HeidelbergCement India Limited (HEIDELBERG) Q4 2026 Earnings Call Transcript

Ladies and Chairman, good afternoon, and welcome to the Earnings Conference Call of Heidelberg Cement India Limited for the quarter and year-ended 31st March 2026, hosted by Philip Capital India Private Limited. As a reminder, all partisan lines will remain in the 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 telephone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Vaibhavagarwal from Phillip Capital, India Private Limited for opening remarks. Thank you and over to you.

Thank you, Ryan. Good afternoon, everyone. On behalf of Philip Capital, India Private Limited, we welcome you to the earnings call for the quarter-end year at 31 March 2026 of Heidelberg Summit, India Limited. On the call, we have with us Mr. Joyendip Mukherjee, Managing Director, Mr. Anil Sharma, Chief Financial Officer, and Mr. Amit Angra, Head Investor Relations and Senior Vice President of Finance of Heidelberg Summit, India Limited. I would like to mention on behalf of Heidelberg 7 India Limited and its management that certain statements that may be made or discussed on today's conference call may be forward-looking statements related to future developments and which are based on current management expectations. These statements are subject to a number of risks, uncertainties, and other important factors which may cause the actual developments and results to differ materially from the statements made. Hydelburg 7 India Limited and the management of the company assumes no obligation to publicly alter or update these forward-looking statements, whether as a result of new information or future events or otherwise. Also, HydroFox 7 India Limited has uploaded a copy of the Q4 and FY26 investor presentation on their website and stock exchanges. Participants may download a copy of the presentation on these websites. I now hand out the floor to the management of HydroFox 7 India Limited for their opening remarks, which will be followed by an interactive Q&A. Thank you and over to you, Joharic, sir.

Okay. Thank you. Amit, can you be operating the slides on our side? Thank you. Okay, I'll start off with the key messages. We continue to produce mostly blended cement in our operations. This is in line with our commitments to producing low carbon cement across our operation. Our alternative fuel usage also increased by 3% year-on-year, and we are now at 11% at a company level. Our share of non-grid power exceeded 50% during the FY. The editor at 584 rupees per ton was up 10% year-on-year. We did repay interest-free loan of 687 million rupees, and the company is now completely debt-free. We have cash and bank balance of 4,037 million Indian rupees, and we continue to operate on negative net operating working capital. We have been declared as the preferred bidder for grant of two mining leases in Madhya Pradesh. This was a strategic move, and a forward-looking move, and we did recommend a dividend of 7 rupees per share in our board meeting recently concluded.

Good.

As an ESG overview, 97% of all the cement that we produce are blended cement. On carbon, we are now less than 500 kg per ton of cement, and this number is going down quickly. And this is also because we have been working on... Modifying our product portfolio so that it falls in line with our overall strategy of reducing our carbon footprint. On water positivity, we are at 4.8x water positive. As far as TSR is concerned, we have touched 21,000 plus. lives during this financial year, and includes the lives. And we are at more than 40% of green power in our overall power portfolio. As far as our financial results are concerned, it has been already circulated. So broad messages in this are that we are about 19.8% higher on EBITDA as compared to last year. At the PAC level, we are 25.5% higher. Our sales volume increased by 8.8% over the last year. And on EBITDA per ton too, we are about 10.5%. Proper basis, we had impact on pricing. There was pressure on pricing. So we lost about 105 rupees, the gross price level, and we had a 53 rupees impact on raw material, and a 25 rupees negative impact on others. And we did have some positives in terms of talent, fuel, and faith. But overall, CO2, our... Decreasing prices are only partially opted by input costs. On a year basis, our Iridda increase, this was mainly due to a decrease in input costs. On a year basis, too, the impact on price was lesser as compared to the quarterly basis. We did lose about 16 rupees overall on price, and there was an impact of 11 rupees on raw material. However, we had positive gains on power and fuel. Trade and other expenses. And so on a per-ton basis, the EBITDA increased from 530 to 584 rupees. This is for the complete FY. On working capital, as I have said before, nothing to add, we continue to operate on negative working capital. In case there are any particular questions on the data already produced, we can address them during the rest of the call. We have been pretty consistent in terms of our dividend, and this is driven by our operation in cash flow. And on a case value of 20p per share, we have now proposed a 70% dividend for BF5. On our share of volume, we can say that about 45% of our total volumes are dispatched to road. This is up by 1% on a year-on-year basis. AFR, I have already spoken about, about 11%. This is up by 3% on a year-on-year basis. Premium products portfolio, we are working on this. And have been working on this consistently as a strategy for the last few years. And I'm very happy to state that we have achieved a number of 52%. So 52% of our total trade volumes come from premium products. This is up by 9% on a year-on-year basis. And as far as the trade mix is concerned, we are at an 81% trade sale number. This is true trade retail sale, and we can say 19% is our B2B sale of the token. So we are consistently and continuously increasing premiumization, and we are optimizing our

