JSW Cement Limited (JSWCEMENT) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to JSW Semen Limited Q4 and F526 running conference call for the quarter and year end of 31st March 2026 hosted by Philip Capital India Private Limited. As a reminder, all participant line will be in the listen-only mode and there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vaibhav Agarwal from Philip Capital India Private Limited. Thank you. I am over to you, sir.

Thank you, Dhanesh, and good evening, everyone. On behalf of Philip Capital India Private Limited, we welcome you to the Q4 and FY26 call of JSW Cement Limited. On the call from JSW Cement, we have with us Mr. Nilesh Narvekar, Chief Executive Officer, Mr. Narendra Singh Kailon, Director of Finance and Commercial and Chief Financial Officer, Mr. Hitendra Zariwala, Chief Marketing Officer, and Mr. Kunal Mukherjee, Head Investor Relations. I would like to mention on behalf of JSW Summit Limited and its management that certain statements that may be made or discussed on this conference call may be forward-looking statements based on current management expectations and also something that relates to future expected business developments by JSW Summit Management. Such 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 any management prediction made on this call. JSW Cement Limited and the management of the company assumes no obligation to publicly update or alter these forward-looking statements, whether as a result of any new business development information or future event or otherwise. Also, participants can download a copy of JSW Cement's Q4 and FX with its official presentation from the company website or stock exchanges. I will now hand over the floor to the management of JSW Cement for their opening remarks, which will be thereafter followed by an interactive Q&A. Thank you, and over to you, sir.

Thank you. Good evening to all, and welcome to the Q4 and FY26

earnings call of GSW Cement. I trust all of you have had the chance to review the results, the press release, and the investor presentation, which we uploaded a while back. With this, I will hand over the call to Mr. Nilesh Narvekar to take this forward.

