir.

That would be it from my side. Would like to wish you all the very best.

Thank you so much.

Thank you.

Thank you.

Thank you, and congratulations to the Tega team for the successful conclusion of Molycop acquisition. Sir, firstly on Molycop, if you can provide a medium-term outlook over the 3, 4 years ahead?

Since we also have Molycop's management with us, if you can also express your thoughts as to earlier under the AIP management and now under Tega management, what are the changes that you see in terms of synergies that is possible to be derived? That is the first question.

Yeah. Chirag, Himanshu here.

In particular, primary focus will be to bring down the debt in next 3 years to a level wherein 3x of leverage, 3 to 4 years is what we are taking as the time to bring down the debt to 3x level. Of course, with this new acquisition, most of the revenue synergies will lie in Tega, and the cost synergies will lie with Molycop, and that's how we are looking this as.

Third basket is what we're looking at of selling of non-core assets in particular. These are the three major synergy line items which we are working closely with the Molycop team, and we have a detailed plan of 100 day, 200 day, and line wise.

That's how we are working. Of course, it is very preliminary to give a number to each of the line items as of date, but yeah, as soon as we have detailed of each of the synergy plans, we can come with a guidance on that.

Sure. Thanks for that.

Secondly, if you can provide update on our Chile plant commissioning?

Chile plant commissioning and their construction is going as per our plan. So 50-60% of civil work has been completed, and we are expecting by early Q3 will be able to commission the plant.

Of course, there will be certain regulatory approvals which will be required to start the commercial production, but it is as per our plan.

Okay. For FY27, we will have around 1 quarter of revenue booking from that plant?

We are still hopeful, but we need to get some regulatory approvals which you need to work out. Quite a number of regulatory approvals are required post completion of the plant.

We are hopeful, but it may be we can start booking from end of Q4 or maybe next year.

Okay. Next question is on the Molycop-related acquisition costs.

Around 775 million rupees has been booked H2 FY26. Has entire acquisition cost been already booked this year or more can come in Q1 also since the acquisition is just concluded?

Just wanted clarity on that also.

Some more cost will come. There is quite a number of consultants, professionals was engaged in this entire acquisition process.

As and when the works are getting completed, we are settling everything. Some more cost will come, and we shall keep you updated in the subsequent quarters.

We have been doing this, and we shall keep you posted.

Sir, the quantum will be as large as it was in Q4?

Chirag, just to answer your question, the quantum will be much higher because we have built-in debt refinancing cost and all the preference cost which we have gotten in for this acquisition financing. All these costs have been paid in this year, which crystallizes because of the acquisition prospectives which could not be provisioned in earlier year.

Hence, we anticipate a higher number in Q1, which will be the final payoff. We don't expect it extended to the rest of the year.

Of course, in case if you're looking for a number, it will be close to $30 million of acquisition cost which we'll have to pay in Q1.

Okay. The last key on the consumable segment.

Sir, consumable

Am I audible now?

Yeah. Sure.

The last question is on consumable segment. We have actually had a very flat revenues in this year.

Just wanted to understand has the industry growth been weak this year, or have we lost some market share or some specific geographies which have not done well, if you can highlight, please?

Chirag, hi. This is Pratik here.

Robust growth is there. Actually, there is a demand and supply kind of a gap that's forecasted for the future.

In terms of order booking revenues, we have grown significantly. Hence, you can see the additional 17% growth in executable orders that's executable in the next 1 year.

The revenue is a kind of a timing issue because most of the orders came in February and March, they are in the process. You can also see that in the increase in the FG goods that has come up in our financials.

Right now we do not see a challenge in the market or in our order booking and going forward.

Okay. Sir.

Thanks.

Yeah. Hi.

Good evening, sir. Sir, my first question was on the consumables business only.

In Feb 26 call, I think management had guided consumables for the year will end at 8%, but it has ended a little flattish. Any reason in the past 3 months such a big divergence came?

As I just mentioned, a lot of the orders have come in the last 2 months, and hence, our pending order book has grown significantly from last year to this year, FY25 to FY26. Hence, you can also see that the orders are being executed from the increase in the FG that has gone into the financial year.

To add this, Varun, because of this start of this war, there was quite a significant amount of disruption in the logistical area, and which has led to the increase in our FG because material was produced, could not be dispatched because of the availability of the vessel connection and the containers, which we have seen in the month of March. That is one reason it has led to this flatish kind of revenue growth.

We are very hopeful things will be normalized, and our quarter 1 and quarter 2 will be much better.