trade non-traded use.

Going forward, I can say the upcoming elections in Uttar Pradesh is going to provide a lot of impetus to cement demand in central India. We are, of course, now heading into the monsoon season where, naturally, the consumption shall be a little low. But post-monsoon and carrying on till the elections in our relevant market, we expect very good demand. The geopolitical developments, particularly the West Asia conflict. It's continuing to create uncertainty in global markets and commodity prices.

We've already had some impact on tech, coke, and fuel prices.

I'm very hopeful and confident that this impact shall be passed on to the market, as we have seen across other industries. Elevated headline inflation and currency depreciation does even occur. At the same time, there are tailwinds of increasing student consumption. In the medium term, as well as long term. Also, you know, because of domestic, robust domestic consumption, as well as the rationalization of the GST rate from 28% to 80% which was done last year. So we do not see a problem with demand going forward. But yes, for some time, headline inflation and currency depreciation would. We remain, you know, a matter which needs to be monitored very closely, especially if a company has significant expenditure on imports. The Elmino effect that we are seeing, the heat wave sweeping through the northern part of India and the central part of India, would produce, would pose a significant risk to agricultural output, rural demand and food inflation. But with the advent of monsoon, a large part of this is expected to be mitigated. And as I have said before, I am confident, even though with a little bit of lag, we increase in input prices, we shall definitely be able to pass on to the customers. I think that's all from my side. And I'll now hand over the floor over to Wybuff and thank you for the further questions and answer questions.

Thank you. Ladies and Chairman, 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 their handsets while asking a question. Ladies and Chairman, we will wait for a moment while the question queue assembles. Participants are a reminder. If you wish to ask a question, please press star and 1. We take the first question from the line of Rajesh Ravi from HDFC Securities. Please go ahead.

Hello. Am I audible? Yes, Rajesh. Yeah, hi, sir. Sir, just wanted to understand what is the clinker production in FY26? You're talking about this, full year or quarter?

Full year, full year. So, we produced around 3.05 million ton total clinker production during the fiscal year.

Okay, and did we also buy and sell clinker from all sides? During the quarter, during the year, did we sell clinker also?

We have not bought any clinker. Our own clinker quantity is sufficient for the cement. Yes, we sometimes do sell clinker, but it is not so significant.

Understood. I am sure if you look at your number 3.05 million tons, then we operated at almost 95% utilization in FY26. So, you know, what sort of volume growth one can look at on adjusting capacity over next two years? Our SISP ratio also seems to have come down from peak of around 1.5, 1.6, 1.65, is now down to 1.5. So what is the way ahead?

Rajesh, if you see our total cement grinding capacity, it is around 6,000,000 tons. And at this moment, you are right that we are running around 90-95% capacity, but at the same time, like Mr. Mukherjee said, we are optimizing our product portfolio. We are also reducing our clinker content so that we can reduce CO2 emission, as well as it gives us the further headroom to grind more cement. So, we can say that, okay, at this moment, we have sufficient headroom for next one or two years, and we expect that our cement volume growth should be similar to what the cement demand growth in the market, especially in India.