Thank you, Kunal, and good evening to all. I would like to start by looking back at FI26, which has been a landmark year for JSW Cement. Needless to say, the company listed in August 2025, which in itself is a major milestone for what is one of the youngest cement companies in India. We are even more proud that we have delivered on the key promise regarding our entry into the northern part of India. I am very pleased to highlight that our integrated plant at Nagor in Rajasthan, comprising of 3.3 million ton of clinker and 2.5 million ton of grinding capacity, started commercial operations in March 2026. This plant is being put up and is intended to serve the company's launchpad, basically company markets, which we intend to access in the northern part of India, which is Rajasthan and Haryana primarily. We are very encouraged by the response we have received from the dealers and the customers so far. JSW Cement has a proven track record of delivering very strong CAGR of capacity, volumes and earnings in the past decade, and our aim is to continue A few thoughts on the Indian economy, which we've outlined in our presentation as well. Stepping back a bit, we continue to remain optimistic on the Indian economy. The country's medium-term growth story remains intact with RBI and other international agencies forecasting a strong growth in FI27 and beyond. As the economy grows, the country will continue to need substantial investments in infrastructure, urban and rural housing, roads, railways, airports, etc., which will underpin the demand for cement. Having said that, as all of you know, the West Asia crisis brings with it certain issues for the cement industry, namely packing bags, imported fuel, and more recently the petrol and diesel costs have gone up. This creates a near-term uncertainty for overall economic growth and for the demand outlook for cement industry as a whole. We as a team, we are carefully monitoring the situation, tightening our belts wherever necessary and possible, and of course, we are prepared to react quickly and be nimble in what is a fast-changing environment. The demand environment in April 26 has been relatively soft due to the inflationary pressures To add to that, shortage of labor and impact of elections in some of our key states, key markets of Tamil Nadu, Kerala, and Bengal have played out. But we continue to be optimistic from here on with the activity coming back to normal. Let me now list a few operational highlights for quarter four FI26. On volumes, our total sales volume in Q4-4 Fi26 increased by 7% YOY to 3.99 million tons. On a product level, cement volume sold was 2.35 million tons, increased by 12% YOY. We continue to deliver higher-than-elastic growth rates. GGPS volume sold was 1.57 million tons, increased by 5.4% YOY. Slightly lower growth in this quarter than you would have seen in previous quarters. And I would like to point out that the GGPS volume group in the 526 overall was still at a robust 12% of IOI. During Q4, however, there were some temporary slight availability issues of the Doldi unit, as a result of which we had to re-root supplies to certain markets, certain of these markets that Doldi would serve from our vegetable plant. And this, of course, had an impact. And, of course, additionally, some of the RMC sites were closed in the western region early in the quarter due to pollution concerns. To summarize, we believe these disruptions are behind us and volumes arising from mid-May post-election and getting back on track. On product ASP, cement realizations for quarter 4 FI26 was at 4673 per ton, increase of 4.8% quarter on quarter, which increases across all reaches that we operate in. GGPS realization for quarter 4 FI26 was at 3682 per ton, slight improvement over quarter on quarter basis. Within cement, the trade mix improved to 51% versus 47% in Q3. Our clinker to cement factor remained one of the lowest in the industry at 51% in quarter 4 FI26. Lead distance has increased in quarter 4 FI26, primarily due to the GGPS dispatch alignment, which we had to undertake because of from the Dolby plant to the Vijayanagara plant, which I have just highlighted earlier. Another point to highlight is the industry best ESG profile, with JSME Cement having the lowest carbon dioxide emission intensity in the industry, the number was 268 kgs of carbon dioxide per ton of cement ashes, or FY26. I would also like to briefly update on our capacity expansion program. At Nagor, work has substantially advanced on the additional 1 million tonne grinding and waste seed recovery and the commissioning is expected in the next few months. So we will have 3.5 million tonne per hour of grinding capacity at Nagor very soon. As you will have seen in our investor presentation, the VOD has approved an additional 2.5 million ton cement grinding capacity at Nagor, taking the total grinding capacity at Nagor to 6 million ton per annum. Let me explain the thinking behind it. As we were reviewing, we were seeing delays with regard to getting the EC at Mansa in Punjab. And so, actually, with this view and with the view to enhance the Nagor clinker utilization, we've chosen to add another grinding capacity at Nagor at this point in time. The estimated investment for this project is 430 crores, and this unit is expected to commission by quarter four of F528. The remaining capacity expansion plan remains on track and will take the company to a grinding capacity of 46 million ton per hour with a clinker of 13.04 million ton per annum. With this, let me hand over to Narendra Singh to take you through the key financial highlights.

Thanks, Narendra Singh. Good evening. I'll summarize the performance for Q4 as well as F526. Firstly, in terms of our Q426 performance, The revenue was 1895 crores, that's an increase of 11% year on year. Operating EBITDA during the quarter improved by 46% year on year and was 365 crores, that's about 916 rupees a ton for Q4, an improvement of 36% over last year. This operating EBITDA improvement was driven by a combination of better volumes, improvement in cement realization, as well as better control over both variable and fixed force. Our operating EBITDA margin was 19.3% in Q426, which is a jump of 460 dips versus the same I would also like to highlight a few points in our Q426 course. First, as you all must be knowing, the rupee depreciated a lot against the dollar in Q4 and the sharp devaluation Second, as you would appreciate, we have been spending heavily in our north on manpower and marketing including TV, print, holding etc. Such costs amounting to approximately 23 odd crores for Q4 are a part of the employee and other expense head and we have not capitalized those. And keep in mind the commercial operations for a Nagor plant started only on 30th of March 2026. PBT was 219 crores in the quarter, including positive contribution of Rs. 6 crores from a Pujera JV. Pat for the quarter was 362 crores. Here I would highlight that the tax expense for Q4-26 includes the one-time benefit of reduction in deferred tax liability, The number is 211-odd crores. Consequent to the company's decision to adopt the new tax regime from FY27 onwards. In terms of the major cost elements in the quarter, raw material and power and fuel showed slight increase quarter-on-quarter basis, primarily due to increase in the inter-plant transfer of raw material, mainly slag, And higher share of cement in the quarter. Blended fuel cost, rupee per kcal, for the quarter was stable at 1.49 as, and this is similar to what it was in the previous quarter. Logistics, the lead distance increased by 16 kilometers, quarter on quarter, and this resulted in increase of logistic cost by about 6% quarter. This increase in lead was primarily due to the GGBS dispatch, realignment between plants, which I highlighted earlier. Now, moving to the REFY26 financial performance, the sales volume increased by 11% year-on-year to 13.96 million tons, with cement and GTS volume increasing 9% and 12% respectively. Revenue was 6,512 Watt growth, an increase of 12% year-on-year. Operating EBITDA including the effect of rupee depreciation, that's 1,248 crores, a 44% year-on-year jump, equating to 888 rupees a ton for the year. Total EBITDA, including other income, was 1,393 crores for the year. Adjusted PAT, which we define as PAT excluding the non-cash expense incurred on conversion of CCPS prior to the IPO, which we had briefed all of you during a pass call. So, the adjusted PAT was 668 crores for the year. Based on this adjusted profit after tax for the year, the board has recommended a dividend of 50 paisa per equity share of face value 10 rupee each, and this is subject to the approval by the shareholders at the AGM. In terms of balance sheet, the net debt was 3,635 crores as on 31st of March. This includes capex including maintenance capex of 506 crores and 1962 crores respectively, which was in line with the guidance we had given at the start of the year. Finally, I would like to Thank you so much.

