Birla Corporation Limited (BIRLACORPN) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the Birla Corporation Limited Q4 and FY26 earnings conference call, hosted by HDFC Securities Limited. As a reminder, all participant lines will be on listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Rajesh Kumar Ravi from HDFC Securities. Thank you, and over to you.

Thank you, Heshashuri. Good day, everyone. On behalf of HDFC Securities, I welcome you all to Birla Corporation's Q4 and FY26 earnings call. The Birla Corp management will be presented by Mr. Sanjeev Ghosh, MD and CEO, and Mr. Aditya Saragi, Group CFO. I now hand over the call to the management for their opening remarks, which will be followed by Q&A. Over to you, Sanjeev, sir.

Very good morning or good afternoon to all of you. Thank you for joining in Tashla's Numbers on a Monday morning. We know Mondays are busy days and lots of activities have happened around the country, lots of announcements. So we don't want to take too much of your time in today's call. Most of our statements have been contained in the press release, which you have seen and which I find has been also captured by many of the analysts. So we will dive straight into some of the operating parameters and then get into your questions. This is Sandeep Ghosh, managing director. With me, I have Mr. Adit Sarogi, our Group CFO, and on the operations side, I have Mr. Rajiv Prushti, who is our CMOP, the Chief of Manufacturing and Projects, and Mr. Kalidaz Pramanik, who is our CMO, Chief Marketing Officer. He is present here. In short, you know, as you would have seen, we had during the year a few challenges and marginal setbacks, especially in regard to the operations of a couple of our plants. But we were, I think, able to overcome them. And also, sticking to our strategy, we were able to make the most of the tailwinds which one observed during the last quarter. And may take the most advantage of it in the marketplace as well as in our operations side and been able to deliver a healthy set of numbers, we believe, or which we find satisfactory for ending the year on a reasonably good note. As we look forward, I know we are all staring at many uncertainties and variables, so any kind of projection has to be tempered with caution. You know, the unknowns, which would be applicable to all, not just all companies in the industry, but the country as a whole, and maybe the entire global economy, especially some of our neighboring countries. So we are sort of taking it as it comes, and we'll not... As it is, we don't make much forward-looking statements, but even going forward, I think we will be cautious in our guidance for the months ahead. You know, we are in a very, very dynamic and volatile situation, as you would know from the day we declared our results on Saturday until today. We have had announcements from the Prime Minister, no less than the Prime Minister himself, in terms of some of the clouds looming on the horizon. So, we have to look at each day separately and go forward. But I think two things are there. We are, as far as we are concerned, we are on a solid footing in whatever we have done and what we have demonstrated, hopefully, to the market and to all of you who observe the company, follow the company closely, that we are not the ones who do knee-jerk reactions or veer from strategy. We set our course in a particular way three years or more than three years ago, post-COVID, and we have by and large been able to stick to that, adhere to that. Without getting distracted by temporary ups and downs or some regional imbalances and disturbances. So with that, I hand over to Meshadit Sarogi to give you a broad overview of the numbers. He is just fresh from the CNBC interview, wherein also he has given, I think, an overview, which many of you have heard, and I found some of you have also reported on that. So, we will get straight into it and conclude the meeting as soon as we can. So, we would also request you to be focused on your questions and what is relevant because we may not be able to unnecessarily, you know, We don't speculate much on the future, so those futuristic questions, some of that which sometimes comes up in an actual course, ask only what you think is immediately relevant in the interest of time. Thank you very much.

Good afternoon, ladies and gentlemen. In terms of our performance for this financial year, we have done a growth of about 4% in volume. For the year was close to about 800 rupees and for the quarter ended March was close to 1000 rupees. Apart from the quantitative factors, there are certain qualitative factors where we have taken conscious efforts and we have seen positive results. For instance, in the blended segment, we have moved from 82% in the last financial year to 88% in the current financial year. In the trade segment, from 70% in the last financial year, we have moved to 77% in this financial year. Our lead distance has come down from 350 km to 37 km in this financial year. And our Mukurtbang volume has improved from 24.6 lakh tons to 27.7 lakh tons in this financial year. With that, I open the forum for Q&A and will be glad to answer specific questions I have.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We'll take our first question from the line of Sukrit D. Patil from iSight PenTrade. Please go ahead.

