Hariom Pipe Industries Limited (HARIOMPIPE) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, on behalf of Captify Consulting Investor Relations team, I welcome you all to the Q4 and F526 post-earnings conference call of Hari Om 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 March 2026, the growth plan and vision for the coming years, post which we will open the floor for Q&A. Over to the management team.

Good afternoon, everyone. I welcome you all. To the earnings conference call of Ariyam Pipe Industries for the quarter and year ended 31st, March, 2026. This is Rupesh Kumar Gupta, Managing Director of Ariyam Pipe Industries. I hope all of you had the opportunity to go through our financial results submitted in the stock exchange. I would like you to, our investors, analysts, bankers, customers, suppliers, employees, and all stakeholders for their continued trust and support. Our focus during the year was not only on growth but also on improving the quality of growth. We consciously work towards reducing working capital intensity, improving cash, conversion, and centering the financial position of the company. We believe that a disciplined approach will support the company's growth trajectory in the coming years while ensuring that growth remains profitable, cash-generative, and sustainable. In the steel industry, volatility in input prices and demand cycles is a normal part of business. However, our integrated operations and diversified product portfolio provided us with flexibility to manage such market conditions. Our presence across multiple product categories and geographies helps us serve different customer segments and reduce dependence on any single market or product. During the year, our galvanized product segment continues to contribute meaningfully to the business. The company also continued to focus on strengthening its market reach across southern and western India. Our dealer network and institution customer base continued to support our sales and distribution strategy. FY26 has been a year of steady performance, improved operating discipline, and stronger cash generation for the company. During the year, our focus remained on improving the quality of business, maintaining margin stability, strengthening working capital management, and improving overall balance sheet position. The key numbers and ratio for FY26 are as follows. Full year, revenue from operations, 1667 flows. Revenue grew up by 23% YOY, supported by better throughput and value-added products. Full-year EBITDA, 209 crores. EBITDA grew by 19% YOY. Full-year EBITDA margin, 12.56%. Margin remained broadly stable despite competitive market conditions. Blended EBITDA, full-year 7,258 EBITDA per metric ton improved during this year. Full year profit before tax 104 crores, PBT grew by 25% YOI. Full year profit after tax 76 crores, pad grew by 23% YOI. Q4 revenues from operation 507 crores, Q4 revenue grew strongly by 27% on YOI basis. Q4 EBITDA, 64 crores. Q4 EBITDA remained healthy with stable margin and 31% growth YOY. Q4 EBITDA margin, 12.59%. Q4 margin improved compared to Q4 FY25. Q4 PAT, 30 crores. Q4 PAT improved significantly on YOY basis with growth of 75% YOY. Full-year value-added product contribution 98%. Full-year operating cash flow 192 crores. Strong improvement in cash generation from operations. Full-year EBITDA to OCF conversion 92%. Full-year net debt to EBITDA 1.65x. Leverage improved and remains comfortable. Debt to EBITDA 0.4x indicates control leverage with adequate net worth support. Full-year ROCE 21% return profile improved during this year. Full-year ROE 12% return on equity remained healthy. On the subsidiary side, our Renable Energy SPV Haryum Power and Energy Private Limited is executing the 60 MW AC solar power plant. Awarded under the BPA with MSC DCL, the project is progressing in phases. Land acquisition has been completed for 8 locations covering approximately 123 acres and work has commenced at 6 locations. We have also incorporated Metal Mart Private Limited, which is presently at the initial setup stage. This entity is expected to support our future business initiatives in trading of metals, steel and allied products. Our key priorities from FY27 will be improving capacity utilization, strengthening the value-added product mix, maintaining working capital discipline, improving operating efficiencies, optimizing financial cost, and generating healthy cash flows. We will continue to focus on profitable growth rather than only volume-led growth. Before I conclude, I would like to place on record my sincere appreciation to the entire Haryum team for their commitment and hard work during the year. I would also like to thank our customers, suppliers, bankers, shareholders, and all the other stakeholders for their continued support. Thank you.