Ladies and gentlemen, we will now begin with 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 will wait for a moment while the question queue is finished. The first question comes from the line of Siddharth Malhotra from Kotex Securities. Please go ahead.

Thanks for the opportunity and congratulations on a good set of results. Sir, I just wanted to know your thoughts on the industry demand as well as how we see our growth within

that, especially in the context that a few of our peers have highlighted, slowing demand conditions, and we have a new plant in a new region. So, how do we sort of build an industrial growth, and within that, our growth in particular?

Yeah. So, I mean, specifically with respect to Q4, as I've mentioned, the industry in our markets' growth was 8% YOY, and the cement volume grew 12% in the same space, resulting, of course, in the geography that we operate in, is basically increasing market share. Now, specifically in April, the demand was a bit soft. Of course, inflationary pressures being won and, of course, shortage of labor, the labor migrating from the respective states to back to their home state for the election, election across three of our primary states of Tamil Nadu, Kerala and Bengal, which has impacted the volumes in April. We've seen the situation improve in May, I think, normalizing, and we expect that to come back normal.

So on a wire-wise basis, you would sort of expect in line with GDP growth, perhaps higher?

So in FY27, what we forecasted is our performance would be in the mid-teens. I think that's the guidance that we give in mid-teens to high-teens. And we maintain our stance of that. This number is excluding the north. And we are actually working towards hitting that.

Okay, mid to high teens volume growth excluding the north. And any sort of ramp up guidance for the north plant in particular?

So, it's been our, basically our first month, first full month of operation, and there's been good acceptance of the product. We've been positioned in the A category brand, and the way it is stacking up and the way it is ramping up, we're pretty excited about our performance. The guidance that we had given was a 50-60% utilization for the full year. Thanks for the first month of operation, I think we'll be in a better position and a little more confident. You guys will also be a little more confident of our performance end of Q1. That's when we'll discuss the numbers in a little more detail. But we maintain our guidance of 50 to 60% utilization for the full year of 2.5 million thousand grinding capacity.

Understood. The second question, what is

our CAPEX guidance for, say, the next few years? And in particular, if you could also highlight what CAPEX has been spent on the Rajasthan plan till date?

Thank you. In Nabor, we have already done about 2,400 odd crores.

Understood. And this is out of the total capex cost of the devised number?

Yeah, so the total is 3,500 odd crores, including the 1 million additional grinding.

Okay, and the 430 comes on top of it, right?

Yeah, that's on top of it.

Understood, sir. This is very helpful. Thank you.

Thank you. Thank you. Ladies and gentlemen, you may press the RN1 in order to ask the question. Our next question comes from the line of Hirsch Mitchell from MPG Global Financial Service. Please go ahead.