Sure, sir. Sir, but my question was that if I look at the consumables growth year on year, in FY24, it was 10%, and FY25 11, and 26 flat.

Even the past 3 years, management keeps guiding 15%, but consistently, consumable segment has been weaker. Would you like to revise it down to maybe 10 or 12%?

No, I think it's the cyclicality of the business that is there, we remain firm on our guidance of 15% growth on a long-term basis.

Sir. Sir, on the equipment business, I think this year was a tale of two halves.

H1 grew 65.4%, and then H2 was flattish. Why was that such big variance?

I think for us in the equipment business, we have a kind of cycle time for delivery and execution. We had a project which we kind of executed this year.

I think overall, if you see of the whole year, we maintained our same guidance the 25% growth compared to FY25. How we distribute the order execution, it also depends various factors like the readiness of sight of customers and the timeliness of the project where they pick up the equipment.

You have to see this over a period of 1 year at least the revenue and delivery development. I would say that's what exactly happened, and we stayed what we said in beginning of FY26, and we fulfilled that kind of a guidance of growth.

Sir. Sir, the next question was, I think in the previous response, management said that in Q1, they will be taking a $30 million USD loss in Q1.

Then will FY27 consol there will be a loss because this will be a big loss, right?

No, Varun, this is not a loss which I mentioned. It was the transaction expense which Chirag was asking what will be getting build in Q1.

That's what we answered, not a loss.

That expense will flow through the P&L only for FY27, the entire P&L will become negative, right, because of this particular expense, right? On a reported basis, at least.

Not exactly. I don't know why you're saying as a loss, but we have to see it since we are acquiring Molycop, these are one-time of an exceptional expenditure, and of course, once the revenue starts consolidating and EBITDA margins and PAT PBT starts getting consolidated, all these will be sort of a negated in terms of the margins, and we'll see a surplus there.

Sir. Okay.

Just last one from me. FY27 what will be the total CapEx, and what will be the break up of it?

How much will be in Chile?

In FY27, the Chile CapEx will be completed, which was around $25 to $30 million which we initially estimated. Other than this, we keep on investing on our CapEx on modernization of our plant and sustaining CapEx, which ranges around 50 to 60 crores, which happens across the geographies.

This is what the plan as of now. As things are coming up, we'll keep you updated.

Sir, for Molycop, how much will you spend in FY27?

Currently, what we have budgeted is for a kind of maintenance CapEx of $20 million, and of course, the growth CapEx will be aligned with the expectation of management team, and we'll derive a number there. Currently, the growth CapEx is yet to be factored, but maintenance CapEx is $20 million.

Sir. Yes, you're saying 30 million for that Chile, 6 million is maintenance for Tega, and 20 is maintenance for Molycop.

That would be close to $55 million CapEx. How will this be funded?

Because this is other than the money which will be needed for the deal and expenses, right? How will this be funded?

On the sustaining CapEx, which is 50 to 60 crores, which is funded through our internal accruals. The Chile CapEx has been funded through internal accruals and borrowing, which has already been in place, and we have started using that as well.

On the Molycop Molycop, it is generally if we see the number of CapEx in terms of revenue, it's 2 or 3% of the total revenue. It's not a heavy debt or CapEx-intensive business.

This can be easily managed from the cash flows of Molycop, and we don't need to borrow any money for the CapEx.

Sir. I'll come back in the queue.

Thank you.

Yeah.

Thank you for the opportunity. Am I audible?

Yeah. Hi.

I had couple of questions. First, if I look at our closing order book of 1 year and less, it has gone up meaningfully, which you have called out in the opening remarks as well, right, on a YoY basis.

Our execution has kind of lagged behind, which is reflected in our consumable revenue number. You pointed out that Q1 and Q2, you are going to see a higher execution.

Just wanted to know what will change in the operating environment for this execution to pick up in the first half of this fiscal year? Did we add any new set of customer in FY26 for our consumable business?

With respect to operation, other than the logistical challenge, there is no other issues. All the production and other operations are going absolutely fine.

The only challenge that we faced is with respect to this Middle East disturbances, because of which the vessel connectivity was not there and the container availability, which has led to the increase in finished goods by almost 50 crores, which can result into 100 crores of additional revenue. This is what it is.

We have started finding out alternate routes to deliver goods to the customers.

Deepak, just to add on what SP has mentioned, generally, how we have our business is we get the order book, after that, it takes time around 3 to 6 months to execute those orders because we are a bespoke kind of a design driven organization. Each order has to be designed separately, manufactured separately, and then dispatched.

