Hariom Pipe Industries Limited (HARIOMPIPE) Q2 2027 Earnings Call Transcript

Ladies and gentlemen, on behalf of Captify Consulting Investor Relations team, I welcome you all to the Q2 and H1, FI27, Post-Earnings Conference Call of Hariyum Pipe Industries Limited. Today on the call from the management we have with us, Mr. Rupesh Kumar Gupta, Managing Director, Mr. Amitabh Bhattacharya, Chief Financial Officer, and Ms. Rekha Singh, Company Secretary. As a disclaimer, I would like to inform all of you that this call may contain forward-looking statements, which may involve risk and uncertainties. Also, a reminder that this call is being recorded. I would now request the management to brief us about the business and performance highlights for the period ended September 2026, the growth perspective and vision for the coming years, post which we will open the flow for Q&A. Over to the management team.

Good day, everyone. On behalf of Arum Pipe Industries Limited, I welcome you all. Our post results conference call for the second quarter and a half year ended September 30, 2026. Thank you for joining us and for your continued interest in the company. We close the first half with growth in revenue and profits supported by better sales realizations and a stronger second quarter. The recovery in operations at Perundurai was an important development during the quarter. Our focus on value-added products also continued to support earnings per ton. I will first discuss our standalone performance and the progress in our steel business, followed by an update on our subsidiaries and priorities for the second half. For the second quarter, revenue from operations increased by 65% year-on-year to 554 crore, EBITDA increased by 58% to 68 crore, while profit after tax rose to 29 crore from 10 crores in this corresponding quarter last year. The improvement was also visible compared with the June quarter revenue increased by 29%, EBITDA by 36%, and profit after tax by 64%. Our EBITDA margin improved to 12.21% from 11.60% as operating activity recovered. For the half year, revenue stood at 983 crores, an increase of 23%, EBITDA was 118 crores, up 17%, and profit after tax increased by 35% to 46 crores. These results show that the growth in our business is translating into higher absolute earnings. Turning to operations, second quarter sales volume reached 83,170 tons, an increase of 32% over the June quarter. Half-year sales volumes were approximately 1.46 lakh tons, up 6% year on year. Perundurai resumed operations on July 13, following the temporary closure during the first quarter. Its return to production supported the recovery in volumes. Our focus now is stable operations, compliance, and better utilization of the facilities already in place. Average selling price for the half year increased by 17% to 67,265 per ton. Abita per ton increased by 11% to 8,042. In the second quarter, Abita per ton reached 8,140, an improvement of 15% over the corresponding last quarter. Our standalone net worth increased to 705 crore at September 30, representing year-on-year growth of 17%. The debt-to-equity ratio improved to 0.62 times from 0.65 times a year earlier. I would not like to update you on Haryon Power and Energy. Our first 5MW AC solar project was commissioned in July. Two additional projects of 5MW AC each were commissioned in October. This takes operational capacity to 15MW AC across three locations. The October additions are subsequent to the half-year reporting date. The overall portfolio comprises 60MW. Across 13 locations in Maharashtra, we are targeting completion of 52 megawatt across 11 locations by January 27. Including the 15 megawatt already operational, the next phase therefore covers a future 37 megawatt AC across 8 locations. Metal Mart, our trading and distribution subsidiary, completed its documentation during the first half. During the current quarter, with the aim of supporting market access of metals, steel, and allied products. On a consolidated basis, including our securities, half-year revenue was 984 crores, EBITDA was 118 crores, and profit after tax was 42 crores. Revenue grew by 24%, EBITDA by 18%, and profit after tax by 23% year-on-year. As we enter the second half, our priority is to build on the improvement in operating activities seen during the September quarter. We have an established manufacturing base and better utilization of that base remains an important opportunity for the company. In the steel business, we will focus on consistent plant operations, value-added products, and closer engagement with our dealers and institutional customers. Alongside volume growth, we will continue to pay attention to contribution burden and the working capital required to support sales. For the solar business, the focus is on completing the scheduled products and moving them into regular operations. We will continue monitoring project progress and funding requirements closely. With capital allocation guided by the needs of the core business and the process of these investments. The first half was given as a stronger base for the remainder of the year. We are engaged by the recovery in volumes, the improvement in earnings per ton, and the process in solar commissioning. Our efforts will remain directed towards sustainable earnings, growth, and long-term value for shareholders. I would like to thank our employees for their efforts, our customers and channel partners for their continued business, and our lenders and shareholders for their support. With this, I conclude my opening remarks. We will now open the floor for questions. Thank you, everyone.

