Q3 25/26

Feb 6, 2026

Summary

Q3 weakness reflected delayed JJM spending, lower domestic volumes and pressured realizations; consolidated PAT was a ₹22 crore loss, including a ₹38 crore NRV provision. Export growth, lower debt and expected funding resumption support a gradual recovery outlook.

Ladies and gentlemen, good day and welcome to Q3 and nine months FY 2026 earnings conference call of Electrosteel Castings Limited. As a reminder, all participants' line will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Heeral Keniya from EY LLP. Thank you, and over to you, sir. Thank you, Iqra. Good evening, everyone. On behalf of Electrosteel Castings Limited, I welcome you all to the company's Q3 and nine months FY 2026 earnings con call. To discuss the performance of the company, we have with us from the management team, Mr. Madhav Kejriwal, Whole-time Director, Mr. Sunil Katial, Whole-time Director and CEO, Mr. Ashutosh Agarwal, Whole-time Director and CFO, and Mr. Gaurav Somani, General Manager of Finance. Before we proceed with this call, I would like to draw your attention to the fact that today's discussion may contain some forward-looking statements that are subject to various risks, uncertainties, and other factors which would beyond management's control. We kindly request you to bear in mind that there may be uncertainties while interpreting such statements. We would now start the session with opening remarks from the management team. Afterwards, we will open the floor for an interactive Q&A session. I will now hand over the conference to Mr. Sunil Katial for his opening remarks. Thank you, and over to you, sir. Good afternoon, everyone, and thank you very much for joining us today. At the outset, I would like to mention that this is a period of resilience for the company as well as the ductile iron pipe sector, where we are navigating short-term challenges, which now gradually are getting better visibility on the road ahead. For the quarter, our sales volume of ductile iron, cast iron fittings was down by 3.5% quarter-on-quarter basis, and realizations also declined. Thus, it has impacted our top line, which was partly compensated by the sale of intermediary products such as coke, sponge iron, pig iron, and ferroalloys. I would like to share our perspective on the current environment and how we are positioning ourselves going forward. Over the past few quarters, the domestic water infrastructure sector has gone through a challenging phase, as all of you know, and this quarter also reflects that environment. Demand for ductile iron pipes has remained subdued, largely due to temporary delays in government spending under JJM at both central and state levels. Drinking water and urban infrastructure projects, which are closely linked to government funding, saw much slower execution during this period. As a result, industry-wide production levels were impacted and also the pricing remained under pressure. As mentioned in our earlier con call, we would like to emphasize that this slowdown appears to be temporary rather than structural. We all know that, during the budget discussion when the government has come out with whatever are their plans regarding the funds on JJM and all that. The focus of the government remains, which definitely is bringing a better sentiment to the whole water infrastructure sector. We are now seeing definitely early some signs of improvement after that. Funds releases under these key water supply programs like AMRUT and JJM are just starting to resume in the remainder of this year. According to multiple recent reports, the government of India has revised the Jal Jeevan Mission budget outlay for the current financial year, 2025/2026 to approximately INR 17,000 crores in the revised estimate, which may be released before March 2026. In the budget presented on 1st of February 2026, for the next year, INR 67,600 crores has been allocated against JJM. These developments reiterate our confidence that the recent slowdown was largely administrative and fiscal in nature and not due to any shift in policy intent at the government level. We expect demand conditions to improve gradually with a stronger rebound expected from now onwards. Coming back to our performance, despite these headwinds, Electrosteel has managed its operations with discipline, prudence, and lot of focus on cost reductions. Our strong footing in the overseas market has helped us in strengthening our exports. Export volume during the quarter was up 11% year-on-year basis. Our balance sheet remains strong, reflecting the company's financial resilience and conservative approach during these challenging times. Looking ahead, the long-term outlook for the water infrastructure sector remains positive. India's structural drivers, such as rapid urbanization, rising per capita water demand, climate resilient infrastructure needs, replacement of aging pipelines, interconnectivity of different rivers, et cetera, continue to be very strong. We are also eyeing for demand for pipes coming from