Good afternoon, the team. I have two questions. The first question to Mr. Ghosh is, looking ahead, how do you see Birla Corporation shaping its growth in the cement and building materials over the next coming quarters, and particularly in terms of capacity expansion, sustainability initiatives, and brand placement in the premium space? That's my first question. I'll ask my second question after. Thank you.

It would be helpful if you would have asked your second question as well, but I'll answer your first question. As you know that our capacity, we do not have any major capacity expansion plans, unlike many others who have announced in the past. I do notice that some people would announce capacity expansion. Are on a rollback or have announced some rollback or slowdown in the capacity thing. We have not done any aggressive capacity expansion announcements in the past. So we will proceed according to that. There are no major changes from whatever is already there. We know our minor line 2 is, you know. To work in progress, along with that will come the new grinding units, which are linked to that, which will be eastern UP, around Prahygrash, some of those. But beyond that, we are not really looking at acquisitions, expansions. With the Meyer Line 2 coming by financial day at 29, we would go up to 27.5 million tons is what we are looking at. What you would see in terms of our strategy so far, you see our total numbers. This year we have reported the highest number with our existing capacity. So, what is happening is our... We have a strategy of moving progressively towards almost 100% capacity of blended cement. We are making steady progress despite the change in the market composition because in our markets, core markets where we are, the way markets are expanding and with the investment in brands that we have done over a period of time, we are finding the greater acceptance of our blended and value-added cement. So, you'll find, therefore, the composition of our premium volume in those. In our total kitty, it's systematically increasing, not just across units, but across regions also. If you see how our... Mukundpan volumes are progressing. There again, in our core markets, we are able to acquire greater market share, and that too through our blended. So this kind of efforts will continue. We have installed our third line in Kundalans. That will give us again some play in our core and profitable UP market, and all of that will again come from blended cement, unlike some people who have set up new units, grinding units in Uttar Pradesh, we are aware of, but they are grinding OPC over there. That's not our idea. We want to do with a value-added blended cement, and that too are premium brands. So that is basically how things will move. We are not talking of any Big Bang expansion just now. There are some, as you know, some mines acquisitions, etc. are happening, but those are much more futuristic, and we'll talk about that in the days to come or years to come. Thank you.

Thank you. My second question to Mr. Aditya is, from a forward-looking point of view, I want to understand your plan of action on how you see capital allocation evolving to balance growth investments, reduction in debt, and shareholder returns, and what structural cost levers are being built today to ensure margin stays strong in the coming quarters? Thank you.

See, in terms of capital allocation, we have all about $4,500 for TAPEX plan undergoing at this juncture. So, where we are taking our TAPEX plan, one part we just concluded in the last financial year went from 20 to 21.5. Now, in the next few years, we are going to take it up to 27.5. So most of our, in terms of tools, it is going to be allocated to our SkyCubex program. So, you will not see any debt reduction. In fact, the debt is going to go up in absolute time. Though, in terms of debt to EBITDA, it will not exceed 2.5 is what our outlook is. And as far as the cost reduction is concerned, One major river is that we have just started mining in our Bikram coal block. The full-fledged production is going to come from next financial year. So, that is going to be one major river into five phosphorus in this country.

Thank you, and best wishes.

Thank you. Next question is from the line of Shravan Shah from Dalit Capital. Please go ahead.