Thank you, sir. We will now begin the question and answer session. All those who wish to ask a question may use the option of raise hand. If you are unable to ask a question, you may put your question in the chat box. We'll take the first question from Adi Jha. Please go ahead.

Thanks for the opportunity. Great set of numbers. My first question is this. What is the guidance for H2 and also... How do you see Hariom doing in FY28 as well? Can you just share, throw some light in this too?

Good morning, Arita. I am Amitav, CFO of Hariom Pai. Thanks for your questions. So I would like to inform you that we are consistent focus on our target. And whatever our goal was a little bit disrupt due to the first quarter close down of our Terundura unit for 110 days. Now the momentum has come. And we are very much focused and very much hopeful to achieve our target. That almost all our revenue grow by 29% and the retail grow 36% sequentially, and in 4.28, we see the opportunities to generate more business from the existing manufacturing base, and we will give a better result in the insuring years also.

What is the growth percentage? I was looking for specific numbers, sir. Can you just throw some light there?

The specific number is quite difficult to say right now. We can say as much as we are focused on our target, and you will get the better result, and profitable growth, and better utilization and discipline content.

So what is the base case, can I assume, 12%, 10%, what is that? Sorry? What is the base? I can expect that minimum will grow 10% or 15%. What is that minimum that we are targeting?

For this second half, we can expect minimum 10 to 15% from here.

Okay, for FY28, sir.

Similarly, the growth will be there. We are working very closely on the acquisitions part also, and some brownfield expansions also. In that, we may expect from the next quarter, or next to next quarter, the projections may rise. So, moving ahead, I feel next year will be next again 10 to 15%.

Okay. So, 12% margin, we can easily maintain whatever EBITDA pattern. That is for sure, right?

Yes, yes.

Okay, okay. Okay, sir. And also, sir. Yeah.

So we have seen all the EBITDA margins are on similar lines. Depending on the market, volatility also has performed very well.

Yeah, yeah, sir. Excellent. And also I see promoters are also adding warrants at 333 and we are increasing roughly 5% stake. Do you intend to increase more stake? Are there any possibilities of that?

So we have issued warrant to the promoters and their initial 25% margin money is already we have received. And this fund is raised for our future business expansion and capital needs. And in the coming ensuring any business opportunities are there, definitely promoter will be the first contributor for the company, for the prosperity of the company.

Okay, sir. Thanks. All the rest.

Thank you. We'll take the next question from Harishit Karka. Please go ahead.

Hello. Thank you for the opportunity, sir. Am I audible?

Yes.

Yes, sir. So, we have a capacity of 5,000 metric terms of finished goods. So, just wanted to understand what is the peak revenue that we can achieve.

In that 521,000, the operational capacity which we have, in that if you take into the consideration of the present steel value, it could be achieved somewhere around approximately 2500 to 2800. But it depends on market. We believe in volume because it is still a commodity. So, end of the day, we believe in volume. But you have to think that not in terms of revenue. In terms of margin, you can say that EBITDA is always consistent about your person.

Right, sir. And I just wanted to understand, like, what kind of capacity utilization of volume figures we are targeting for FI27 and FI28?

Sir, always volume, our target is earlier also 30% volume growth each and every year, which we had disclosed in our last year only. But the thing is, in practical situation, sometimes some hiccups are coming, but we are always focused and targeted. The volume growth should be not less than 25%. It should happen. But sometimes it happens. Sometimes it's going beyond more than our expectation. It depends on always market, demand, supply, other productions, operational issues, or any other matters. Everything, if it is favorable, then always 30% growth will be there.

Right, understood. And sir, just my last question is on realization, right? So, realization has increased significantly for the OEM segment, GP pipes and coils. So, just wanted to understand how do you see the realization going forward and is there any way we can track realization independently? Is there any website or something? Sorry, sorry.