river linking in coming few years. The government's continued focus on improving safe drinking water to every household, and strengthening sewage and water network supply supports sustained demand over the medium to long term. With this, I would like to hand over the floor to Mr. Ashutosh Agrawal, our whole-time Director and CFO, for taking you through the financial highlights. Thank you very much. Thank you, Katial. Good afternoon, everybody, for joining this call for Q3 and nine months results of Electrosteel Castings Limited. Some brief information is as under. Sales volume of DI pipe fittings and CI pipes during this quarter stood to 1.34 lakh tons, down by 31% year-on-year basis, which impacted the financials of the company also. For nine months, sales volume was 4.36 lakh tons, a 36% reduction as compared to corresponding period. The decline in the volume was primarily due to slowdown in the domestic market. However, export pipe volumes grew by 11% year-on-year basis, partially offsetting the weakness on domestic market and providing support to overall business performance. During the quarter, other income includes income and provision written back to the extent of INR 28 crores received from South Eastern Railway on account of railway sidings. At stand-alone level, gross debt stood to INR 1,436 crores. This decreased by INR 455 crores from the previous quarter due to lower working capital requirement. Long-term debt stood to INR 406 crores, and short-term debt stood to INR 1,030 crores. Net debt at a stand-alone level, stood to INR 812 crores. During the quarter, arbitration award of INR 320 crores received by the company on account of wagon scheme, with respect to South Eastern Railway, which was unencumbered and released to the company. I will now take up to you consolidated basis, the result for Q3. The total income stood to INR 1,526 crores, lower on year-on-year, primarily due to reduced volume in the domestic market. EBITDA stood to INR 88 crores with an EBITDA margin of 5.8%. PAT was reported at a loss of INR 22 crores. This includes an exceptional item of provision made for INR 38 crores towards NRV loss. On the consolidated basis, the performance for nine months are as under. Total income stood to INR 4,602 crores. EBITDA, INR 474 crores, and EBITDA margin, 10.3%. PAT, INR 145 crores, and PAT margin, 3.2%. On a stand-alone basis for Q3 results, total income stood to INR 1,290 crores, lower year-on-year by 23% due to the lower volume as stated earlier. EBITDA, including other income, stood to INR 83 crores with EBITDA margin of 6.4%. PAT reported to loss of INR 20 crores, as stated earlier. Q3 and nine months results includes exceptional item on account of provision of INR 38 crores on account of NRV loss. Highlighting on stand-alone performance of nine months are as under. Total income, more or less INR 4,000 crores. EBITDA, INR 442 crores. EBITDA margin, 11.1%. PAT reported to INR 142 crores. With this, I would like to open the floor for question and answer session. Thank you very much. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and One on their touch tone telephone. If you wish to remove yourself from the question queue, you may press Star and Two. 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 Rajesh Agarwal from Maniha. Please go ahead. Hello, sir. Hello. Sir, any idea how much the payment of JJM has been reduced starting January? Because a lot of EPC contractors were saying they have received money, and what is the pending amount? Good evening. This is Madhav. Okay. At the moment, the INR 17,000 crores has not yet been released. Okay Whatever money EPC contractors are getting is from the side of the state government, because the state governments had the budget prepared. Okay. They just could not go ahead with it because the central shares were not being released. Okay. Even as of now, the INR 17,000 crores is pending cabinet approval, which we are very optimistic that it should happen in the next 4 to 5 days, or maybe 1 week at best, and after which the central share of INR 17,000 crores will be released. Okay. If both are released, then the complete money gets released by March? Sir, the INR 17,000 crore is the central share. Right. There will be approximately a similar amount, you can say around 45%. Central to state is about 50-50. You will have around INR 34,000 crore spent this year as opposed to the initial budget, which was INR 67,000 crore by the central and another INR 60,000-INR 67,000 crore by states. Okay. There is a severe drop of almost INR 90,000 crore for this financial year in the total spending between state and center. Okay. As soon as you feel that the amount gets released, will it result into fresh tendering of fresh orders? Most definitely, sir. I am quite sure that come quarter 2 the next financial year, things will start looking healthy again. Even the first quarter of next year, we are very sure that things will definitely be better off than quarter 3 and quarter 4 of this financial year, which I am pretty