Hi, sir. Thank you, and congratulations on better operating performance this quarter. Sir, before asking question, just to clarify or maybe reconfirm whatever the Swarogi, sir, has said on the CNBC kind of 20 million volume in FF27, which is close to kind of 7% growth, 800 rupees, beta per ton, 900 crore capex for FF27, And some 50 odd rupees price hike, which is there in April and 150 to 175 rupees cost per turn increase from Q1 onwards. So just wanted to reconfirm, this is what that we are looking at.

Just one small region, I think close to 21, close to 21, sometimes it does not give us specific number, it is mixed with a degree in terms of volume.

Okay, okay. So, in that scenario, first on the volume front, if I exclude the Mukundban, the entire other capacity even for entire full year of FY26 is, one can say close to kind of a 99% utilization is that. So, whatever the growth in the volume in FY27 likely to come is primarily on the 1.4 million ton kundan punch that we have started.

That's the way one can… I'm a good man, I'm a good man.

Okay, okay, okay, got it. And now, on the couple of data points, so particularly on the KKL front for Q4, what was the KKL? And in terms of fuel mix also, so you have said the Bikram core, the full-fledged production will come in the FY28. So, this year, how one can look at and how much kind of a saving this year and maybe the next year once it will reach the full-fledged. So, what's the cost difference? How one can look at that part?

Coming to Viswan, this year, the annual capacity is about 3.6 lakh tons, and this year we expect to be about 1.2 lakh tons, or thereabouts. And next year we expect to achieve full capacity, and to give you a sense on the cost, the landed cost of Wickham is going to be in the region of 1 to 1.05, and the current prices of domestic coal is going to be around 1.45. So that will give you a sense of the cost arbitrage that we will get from Wickham's coal block. What was your other question?

What was the KKL cost?

KKL cost in 2.4, it was 1.53.

Okay, 1.53. And mostly, in Q1, primarily the packing bag cost, which would be 1,800 rupees, and here also.

Packing bag and fuel. Fuel, okay. And finally, the diesel cost will go towards including the logistics cost of it.

Okay. Okay. Got it. And just a clarity in terms of the capacity. So 1.4 million tons each for Prageraj and Gaia phase 1. This we will be starting by FY28 and or it would be maybe Q3, Q4, FY28.

Q3, Q4.

Q3, Q4.

Okay, Q3, Q4, that we will be starting. And in terms of the CERP, you said that now we are looking at 100% kind of a blended cement, which will be the end of premium CERP, which will keep on increasing. So, this current 63% premiums there, how one can look at to inch up and the blended cement also 87% when one can look at kind of 100% kind of a number and how this will help us in terms of the extra to be done.

It's difficult to predict exactly how, but what you would see in our, you know, trajectory, quarter to quarter, year on year, if you see, we have been moving in that direction. And this is despite the market composition changing. There is, as you know, in many, most markets, we have seen the growth in non-trade segment increasing, and consequently, there is an OPC segment which has gone up. But we have not been lured by that. We have stuck to our position of pushing our blended cement and the premium cement up, and that is a strategy which we will follow consistently. So we are not veering from that, and that's the point to be noted from your thing, that you'll find that we are doing that in a very consistent manner. But it's difficult to say when we will reach 100 or what is the level we are at today, whether that level will remain or there may be slight slippage or reversal on a quarter to quarter basis or something. Those are subject to market variations. But we are extremely clear on that strategy. What is further thing we are going to do on the brands, etc., that only we can't talk about now, but we were the ones who, among the, I don't like to use the term, the B-category players, we were the first to move heavily towards premiumization. And we have gone in there aggressively over the years. We have created a new flagship brand, Perfect Plus, which has now got practically a footprint in all of northern India to central India. It is gaining traction and all of it. So that strategy has worked. So we will also, we hope to lead innovations in that category because others have also moved in that direction subsequently who were in the B segment. We have seen some amount of dilution. In the equity of the A category players without naming them in terms of their price positioning, which has put us at par with many of them or even higher than many of them in our core markets. So, that's the direction we are moving. We are, we have the advantage of being a smaller player with high capacity utilization, so we are not really under pressure to ramp up, you know, as I said, some people who have added capacity are having to even grind OPC, which is a very unusual thing in the grinding units, rather than taking the OPC from their mother unit plants, which are fairly close by. We are not doing any of that, even if there are incentives available somewhere. So we will stick to that, but you can't really predict exactly when we will reach 100% or whether that 100% will remain constant or there may be slight reversal on a quarter-to-quarter basis.