What would be our cement-to-clinker ratio, sir, in Q4 and F526?

Our clinker consumption ratio is around 60-61% of this cement, and I think we will be able to reduce at least maybe 50 basis points or maybe 100 basis points in year.

Yeah, I mean, just to elaborate and add-on, we've launched a new blended cement where the clinker content is almost 17% low, and we are continuously ramping up production of the same, so we don't think it is going to be an issue at this point.

What is this product? 17% lower clinker, you're saying. Yeah, it's a composite cement. Ajah, composite cement, okay. And what are the cost levers you're looking at, given that the industry is also reeling under, you know, almost 300 to 400 rupees cost inflation? Over next year, by Q2, in that scenario, you know, if there are any cost levers where your company...

Are you asking about the next quarter?

Yeah, for H1, when the industry is looking at 300 to 400 rupees cost increase because of the surge in fuel costs and the packaging material, in that, obviously, part of it is passed on. But overall, do we have any, like, green power share going up or any other cost metric which can save you, you know, give you a cushion against the cost inflation?

So, look, we have, we anticipated that,

you know, in the near term, at the next quarter, our cost

would be impacted by anywhere between 100 to 150 degrees a ton. Okay, given our fuel mix and everything. The packaging bags, the impact which was there has now substantially reduced. I think... So, what we are looking at is about anywhere between 100 to 160 rupees a ton, which we are confident can be popped up.

Understood. And any target on the green power mix, how has that been in FY26 and how would that be in FY27-28?

Okay, Ahmed, would you please don't let me see you, please?

Rajesh, we have been working, if you see our presentation, where we talked about the green power percentage, it has increased to exceed the 40%, and we have been working further to increase it. Yes, it is a continuous process. Now, if you ask that, okay, there will be significant increase beyond this, answer is no, but yes, there will be some small improvement is there in the green power. So, come down the line, 2026-27, 27-28, our target to increase beyond 40%. One lever we talk about, and we also said in past that we have the good flexibility with respect to fuel mix. We consume pet coke as well as coal, and whenever the pet coke prices or coal prices move in the direction which is not maybe favorable to us, immediately we either decrease or increase our pet coke and fuel consumption. So in the Q1, June quarter, 2027, if the price of the pet coke will remain at elevated level, as today, we will further optimize our fuel mix. That will give us the benefit. And that's why in our case, the impact will not be like 300 rupees, what the industry talks about. Our impact may be around 150 rupees on account of this network and diesel.

Understood, sir. And what is the linkage code saying in our fuel basket, sir?

It is sufficient. We need not to go to the open market in significant quantity. Our existing ones support us for our clinical production. Understood.

Yeah, that is why your inflationary expectation is lower. And the two things just on the one on the Dalmia winning the JP assets now and they expect to operationalize it fully from Q2 onwards, thereby bringing almost 5 million ton of additional volume pressure in the market. And what is the thought process on that in terms of you being one of the, you know, central and eastern markets being one of the key markets? And second, you know, what are the CapEx programs which we are looking at? You had talked earlier about the plans to expand into Gujarak market, but we haven't heard anything on that front. Any major expansions which is in the pipeline over the next two or three years?

Yeah, so we are setting up, and you might have seen in the media, a blending unit in Khandwa. This is expected to give us about 35,000 tons of extra cement from that unit. That is immediate. That project is on right now, as you see. And we are investing around 120, 130, or you can take about 130 crores in that project.

Sorry, 130 what?

Sorry, I didn't get you.

I made your last point. 130 crores, okay.

Other than that, we have, as I said, mentioned, we have also been declared as the preferred bidder. For grant of mining leaves, so we have a limestone block in an area of about 350 hectares in Riva and Satna. This gives us 52 million tons of cement-grade limestone. And there's another block over 350 acres in Satna again, which has about 105 million tons of cement-grade limestone. So we are the preferred bidders for that.