Thank you, sir. We'll now begin the question and answer session. All those who wish to ask a question, please use the option of raise hand and we'll invite you to ask a question. You can also put your questions in the Q&A box. We'll wait for a moment till the question queue assembles. We'll take the first question from Mr. Sagar Shah. Please go ahead.

So, if you are unmuted, If we are unable to hear you, Hello, am I audible? Yes.

Yeah, sorry for the delay. Actually, there was some system issue. Now, sir, my first question for today was actually related to your guidance. In the last quarter, you had given a 30% growth for volumes in FI 27. Now, if I see the numbers for actually for this year, for almost all across all the value added products, even on a blended level and even on product wise, actually, we are clocking at least above 60% utilization. So still, actually, do we stand for by this guidance or we want to revise the guidance? And in that question only, what would be the EBITDA pattern guidance that you would be guiding for this year? Then I'll be highlighting, I have the other two questions also.

Last year guidance was 30% volume growth year-on-year basis, which we have given demand on the basis of that ground that capacity available, demand visibility, and internal business plan at the third point of time. During the year, actual volume growth was lower mainly because we consciously focused on profitable and cash generating growth rather than chasing volume and lower margins. FY26, if you checked, was also impacted by a competitive steel market environment, volatility in steel price, and sudden product mix decision. Instead of pushing volume aggressively, it focused on improving the quality of business, maintaining EBITDA, discipline of cash, strengthening working capital.

Okay, I agree, sir. That means we chase for value rather than growth. But for FY27, I was asking, do we have the capacity to clock 30% growth? Why?

Yes, we have the capacity. We have the capacity. Still, whatever the existing capacity we are having, we can manage whatever we have achieved around 2,88,000 cents volume. We can go around 30%. But that is also subject to the market condition as well as Haryam cannot compromise with the profitability and margin. And push shares Haryam is not doing.

Okay, and EBITDA pattern guidance, sir?

EBITDA, current year we are having around, blended EBITDA is 7200, and we are taken into the consideration, which is a very good EBITDA, blended EBITDA, and the product mix, if you are taken, then this product mix also acts for financial market level. So, we are into the consistently focus on that and we are very much confident to remain in it, maintain this issue. And we are always trying to add on the value on that.

Right, sir.

Right. My second question, sir, was related to the closure of the Tamil Nadu plant. The Tamil Nadu plant was closed due to the concerns related to Tamil Nadu pollution board. So, is the plant open, sir, right now?

We are waiting for the order, the everything, formalities and compliances are completed, and the file was already moved. We are waiting to the opening order from the department any point of time, maybe another 2 to 3 working tests, within 2 to 3 working tests.

So what was the reason, sir, for the closure of the plant that they stated? And what is the revenue loss that we do in this quarter?

No, during the April month, whatever we have achieved in the last year, April 2025, the same turnover we had done in the April 26 also because we have already enough stocks and at the same time we are doing the business through asset-like model. So, therefore, no sort of in the April month, no sort of impact is coming in terms of revenue.

Okay, but what was the reason, sir, that they stated for the closure of the plant?

That is actually, from our side, there was no non-compliances. That is due to that elections and all those things. Not only Haryom Pipe, Haryom is a listed company. That's why it is coming to your notice. Because we have given into the stock exchange. That is the industrial growth center. So many units in the other segment also, they are sending the similar notice. Haryom is one of the another company. So, that is the government election time. They have taken certain decision.

