Sambhv Steel Tubes Limited (SAMBHV) Q1 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the Samba Field Tube Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity to you. Ask questions after the presentation comes to conclude. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sair Sandhi. Thank you and over to you, sir.

Thank you, Shruti. Good evening, everyone. Welcome to the Sambhav Steel Tubes Ltd. Earnings Concall to discuss Q1 and full year Q1, FY27 performance. Before we begin, we would like to remind you that today's discussion may include certain forward-looking statements which should be considered in the light of risks and uncertainties outlined by the company. Joining us on the call today, we have Mr. Vikas Kumar Goyal, Managing Director and CEO, Ms. Anu Garg, Chief Financial Officer, Mr. Vikas Agarwal, Thank you, Sahih.

Good evening, everyone. Thank you for joining us for... I hope you have had the opportunity to go through our financial results and investor presentations, which are available on the exchanges. Today, I will take you through the key strategic developments, operational progress, and the financial performance, followed by the Q&A session. I am pleased to share that Shambhav has delivered a strong start to FY27, recording healthy growth across the all key operations. and financial parameters. Thumbhav delivered its highest ever quarterly financial performance with growth of revenue by 31%, EBITDA by 31%, and PER by 70%. Our performance reflects the strength of our integrated operations, timely execution, and the continued focus on value-added products. Before discussing our operational and financial performance in detail, I would like to share a few key strategic developments during this quarter. We continue to make steady progress on our capacity expansion roadmap, and remain on track to increase our total finished product capacity from 0.68 million tons per hour. We are pleased to announce the successful completion of brownfield expansion of our stainless steel CR-coil facility at Kuttrel. Our deep bottlenecking initiative has doubled our production capacity from 58,000 ton per annum to 1,16,000 ton per annum. With our consent to operate now in place, we look forward to utilize this experiment. Thank you. We'll continue to make steady progress in our project execution. We'll measure equipment orders placed. We are providing on schedule. Captive behind the meter rooftop solar power plant at Kothariel facility. This 25 crores investment will reduce our power cost and increase the use of renewable energy. The proceeds will be used to fund capacity expansion, strengthen working capital, invest in our wholly owned subsidiary, Sumburgh Cubes Ltd., and meet general corporate purpose. We also signed 18 new MOU under the Sambhav co-branding initiative for stainless steel pipe making, now taking total waste to 28 partners. Coming to our operational performance, we delivered another strong quarter with healthy capacity utilization. During this quarter, Sambhav achieved its higher average sales. Looking ahead, we remain confident in our growth outlook, supported by expansion roadmap. We have a focus on value-added products. Sambhav is well positioned to capitalize on future growth opportunities. We remain committed to delivering sustainable growth and creating long-term value for our stakeholders. As we always say, I would now request to open the floor for Q&A.

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. The first question is from the line of Kushal Goenka from Mangal Keshia Financial Services. Please proceed.

Yeah, hi, sir. Congratulations on a great set of numbers. My only question is, so Sambabh is a family-run business comprising of multiple brothers and their children. My question is, as and when the younger generation joins and the... The system gets bigger. What processes and checks have you placed in the organization that makes sure that the family as a whole remains anti-fragile? Conflict does not arise and hence no internal harm can cause the business to break in the long term.

planning, succession planning, which is not yet there in the family currently, in the mind of promoters and the chairman emeritus. Thank you. Chairman, Mr. Suresh Guglian, MDCO, Mr. Suresh Guglian. They are departments and being reporting to the MDCO and the chief. But they are currently...

That was very helpful. I just wanted to hear that. Thank you so much, and best of luck for the future.

Thank you. Thank you. Thank you. Before we take the next question, we would like to remind participants that you request star and one to ask a question. Participants who wishes to ask a question, please press star and one. The next question is from the line of Manoj Reddy from ZenWealth Management. Please proceed.

Hello, am I already? Yes, yes. My question is regarding our finance cost. After the capacity expansion of the cash dial, what will the peak debt look like for our company and finance?

Sir, currently we are executing the first phase of

Kejda unit which is currently 3,600,000 ton out of entire 12 ton which is being envisaged in three phases. Peak debt, after execution of first phase and other expansion that we have announced that is power plant and DFT pipe mill and solar power plant, we will have around 800 to 850 crore of town debt and 200 to 300 crore of Thank you.