Good evening to the microphone. Thank you for the possibility. Our first question is on the GGVS. So, we saw around 5% YOY growth in this quarter. I just wanted to understand, given that in Kota 4, there was a good buoyancy in the institutional business, it seems to be or have underperformed compared to the cement business. So, any reason for the same thing?

Yeah, so during my introductory narrative that I put forward, I specifically mentioned about that there was slight availability-related challenges at Dolby which served the rest of the region for us, and about 1.2 lakh tons of volumes of what got impacted. We tried to We did a cover-up to resourcing it from the Michanagar plant, but we did lose the demand. Now, on top of it, what compounded the thing was, if you remember, there was a lot of solutions related to the mapping which happened.

Production is a bookkeeping question. What will be total clinker production in FY26 and the clinker sold in the UAE geography? FY26, total clinker production. Sorry, in India is for the full year, F526, full year F526.

Just a sec.

Nandiyan and Shiva, it's 3.74 million.

3.72 million, this is for F526, correct?

3.74 in F526.

Because we have, we do sell there in that geography as well. So what is that?

In the JV, we sold, so we don't capture it, I really don't have the date numbers readily available with me, but the total clinker that we sold is 0.59 million.

0.59 million. Thank you, sir. These were the questions.

Thank you. Reminder to all the participants, you may press star and 1 in order to ask a question. Thank you. Our next question comes from the line of Pulkit Patming from Goldman Sachs. Please go ahead.

Sir, thank you for taking my questions. I have a couple. After the expansion that you've announced further in Rajasthan, which will take your capacity over six, where does the additional clinker for your Punjab plant get sourced as and when the approvals and permissions come through in the Punjab plant? That's question number one.

Yes, should I answer? Yes, please. I'll ask the second one. So, you have a very valid question. See, the current 6 million that we are going to have in Rajasthan, that will consume the entire clinker, 3.3 million starts getting produced today in Rajasthan. So, the moment we have the EC in place, we will probably have to start thinking on putting up a second line in Rajasthan.

And that decision is not yet taken.

But of course, that's the only solution.

Sure, that's clear. So, my second question.

Just keep in mind that we have more than 600 million of limestone reserves with us. And we have enough land and all the approvals in place to put up probably three lines, 10,000 TPD each. So that much we can do there. But yes, as I said, because Punjab is getting a bit delayed, it's not going to come up by FY28, which we had intimated earlier. This would definitely get shifted. Please keep in mind that there are elections due in Punjab sometime next year. So, things are a bit slow on the government side. So, we expect this EC to be a bit delayed. As and when that happens, we will take a call on the second line, probably, in Rajasthan.

Sure. So, that is clear. So, my second question is, so, fair to assume that in this particular quarter that you reported, there is no volume contribution coming from Rajasthan. There is no cost related to Rajasthan except the 23 crore of promotion and other expenses, which you said you have not capitalized, but you have taken it in the P&L. Is that the right understanding?

Yes. Very small revenue. Very, very small number. Because 30th March is when we capitalized. We announced the COD. So whatever revenue is there is the sales that would have happened in the last two days of the year. But the number is very small.

But just curious to understand why would you then not capitalize this promotion cost and other costs and take it to P&L? I mean, just curious to understand.

The practices vary. Some people prefer capitalizing, but we prefer not doing things which are against the stated accounting norms. Not everything can be capitalized, like branding spend, etc. is something that cannot be capitalized. So, that's rooted accounting policies that we follow, and hence, we preferred charging them off.

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

Thank you.

Thank you. You may press star in 1 to ask a question. The next question comes from the line of Pritik Kumar from Jefferies. Please go ahead.

Yeah, good evening. My first question is on your cost savings. We talked about like 400 million ton, like I think one year back or one minute and a half year back. So how much of that is now realized and how do we stand there for the remaining savings?

Yeah. So we've achieved about more than 50% of what we have forecasted across the various levels that we've mentioned. We expect in FI27, another, for that number to jump up to close to 75, I mean, 25% more to be added, across power cost, logistics, and premiumization, primarily. And within power cost, it's primarily going to be our green energy thrust, which is going to take it up from the current numbers, which you see probably for FI26 at around 24%, all the

Instead of percentage, can you highlight numbers out of, so basically you are saying 100 rupees savings in FY27 and 100 remaining in FY28. Is that, what does that mean?