Yeah, sir, lastly, the incentive in revenue in Q4 is just a one-out curve, and if that is the case, how one can look at F.27 incentive on a full-year basis?

The incentives in Q4, we have booked 144, also there is about 90% of the power was related to earlier year, and 50% was related to the current year. Okay, and there's a, in the current year we have the average quotient index will have been about 24 crores, so you can take to the shop 24 all crores the incentives that we booked in this quarter was registered to the earlier quarter. And so far, the next day is contained. With Pundangland coming on stream, we expect our incentives to go up to around 130 degrees.

Okay, got it, sir. Thank you and all the best. Thank you.

Ladies and gentlemen, in order to ensure that management is able to answer queries from all participants, kindly restrict your questions to two at a time.

You may join back with you for follow-up questions.

Next question is from the line of Siddhant from Goodwill. Please go ahead.

Yeah, hi. I wanted to understand why the working capital got very tight, you know, it hurt the cash flows from operation. Any particular reason?

Yes, we constantly started building up stocks because of the low political situation. We were anticipating some tightness insofar as particularly the coal is concerned, coal and the fuel is concerned. So instead of the normal strategy of driving down the inventory, we consciously built up the inventory. That's very good.

Understood. What is the current date at the end of the year because of the investments? I couldn't get the net day number.

About 2100 crores.

2100 crores was the net debt number. Okay, great. And what do we expect the peak debt, you know, just the range for the, in this KPAC cycle?

In this KPAC cycle, our expectation is that the peak net debt should be in the range of 4000 crores.

And what are the interest costs, assuming the current rates that you are expecting for FY27?

It's difficult to give an estimate on that because most of our turn loans are linked to external benchmarks.

It's EBLR, okay.

So that is a strategy that we call it.

Okay, just one minor question for Sandeep Shah sir, that you know, we keep saying...

I'm sorry, you're sounding muffled Siddharth, we can't hear you.

To that.

Siddharth, please repeat your question. We are unable to hear you.

Yeah, hi. Can you hear me now? Yeah, just for the JOOT business, have we considered getting in a strategic investor or turnaround? Because it's been taking quite a bit of time.

No, we don't have a problem in investing. Jute business turnaround last year, it was a very exceptional year when jute prices have reached abnormal highs, historical highs it has reached last year. And what kind of levels which nobody has seen. It is due to multiplicity of factors, including the stoppage of imports from Bangladesh and a variety of factors. We feel, and that has thrown many people out of gear. There are many jute plants which have actually shut down, and jute mills which have shut down, or people have reduced their mandates, the weekly workings to four days. We have been in the business the longest. Among any of the current players, management, as you know, is the oldest Indian jukeman. We know what is to be done, but it's a matter of time and opportunity. We expect now, though it's forward-looking, that with the change of government in West Bengal, Jute will receive a different kind of attention, and there will be greater coordination between the center and the state government, because so far, you know, Jute, as you know, is a central textile ministry subject. There has been a lot of interest, especially from the current textile minister, Giraj Singh, but the center and the state have not always worked in sync. So jute, to give an example, textile is a PLI industry and there has been a lot of PLI activity has happened in textile for other materials in jute, nothing has happened. I have personally met earlier the textile minister, Mr. Singh, who has visited. They have been urging the industry to look at innovations, industry to look at new products, rather than rely only on government orders, etc. None of that was really happening. There are a lot of structural, systemic issues. So, hopefully, if the government, there is greater attention over there, we have a new head of the Nithi Ayo, who, apart from being an economist, he came, he was last time elected from the jute belt. He has gone. So, I am personally optimistic in a lot of positive policy changes which will show improvement in the jute industry per se. Something which has not happened for many, many years.