And what does the interest rate look like?

Currently, we are operating below 8%.

So, our cost of debt is in between 7.5 to 8% right now.

Okay, okay. That's helpful. And on the second question, what's the status of debt on the save-off plan? Are you confident in aggregating by P4FY for insurance?

We are pretty much optimistic to start the trial run and end the production by Q427.

Okay, and do you see monsoon deterring that?

So we already have executed our substructure work, which is below the earth work, and now we are working on the... Super structure, and if you see on the picture itself, the most of the superstructure work are also in advance, so we can do the installation of machineries during this motion also, so which is currently going on.

Okay, that's it, that's it from myself.

Thank you. Before we take the next question, we would like to remind participants that you may press star and 1 to ask a question. Participants who wish to ask a question may please press star and 1 at this time. The next question is from the line of Ashish from InvesQ PMS. Please proceed.

Yeah, I heard something on the management commentary regarding the fundraise, if you could Please repeat that again, and what's the purpose of this, or is it just an enabling provision that you're okay to?

No, it is not an enabling provision. We are seriously, promoter family serious about putting 100 crore rupees through warrant issuance, and management also participating into it. The money, initial money will be used for, you know, For my capex that is being planned in our subsidiary, the project of which we will be announcing once my board approves the total capex for that particular project. Secondly, we want to standard our working capital requirement and the working capital promoter contribution because we are also envisaging Q4 project completion for our CASA, so we require some promoter contribution towards the working role that we are envisaging. 30 certain expansions like The solar pipe and solar DFT pipe mill and power plant is being announced last quarter, which require also certain promoter of infusion, for which we have announced this 100 crore.

So, and the project is going to be in the subsidy, you said, right, 100% subsidy.

So, part of the money will be utilized in the parent company itself, and part of the money will be utilized for the subsidiary. Yeah, it is 100% wholly on subsidiary.

On the business side, I just wanted to check our EBITDA pattern was reasonably good this quarter versus what we've been delivering around 9,000 plus, I think 9,300. And if you could comment on that, how's the situation looking and overall on the margin front going ahead. Also, I think the sales numbers are a bit better than what we would have expected. So, can you comment on the direction of the business overall? How are you looking at the market? And maybe divide it into the segments that you operate in, both SS and the pipes and stuff. Thank you very much.

So, if you remember, in the last quarter call, we have given a guidance of 7000 to 8000 rupees per ton of EBITDA margin for Q1. What was well-paid and well-paid. Thank you.

Okay, okay. Any qualitative things to share as to the business overall? What is the acceptability of our pipes in the market? Because we've not heard much on that. If you could share something, what's happening in the market overall, and how you are progressing on that?

Thank you. Thank you. So, this is our milestone, and the other thing about the stainless steel segment, we have found that we are making our MOU partners co-branding, where we are selling pipes in the same brand. So, last quarter, last year, we have only 10 sales, and only in one quarter, we have only 18 MOU orders. So, the total count is 28. Thank you. So, we are going to supply these MOU holders from the call to the call to the call. So, we are going to improve our brand and our brand.

So, the co-branded is also going to be a brand and it will also be a brand. and welcome to the call. Okay, but why do we have this arrangement? We are not going directly to the market in the distribution.

Actually, this is a pipe selling. The major pager producer has made this format. These plants are about 800-900 plants in India for pipe making. Good morning, everyone, and welcome to the call. Good morning, everyone, and welcome to the call.

So, what is our expansion in the region? Is it specific in your region in the East or across the region?

It is in India. There is a pipe, but we are not doing our expansion in downtown. We are doing our expansion in the north. The U.P. has done well in the past 6 months. We have done well in the target and we have done well in the region. Good morning, everyone, and welcome to the Kerala, the Chennai, the West Coast, the West Coast, the West Coast. Thank you.

Our vision was shared before, and we are achieving numbers, but maybe EBITDA numbers are lesser than what we had anticipated maybe a year back. But overall, as you said, maybe the three-guna capacity, which you have said at the starting of the call, is to do 20-30. So, how do we expect the margins to behave and how much do you anticipate the market to support you in that endeavor overall? So, let me tell you, what have you seen as an investor in three years as an investor in your company?