Yes, around 100 rupees in FY27 and the balance would be FY28. Okay. And if I was to give you across power cost, logistics, and premiumization, broadly around 69, 70 rupees, around 36 in logistics, and around 4 in ISA.

Okay. And this is related to your total by total cost, right? Not like a level related to cement. Is that correct?

No, this is on cement. If you want to take it at a company level, you'll have to weight it on the volume.

But some benefit of power will definitely flow to GDPR also.

Yes.

That's not considered as part of the market.

So at cement level, it would probably be 50 to 75 rupees. Oh, sorry, a total company level 50 to 75 rupees for this year and maybe similar next year.

That's right. Yeah.

75.

Yeah.

Okay. Other question on tax regime, new tax regime from this year. So, next year onwards, we should assume 25% tax rate for our modeling purpose.

Yes.

Lastly, on your dealer strategy in North India, so what do you think you have targeted, like, the multi-dealers, multi-brand dealers in North, or, like, you have used some of your JSW Steel dealers expanding their scope of work to cement, or, yeah, can you comment something on that? Thanks.

So, let me take that question. Our strategy in the north and the dealer expansion and onboarding has, as of now, been core cement dealers with approximately 25% of them being exclusive dealers for us and 75% being multi-brand dealers. This is across Haryana and Rajasthan. And we have, as of now, not yet leveraged on the strength of steel. Very few number of dealers from steel have on-boarded in this entire lot of thousand dealers. We are yet to embark on that journey for taking help from the steel network and the paint network in the north.

Thank you. These are my questions.

Thank you. Our next question comes from the line of Rajesh Ravi from HDFC Securities. Please go ahead.

Hi, sir. Good evening. Am I audible?

Yes, you are.

Yeah. Sir, could you share some housekeeping numbers? What would be the RMC revenues in Q4? And what was the premium product sales share in Q4? And what would be the incentives that you're targeting for FY27 flowing through revenues?

So, RMC revenue during the quarter was 184 outcrues.

Okay.

And for the year is about 574.

Sorry? Mr. Number?

So, for the year, RMC revenue is 574 outcrues.

Okay.

And for the quarter, it was 184 outcrues.

Understood. Incentive accrued in this quarter through PLN.

Incentive accrued is a very small number. It's only 3.47 crore in the quarter.

And for the Naguar plan next year, what is the distribution on full year basis?

Come again?

For the Rajasthan plan, yeah, incentive. So what are you talking about?

So, Rajasthan, we have, we will be accruing the incentive as approved by the state. It's going to be 50 crores, we go 50 crores towards the capital subsidy, and there will be some number on electricity duty waiver.

Okay, will this flow through your revenue or? Revenue. Understood. Understood. And sir, on the CAPEX, what is the guidance portfolio, FY27, you are looking at?

2,300 odd crores.

2300. And the Dubai grinding unit, UAE grinding unit will be official by end of FY27, is this standing correct?

No, because of this war, it's delayed by a month, so we are hoping by April length that should be...

Okay.

Understood.

Right, right, right. The last question on the GGV is, given the steel prices have shot up by more than 20%, how is your GGV's cost and your margin getting impacted, selling price and margin getting impacted in Q1?

No, for us, the slag prices, we are governed by a contract. This is a five-year contract where there is a mechanism every two and a half years, this price discovery will happen. Please keep in mind that slag prices from most of these other sources outside India are today quite low. The reason being that the rates are very high. When I was speaking, there is an inquiry from UAE looking for some slag out of here. Now, when I was doing some comparison, the landed cost of slag in UAE out of China is about $36-$37 PFR. But the freight is in excess of $33, even $34. We are not seeing a situation where swag prices are going to go up very fast. Of course, JSW Steel is free to do a price discovery every two and a half years of the contract. Our contract started from October 2024. So, whenever that two and a half years is over, they will be doing a price discovery. But there is a mechanism, so we will get back to you on that once that happens.