Wonderful. Thank you.

Thank you. Next question is from the line of Saket Kapoor from Kapoor Company. Please go ahead.

Yes. Namaskar, sir. Hope I'm audible.

Yes, please go ahead.

We can hear you even without the phone, because you are just one kilometer away from us. Even if you don't speak into the phone, we'll be able to hear you, Sakit.

Okay. Thank you, sir, for your comments. Sir, firstly, our foray into the RNC and the construction chemical business. So you can outline to us what are we eyeing and exactly.

First of all, on RMC, our strategy of RMC is very different from others, in the sense that many other people who are investing in RMC, including the largest players, they look at RMC as a channel for their own cement, because their own capacity utilization of cement is much lower. So while they are also trying to certainly move up the value chain, but one of their main drivers is they can use their own cement. Whereas for us, The RNC is a matter of certainly climbing up the value chain, but it's more importantly a question of brand extension. It's a question of leveraging. We as a company, I have said this in the past, when we look at assets, we don't look at assets as just manufacturing assets. We look at our marketing assets, though you don't assign a value to them on the balance sheet. We are very conscious of our marketing and sales and distribution assets. And we think that just like one sweats the manufacturing assets, there is a scope to sweat the marketing and, you know, go-to-market assets. And that is what we intend doing with RMC. So our RMC progression so far has been slow but steady. We have now, very soon, we'll have our fifth plant in Uttar Pradesh. And that's because Uttar Pradesh is a core market for us where we have a strong brand equity for Perfect Plus. So our RMC is being marketed under the Perfect Plus brand name. We are doing so, but we don't want to really go overboard on RMC. We know how many companies have burned their fingers. There are a lot of, you know, issues in the RMC segment, particularly relating to outstandings, your, you know, recovery and commercial aspects. So we don't want to do something aggressive, overaggressive, which is going to hurt our main business. So, so far, first of all, I think we are developing a reasonably good footprint in UP market, which is giving us a lot of learnings. You will probably get to see our progressing now extending the same format to other regions where we have a strong brand equity. On chemicals, extension chemicals, there were two parts to it. When we launched it, there was a part of Walputti and there was a construction chemical. Wal Putti is a market which we have seen is highly price-driven, and a lot of new entrants have come in, not only from the cement side, but also from the paint side. So it is a very, very commoditized market. We don't see too much of value, so we are not going aggressive on Wal Putti at the moment, but we are seeing a lot of fraction in the chemicals side. And there again, we are having a brand synergy with our premium brand Perfect Plus. And we are changing our supply chain model there over learning, and you will see us trying to scale it up in the coming year. Because of in between COVID and everything else, it was put on the back burner for a while, and we were focusing on other areas, but you will find now much more focused attention on chemicals, but chemicals is never going to be a huge number. It is going to give you, again, a brand extension thing, which will probably give us sort of a multiplier effect on our existing brands. We are not really looking at it in a huge number, but it is going to certainly, we believe, you know, add value to our overall brand assets and position.

And, sir, in terms of CAPEX, any number, any significant number we will be aligned in this segment?

These are all CAPEX-like projects.

Okay, my next question to...

Satith, I will go to join back the queue, please, as we are participants.

My second question, second question only was... Okay, please go ahead. Thank you, man. As you have alluded in the interview also about the power and fuel cost, so with the rising crude and the pet food prices, how are these going to affect our fuel prices and what steps are we taking to improve our mix in terms of further investment in the WHRS? And also please provide us the current maturity number of dead for the current year, and what number we are going to close for FY2625. Thank you.