Good morning, everyone, and welcome to the call. Thank you. Thank you, everyone, and welcome to the call of Iron Ore and Coal. Good morning, everyone, and welcome to the call. Thank you very much, everyone, and welcome to the call.

Sir, if I can ask one last question, I remember that after the IPO scenario, we were about 50 crore net profit. And if I remember, it was about 300 crore journey in the next 4-5 years. I think we would be more or less be there in the next 2-3 years.

This is the purpose of the call. We have been looking at the clear and the clear. We have been looking at the phase 3, which is the major facility, like rolling mill, land chunk, which is the three phases. The clear cut is that we will do it. We are not doing any work in the out-of box. We are doing a small product and doing it. Good morning, everyone, and welcome to the call. We have a big brand of Pipe and Black Pipe. We have a price with one or two percent. We have achieved the quality parameters. We are growing up with this segment. We will see you in the next couple.

All right. And, sir, equity dilution will still remain further because there will be a mismatch. Sorry to interrupt, Mr. Ashish.

May we request you to join in the question and give us a follow-up? Thank you. The next question is from the line of Sneha from Novama. Please proceed.

Yeah, ma'am, we are unable to hear you. Am I already now? Hello? Yes, ma'am. Yes. Yeah, just wanted to understand on the stainless steel side, you know, making pipes. At this point of time, I think you said 5-6,000 tons, you know, is what you're making. What is the idea? I'm making a pipe and what kind of margins do we make on stainless steel pipe business versus stainless steel coil?

Good morning, everyone, and welcome to the call. In the future, when the case starts, we have to sell some HR coil, which we are totally CR, so we will achieve these 12-13,000 patterns easily. And because our HR is a little margin, I think it will be less in starting phase, but going forward, it will increase.

That's clear. Thank you so much.

Thank you. The next question is from the line of Dhananjaya from Alchemy. Please proceed.

Hi, sir. Firstly, Congratulations, sir. Very good, sir, on numbers and tough environment. Just wanted to ask you, sir, how are we seeing now going ahead with steel prices stabilizing? How are we seeing the current demand scenario? And in stainless steel, how are we seeing the demand scenario?

Hmm.

Even if there is a lack luxury demand as per the commentary of others, but I believe the quantity that we are producing and selling into the market is quite less. I think the pricing competition is not... The current production volume is around 5,000 to 6,000 tons, and we are predominantly

For now, for our growth, one is we are doing the one warrants for the promoters that will be participating. Are you looking for any other fundraising?

Currently, other fundraising is not on the table, but in future, if may require, and with approval of board, we may come to the market if required, but currently, in the short term or in the medium term, we do not, this is any further external fund requirement or raising event. The current warrant which has been issued, or which has going to be issued, the utilisation of which just previously... Thank you very much.

The ERW segment, although we are a bit much smaller, but now the larger players have also started saying that there is going to be a good amount of steel capacity in India. Hence, the pain which they have to face will be now this quarter and maybe next quarter. They're going to see huge growth going ahead after that. Do we have similar thought process? Because we have quite a bit of capacity utilization availability.

If you see, we have been, you know, giving for the MS ERW pipe, the volume for last five quarter, we have been giving, you know, quarter and quarter, it is increasing only. So, we have already, you know, achieved our maximum production output or efficiency in this quarter, in, sorry, Q1 2027. So, in terms of, again, I would say demand elasticity is not impacting much to us because we are a fully integrated player and we have profit margin right from sponge iron making to So, we also have the pricing power. Oh, and Tommy.

Now, regarding any of the elevated propane or LPG costs, regarding all of that is now under control, or how are we seeing that?

With the God of grace, we have shifted from LPG to PNG in January 1226, and it is piped gas being provided by Gale itself. So, currently, there is... Because of the cost impact or supply impact, per se, because of the worst situation, we are getting uninterrupted supply of K&G and our plant is running 24 hours a day.

Superb, sir, and congratulations.

Thank you.

Thank you. The next question is from the line of Sipi Agarwal from Chittisgarh Investment Limited. Please proceed.

Thank you for the opportunity. So, with respect to the new expanded stainless steel coil capacity, I just wanted to understand how the ramp-up is looking like, what will be the peak utilization, like how much percent, and

production guidance for FY27.