No, no, there is no such website basically, but undoubtedly, yes, our focus is towards the OEMs and the major value-added products only, which we are targeting and we are focusing on that only. So, moving ahead every year on year, our value-added products will add on.

Understood, sir. And 25% volume growth for FY28, is it fair to say?

It can be possible.

So, if at all the acquisitions or something is happening, it can grow more, basically. So, we are very closely working on a few of the things which will be communicated in the near future.

Right. So, 25% is like base case, right?

Yeah, we can assume that. As Amitabh has told you, basically that again depends on the scenarios also as well. So, 25% is what we are also clearly looking at.

Okay, I understood. All the rest. Fix the number, any particular number or percentage. It's a natural thing, organic thing. So, therefore, we have to understand the nature and the business and surrounding situations. All are co-related. So, our focus is always grow, and we are very much optimistic to getting much more results. But sometimes, some things are beyond our call.

Understood. Thank you. That was very helpful. Thank you. All those who wish to ask a question, please use the option of raise hand and we'll invite you to ask a question. We'll take the next question from Dharmin Parekh. Please go ahead. Yes, then. Yes, then. Okay.

So firstly, a very happy Diwali to the management. And even I would like to congratulate the management and put it on such good numbers. Secondly, I have a few questions. First is, there's a capex which has been announced about the seed plant. So, it's related to that. How are we going to fund the capex? After putting up the capex, after the steel plant is ready, how much of an impact in terms of margins it will do in our scenarios? And secondly, are we intending to even manufacture HR coils by putting up that steel plant? That is my first question.

Yeah, regarding the CAPEX, which we have announced in the Maharashtra government, that particular process is on. And once, as you have told, it will take its own speed time for the next three to four years. And in that particular thing, yes, we are intending to have our HR coil in place, wherein the in-house consumptions will be supported by our own backward integration. And our self-consumption will not be dependent on any other person. So, in that case, HR coil would also be possible, but will take its own sweet time. There are many consequences which we have to see and other things are also available, so those things will take a few of the time, but yes, we are having our HR Coil Manufacturing Unit plan.

Okay.

And EBITDA, what you have asked, if all that has been there, EBITDA will undoubtedly increase from 12% to say 14%, 13%, 15% could be.

Okay. And secondly, as for our presentation, our dependency on GP pipes, GP coils has been constantly going up. So isn't that a concentration risk which we are creating on a single category? And second question was, do we have any water shortage plan in place where our production won't get affected going forward as there was a very bad water situation happening in Hyderabad?

As such, we are blessed to not to be touched with that particular area. But undoubtedly, our GP units and GP production areas are growing faster because of the new customer additions and the focus toward other geographical presence. So our team is working very hard to adjust with the new customers and then supply them and create the new markets.

Okay. And last question, sir. Is there any plan to cut down on debt in this financial year?

Obviously, whenever the internal accruals are there, the debts are already in place and every year on year it is getting reduced. Yes.

It is already pre-planned, sir.

Perfect. Thank you and thank you. Congratulations.

Thank you, sir. Thank you.

Thank you. We'll take the next question from Dakshita Mishra. Please go ahead.

Good afternoon, sir, and congratulations on a good set of numbers. Sir, my first question is, the company reported an EBITDA of around 8140 rupees per metric ton in this quarter compared with around 7100 in Q2. So what are the key contributors to this improvement?

Two, three key contributors are there now. One is our Perunduray fixed operation cost is reduced due to the Perunduray unit is fully operated. And the second contribution is that the integrated steel plant, that product is always given as the additional margin comparatively to HR coil based product like GP galvanized product. So that is another plus point. And then third is the market absorption capacity, which allow us to getting more margin. At the same time, our operational efficiency, which allow us to reduce our fixed cost in terms of power or in terms of other operational expenditure, which allow us to give a better margin.

Yes, sir. And despite the improvement in EBITDA per ton, the overall EBITDA margin has remained relatively range-bound. So, with the Perindurai operations now restored and operating efficiency expected to improve, what is the realistic EBITDA per ton and EBITDA margin potential over the medium term?