Understood. But you are telling prices can move in line with the market pricing, and would that mean that you will have a windfall gain for next few months or next few quarters?

No, no. So, for us also, it's not that just because steel prices are gone up, DGPS prices are going to go up. They probably have no correlation. While when we sell to our customers, we are primarily RMC buyer.

Right.

So RMC guy will look at a design base and compare the cost between OPC-DGBS and OPC-Flyache. So it's not that I'm going to get a windfall. Windfall can only come if OPC prices go through the roof. Probably that's a situation where we will be doing that. But that's still some time to go before such a situation happens. We will wait and watch. Today, I am answering you directly. There is not going to be an event fall just because key prices are up.

Great, great. So, that's nice.

And then coming to your last question on the premiums event, our overall volume was about 52% during the quarter.

Oh, during the quarter. Thank you, sir. I will come back in, please.

Thank you. Final reminder to all the participants that you may press star and one to ask a question. Our next question comes from the line of Raghav Maheshwari from Equalist Securities. Please go ahead.

Yeah, hi. Congratulations, sir, on a good set of results. Just wanted to understand that, just one thing, want to understand that 23 crore which we spent on Nagor or the North operation, is it a one-time, how much is in the percentage is the one-time in this, or is it a regular expense which we incurred, but the revenue is not because we have the plan for this sale for only?

So, rather this, you can consider it one time, but it is not one time, it is going to be a regular expense, because most of it has gone towards holding and branding, etc., and this is a routine affair that we will have to follow every, probably, wherever we have put up the holdings, outside the shorts, they may need to be replaced every two years, three years, probably, but yes, these are routine expenses, which we will be, have to incur with the brand.

But is it fair to assume against this expenditure we have not booked any revenue, major revenue or the profitability in the last quarter? Is it the correct understanding because of the last, it started, the operations started the last?

Yes, you are very correct. As I stated earlier, 30th March is when we announced the COD, and we say it's a very, very small number. Even if there is a revenue, the revenue may be a couple of crores, that's it.

Got it.

Basically, we can consider this is the one time because we have cut down our main EBITDA due to the non-revenue booking for the same operations.

Yes.

And for this last one question from the UAE side, one grinding unit which we announced into our subsidiary, so what is the understanding? Is the volume coming for the cement, it will come into the main JSW cement, our revenue and EBITDA will come into the console one, and JV will continue selling at their clinker, whatever the clinker is spared, they will remaining other than this one, grinding unit requirement. Is it the understanding correct?

Yes. Yes. So, JV will continue to sell as it does business today. It may be selling and will sell probably a clinker to the grinding unit, whatever the grinding unit's requirements are. That transaction will happen at arm's length. And when it is about the subsidiary, this grinding unit, the entire number gets consolidated into the pay rate.

And, sir, any plans to merge that JV into the consolidation?

Not as of now. Probably going forward in the next 2-3 years, we will have a look. Because there is a financial investor sitting there, we will have to provide exit to him. There is some time to go, but we will take that call maybe a couple of years down the line sometime.

Thanks, sir. Got it. Thanks. Have the best, sir. Thank you.

Thank you. Our next question comes from the line of Gaurav Jain from ICSA Bank. Please go ahead.

Thank you for the opportunity. Sir, just one question from my side. On this pollution issue in some cities of western India and subsequent closure of RMC units, is that issue completely behind or do you still see some impact of that?

This issue, see, this was mainly on account of the aggregate manufacturers and the RMC plant. So, it started off with Bombay, where it is well behind us now. Majority of the RMC plants, commercial plants, as well as the dedicated plants are all online, and everything is behind us. Pune, which started in the last week of March and extended up to the end of April, even that is behind us now. And all the RMC plants across are up and running now. So, it is well behind us.

Got it. Thank you.

Thank you. Our next question comes from the line of Rajesh Ravi with HDFC Securities. Please go ahead.