So, in terms of new greenfield project that

we have announced, everything will be coming up, sorry, for the Kejda plant, we will be coming up in Q4 27. So, I think the volume, we cannot expect much of a volume from that particular greenfield expansion. Related to the pipe and power plant that we have announced in last quarter itself, it will be coming up in next financial year. So, the volume variance for that will not be there in this financial year. If I ask the, if I answer the least financial volume guidance, it will be 10 to 15% over and above what we have given in 2026.

Okay. Okay, that's all.

Thank you.

Thank you. The next question is from the line of Vikram Sharma from Vishay. Please proceed.

Hello. Hi, sir. Congratulations on the good set of numbers. Sir, my first question was, what is the price of primary steel and secondary steel in India in the next 2-3 quarters? So, the current gap of primary and secondary gap between primary and secondary gap between primary and secondary gap, So, what is your view on that?

Thank you. Market, everyone, and welcome to the call.

So, if you look at the stainless steel side, like how our business is progressing, and when we compare it in front of the big player, like Jindal Stainless, so, just like our capacity is alive, we can fully utilize it. So, we compete in the same segment with Jindal Stainless, and what strategy is targeting there?

If we can see the GSL, then we can see the GSL. Dominantly, they are operating over 1 mm thickness coil and they are having large width of coil that is like more than 1200.

And what is the total size of this unorganized market and import market and apna kya capacity hae ga new capex ke baad?

So, current capacity is 1,16,000 ton per annum and we are coming up with another 3,600 ton per annum. So, total capacity will have 4,76,000 per annum by Q for 2026, 27 sorry. And in terms of unorganized market and import driven market, In the flat product, thinner. I love you, baby.

And what is the update on anti-dumping duty? I mean, duty is the election. Good morning, everyone. SS. So, general standards, they have mentioned on call or something regarding anti-dumping duty hearing.

There is a proposal moved around in different ministries for imposing anti-dumping duty on Thank you.

One last question, with our current capability to manufacture integrated steel pipe, so I believe we are manufacturing up to around 5-6 inches, so this 5-6 inches is like what percentage of total steel pipe market and after CapEx, like what can we expect addressable market in percentage terms of total steel pipe market?

So, currently we are manufacturing up to 7 inches dia pipe, out of which up to 5 inches is being produced and manufactured for internal coil and up to 7 inches, above 5 inches, 8 inches is being manufactured by procuring coil from NMDC and other large players. So, this segment of pipe. Thank you.

Yes, in tonnage terms.

Okay, sir. Thank you.

Thank you. The next question is from the line of Shivam Khali from 3A Financial Services.

Hello, sir. Am I audible?

Yes, I'm audible.

So, first of all, congratulations on a great set of numbers. I wanted to know what were the average price realizations of all the finished products in Q1. And what are they going currently as well, given that the steel prices have stabilized a bit.

Right, so net realization, I will just put it in a range format. So it will be in Q1 for MS pipe and tube, it will be around 60,000 ton per ton average. For GP5, it's 75,000. For SS200, we have achieved around 140. And for SS300, we have around 2,000 to 2,10,000 ton. And current realization which we envisage currently for Q2 FY27 is 58,000 approximately for MS pipe, 72 to 73,000 for GP pipe, and 1,30,000 ton for SS200 series and around 2 lakh rupees per ton for SS300 series. So that is what we are envisaging currently.

Okay, sir. And once the capacity of phase 1 comes live of 360,000 tons, what sort of working capital would be required in this phase only for incremental working capital for this after the capacity comes live?

You know, the ramp-up will happen in a gradual manner. So in April 2028, we leave the capacity utilization because Q1, Q2, Q3 will have a lower capacity utilization, so average capacity utilization. So, for that we may require around 200 crore of working capital, and when it will be fully utilized up to 60-65%, in FY29, we will require around 300 crore of working capital for additional manufacturing.

Sir, I didn't get the number, if you can.

So, I'm saying 200 crore working, additional working capital for FI 28 and 300 crore rupees for FI 29.

300 crore. Okay, sir, and we had acquired around 15% stake in a company called Vajra Pikes, if I'm not wrong.

Yeah, it's Vajra L.O.

Bajra Alloy, yeah. So what was the rationale behind it? What sort of products the company manufactures, and where are they being used?

So if you see, this Bajra Alloy is being, you know, company is being found by some ex-Midani professionals plus Hello, and welcome to the call.