There's a time lag between the order receipt and the revenue. There is no operational challenge so as to say.

Since we have received the order late, the execution will also take its normal time.

Yes, sir, but the commentary was similar in the last two quarters also, right, that the order will come in the next quarter. That's why I wanted to understand, means what is changing in the operating environment for us to be a little more confident that H1 of this fiscal year would be better than what we saw in H2 of last fiscal year?

Because the order book has come in, and you see that in the executable pending order that has gone up by about 17%, and you will also see that we have already started manufacturing those. Finished goods has also gone up.

That gives you probable surrogate for a confidence that your business operations are following the order book pattern that's we have been mentioning earlier.

Deepak,

if I can also add further to what Pratik was saying, we also have finished goods flowing from quarter 4 to quarter 1. As Mr.

Ganguly had mentioned that there were some orders that could not get shipped due to lack of availability of containers, we would have finished goods sitting in quarter 1, which will also get shipped out. That'll add to the incremental revenue.

That's okay, but our inventory position hasn't changed much between 2 years, fiscal 25 and 26 at the parent level.

So Anyway. Because if you see overall inventory, you may not be seeing that growth.

Actually, raw material inventory has come down, finished goods inventory has gone up. When you'll be having the detailed annual financial, you can get that detail.

Detail break up is not there in the result.

Okay. I had one question on Molycop since they follow an July to June fiscal.

Earlier, I heard that commentary that in this June 26 fiscal year for them, we did an 3% top-line growth and 12% margin. Did I hear that properly?

For 26, you're mentioning, Deepak?

No, for them, it is July to June fiscal, right?

July to June fiscal. For the period ended June 26, is that your question, or for 27?

For their fiscal year, July to June 26.

Is it year ending 26 is what you're asking, or year ending 27? Year ending 26,

yeah. Year ending 20 Yeah,

Deepak, year ending 26 will be sort of 1% growth in terms of revenue, and close to 12% of EBITDA margin is what we are looking at. The point is that this will be consolidated for a month in FY27 because this acquisition got closed in June, 1st of June.

Hence, our reporting cycle will be accordingly giving the numbers.

Okay. Got it.

One last question I had on equipment business. Just wanted to know, did we add any new product lines during, let's say, FY26 in our equipment business, and do we expect any ramp-up in FY27 also?

Because you have called out that we are anticipating a 25% growth in FY27. Last year, we had a big order win from NMDC, which helped us to rake in that growth.

Just wanted to understand that is it a new product, or a new design, or a new customer win which will drive that 25% growth on a base at FY26 for equipment in FY27 also?

Hi, this is Sourav. There are two part to this question.

We are continually participating in different projects business like what we did last year, NMDC. That's number one.

We believe that we will get some of them booked in this current financial. Having said that, we are also going to have a new product launch in aggregate business.

This is already we have a collaboration with Japanese company, so that is what this launch will happen in this financial year. Also, we are going to see that there are a lot of headwinds available in our existing business and segments as well.

All being laid by non-CapEx as well as the growth in power and mining and mineral beneficiation, and I think there are enough opportunity available which will help us to get this growth which we have already budgeted. Also to add to that, we are also looking at businesses across Indian border, and we have got some success as well in Canada.

Also, we are participating in project in Russia, and as well as we have trying to increase our footprints in Middle East where we have already doing some kind of export business for beneficiation. I think all put together, we feel that we'll be able to reach what we have already targeted in FY27.

Okay. That Japanese collaboration

Clarifying Russia, you mean CIS countries, just to clarify. Okay.

Okay. Noted.

When you said that Japanese collaboration, means do we expect that new product to be launched in, let's say, later part of this calendar year, or is it a very near-term thing which will be launching?

This will be this product will be launched you know in Q3, that is what we we kind of you know we expect. Then it will be a forward-looking revenue for us.

Okay. Got it.

Very helpful, sir, and all the best.

Hi, sir. Thanks for the opportunity, and congratulations for completing the acquisition there.

My first question is on the growth strategy, considering the combined network of Tega as well as Molycop. What could be the low-hanging fruits here, the benefits of which we can be derived let's say in the near term, maybe over the next 12 months?

Your guidance of 15-odd percent growth on the non-Molycop business, does it include these benefits?

Just to answer your question one by one, the 15% growth what we have projected, it's non-Molycop synergies what we are building in. This we'll as I mentioned in my call during the earlier question-answer session that we'll be re-evaluating our entire synergy framework along with the management by detailing each and every step there, and accordingly, we can give a guidance on the synergies which we will be placing either on Molycop, either on also in Tega.