Okay, okay. Sir, my last question, sir, was related to the solar power plant. The solar power plant, we have done around 10 crores of investment also in this quarter, in this Q1, I am saying. So, I wanted to understand that what is the total capex that we are going to spend in FI27 related to this project and if any, related to other projects also. And I think so for this purpose, we are only in the balance sheet that you have created right-of-use assets. So, I wanted to understand basically the roadmap for this solar power project and when will the revenue start occurring actually for us, because we have already done the PPP, if I

Yeah, so basically I have corrected that the right of use assets which we are disclosing in our balance sheet, this is not related with Haryom power, this is related which we have Last year, we have acquisition of ultra-pipes pipe unit plant under the long-term lease model. That is the reason that ROU assets we were seeing that in our balance sheet, first of all, first clarity. Second part is, whatever you said, that around 9.68 Rupal, whatever it may be, that amount we have invested. So that actually in the lab, previously also we have clarified that the total budget cost is somewhere around 241 crores and the bank's down loan will become around 195 crores. So, remaining our investments are there, and that is totally backed by capital subsidy from the central government. So, therefore, there is no, as such, long-term investment plan. Only 25 to 30 crores will be invested as an equity component in Haryam Bhavan by Haryam Bhai. The remaining component will be... We have set up by the capital subsidy from the central government. So far, our almost all out of 13 locations, we have taken up the project on 8 locations. And out of that, two locations is yet to be commenced the power productions by the end of this month or the coming month. So, out of 60 megawatts, already the 38 megawatts we are doing the projects, and remaining will be completed in the meantime.

So, the prediction, what you mean to say is the prediction will start from the coming month itself, and the phase-wise it will come down.

Okay. And till date, what is the amount that we have put in this project, sir? I understand you will be getting back the subsidies. I get your point. But what is the amount that we have put as of now?

You are asking about the total investment, right?

So far, we have invested 9.56 crores total.

Okay. And how will the pricing work, sir, here? Basically, how will it flow through our EBITDA?

So, per unit, we are getting around 3 rupees 21 paisa, apart from capital subsidy. So, as I am going, it will be generated. That is the fixed continuity and fixed revenue will be coming.

Thank you and all the best, sir.

Thank you. We'll take the next question from Praneet Reddy. Please go ahead.

Hello, sir. Yes. Two questions on Perundula and demand side. So, first, dealers are being the market from Telangar.

Your voice is not clear. We are unable to hear you properly.

Your voice is cracking.

Hello, sir. Is it fine now, sir?

Yeah. Yeah. Firstly, dealers serving the southern market from Telangana instead of Perunduray adds freight cost and lead time. How many dealers have you lost to competitors since the plant closure? And what's the winback cost and timeline? So, and second, OEMs like customers like Ashokaliland wait environmental compliances heavily in supplier approval. And TNBCB closure order is precisely the kind of event their ESG audits and flag. So, has the closure triggered any re-qualification or anything on B2B side, sir?

No, no, there is no requalification or something which is there from Parundurai plant. From Parundurai plant, it was only the commercial products what we were supplying to the Kerala and other areas of that state. And there is no impact on that because we were holding some stocks also, as well as our CFO told that it has been an OPEX sort of model wherein we have manufactured the material from other sources and sent it across to the dealers. So we have not lost any dealers. Indeed, we were having very healthy arrangements with the dealers, and they have even supported us in a long way.

Okay. And any dealers we've lost to competitors in markets like Kerala or somewhere?

No, it is only one and a half month, right? So, first of the complete month, whatever the stocks were there, we have only supplied those of the stocks. And few could have been, undoubtedly, as per the requirement of them, few could have been taken from the competitor. This happened, so we are not worried on that. Our dealer network is very truly loyal with us, and they are continuously supporting the company.

And you've noted that value-added products are already 98% of revenue. So what's the next tier? Like blended EBITDA pattern was in FY26 was only marginally up year on year, which suggests that current product mix has largely played out as a margin layer lever. Are you entering any new adjacent or higher value product categories and specifically which will drive the EBITDA pattern from higher from year?

Yeah, so Haryum is already in a consistent growth parameters in the profitability and the margins. And we look forward for every time the OEM growths and the value-added products only. As we do not find ourselves to be in a very competitive market, we have a strong brand value and for which all the OEMs or any good dealers promote Haryum brand as well as they also encourage the profitability and shares us the profitability. So, 100% on the EBITDA part, we will be growing continuously. Our area is not the volume, our area is always a profitability.