sure is going to be the lowest point for our operations. Okay. Sir, third question. A lot of contractors were saying, because I heard them in the con call, once they get the money, they will evaluate whether they want to take fresh orders or not. What is your comment or view on that? Because they said they have burnt their fingers. The money is not coming, so they may evaluate if they have to take fresh orders or not. Sir, it is a situation of once bitten, twice shy, I would say. Okay. Every businessman, sir, if they see opportunity as much as they want, they will not be able to prevent themselves from stepping into it. At the moment, things are seeming very pessimistic. You must understand that the humans are very sentimentally driven, like how the markets are. Logic doesn't always drive our decisions, but in the mid to long term, I am very certain that things will go back to being normal. Okay. Suppose the budget which has been reduced, what you said INR 90,000 crore, now it has come to INR 17,000 crore. Now this has been extended up to 2028. Suppose we take the run rate of INR 60,000, INR 60,000 for next 2 years, 2027 and 2028. Do you feel that is sufficient for us to complete our full orders, pending projects? Sir, INR 60,000 crore would be central share and another INR 60,000, you can say, will come from state. Okay. Although from the current requirement, it seems that the states will have to provide a bit more because the outlay total is, I think, approximately INR 8.5 lakh to INR 9 lakh crore. Okay. The center has only allowed for another 1.6 odd lakh crores. Okay. So as against, I think 2.5 lakh crores that was needed, you can say that there will be a 40-60 or 35-65 split between the center and state going forward over the next two years. And sir, the corruption case and everything, that has been sorted out? I am sorry. Could you repeat the question, please? Sir, there is a corruption case. The files were pending with the PM to release the money, and that has all been sorted out? Yes, sir. I would look at the progress. If you see over the last three to five months, we have been hearing a lot of news about irregularities that have come up in JJM, which has caused the pause button to be pressed. Now they have come up with many, I would say, very prudent prerequisites to release of fund, which will make sure that this does not happen, including channelizing payments through the SNA-SPARSH platform directly to the contractor from the center, rather than channelizing through the accounts of the states. This will allow for better control and for smoother operations. Apart from JJM, are you seeing traction in any other business, any other sector? There are a lot of DI pipe manufacturers saying there are a lot of huge export orders for Middle East. Are we supplying to Middle East or not? That is all. Absolutely, sir. Around 40% of our exports are to the Middle East. In fact, we are the largest exporters into the Middle Eastern market, even if you take into consideration the Chinese. Electrosteel as a company exports more into the Middle East than any other organization. Of course, there are indigenous manufacturers who are supplying more into the market than we are, but as exporters, we are the largest. How is the realization there for export orders? Realization. With the current dulled down situation of the domestic market, it is marginally better, but usually it is the same. Okay. Certain specific countries have most stringent requirements, so they allow you to derive a small premium. Overall, it would be similar to the domestic market, please. Sir, the last question. The realization was pressured due to demand or there is any other reason for the realization to be under pressure? It is just a demand-supply mismatch. Okay. Sir. Thank you, sir. Thank you. Best of luck for the future. Thank you very much, sir. Thank you. The next question is from the line of Ishan from Aakash Emprise. Please go ahead. Thank you, sir, for the presentation. I could see that the gross profits have fallen by 1,222 basis points year-on-year. Can you throw some light on why it has fallen? It is largely down to three things, please. One would be the reduction in the per ton realization. Number two would be the overall lower production levels due to muted demand. I would say number three, there has been some corrections even at the end of certain raw materials which are stabilized, and that is why the overall revenue per unit has gone down. It is mainly these three factors. Kirti, you would like to add anything to that, please. No, no. Fair enough. I think these are the major reasons, but the crux of this is a mismatch because of the manufacturing capability in the country and the demand going practically to around 50%. Because if we see overall, the JJM component in the total water requirement is close to 50%. So far, due to whatever anomalies have been found in the execution of water infrastructure projects, the funds against JJM have been put on a total hold so far. So it has reduced the demand