So, where would this alloys, superalloys be used, like, in terms of end consumer market?

So, in the raw form itself, it doesn't have any use. It's in terms of rolled product, like a flat product, or seamless, kind of, or, you know, in terms of pipe. It has a lot of use in terms of aerospace, marine, gasification plants, nuclear plants, and so on. including data centers and critical Thank you.

Okay, okay. 90%. Okay, okay. And so, just if I could squeeze one last question, what would be the final finished saleable capacity once the stainless steel and the expansion of ERW pipes happens by end of 2027?

Okay, so the current capacity expansion that we have currently announced, accordingly, we will have at least 5,000,000 ton of... ERW pipes and tube manufacturing capacity. We will have 1,16,000 ton of GP pipe and coil manufacturing capacity. We will have 4,76,000 ton of stainless steel coil manufacturing capacity. And we will have approximately 88 to 90 megawatt of captive power plant.

Okay, sir. That's all from my end. I wish you the very best. Thank you. Thank you.

Thank you. The next question is from the line of Vinit Sarkoos from Plus91AMC. Please proceed.

Hi, good evening. Congratulations on the excellent set of numbers, sir. Sir, I had a couple of questions regarding the CAPEX. Are we still on stream to finish it by the expected timeline? And could you explain the margin going forward as well, what would be the sustainable margins?

Okay, so first is the capex timeline that we are talking about. We are pretty much sure about achieving the capex timeline. We are currently on time in terms of our bar chart. Secondly, in terms of margin for FF27, we would give a margin guidance of around 12% with a deviation or standard deviation of 1% or 2%. In terms of FAT, we are going to give a guidance of 6% with a standard deviation of 1%.

And sir, since our sponge iron is, we are able to captively fulfill our sponge iron needs. Are we sourcing from outside as well?

We are not required to source outside sponge iron. We are making special grade of sponge iron which in turn is being used by only us. Certain portion which is B grade which is not satisfying to our quality requirement being sold off which is being reported as an allied product or you know.

But, sir, post the expansion of phase 1 and phase 2, we would be requiring more sponge iron as we would need more sponge iron requirement post the phase 1 expansion to. So, how will we be able to meet?

We are mostly scrap based stainless steel manufacturers. This is an important capacity in-house to cater to an additional requirement of sponge.

Phase 1, we do not think we are outside sponges.

So, your point is that most of them become scrap or stainless steel. And so, what is the update of phase 2 and phase 3 expansion as well? Have we decided what we are going to start out with? I will be giving the commentary on that. And so just last question, I just want to get clarity on our KPEX schedule as well going forward, how much would be our KPEX for this year, next year?

We have one, which is current.

Sir, what is the peak utilization for the current capacities and what we are running at currently as well?

So, in terms of MS pipes and tubes, let's say the market norms is around 70%. We are well above 65% currently. In terms of GP, we are operating above 90% actually, GP pipe and core. In terms of stainless steel, market norms is 60-65%. We are operating at 60%.

Okay, we are almost at near capacity for our current capacities. And, sir, has the new, sir, since the pilot crisis and everything has shot up in Q4 and F524, 26, and Q1 over 27 also has sort of seen an incremental increase, but now everyone's commentary in the industry is that the Q2 is going to be a little subdued and a little, much more, less, a little less than as compared to Q4 and Q1. What is your views on the scene, sir, about realizations? Thank you.

The next question is from the line of Vidhi Shah from C.R. Gotarian Sun. Please proceed.

Miss Widdy, you may proceed with your question.

Due to no response from the current participant, we move on to the next. The next question is from the line of DRJN from Sapphire Capital. Please proceed. Hello, is there one?

Yes.

Good morning, everyone. I'll be looking forward to the next question, 9x28. How much revenue growth and EBITDA per turn are we looking for this year and next year?

So, this year we are looking at around 10 to 15% of the revenue growth over the base of 226. In terms of EBITDA per turn, I would like to comment over a range. So, it will be around 7500 to 8500 per turn basis. In terms of volume, it will be again 10 to 15% over the base of 226. For next financial year, we will be having new capacity live. So EBITDA per turn will be upward of 8,000 tonne, rupees per turn. In terms of revenue, we will be around 4,500 in and around.

Okay, so, and we do expect the realizations to decrease going forward, right, the coming quarter.