So, thinner gauge, something like thinner specifications, what will be the EBITDA pattern, what will drive the EBITDA pattern from here?

This will be the minimum one, what we are looking forward at, and moving ahead, whatever the OEM contributions and VALUATED product contributions will add on, the EBITDA will obviously grow. Okay.

See, in the fourth quarter, if you see, our blended EBITDA was 7,800, okay? And throughout the year, you can check that is coming 7,258. My point of concern is, as you witnessed for various times, in the last four quarters, the steel price fluctuations have happened. When the raw material fluctuations are hugely happened and along with that, the supporting system like gas, oil, electricity, logistic costs are going ups and downs. There will be no flat manner or no precise manner. Therefore, it will be impacted to your EBITDA. It is not anybody's hand. It is the market scenario and situation that we have to understand. In the Q4, our EBITDA was, blended EBITDA was 7800 rupees. Okay. What's your target? If you go with that last year, last year, last year, March 25, EBITDA, Q4 EBITDA, that was 6,583. From 6,583 to 7,800, so almost of 1,300 rupees, we are increasing in the Q4 versus Q4 year-on-year basis.

Okay. So, what will be your guidance for next year EBITDA button, FI26?

So, EBITDA, everything goes well without the geopolitical issues and the scenario on the pricing hit and other things. So, we feel that this will be the minimum one and this should continue.

Okay, at least 15-20%.

See, in any percentage would be very tough. Undoubtedly, as I told, this would be a constant push from our side to increase the beta only. Undoubtedly, this will continue. Our efforts will continue to grow it.

You have to understand this is not a monopoly market and this is not a MRP-based product, consumer product. MRP-based consumer product where you have to, on the basis of MRP increase, you can say that there's a profitability will be increased. It is all on market demand and supply.

And my third question is on downstream side. Would it make sense to set up lighter type conversion of finishing units closer to your major OEM demand clusters, like the central plant, something like hub-and-spoke model that cuts freight and light-time, which will get you closer to the customers like Ashok Leyland or any B2B customers?

Is that something you are evaluating? Generally, whatever transportation or logistic happens, happens with the tonnage basis. So, we are sending it to Ashok Leda and one of our, again, one more subsidiary or whatever. Again, the logistic cost from this place to that place has to be made. Everything will be again a problem or an investment. So, it's better to have one regional place and from there only the supply should happen so that we control the quality and be a constant player in supplying the qualities as well. Deliverables should be very good. Okay. Any update on our support? I'll take your point in a very positive note. We have never witnessed this kind of thing as the OEMs are not demanding anything. They are getting everything on time. So, if the demands are coming from there, obviously, we can think over it.

Pranis, I request you to come back in the queue, please. We'll take the next question from Deepak Poddar. Please go ahead. Hello, I'm article.

Yeah, thank you very much, sir, for this opportunity. So, I just wanted to understand, I mean, this EBITDA per ton, I mean, the guidance that you're given is not dependent on the market price. I mean, that's what I personally feel. I mean, at 53,000 ASP, a similar 12.5% EBITDA margin can give you 6.5 thousand kind of EBITDA per ton, and at 61,000 ASP, at same EBITDA margin of 12.5, it can give you 7,600. So, guidance in terms of EBITDA part 10, I mean, I mean, I'm more right to give an outlook in terms of EBITDA margins. That gives more sense. I mean, because in spite of higher prices, your EBITDA margins you have maintained. So I personally feel that EBITDA pertain might give a wrong notion that your profitability is increasing. So that's what my sense is. So if you can throw some more light on margin front, that would be helpful.

So, Deepak, generally what happens is whenever the markets are getting grown up, we have the pending stocks as well, which are there lying under for the lower cost also. As we are having MOUs with all the suppliers of us, primary players, so already those MOUs and other effects will also be added to the company. So, it is not that one only particular point that the prices have increased, that's the reason only we add on the EBITDAs or something, but it is a continuous effort, and if at all, this has been maintained on the merit basis of our own understanding for the value chain.

Okay, so EBITDA margin, anything on EBITDA margin also you can comment?