so substantially, I think, which has created practically NSR collapse. The stock swelled with every supplier. So everybody came under cash crunch and business issue. So definitely these are the major reasons. But I think looking forward now, we are expecting now things should be really looking up. Understood. Do you expect the gross margin to get back to the similar levels of around 50% or something once the cycle gets stabilized? Honestly speaking, we are thinking it will be somewhere midway. It is yet to be seen because it takes a bit of time because it will not immediately recover. It may gradually recover. It is for sure that it will have a correction, because at the moment where the whole business proposition is there all around this industry is in a very unstable type of zone. Practically everybody is in business trouble. We are expecting NSR definitely will improve, but it will take some time. It will gradually start improving and possibly somewhere midway it will stabilize. It will not be to the level where it was one and a half year back or so. That is what we think. Just to add to that, please. We also are looking at a situation where going forward we will be able to capitalize better on our product portfolio with the addition of ductile iron valves that we will be introducing in the domestic market. I suppose we can be looking at a 30%-35% gross margin there. Okay. Understood. That is it from my end. All the best. Thank you. The next question is from the line of Rajesh Bhandari from Nakoda Engineers. Please go ahead. Good afternoon, sir. Good afternoon. Sir, मैं जानना चाहता था अभी जैसे जो budget आया है plus जो अपना trade deals हुआ है Europe के साथ, UK के साथ, Australia, USA के साथ में और Arab nations से होने वाला है, तो इससे क्या अपने business में कुछ improvement आएगा? [Foreign language] exactly commit [Foreign language] because [Foreign language] details [Foreign language] you also know that some exact details have not come out. Plus, with the European Union, which is our very big export market, their process of materializing this deal is quite long because we have to get it approved at the commission level, at the union level, which takes a 6-month to 1-year time period. हम्म। So that might cause some delayed additions. It is difficult to quantify what will be the benefits because we are unaware of the details of what is being signed. There have been some smaller things that are to benefit us, such as our trade deal with Oman, which will make us more competitive in that market. Similarly, with the U.S. market trade deal happening, I am hoping that our other products like fittings and such will get a slight boost. These are not going to make a substantial difference. But definitely once we get more details, we will be able to identify opportunities and I am sure that we will work towards trying to take as much advantage of that as we can. अभी जो budget आया है, उससे क्या benefit अपना रहेगा? Sir, जो current budget निकला है उसमें तो सबसे बड़ा benefit यही है कि government आज के दिन भी full enthusiasm से जल जीवन मिशन में अपना capital commit करना चाहती है. So हमारे लिए तो सबसे encouraging चीज वही है. हमारे CEO साहब बोल रहे थे, जैसे वह बोले 50% market हमारी JJM से आ रही थी. वह धीरे धीरे decline पर है and slowly fizzle out होकर other markets like irrigation and river linking will take over. But this sudden full stop on the outflow of capital by the government was a big turning point for us as our performance shows on the financial front. What was the reason why they had blocked the payments? Sir, officially last year the JJM had finished and they had to extend it considering the progress that was done. But when they went into the details to see what work has happened, what has not happened, it had come to the manifest that there are a lot of irregularities in the implementation. बहुत जगह नल लगा हुआ है पर नल के पीछे उसका pipeline- Pipe नहीं है। वह थोड़ा बनावटी तौर से fulfillment हो रहा था। हम्म। और क्योंकि यह बहुत ही grassroot level पर जाकर इसका detailing करना जरूरी है to understand the reality, तो exactly किस level तक problems थीं उसको निकालने में इन्हें बहुत समय लग गया। देश हमारा काफी बड़ा भी है जो पानी state level पर है तो उसके कारण थोड़ा सब चीज को एक साथ करने में government को समय लग गया। अभी कैसा रहेगा sir? अभी तो payment वगैरह अगर सबके रुक गए तो आदमी काम कैसे करेगा? अब तो नहीं रुकेंगे sir। जो उन्होंने process अब लगाई है उसके through तो मेरे हिसाब से payment और भी smooth हो जाना चाहिए। Instead of- Sir, कितना payment hold up है sir? Sir, at a company level, I don't think there is so much of a problem because all our payments, majority, I would say 95% of them are backed up by LCs or BGs. हम्म। At the government level towards the contractors, I would say approximately INR 30,000 crore-INR 35,000 crore is pending, which should all get cleared up. 35? Sir, around INR 30,000 crore to INR 35,000 crore would be pending for the works. I think with this INR 17,000 crore central share and INR 17,000 crore that will come from the state, all of this will get cleared up. We'll