And obviously, this is all keeping in view the future expansions, but I will not be able to

reveal right now on the exact line. I don't know what I am in a position to reveal and confirm is our blending unit at Kanbah.

Understood. Anything on the Gujarat plans which the company had earlier talked about that they would look...

No, we are still awaiting savings from the government. It is still...

Oh, okay.

Yeah. Not in our hand right now.

I'll come back in too. Thank you.

Thank you.

Thank you. Participants, please press star and 1 to ask a question. We have a question from the line of Vaibhavatarwal from Philip Capital India Private Limited. Please go ahead.

Thank you. Sir, I had a question on pricing. You said in your opening remarks that pricing has not been able to pass on the pricing to the extent of cost push in Q1, and even in Q4, pricing has been slightly under pressure. So, sir, in this regard, as far as we gather, north and west have been quite... What are the key reasons for pricing to be subdued in your geography?

So, this is pretty normal. If you see, wherever, you know, companies bring in capacity, for some time, the prices do remain under pressure. So, we've had JK expanding in our region. We've had e-cement operations done online. And a lot of extra materials from Ultratech who are ramping up their capacity utilization in the same area. So right now, Central is... No loss, sir.

The question was, actually, Central India has been under rising pressure for quite some time now, for maybe the last three, four corners, and this is not going away, so that's the reason I was. No, I have not understood. Are you… No, I am saying in terms of pricing, when you are saying that you will be able to pass on the cost push in Q1, you are confident of it, but then the pricing is under pressure, then in that parlance I am asking the question that why is the… what gives you the confidence that you will be able to pass on the cost push?

So the cost push would be on everyone, right? I mean, you know, if this is not passed on, then all the balance sheets are going to start looking pretty bad. And historically, we have seen that if there is a serious cost increase, it always gets passed on. Which is why if you have noticed my, if you have noted my earlier comment, I have said always with a lag. Right. Because different companies would have different kind of stocks. And tie up for fuel. But as soon as that cushion is gone, it will start hurting. And obviously, people at 150 million

tons, 180 million tons, and 100 million tons,

for them, the impact on the balance sheet is significantly higher. So sanity says that this will always happen.

Sir, structurally, from going forward from here on, maybe, say, for the next one year or two years, how would you see overall Central India pricing, assuming expansions go on? J.K. Summit, like we mentioned, have commissioned, now there will be some new plans also coming in. So, as far as your understanding, structurally, how will pricing move in Central India for the next one to two years? How would you see that?

I think if you are going to look at the next one year, I am pretty confident that it is going to follow what is happening in North. Okay. Because most of the northern players are also suppliers to central, and as you also know, there are no islands of prosperity in cement. There is always spillover from one region to the other region. So, a parity is keeping in terms. You know, keeping view of where the cement plants are and where the markets are is going to come in. But I'm going to be cautious enough to say that yes, for maybe the next quarter and before, you know, the monsoon ends, the prices will be under a little bit of pressure. But I wouldn't say that that is going to be a complete killjoy. Because there is also now the big burden of the cost push. So I'm sure to the extent of the cost push, the industry would be able to pass it on. But beyond that, if you're asking structurally, is there going to be how much on top of that? That is crystal ball gazing. I am not able to answer that question.

Understood, sir. Sir, my second question was on your opening remarks that you are highly dependent on imports. So, from that perspective, how about… I didn't say we are.

I didn't say we are.

Okay, okay. I thought that you said. So, as far as the hydroworks in India go, sir, how much is the import component, or what is our fuel mix as of now, if you can just spell it out.

I think we do not import any...

Nothing, nothing. That's what I want to clarify. There is no imported...

No, no, not at all. Nothing. Right.

Sir, third was on the merger of...