EBITDA margins are sustainable, basically whatever is being shown in the numbers are there. So, these are the sustainable things and this will continue as we are focusing only on our profits.

And 12.5 to 12.6% is the kind of sustainable market. Yeah, they are sustainable. Oh, understood. And now with our value added product also 90% of our revenue, right? So will it be right to say that our revenue growth should mirror the volume growth? I mean, earlier what we have seen that your revenue growth has been much higher than your volume growth because your value added product has been increasing. And now with we are almost at 100%, so volume growth and revenue growth should mirror each other? I mean, would that be a fair reason?

So, if at all the value is getting grown up, obviously, as far as the percentage, the revenue will also be on the limitation of that percentage only. So, I think that if at all the revenue is getting grown up, obviously, debitas and other things will be constant on the percentage size. But again, on the numeric side, it will grow.

Okay, okay. I got it. And on the Capex, I mean, this solar power, I think we have 240 crores of the Capex there? Okay, for 60 Megawatt? 40 to 45. And how much debt we are taking there?

We have taken 195 and it will be set up another 30. So net debt after completion, the project is coming around near to 160.

Net debt is coming to 160. So, this entire thing will come in FY27? I mean, the corresponding depreciation of this plant as well as the interest cost corresponding to this debt will start coming from, I mean, has it started coming or will it come from next month?

It will be coming, impacting FY27. March 27 is the last deadline to complete our entire 13 locations, 60 MW AC projects. So, out of 13 locations, we have almost of the start of the project, 8 locations, and 2 are yet to be coming for commencement, and remaining will be completed within this financial.

Within this financial, okay, that's very clear. And this last thing from my side, in terms of our backward integration, I think we currently are at a 50% rate, in terms of backward integration of our capacities.

40% you can say. 40%, right?

So, any plans to increase there? I mean, that will kind of help your EBITDA pattern or EBITDA margins.

Yeah, that's already in place basically. So, yes, we are also waiting one single EC order from Government of India. If we get that, I think immediately the things are in place, we can plan it out. Just waiting for one EC document.

So, that plant is already in process of construction?

No, we cannot do it without getting approval from the government. We cannot start any construction. So, majorly the works are completed initially only. But after that, we have stopped everything. After getting this order only, it has to get started.

And how much time does it take?

Another three to four months of time once we are there in place.

3 to 4 months. And this 40% will become what in how much time? Around 80%. 80% what? 80% it will become in next 3 to 4 months? I mean, so 80% what's the time?

This is subject to department clearance and everything. We cannot assure you right now. It is all are subject to, yes, we have a future business plan, and whenever Hariyam will be expanding, definitely they have submitted all the intimations and everything in the stock exchange.

Thank you, Deepak. I request you to join the call.

I think this was the last thing. It is just a clarification.

No, no, please.

Let him finish the question, Deepak. Just take the last question.

Yeah, I mean, it was his continuation of that. So this 40 to 80 percent, so what benefit it can have in our margin?

So, the margins would not be a very big thing, but only the quantity and the quality and the consistency of the supply for the raw material will get improved. The major part on that particular thing will not be on the number part, but again, indirectly, it will attract some number, but genuinely speaking, it will attract the quality and the security of the raw material.

Got it, got it. That's very helpful, sir. I would like to wish you all the way. That's it. Thank you. Thank you.

Thank you. We'll take the next question from Kashish Gandhutra. Please go ahead.

Thank you, sir, for the opportunity. Two questions from my end. Firstly, if I see quarter on quarter, I think our volume has grown by 20%, while the revenue has grown by 40%. So is that the correct estimate that the realization has gone up by 15% to 16%? Yes, sir. So I want to know basically what is the volume growth quarter on quarter? 20%. Is that correct? Yes. Quarter on quarter 40%. That is the revenue growth, sir. Volume growth will also be 40% or no? I think that is 20%.

Volume growth is coming around 20%.

Okay, perfect. So basically, realization has gone up by 1560. And sir, in terms of FY27, what is the volume guidance for this year?