start the next financial year on a fresh note. This is why अपना payment कितना sir, ₹5,000 करोड़ का बाकी था? Exactly figure, Gaurav, why don't you share the exact outstanding for domestic? As Rajeshji, as Madhavji mentioned. Thank you. We do not have much of outstanding on account of JJM. Most of our receivables, in fact, you can say all our receivables are either LC backed or bank guarantee backed. We have received collections on time. We do not have significant any outstanding on account of these. Usually it is impacted for a business impact. You know, the opportunity has been lost to do business. हम्म। वहां पर loss हो रहा है। जैसे जो अपना loss हुआ है sir इस बार, plus एक inventory भी अपने पास ₹220 करोड़ का है ना। [Foreign language] Sir, आप देखेंगे हमारा जो debtors है, वह in fact reduce हुआ है compared to previous quarter. हम्म। Inventory भी हमारा reduce हुआ है, debtors भी हमारा reduce हुआ है। यह ₹221 crores जो आ रहा है, sir. कौन सा, sir? Inventory का ₹221 crores है ना, दिखा रहा है। All inclusive, including pipes and everything. Mm-hmm. Yeah. Sir, it is showing changes in inventories of finished goods, stock in trade, and progress process work. Sir, the inventory has been used up in the sales. In this quarter, the production was less, and the sales were more. There has been an inventory reduction in this quarter. Okay. From opening to closing. Yes. What is your current order status, sir? For how many months do you have it with you? You will have around 7 months of order book with you. Seven months? Yes. What is the progress on valves, sir? Sir, valves, I think the integration work between our team and their team has picked up quite well. We have also formed a small team over here for the domestic market. Our approval processes have started for the markets that T.I.S. was not in. it would be the Spanish, French, U.K. markets, and the Middle East and Indian markets. These are the places where we are seeing that we can contribute largely in. There is a slight obstacle with approvals, which causes a little delay. We are in that phase now. I think another 3 to 6 months, and we will be able to work on that. Sir, how much value wise turnover will you get? Rajesh, sir. Sorry to interrupt you. Can you rejoin the queue for more questions? One last question. Is it permitted? Please sir. Hello. Sir, this valve business and future prospect as a shareholder, what can I expect from the company? Sir, currently the turnover has seen a growth. They follow a calendar year. If you look at the growth of revenue calendar year wise, we have seen an approximate 10% growth from the previous year's operation. I am assuming that with the synergy that will come after the approvals are in place for the other regions, as I mentioned, 15%-18% growth rate year-on-year for the next three to four years is quite achievable. The company's future prospects, sir, as a shareholder. This is my last question. Sir, the company's future prospects, you see, sir, our product portfolio. Yes. The market it caters to for water, that will always be there. As they say, the demand for water and alcohol is perennial. Yes. Good or bad. Yes. I am quite optimistic. Sir, all the companies related to this, they are all running in loss right now. Huge loss. Temporary slump, sir. I suppose- Yes. Will this be covered in the next six months, sir? I am quite certain. Yes. Okay, sir. Let's hope for the best. Thank you very much. Thank you, sir. Thank you. Thank you. The next question is from the line of Ujjain Shah from Molecule Ventures. Please go ahead. Hi, sir. Thanks for the opportunity. I just wanted to understand, first of all, is that last year we have seen the Jal Jeevan Mission, that was INR 17,000 crore flow has been given by the government, and still the government is estimating the INR 67,000 crore. Is that a right understanding that the government has allocated a budget from 50 to 67, or it is likewise that it is a historical state and the spending was done by the state government? Hello? Ladies and gentlemen. Hello. The line for the management got disconnected. Madhav, sir. Just stay on the line and connect him back. It is okay. Meanwhile, I will address the issue. Yes, sir. Yeah. So in fact, the basic understanding of Jal Jeevan Mission is that 50% by the state and 50% by the center. Earlier it was that center was generally sending the funds first, and then the state was accordingly apportioning equal amount and then executing the project. But thereafter it has been found out that there were some diversions in these funds. That is why all these delays in the last few months, whatever happened, resulting into a non-issuance of the funds for JJM. Going forward, now the central government is saying that first states should come forward and give a plan, and also show the allocations on their part, and then only the funds will be allocated by them. They have put the onus on the states by issuing a circular up to that extent. In view of this last one month's development, whereby the government now is really trying to