Sir, but just wait on the pricing, what Mr. Mukherjee said. One fact that the highest consumption state in India is going to be on election in the next one year. It is predominantly Central India players, so that will support significantly on the demand of the cement, and that should support us with respect to the pricing, because we have been selling cement, And our target is to increase volume, either blended cement or our nearby focus market or home market. So we are pretty confident and positive that we will be able to pass on the cost increase, at least cost increase to market.

So, sir, in that perspective, what is our demand outlook for FIQ-17 and FIQ-18 for Central India and for Heidelberg 7, just in case you have any guidance?

I'm sure that, you know, this fiscal 2 in Central,

the industry will grow at least by 7-7.5%. Okay, so that is in line to the overall pan-India demand.

And I think by the beginning of the next calendar year, as we approach elections, it's going to get ramped up to maybe a little bit more. But I am saying on an average, 7-7.5% is not too much to expect.

So, that's a given that 7.5% will happen as per you. Okay. And, sir, you have been indicating about, well, in the past, there's no talk of late, but in the past, you have indicated about a possible merger of Zuhari and Heidelberg. Any thoughts on that?

Well, again, I said, it's a timing issue.

You would know, I mean, there have been some publications that have come out in the media. Also, we are, of course, building a 3 million ton integrated cement plant in Karnataka. That is now underway, which, of course, is not part of this company as of now. But, you know, depending on the suitable time, yes, there are plans of. Eventually going in, you know, for a merger of all the entities.

Sir, but any timeline which you can probably think of maybe two years, three years?

Right now, I would be hesitant to spell out a timeline.

Understood. And, sir, last question was on your blending unit. So, what would be your So, Capex guidance for F527-28 in terms of overall Capex for hydro books in India.

Dr. I think we have already said about it will be split into two fiscal years, 2027-28, part energy, and then 2027-28. So, 134 rupees put together in two years, we are going to invest in that.

So, 65 each year, is it fair or like the first year would be light and the second year would be heavy?

Yeah, the first year would be lighter, it will be more back-loaded because the first year we will not meet some of the capital.

And, sir, this blending yield, I am sure that it will not form part of your capacity, right? Well, the capacity will remain at about 6 million in terms of the overall capacity for Heidelbergsman India. Would you take it as an additional capacity, or like, would you keep your rated capacity, just say?

In our capacity, like you said, around 30-35,000 ton per month, the cement capacity will increase.

So can we presume that this would increase our rated capacity to that extent, 31,000 tons per month, which converts about 0.4 million tons per annum?

Cement output capacity, yes, because as of now we find it difficult to approach that market because Dammu is quite far from that problem.

And sir, last, your volume guidance, like you have done 1.35 in this quarter, which is the highest ever idle work has done, and since you are optimistic on demand, so can we achieve like a 90% utilization for FY27 or maybe FY28? Are you confident of retaining these kind of volumes for upcoming quarters, obviously in peak demand periods?

On a yearly basis, yes. I think quarter on quarter is a little difficult to predict.

So, we have questions from participants in the queue. I will just hand it over to Ryan for her.

Thank you.

Participants, please press star and 1 to ask a question. We take the next question from the line of Shravan Shah from Dalat Capital. Please go ahead.

Hi, sir. Thank you. A couple of questions. Sir, just to clarify, when we are seeing the industry in Central India to grow at 7, 7.5%, so for us, in terms of the official kind of a volume target would be the similar 7, 7.5%, that's what we are looking at?

I have not understood your question. Are you saying we, are we forecasting that we should be also growing by the similar number? Is that what you are asking?

Yeah.

We shall be in line with the industry growth in our region.

Okay. Obviously, you know, we cannot exceed that because we are, as you know, we are nearing our

complete capacity utilization. But we shall be in line with the growth.

Yeah, and just to get a number clear, so in terms of the cement capacity as on today is 5.95 million ton, the Imlai and Jansi these two units, and in terms of the clinker capacity, is it 3.23 because some de-bottlenecking at Dhamo was supposed to happen, so just wanted to confirm the number.