For this year, we are having around roughly you can take 350 to 316.

Okay, so 20-25%.

Yeah, depend on the market situation and global perspective.

Okay, sir. And how has been the current quarter been? Like, are we seeing some 10-50% growth on a y-y basis?

Yeah, current quarter is good, sir. Current quarter is good. So far, it is absolutely good.

Okay, so we can expect at least quarter one to have that 15-20% volume growth on a y-y basis, right, sir?

Number at this particular stage, I think, would be not appropriate.

We have to, we are trying hard, but maybe... We can ask.

Sure, so just last question then, on the solar business part, sir, so do we expect there to be some burn for the first two, one to two years, or no, that will be breakeven at least in the first year itself?

No, actually, it's not got burned, sir. Whatever in the first two years, that is depreciation. As you know, that depreciation is not the expenditure. It's a cash accrual. So, depreciation part is coming, which helps you to generate the cash and at the same time, save the income tax. Nothing else. So, profitability part, because you have to understand that the income part is fixed per annum, and the operational are very negligible. Expenditures are there in the solar power business. It's a long-term investment and long-term revenue.

I got it, sir. Perfect, sir. That's it for my end. Thank you.

Thank you. We'll take the next question from Aasthar Singh. Please go ahead.

Hello, I'm Aadapal.

Yes, sir.

Thank you for the opportunity, sir. Sir, I just have a few questions. We had faced a Tamil Nadu population control board issue in one of our plant. Is our guidance for FY27 keeping the volume disruption for Q1 in mind?

No, no, no, no. Actually, that was already in the first question also. We have explained that. So, that is not the case. The case was different in the pollutions.

Your question is regarding to what exactly is it the numbers that you are talking about or what exactly is your question? Can you repeat, Trans?

She is asking if our Fi27 guidance keeps this stoppage in mind.

No, no, no. No, no, stoppage cannot be there for this long actually. We are already in a voyage of getting this document.

So far we are not facing any sort of issue or any volume terms because we have the stocks and we have managed and we are getting the order within a few days from the department and we will start the operations.

Okay, and how are you compensating the loss of the volume from the facility?

No, so far we are not facing any sort of loss means any sort of shortfall in the volume. That's why that is my submission. In the April month, whatever volume we sold in the FY25, the similar volume we have achieved to supply to our customer from FY26 also. So, therefore, no shortfall are coming, because whatever stocks we have, that was already dispatched, and after that, we had started the process from the asset-like model, from there only, from other facilities, and supply to our customers. So, it is not impacted to our volume target.

Okay, sir. So, I just have one more question. The recent supply disruption in gas impacted several companies. How much were we impacted in Q4, and what do you anticipate in Q1, and what steps have you taken to overcome these challenges?

We have not been impacted by the gas, which means we are having our own, the supplies and other things are intact, basically. So, we have not faced any shortage or any disturbance in the supplies. So, we have the storages, so we do not have any problem to see in future also.

Thank you, sir. We will take the follow-up question from Pranit Reddy. Please go ahead.

Yes, sir. What is the B2B contribution for the last quarter Q4 F526?

And what is your expectation going forward for F526? Earlier it was 15%. Now it has become increased up to 20%.

Okay. In Q4 also it is 20%. Yeah. So what's your expectation going forward, sir, next year?

B2B means you are supplying to engineering companies or OEM. It is not like that you have to onboard the dealer.

It is a continuous process.

It is taken his time and gradually our target is to increase these B2B clients.

This is an ongoing process. So, this will never get stopped in a room. So, our team is very aggressive in getting things done. So, already very good players are there in the company's portfolio and we are continuously in the process of adding on MU.

Thank you and all the best, sir. Thank you.

Thank you. All those who wish to ask a question, please use the option of raise hand. You can also put your question in Q&A box. We'll take the follow-up question from Sagar Shah. Please go ahead.