Sir, on this new grinding unit, just wanted to understand the flow of things. When this plant is operational, it will source the clinker from the JV clinker unit, which you have over there. Now, what we understand, that unit is selling approximately 1 million ton in open markets, which is not consolidated in R, and the remaining around 1 million ton or something like that, they ship to India, which is used in India. Is this understanding correct? And how will this change with this grinding unit is operational?

No, your understanding is correct. Probably the numbers are a bit off. So, like I stated earlier, we sold about 2.6 million tons out of that unit. Okay. Last year, and probably 2 million-odd is what would have got sold there itself. Balance, now plus minus something has come to India. Okay, now the production, that unit runs almost 100% plus every year since its production. So it will still continue to produce about 2.6 million.

Yeah, sorry sir, missed your last point, you mentioned around 2.6 low rate utilization and 0.6 odd was shipped to India, sold to India.

Right. Now, as we speak, see that plant runs at full capacity, which is more than its rated capacity, named late capacity. Now, as we speak, see, for the current year, I have a clinker tied out of a Japanese source at fixed price, and this price we had fixed before the water. Now, for me, today that's the best case scenario, a very, very advantageous situation compared to the others, Because even for me, the coal, whatever happens to coal prices, as far as the Japanese supplier is concerned, the price is lost. Now, when this UAE unit, the JV, is producing Clinker 2.6, some volume is definitely going to come into India, going forward also. A million-odd would be, and slightly more than that, probably a million-and-a-half would get sold to the grinding unit from the JV in UAE, and the balance would be sold to third parties.

Understood, understood. That makes it clear that in terms of clicker availability, there won't be an issue at the UAE unit.

So, just if I have to make it known to all of you, this war situation, though it continues there and there is a lot of uncertainty around it, for me, as far as getting clinker for Dolby unit, till December of this year, I am sorted, I have enough clinker tied up from other sources Thank you.

Ladies and gentlemen, we will take the last question from Raghav Maheshwari with Equator Securities. Please do it.

Just last one thing. Can you please tell Fulia GGBS realization per turn and the basement realization per turn number?

Yeah, the full year GGBS realization is 3683 per hour, F526.

And for a great event. Thank you.

Thank you. Ladies and gentlemen, that was the last question for today. I would like to hand the conference over to Vebo Agarwal for closing remarks. Thank you, and over to you, sir.

Yeah, thank you. Sir, just one question. You said that in Punjab, there could be a delay in terms of the grinding expansion of what you are kind of emphasizing in that market. So is your Rajasthan announcement basically to compensate for the delay, or what is the thought process? How can one read that? The, hello?

Yes, you're right. Because of the uncertainty around the timelines for the Punjab grinding unit, and that leading to suboptimal operations of the kiln, the clinkerization line, impacting the pipelines, as collectively as a management unit, we believe this is the most prudent thing And one unit, we're just setting it up here and ensuring it stacks up to the entire sale and we have all the benefits of setting it up here at a much lesser capex, plus it coming up one year in advance if you were to start setting it up there. So in all aspects, it does stack up more favorably. Hence, that's what it is.

So that's what actually, sir, I also kind of anticipated. And second question was on the call also, Gaurav asked from ICAC Prudential Future Fund Regarding the ban on the, or the restrictions on the RMC units in Maharashtra, now that you have said that it's behind us. So, as far as GGBS is concerned, are we looking at the original guidance, or we are looking, is there any change, does it impact our annual guidance in any ways, or do we anticipate this issue to crop up again, or any change there?

We hold on to our original guidance. These are every blip, and this will come again.

So, we probably are targeting kind of 7 milliliters of volumes of GGBase this year. Is that fair enough? Over 6.5 milliliters of volume from GGBase?

Yes, yes, around the paper.

And just last thing, sir, our capacity guidance stays intact. There is no change. Obviously, minor changes would be there because of the Punjab thing, but the broader guidance of touching the 43 milliliters marked by FY13 remains intact, right?

Yes, sir.

And also many thanks to the person for joining the call. Thank you very much, sir. Danish will now conclude the call. Thank you. Thank you, sir.

Thank you so much. Thank you. Appreciate it.

Thank you, team. On behalf of Philip Capital India Private Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.