Yeah, the deboculating has happened, the…

So, what's the current clinker capacity? Is it 3.2 million or 3.1 million?

Our clinker capacity is 3.1 million ton and cement capacity is not 5.95, it is 5.7 is our cement capacity in Central India.

Okay. Okay. Got it. And then this, both the new, the MP1, whenever we will finalize, let's say, so obviously there also like a Gujarat, all the approvals, environment, everything will be there. So just trying to understand, even let's say in next one year also, we will start, this will be kind of a three, four year down the line, the actual plan to start.

No, no, we have already received the city. So, we can expect this project to be completed within two years from now, maybe even earlier.

No, so this is the Khandwa one you are saying?

Yes.

Yeah, no, I'm saying apart from this, the Gujarat one, let's say, do you think that the environment clearance likely to be there in the next six months, one year is possible? And if it, let's say, if it comes post that we start, so will it take another two and a half, three years to actually do the same product?

Yes, obviously post the year.

Okay, and there, in terms of the capacity, the last time we were talking about 2.5, 4 million tons, or still it can change, depends on the time.

Depends, once we receive the ECE and we look at the situation, that's when we decide. That is not a number which is very firmly finalized at the time.

And this MP2 mines that we have won there also, whenever we will...

No, it could be earlier.

There is nothing like that is four years down the line.

But as I said, as of today, I am not able to, I am not in a position to declare an exact date. But we have plans, very firm plans, and we are definitely going to start working on it.

Okay. And for this Khanva unit, then we will have to kind of start buying the clinker or still the current land at a full utilization rate?

Our existing clinker would do.

Okay, and just to clarify this cost increase, what you mentioned initially 100 to 160 odd, just to clarify, so in Q1, we are saying maybe 100, 125 odd rupees kind of a cost increase because of the packing bag, diesel, and the fuel, and then overall in 1H, max 160 rupees kind of a cost increase that we can see.

Yes.

Okay, and currently suggested 2-3 data points, the lead distance for 4th quarter, 4th quarter, and 426, and fuel mix for maybe 4th quarter and 426, so that will help us to understand in terms of what you were highlighting that we can shift from pet coke to coal.

Our pet coke to coal earlier, it used to be around 60-65% was the pet coke, remaining coal and alternative fuel. Now, during last maybe 2-3 months, we have reduced the pet coke consumption by around 10%. So, the coal consumption increased from earlier 30% to 40%. So, that optimization we have already done, and hopefully that should continue in June quarter. And in terms of your question on lead distance, our lead distance currently is around 373 and 72 kilometers.

372, this is for the entire FI26, and what was the number for Q4?

It's more or less same. Our lead distance has not changed, although during the last maybe six months increased around five kilometers, but there is no significant increase or decrease in the lead distance.

And the KKL cost on a combined put together everything for both quarter and FI26 is how much?

KKL, Petcox already used to be around maybe expensive 10%. Now, currently, it is really expensive 30% over coal. The call is around 1.5, and Petcoq now exceeding 2.25.

No, I didn't write it. Okay. But actual, what was the actual blended KKL cost for fourth quarter FF26 and FF26 full year?

Okay. I'm talking about this current prevailing cost price, which is after the escalation or elevation of the petco prices. If you talk about the only March quarter, March quarter, the cone cost was below 1.5. And it is more or less similar now as well, and the petco price was around 1.9 KKL.

Sir, still I did not get, at the blended level for us, for fourth quarter and FY26, what was the KKL cost? Everything put together, what was the blended KKL cost?

You are talking about this put together both?

Yeah, put together for fourth quarter FI 26 and for entire FI 26.

Okay, okay.

Got it, sir. Thank you.

Thank you.

Participants, please press star and one to ask a question. We take the next question from the line of Rajesh Ravi from HDFC Securities. Please go ahead.