Changing the product mix, so in terms of realization per ton, if you see the excess quantity is getting changed and it is getting increased in our portfolio, so a realization per ton, in terms of overall, it is increasing, but in terms of segment-wise, it's not increasing much.

Thank you. The next question is from the line of Ambreesh Malwani from Navisha Investment. Please proceed.

Hello, sir. Sir, how are you looking at the competitive view in the industry as many players are doing KPEX and how are you planning to reach the 10 lakh MTPA by FY2030?

Thank you, Christian. Thank you very much.

We have 50,000 ton of capacity, plus we have announced GFT meal of only 50,000 ton, so it will take our capacity. And in the phase 2 and phase 3 of Kejda, we will have this additional 5 lakh ton of MS 5 cent-tubes capacity, fully integrated plant will be added there.

And sir, in power you are doing some KPEX, so how much it will be captive and how much you will save from it?

You see, by 2030, we wanted to achieve approximately 150 megawatt of captive power plant, out of which currently we are having 25, and the capacity that we have now, it will take up to 88 megawatt. So, you know, we envisage out of this captive power plant, we currently, once it goes live, we will be saving approximately 180 to 200 crore rupees off.

Thank you.

Thank you. Before we take the next question, we would like to remind participants that you may press star and 1 to ask a question. The next question is on the line of Rujita from CJ Shah. You may proceed.

Hello, sir. Congratulations on a great set of numbers. Thank you all on the stainless steel. So, sir, I've seen that we've kind of scaled up the capacity, but quarter-on-quarter, see, we've not kind of scaled up in terms of the production and the sales volume number. Also, correct me if I'm wrong, I heard that you said that in FY27, we'll be growing at around 10-15% in terms of EBITDA. Uh, so fun. We've done like 95 crore, and even though the next quarter is soft because of monsoon, do you still think that 10-15% growth is viable? I mean, it should be around 30% considering the kind of capacity we have and the mix changing more towards stainless steel. So, I can get a little clarification on that side.

So in terms of production, I think we are picked in terms of stainless steel production. So that is where the number looks starting. Secondly, in terms of EBITDA, we would like to stay conservative. So over the base of, let's say, 270 crore operating EBITDA that we have reported in 2026, we wanted to give an agirance of 10 to 15 percent increment over there for this. In terms of Monsoon.

I was expecting our EBITDA

growth to be plus north of 30%. But since you said 10 to 15%, I was considering, are we looking at the per ton going down or saying this is scaling slower than what we are anticipating? How much volume are we expecting in each of our segments in FY27, and how much EBITDA per time, if you could just give me a little clarity on that, so that I can work on those numbers.

7,500.

8,500 is what you're saying. And on. So, with all the changes that you're seeing, even on the lower side, what bracket are you seeing? Would it be like 10,000, 12,000? Thank you so much.

Thank you. The next question is from the line of Vidisha from C.R. Kothari and Sun. Please proceed.

Ms. Vidhi, your line has been running out, you have been asking for your question.

Hello, am I audible?

Yes.

Yes, I have two questions. Firstly, currently we have a safeguard duty on steel. I think that is on core steel. So that ends in FY28.

So after that, how do you see the steel prices coming?

That is far-fledged, I think. That kind of vision we do not have currently in terms of pricing. So let's see how the market plays. Currently, you know, there is capacity also coming up by the primary root steel producer. We are also ramping up the production. You know, even if you see the Chinese market also, they are also ramping down the production. They are not ramping up the production. So in terms of demand supply situation, it is quite equilibrium currently. In terms of pricing, there is no pressure access, even if safeguard duty is not there. So, I think the price correction after safeguard duty, there will be not much of a price correction because of that, I believe.

Okay. And, sir, can I get a current capacity utilization across all the segments in ARWs, Chainless, and GP?

I have already given that number in the previous questions.

You can refer to that, please.

Thank you, sir. Thank you.

That was the last question for today. I would now like to hand the conference over to the management for the closing comments. Over to you, sir.

We trust that we have addressed all your queries during this session. However, if there are many remaining questions, please feel free to reach out to our investors relations team at Go India Advisors. Once again, we extend our gratitude to all the participants for joining us today. Thank you, and have a great day.

On behalf of Ponark Networks, Capital Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.