See, over the medium terms, you can say always, if you take our past record also, and it's always correlated with, again, the market demand, supply, average selling price, and average raw material price in terms of truth steel like, I don't know, to HR coil, all are correlated each other. Apart from power is also the one of the another major component which is required in our production capacity, variation shell. So, if this state wise, different, different power tariff are there, different, different rate are there. And along with that, I would like to share with you that in Terunduray plant, we have signed a MOU with a Thank you. Solar power companies, and we are getting around 4 megawatt DC power for our Perundurai operations. So therefore, in Perundurai, especially in Tamil Nadu's area, where the power cost is much more higher compared to the other southern part in India. So there we are getting little bit of cheaper power through the solar, which help us to reduce our operational cost and to control the operational cost in terms, Which in long term basis also, the average epita, whatever historical are there, that will be consistent, and we are expecting more than that in the coming future, but the numbers, exact numbers. So, the question is quite difficult for us to tell at this point.

Yes, sir. And given the company's vertically integrated business model, how sensitive are the margins to fluctuations in iron ore, coal, steel scrap, and other key raw materials? Like, does the company maintain any inventory hedging or procurement strategy to protect these margins during periods of sharp raw material price movements?

Generally, what happens whenever the prices increases, as well as the raw material price increases, the finished goods also gets increases. So there is an internal practice wherein we control all those things and plan it in a very well way. Having said that, 19-20 years of experience will undoubtedly make our margins intact.

Okay, sir. And one more question. So the power and fuel expenses have increased to around 25 crores in Q2 from around 18 crores in Q1. So what is attributable to this rise? Is it more to do with restarting of the operations?

It is one is restarting the operations, and another is we are in the Q2, we are using the optimum level of capacity in our Babubnagar value plant, means galvanized theory, where due to that also the power is. And the third more important thing is during this quarter, the power tariff is also little bit high in terms of other additional charges employed by the various discounts, which altogether the little bit of cost is high. But, therefore, also, if you calculate, our part-ton power consumption remains constant is around 98 units against our part-ton productions. Comparatively to, you can say, in Q1, it is 135 units, whereas in Q2, it is coming down to 98 units.

Okay, sir. Thank you so much for taking my questions, and all the best. Thank you.

Thank you. We'll take the next question from Dhruvind Doshi. Please go ahead.

Yes, sir. Thanks for the opportunity. Sir, on the solar subsidiary, sir, how much revenue can we expect this year and next year once, say, the entire 60 megawatt gets commissioned? And how much would flow to the PAT level?

So, sir, basically, first of all, I would like to inform you that out of 60 megawatt is our date, we are going to install around 52 megawatts in 11 locations. Two locations, we are having scarcity of land, and that location is specifically industrial based, not agriculture and area. We don't know, we are opposed to the department, given as the alternative substation, but so far we are not getting. If it is not getting, then we have to restrict our implementation up to 52 megawatts. And once the 52 megawatts is coming, somewhere around, 28 to 30 crores, the top line will be coming, and some of 3 to 4 crores, after paying debt and the decision and interest, everything we have paid, so that will be coming 4 to 5 crores.

Okay, sir. Got it. And so I was just checking our power cost has been very high, you know, the highest in the last, I would say, at least 15-20 quarters that I just checked. So, is this What would be the exact issue? Is war-led issue the main reason why the power costs have gone up? How much propane do we use? Some light on that. And how do you see that moving ahead once oil prices have also now started to come down? So, yeah, just beyond that.

So, as I explained in the earlier question also, the power cost is high due to the results. One is your consumption, production capacity is increased. Second is your perundurite, the communal unit is already in operations. So, earlier in the last quarter, we have given the minimum demand charges without taking any units. But in the current quarter, it is using the units. So, this is another reason. And third, more important thing is some additional cost like other additional charges are implemented by the response. That is the reason we have signed a MOU and we are getting power from the terminal unit from the Centro Solar Company for a long-term basis 25 years PTA. Keep in mind that in the coming future also, being a steel, integrated steel player, power is additional important things for us and that power cost is always going faster, that rate, and which This is why we are much more dependent on the renewable power and we are converting ourselves slowly and gradually into data.

So our interest is basically about the sustainability and the green power, which we are focusing on.

But that would be another subsidiary, right?