See, in terms of the total cost impact, I have given an estimate of 150 to 175 rupees per ton, that is mainly on 2 pounds, one is packaging cost and the other is a fuel cost. Okay. And within the fuel, our current mix of imported fuel is around 30%. But let me share with you, it's not only the imported fuel cost that is going up, even the domestic fuel, although the cost is relatively less. But, even the cost of domestic fuel is going up, because many human players are now switching from imported fuel to domestic fuel, and also given the strong summer season, there is a strong demand for domestic fuel, so even the cost of domestic fuel is going up. And insofar as waste waste recovery is concerned, we are trying to increase the optimise the capacity of existing waste waste recovery wherever possible, and in any case, our new plant will have optimised the level of waste recovery in the marine land.

So, we are also...

Didn't get your last point, sir. Ah, very soon. Didn't get your last point. Yeah.

No, there are two things, Rajat here. Yes, waste waste recovery as said by Aditya S.G. Yes, we are working on that to improve our efficiency in the waste recovery, including the new setup which is going to come for the Mayer line 2 that will be there. And apart from that, the solar and hybrid also, we are continuously working on that, and as of now, we can see that there is another plan of around 25 to 30 megawatt, which is going to improve in next one to two years of time.

Thank you. We'll take our next question from the line of Patanjali Srinivasan from Sundaram Mutual Fund. Please go ahead. Hello, sir.

Thank you for the opportunity, sir. Good set of numbers. I just have a couple of questions. So, firstly, with respect to our operating cash flows, so we have generated more EBITDA than last year. However, our operating cash flow has kind of declined very sharply versus the previous year. Could you help me understand this bridge, sir, versus the previous year? Why there was such a sharp decline?

Some of the incentives that we have accrued, that we have not realized. So hopefully by next year, we will start realizing that incentives. So that is one. Secondly, I have explained, the working capital has gone up because of a conscious effort to increase the fuel inventory. So that is the second reason for, you know, lower cash flow.

Sir, what would the two receivable amounts be, sir, pertaining to these incentives for us?

Well, totally, receivable is about $500,000.

Got it, sir. And we expect this to be coming in the current year, is it?

Sir, we should start seeing the regulations on the current financial year.

Got it, sir. And just one last question, sir. What are the capex gradients for 27 and 28, and how much capacity commissioning for the next two years?

We are now doing the guidance for the next financial year, for FY27, it is 900 to all, and our capacity hydration by FY29 will be 6 million tons, from 21.5 to 27.5.

Got it, sir. Any timeline when the next set of capacity is coming in?

All in FY29 only.

Thank you so much. Thank you. Next question is from the line of Girija Ray from Nirmal Bank. Please go ahead.

Hi, thanks for the opportunity, and many congratulations for a good setup of numbers. I appreciate the consistency level of the company, and the fourth quarter is a kind of surprise to the street, I can say. So, I have a couple of questions. So, just wanted to take Brahmapuri and Marikivaka, when we can expect it to be operated, or something like that, if you can throw some light. This is my first question.

So far, Brahmapur is concerned. We are not pursuing that job actively because the capacity which was given in the big documents, the actual capacity is much lower than that. So we are conquesting that particular job. And in so far, we are in touch with the government for certain regulations issued. So maybe by FY29, what do we expect to start that job right?

Okay, and do you think this Bikram coal that we have started operating in April, so this is going to reduce our lead distance in terms of coal transportation, overall company lead distance, is it going to reduce our coal distance? Because I can see Bikram coal mining is around 50% distance reducing from your centralization plans. So, is this going to help us to Mukutban and Central Regents if we are from this Bikram pool mining?

See, we are talking about what matters is the language cost that we pay for the fuel compared to the ordinators. If we were to buy from the market or from the Coal India subsidiary. So there, as I explained, there is a good delta R cost, landed cost, which is in the region of 1 to 1.05 rupees per million calories, as I think the current market price of 1.45 rupees per million calories.

The last question. So, I just, I could not hear it properly. What is the incentive we have included in FY26 revenue, full year basis, and what is the amount we are going to add in FY27, the incentive?