Thank you for the opportunity. Sir, I had two follow-up questions. My first question was related to the volume guidance that you have given that you are confident of at least on the profitability front of at least clocking 350,000 to 360,000 tons of volumes. So what will be the product mix that you are targeting? Will it be because already our Tamil Nadu plant is closed and definitely our Q1 will be impacted? So means are we targeting the demand is good for MS tubes or is it for GP or is it for GP pipes? Because scaffolding has been relatively weak in this entire year. I'm not talking of the quarter, but for Fi26, the volumes have been quite weak actually. So, what are the products that you are confident of actually getting this group number from?

So, firstly, because of the scaffolding, as we rightly mentioned, it's a credit-based business. So, we have just shifted our wings to get it in advance and then only do it. Hence, the reason of getting it lower volume is because of the credits that we are not planning to give. Secondly, for the mixture of the products, it is all a mixture of coils, it is a mixture of MS, and it is a mixture of GI. Moving ahead, whatever the B2B sales are getting happened are for that particular line. So, our major focus will be B2B only, and the regular and consistent supplies to our dealers, and adding on more dealers is going on. So, the process from distribution ship model to the dealership model is the end goal of Haryaboo. Henceforth, we are continuously adding on new dealers and our range and the states and the approach of the dealers are getting a bit higher than compared to every quarter.

Okay, okay, fine, sir. And my second question, sir, was related to the solar power project. You highlighted that around 38 megawatts of production of the commercialization of capacity will happen from next month, that is effectively from Q2.

No, no, no, no. We have 10 megawatts commencement will be happened in the next month, and we have takeover out of 60, 38 megawatts of work is under progress.

Okay, so out of the total 60 megawatts, is it safe to assume that 10 megawatt will the production will start coming?

Sir, total sanctioned capacity as per the PPA is 60 megawatt. Out of 60 megawatt, we have started commencement of the construction and the power plant for 38 megawatt. But out of 38 megawatt, 10 megawatt is coming to production commencement in next month.

Okay, so out of that 10 megawatt, exactly I am saying, sir. So, basically out of that 10 megawatt, the pricing is around 3.21 rupees per unit. So, approximately, can you quantify that how much revenue can we get from that project at least in this year of 9 months of FI27, what is our target from that project?

That is very difficult right now to calculate and give it to you. As and when it will be started physically and then we can give the correct estimate for the year. Along with Mugi awards, subsequently other projects is also pilot project will be completed. So total FY27, how much it will be coming, that will be given on the first quarter. You can able to give on the first quarter.

Okay, and sir, my last question, sir, was related to the metal mart subsidiary. In the investor presentation, you have mentioned that we haven't actually commenced the business. So, when are we actually looking to start business in that and can you provide some visibility that have you found any feasibility in the Maharashtra business?

Already, we have taken and tie up with the companies who are manufacturing facilities. We have registered our apply for GST registration in Maharashtra in two to three places. We are waiting for the GST registration from Maharashtra. And similarly, we are doing in Southern part like Tamil Nadu and Telangana also the GST registration process. And we are also tied up with the suppliers as well as the customers. So, therefore, as and when we will get the GST registration from all the place or part of India, we will start the operations.

Okay, okay. Fine, sir. Thank you, sir. Thank you, sir.

Thank you. Anybody wishing to ask a question, please use the option of raise hand. Or you can put your question in Q&A box.

Mohsen said there are no further questions, we can close the call. Can we request the management to give their closing comments?

Good morning, everyone.

Hello.

Yes, sir, please, your closing comments, please.

Okay, okay, thank you. Before we close, I would like to thank everyone for joining today's call and for your continued interest in Hariampai Industries Limited. We remain committed to building the company with a balanced focus on growth, profitability, cash generation, and long-term value creation. Our efforts will continue towards strengthening our operating efficiency, deepening our market presence, and maintaining financial discipline. We sincerely appreciate the support and confidence all of our shareholders, investors. Analysts, and other stakeholders. Thank you once again for your participation. We look forward to staying connected and updating you on our progress in the coming quarters. Thank you.

Thank you. 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.