The green power subsidiary is totally different. What we are talking about is an additional OPEX basis. We have signed in the MOU with the Tamil Nadu supplier.

That's in Tamil Nadu, not in Maharaswar. Maharashtra, whatever power we are generating, that will be going to MSC KCL for their PM Kusum screen that cannot be used by us for our manufacturing facility. That is a separate business that is not related with the Haryam production and the Haryam power requirement.

Got it. Sir, would you be able to give a split of say how much of the power cost is electricity and propane? Would you be able to give that split?

So our major component is electricity only, sir. That is electricity only.

Understood, sir. So just one last question, if I can. Sir, say, post FY28, you know, we would need a significant capacity expansion to continue our growth rates. So would, you know, just want to understand what is the management strategy on that? You know, would it be similar to like the ultra pipe acquisition you've done and you know, get these brownfield capacities and scale up quickly? Or are we looking for some greenfield expansion as well, you know, which Maybe it can take some time. So just for this growth rate to maintain at say 20%, 15-20%, how are we, you know, looking at it, say post 28? You've, I guess, answered it briefly in the earlier questions, but just wanted a little bit more detailed view on, you know, what's the strategy to keep going for the next five years at 20%.

Yeah, so basically, whatever the things are there, we are very aggressive. As our continuous progress we have seen last six years, eight years also, company has grown up from one percentage to other percentages. So we are closely working on acquisitions, we are closely working on the developments, automation, implementation of new blood into the systems, adding on new things to the systems and growing your company to the next level. So whatever we are talking about, 25-30% of growth will be consistent, as we see, depending on multiple parameters which are not in our hands, which we are working on. So like Maharashtra, Varmedictal, we see it is more than one and a half year, nearly to one and a half year that we have signed an MOU, but still we are facing some issues over there. So it's not in our hand, which we cannot submit it now at this platform also. So, our company is very aggressive in the growth, in the quality parameters, in its branding parameters, in everywhere, customer relationships, and we are very closely working on value-added products, which will enhance the margins. In fact, if all things are not growing in volumes, but the margins will grow what we see.

I would like to add additional point. The decision will depend on execution, time, total investment, funding requirements, and expected return. Speed is important, but the expansion must also feed our business and financial costs.

It should be sustainable for the next 15 years, what we minimum see.

Got it, sir. Any leads on that? I mean, what stage are we in just initial discussion stage or are we actually actively evaluating any acquisitions if you can share that?

Whenever we do anything, it will be placed on the document, sir. Not to worry.

Okay, sir. Thank you so much, sir. Thank you.

Thank you. We'll take the next question from Neha Sharma. Please go ahead.

Thank you for the opportunity, sir. I wanted to understand, approximately 80% of the sales are generated through the dealer network, with the balance coming from directly B2B customers. Does direct sales offer better margin versus B2B, or also does it mean higher receivables and inventory? How do we ensure these two stay in control?

So, it's not related both each other. There is a different thing. The margin is always depend on the what kind of products we are selling. So, if it is a integrated product, no doubt the margin is coming much more better. If it is a OEM product, then also we are getting better margin compared to the normal galvanized pipe or cold-roar pipe, which is processed from the HR coil, which we are not present to manufacture. So that is different between, and your point is correct, whether we are going through the dealer network, is this a more inventory we have to park. Actually, it's not related to dealer's network or B2B. The inventory is you have to hold because of how many SKUs you are manufactured. So we are having more than 800 plus SKUs. So, minimum quantity being a manufacturer, we have to keep in our factory premises because each and every product order, we have to supply to our dealers or customers almost all 8 to 9 SQs in a single lot. So that means we have to maintain the minimum entry. That is why little bit inventory is going high. And always dealer network is giving you the extra benefit in terms of margin and realization as well as collection of the money because we are not dependent on any customers. More than 5% to 6% on our total revenue. Therefore, your risk will be spread and your receivable will be much more secure.

Okay, sir. Also, I wanted to know, can you throw some light on the recent MOU you signed with Andhra Pradesh government for setting up integral steel plant? Also, is this a binding or non-binding MOU? And if the company decides to go forward on this, will it be existing plant since we have significant land available?