We have approved 140 costs, both of which 90 costs pertain to earlier year, and 50 costs pertain to the current financial year.

And for FY27, what is we are expecting?

One-thirty course.

Okay. Fair. Thank you, sir. Thank you very much. And all the best.

Thank you. Next question is from the line of Harshal Mehta from AMSEC. Please go ahead.

Arishan? Hello, am I audible?

Yeah, please use your handset mode. Yes, please go ahead.

Okay. Thanks, sir, for the opportunity. Just one clarification in terms of incentives. So broadly, for the full year, you have booked around 50-car was an incentive. And how much is that for Q4, that number?

No, no. For the full year, it was about 95 cross. Out of which, no, no, excluding the 90-year-old cross, that was presented to earlier year. So, for this current year, it is about 9 to 5 crores. Also, there is about 40 sr. It has been booked in this current quarter.

Sir, what is the number for this quarter, Q4?

Q4, we have booked 48 calls, and one can say probably 24 calls could have been booked in earlier quarters, but because the clarification was received in the current quarter, that's why we have booked 48 calls. Annual run rate of Maharashtra incentives is expected to be about 1995.

Okay. Thank you.

Thank you. Next question is from the line of Nikhil Gandhi from Bajaj Life Insurance. Please go ahead. Akhil, your line is unmuted. Please go ahead with your question. Since there is no response, we'll move on to the next question from the line of Prashant Shah, an individual investor. Please go ahead.

Hello. Is my voice audible?

Yes. Please go ahead.

Good. And thanks for the opportunity. Congratulations, team, for an excellent set of numbers. Sir, just to confirm, the lead distance now is 337 kilometers, and the Kcal is 1.53. Are these numbers, what I understand, is correct?

Yes, for March.

For March, okay. So, my first question is, out of the total energy cost for the current fiscal, how much? Thank you. I'm sorry, the sound is muffled.

Can you repeat the question again, Prashant?

So my question is, how much of our energy consumption is coming from renewable sources in terms of percentage, and how much is the non-RE part?

31% renewable energy.

And how much do we expect?

Power. There is no power. Power consumption.

Well, there is no renewable access.

Okay. Okay, and how much do we, how, what is our expectation, how much will it go for, go to in the FY27-28 period?

38%, no?

37 to 38%.

37, 38% salesforce will try to get it.

Okay, and what is our K-Cal?

KKL per ton of clinker, you are asking, or paisa per ton of clinker? Per ton of clinker.

Per ton of clinker.

That varies from plant to plant. Plant to plant. Toward the range of 710.

Okay, okay. That's all from my side. Thank you.

Thank you. Next question is from the line of Munsil Shah from NSFO. Please go ahead. Good afternoon, sir.

What will be the total KPIX? For this edition from 21.5 to 27.5?

479.6 including GST. It's up GST, it is about 4300.

And I just missed the opening, but there is some guidance of close to around 1600 cross EBITDA for financial at 27.

Sorry?

There is a guidance of 1,600 euros EBITDA for financial aid 27.

No, we are not going to use specific guidance. We expect EBITDA to be in a similar range to the previous financial aid.

No, because I just wanted to clarify, I heard somewhere that 2 million ton into 800 rupees EBITDA per ton.

That you can do your own calculation, right? Sure. Thank you very much.

Thanks a lot, sir. Thank you, thank you very much.

Thank you. Ladies and gentlemen, we'll take that as the last question for today. I now hand the conference over to management for closing comments. Over to you, sir.

Thank you very much. We appreciate your support. We appreciate your interest in the company. Pleasure talking to you. And hopefully we won't disappoint you going forward, and despite recent uncertainties moving in the horizon. We will stick to our strategy and do better than our best. Thank you very much.

Thank you. On behalf of HDFC Securities, that concludes this conference. Thank you for joining us, and even now, disconnect your lines.