Sure. That's clear.

Second bit on the margin profile, and I'm again talking of the Tega consolidated numbers ex of Molycop. For the full year, we are seeing a gross margin expansion, but at EBITDA level, because of the higher other overheads, and excluding the one-timers here as well, there was higher rise in other overheads, which led to slight dip in EBITDA margin.

Any specific reason for this sharper hike, and how should one look at this number going ahead on the margins front?

If you talk about EBITDA margin, we have always given a guidance that our blended EBITDA margin will be around 21-22%. Yes, of course, this year, it is slightly lower because of the revenue has not been picked up in the consumable segment.

We are still holding this guidance of EBITDA margin at 21-22% at a blended level.

Sure, which will be for FY27 ex of Molycop led any synergy benefits? Right.

Right.

Great, that's helpful. Last bit on the working capital.

Historically, we have been pretty consistent in terms of our net working capital. This year, there was a good reduction in FY26.

Is it one time largely because of the payables increasing, or how should we look at that number?

You have rightly pointed out. This is because of payable improvement, and you have seen the overall debtor number of days has also been reduced to some extent.

It is because of good collection which we have made in last year. That's why the total working capital cycle has been reduced.

Sorry. From a receivable point of view, there was a reduction as you rightly mentioned.

Should we consider these as a steady-state number going ahead, or probably it can bounce back to a higher number earlier?

On the receivable front, if you see, receivable normally, we maintain and 100 to 105 days of DSO, and we shall be continuing to maintain that. Of course, the debtors volume can go up or down depending on the volume of sales because our Q4 revenue was slightly lower, hence it has gone down, the absolute value has gone down.

On the DSO level, it has improved. Our old data collection has been very good, we expect to maintain it at 100 to 105 days.

Okay.

To answer to your question, it will be maintained. We are maintaining a very good debtor cycle in last 2, 3 years, we are hopeful that it is going to be maintained in going forward as well.

Okay. Great, sir.

That's it from my side. Thank you, and congratulations once again.

Thanks.

Thank you.

Yeah. Hi, sir.

Just a couple of follow-ups. That if we take the adjustment of 77 776 million this one-off expense and if we add it back to the consumable EBITDA, then the consumable EBITDA margin would be close to 27.7%.

Is that the right way to look at it?

If you're doing it with Q4, yes, it is right because consistently, year on year, our Q4 is higher than all the quarters. Obviously, the EBITDA margin at Q4 level ranges around 27-28%.

Okay. Sir, earlier, I think in Q3, Molycop's growth guidance for the next year was given at close to 7 or 8%, and now it's been revised to 3%.

Is this a function of volume changing, or we are changing our assumptions for the steel pricing because it's a function of that?

Sorry, Varun. I think I need to check from where that guidance is coming from because in our earlier calls, we have never given such guidance of 7-8% of growth in Molycop.

Maybe I think we need to cross-check on where this reference is coming from.

It is from a ET Now interview of the CEO in December.

Okay. Basically, I think I can just give you a reference where it was I believe 6 months back which you are referring to, and we were anticipating that some mines which had gone into care and maintenance, particularly Cobre Panama and Grasberg, and this we were expecting at that point of time to come back in FY27.

Hence, that will give us some additional volume jump. This we are seeing as per the market indicators, this will be deferred to FY28.

Hence, we don't see a particular jump in FY27.

Sir. Sir, for Molycop, can we expect the management to reveal the volume numbers, because other grinding media players in the industry do that, we can get a sense of the market share and growth?

Generally, we don't give any market share guidance in our investor calls. We maintain that stand.

I think that's how we like to answer this question.

No, not the market share, sir. The volumes for Molycop, how much was high chrome and how much was forged for the year?

This number is basically just since the month has ended and we are yet to get that number refreshed, we can answer it at a later point of time, but not really as of now.

Sir. Just the last one, sir.

For the equipment segment for FY27, will a 14% be the right margin to look at?

No, I think in our guidance, we have talking about 12 to 13% of EBITDA, and which is basically we will maintain the similar kind of profitability what we did in FY26. The growth also what we mentioned that will continue to remain in that range.

Sir. That's all from me.

Thank you, and all the best.

Thank you.

Thank you very much for everybody for joining this call. We thank you once again for taking out your time and coming to our investor call.

We'll keep you posted on any subsequent development. Happy to interact and take any subsequent question you have.

You can reach out to our investor department. We'll be happy to address the same.

Thank you so much.