It is clearly in the stock exchange information also. We have clearly mentioned that it is a non-binding. It is depend on the intelligence, approvals, and government land allocations and all those things. Yes, it is correct. You are right. Whenever it will start the execution, that will be within our existing capacity facility area because we are having it. Existing land to expand our facility. We just signed an OU with Andhra Pradesh government to get better benefit and approval faster than normal. So that's why we are approaching to Andhra Pradesh Development Corporation to get that approval faster from other non-revenue departments to get the licenses like pollutions, power, water, fire, all those things. The other department licenses are required, MCs are required. For that, we have signed this NOA. It is a non-minding nature. And whenever we are going for expansion, we will definitely intimate, specifically, our Yes, sir.

One last question. The company is simultaneously expanding its steel manufacturing business, developing a renewable energy portfolio and entering metal trading through metal mart. How does management ensure that capital and management bandwidth remain adequately focused on core business? And what does senior management enhancement are working on?

So, we are having a very great team with us. Without this team, we cannot work. Undoubtedly, whatever the expansions are going on is taking care. What we are taking care is for the long-term sustainability of that particular business. It is not that we are just going ahead with whatever comes to table. So, management is very much core interested in developing things for a long-term sustainable business, not for a short term.

Okay, sir. Thank you for the opportunity. Congratulations on the good set of numbers.

Thank you.

Thank you. Sir, we'll take one question from the chat. It's from Shivam Dugaya. He's saying, thanks for the opportunity. Congratulations on good results. His question is, what could be the maximum optimum utilization of GP plant and MS tube plant individually in volume as In Q2? Yes, sir.

In Q2, our one minute, just a minute. So, in our integrated steel plant is producing, selling around 29,000 metric tons, and our Babugnagar galvanized unit, selling in Kyoto, 29,600 metric tons, Perundura is around 24,000 metric tons, and our Anantapur sponge unit is around 1,000 metric tons. All together, we 83,000 tons, we sold during the battle.

Okay, sir. And what is the maximum utilization that can be achieved from that?

See, say for example, in terms of Mahbubanagar plant, so our capacity is 1,20,000, so accordingly, if you take into that, so almost all we have reached the optimum level only, but anyhow, it can be managed more from the operational setup capacity if we are selling the OEM products more.

Okay, sir. And his second question is that, what is that percentage of OEM mix in overall volumes in sales?

Overall volumes in 83,000, it's around 20% is coming from the OEM.

Okay, sir. And his third question is, what is the mix of thinner steel? Say, less than 1 mm in overall volume sales.

We don't manufacture stainless steel.

Stainless steel, we are not manufactured.

No, no, thinner. Thin steel. Thin steel. Less than 1 mm.

Less than 1 mm, that is quite difficult to tell right now, because that much of a skew-wise, so much of data we are not kept here. Better to ask them, we'll get back to them after thoroughly starting.

Okay, sir. We'll take the next question from Charchit Malu. Please go ahead.

Hi, sir. Thanks a lot for the opportunity and congrats for the amazing set of numbers. I just wanted some picture on our Tamil Nadu's, like the pollution control system order that had applied. So what exactly was wrong in the plan that lead to the shutdown and like have we applied for the rainbow?

So, after this renewal and everything has been settled out, the department has also viewed and we have invested a good amount of time also in that. And it is now in a normal course of action. So, nothing to worry on that side.

So, like, have we fixed that problem and, like, what cost, what was the cost that catered to that?

It was very nominal things, which were actually, it was an extradition at the time what we have been taken. And after that, few of the changes were done, but was not appropriate as per the department, they say. But things were in appropriate conditions, but as to simplify the things, we have changed few of the equipments, and then it is streamlined now. And the permissions are being extended also.

So like by March 27, we will be online?

No, no. Everything has been resolved. Everything is resolved.

Understood. Great, great. And sir, one more thing. Can you just give me plant wise volume and what's this created volume, like for H1 and Q2 and F27? Plant wise volume? Capacity? Yes.

So, in Perundurai plant, we are having the capacity of 1 lakh 80,000. In Mahbubnagar plant, we are having the galvanized product with capacity of 1 lakh 20,000. So, almost all 3,06,000 calories capacity are there, and left over is all, in terms of final output product I am talking, so left over the final output we are having 5,21,000, so 2,21,000 is roughly for our black spine, means integrated products.