Hi, sir. Regarding the clinker de-bottle leaking, in the last call, we had suggested that the 1.3 lakh ton clinker de-bottle leaking would be up and running by June quarter, last year, June quarter. So, now you're saying that it is still due from 3.1 to 3.23.

Our de-bottlenecking project with respect to this blinker, we have already done. This was about particular kiln 3, and we have already submitted our application to increase our capacity. We are working on it.

Sorry, while the de-bottlenecking is done, the capacity approval is pending. Is this what you imply?

We are talking about two things. One is that the improvement of the kill by doing the de-botanatic capex that we have done it. But when we talk about the capacity for the government side to get the approval, that we are working on it.

Okay, and what there is, so there is no grinding expansions or deep water leaking we have done. So grinding capacity remain 5.75, and while clinical we have expanded from 3.1 to 3.23, the official approval is yet pending. Yeah, you are right. Understood. And sir, Karnatak, the unit which you had, which is now defunct and usable, is there any plan to dispose of the land parcel? Does it have any monetization value with the company you would be looking at?

Our Karnataka unit, still we run a little bit, it is the lower quantity, but we have been updating it.

Because you don't count it under your capacity of 5.75, which we assume is 2.5 MP and Jhasi is 3.25.

The capacity of the company is 5.75, the Karnataka capacity of around half million is also there.

So, in that case, we are 6.26. Is this the capacity we have?

Yes.

Okay, and there is no grinding debottlenecking which is happening as of now, the only the blending unit that you are setting up in MP, you know, which is 0.4 million ton, which will come up by FY28. Yeah. Understood. Yeah, that's all from my end. Thank you.

Thank you. Participants, this is a final reminder, and no further reminders will be announced. To ask a question, press Start and 1. We take the next question from the line of Janesh Khotari from Aquarius Securities. Please go ahead. Jinesh, if you can please unmute from your hand and proceed with your question.

Hello, am I audible? Hello?

Yes. Yeah, hi, sir. Can you please provide me with your clinical seal number for FY26 and what was there in last year, FY25?

This is part of the total sales volume. Already we have reported total sales volume, cement and clinker put together.

Sir, I wanted a clean car volume separately, if you can, please come back.

Difficult to select the number.

Thank you, Colin. Thank you.

Thank you. We take the next question from the line of Nagaraj, Pitpalli, an individual investor. Please go ahead.

Sir, good afternoon. I am an audible.

Yes, you are.

Yeah, sir, my suggestion for the company is, instead of going for dividends, very good dividends you are declaring, why don't we go for share by data, which will increase the shareholder's value in the long term.

Okay, we have noted down your suggestion.

Maybe we will explore in the Management Committee and we will discuss in the Board of Directors' meeting and we will see. We have declared or we have recommended by the Board and we will submit before the shareholders for their consideration and approval, but at the same time, we will check the share by their proposal.

Okay, thank you very much. Good luck.

Thank you. We take the last question from the line of Shravan Shah from Dolls Capital. Please go ahead.

Sir, the total for the company as a whole, total capex for FY27 and for FY28 would be how much?

The total capex we split into two parts. One is our, we can say, sustainable capex, staying business. It is in the range of around 45 to 54 rupees, and that we do every year, which is more or less 40% of our annual depreciation. And on top of that, we do some improvement capex. Today we discuss about this Khandua blending unit, and there we are going to make it around 130 coal rupees in two years. So first year, if I take the ballpark number of the 40 percent of 130, so around 50 coal rupees another. So for the fiscal year 26-27, it will be around total 100 coal rupees, and next year, subsequent year, it may be around 120.

Okay, got it. And, sir, did you able to get that blended KKL course?

I will take it. I will let you know.

Okay. Thanks.

Thank you.

Are there any other questions?

No, sir. There are no questions in the queue. I will hand the conference over to Mr. Vaibhavagarwal from Philip Capital and Jatayvay Limited for closing comments. Thank you. On behalf of Philip Capital India Private Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.