And in terms of like volume, like 63,000 metric and that we have clogged in, 80,000 that we have clogged in Q2. So if you can give plant-wise bifurcation.

So, Naruganagar ISP unit, we are having, we sold around 29,000 metric tons. In Naruganagar Garvanized unit, we sold around 29,600 metric tons. In Tamil Nadu Perun Yurash plant, we sold around 23,400 metric tons. And in our Anantapur plant, we sold around 1,000 metric tons of spot wearer. So, all together, only 83,000 metric tons.

That's it for myself, I'm sorry. Sorry. Thank you.

Thank you. We'll take the follow-up question from Adija. Please go ahead. Thank you. Adi, please go ahead.

Yeah, yeah. Thanks. Thanks for the opportunity again. Rupeshji, I have a question on the longer term of Haryon. Since you have grown these business multi-fold till now, what is the vision you have for this company for next five years because shareholders are coming by being a listed company and also and our... A shareholder value creation also, what is the vision you have? Because our stock was also trading at very high, and now it is dropped on my 70-80%. But that is okay, that is stock. But as a business, where do you see what kind of scale you want to achieve in Hariyam for next five years? What is the vision you have?

This company will not let us down by any chance. I promise on that side. And the vision of this company is minimum 10,000 crore top-line company. So, we are very closely working on it. I don't know. Because multiple opportunities are there on a very higher rises, which we are not working on that. For a long-term perspective, I really see, as my business plan goes, not less than 10 to 15 years of visibility. If I don't get visibility, I will not rush myself to put anyone down. And I see any business plan should be minimum workable for 15 to 20 years. For that reason, only today on my desk, I have multiple options available, but really I'm not happy with that long-term perspective. But as a vision of the company, yes, 10,000 crore top-line company is our vision.

So that is for next 5 years or 10 years?

5 to 6 years. 5 to 6 years could be.

And sir, upon 10,000 crores when we are saying, how much of this business will be coming from, let's say, new business? When you are envisaging 10,000 crores, because current business, you know, what is the scale, how much more we can get the juice. But in which business we are entering, where...

I don't think this is the right platform, but still, just to give an enhancement on that particular thing, we are working very closely on the geographical presence, Thank you. We have a very, very niche and a very great team with us now, who are working with us now, and continuously working on it.

Understood. Thank you. And, sir, as a shareholder, one thing, we were mostly on steel or GPE business, but we went into the power sector and capital, as a shareholder, we didn't understand why to venture into that business, even though we are not using that power, we are just selling power. Thank you. Explanation also, it did not convince me as a shareholder.

Yes, there is a little bit of communication that we are understanding and what you are understanding. If you get a chance to get a chance, we wish you to come once again and visit us, let us sit down, let us understand each other, and then we can do something. But yes, solar business was not our cup of tea, but due to just a test on the Maharashtra government due to licences as well as the workability, because in Andhra and Talangana have a good presence at Aminadu. We have done it in Maharashtra. We had a good look and feel or a good look and feel. Because when we are going in Maharashtra, without testing the We have a small unit which was supported by the central government also on the subsidy part. There is no major capex for our company, so we have to worry about it. And moving ahead, if we are seeing this particular area on the long-term vision compared to the long-term vision, so today, if the company is working on green steel and green motivation and sustainability, then I don't think that it is where it is.

Okay. Okay, Rupriji. Thank you for speaking from your heart. Thank you. Much appreciate, Rupriji.

Thanks.

Thanks a lot, Rupriji.

Thank you.

Thank you. Anybody who wishes to ask a question, please use the option of raise hand. Sir, since there are no further questions, would you like to give any closing comments?

So, my closing comment would be that the company is working very well. This will grow parallely to other things also. Today, the debt is reduced. I don't think that there is any pressure on the company's own way. Moving ahead, the expansion we are planning on is a very long-term sustainable expansion, which will bring the company into multiple effects. Thank you.

Thank you, sir. Thank you to the management team and thank you to all the participants for joining on this call. This brings us to the end of this conference call. Thank you.