finalize all this. We are expecting that Possibly, the share of the states may go in excess of 50% in the times to come. That's how it is looking like. I just wanted to dig down deeper on this. Assuming that INR 60,000 crore has been allocated by the government, that justifies that half of will be spent by the state and half of will be spent by the central? Or this INR 67,000 will only be spent by the central only? No, no. Equal amount, I am saying. INR 67,000 is the central kitty. The states have to spend possibly more than INR 67,000. So it will be INR 135,000 actually put together. Total. Okay, got it. Yes. I just wanted to understand right now what you have seen. I understand the demand scenario, but wanted to understand also the supply side as well. That is also one of the product, which is the OPVC, which is saying that that could replace a DI pipe. I understand that it is a very difficult task and a tall task to shift from this product. But why I am coming with this same question is, that one, there is so stringent things which will be going on, and once the EPC players have a very stringent control on their stance, will they shift to that new pipe which is called OPVC? The reason being that would be a cost control measure for EPC player and the cost benefit for them, or it is just a haywire, it won't happen later? Look, I would say that with the new requirements that are there to allocate funds for these projects, which include a long-term O&M period, the EPC contractors will prefer putting a ductile iron pipe, which is proven in its durability and its strength over and above an OPVC pipe. If it was a dig, lay, and forget kind of project, they might still go ahead with I think the line is having a problem. Yes, sir, your voice is breaking. Hello. Okay to clarify, apart from the longevity of service of ductile iron pipes, there is also an issue of microbiology and all that. Actually, the water quality and the loss of microplastics into the water. All these are under very, very strict checkup from medical and hygiene point of view. So it's not looking like that this sector really will be able to replace. Yes, Madhav. I am sorry. I think I was just in a bad network area. I was mentioning that logics that are required to allow for the payments to go through smoothly, which include a stringent plan on O&M, operation and maintenance. Matters towards ductile iron, which usually have a lower lifespan and are generally more fragile as a piping material. I think connection has a serious problem. Actually, Mr. Madhav Kejriwal, in fact, he is not in station, he is not in the office. He has joined from a remote place, and that is why we are sorry for these intermittent disturbances. I think we all want to address your points. That is why, we are all there, and he has also joined from a remote location. So we are sorry. No, that is perfectly fine, sir. Just last point coming to this is, considering the current realization, lower production, and everything is happening with us. Just wanted to understand, when should we expect a normalization coming back, going forward? And what are new strategies we have been keeping in mind considering the scenarios which is happening right now? Two points there. One is, your first point first, that we are expecting that now onwards, actually, gradually the rebalancing of the situation should start. As very rightly said, the whole of ductile iron pipe sector is in a bit of a problem. So it may take a bit of a time, maybe 3, 4 months. That is what we are thinking. But the market sentiment has started already getting waves of positivity, not only from the budget declaration that the government's focus remains, but also from all these European Union agreement U.S.A. That is creating a positive wave only. So it may take a bit of a time, maybe 3 to 4 months' time for things to really shape up back. That is one part. Second is that we are definitely thinking that we should also have a diversification. So we should add to our product basket. We are also trying to work towards adding more products to our kitty to bring a better stability to our overall business. In the times to come, I am very sure that we will be able to give you more of information once we have finalized those. Sir, this is my last question. I just want to understand, is it a possibility just to want to get your view on OPVC, because can we add as a product category in our portfolio, which will help ultimately the EPC players to select from one company and ultimately we can supply all to have a diverse product diversification. Is it a possibility we have been looking at it or we have been not looking currently? Katialji, am I properly audible now, please? You are. May I take the question? Yeah. Sorry about my connection. So sir, there have been multiple times that we have studied the opportunity of getting into plastic pipes, but we firmly believe that for the applications in the market that we are, ductile iron pipes is the best material that can be used. So we believe that to get into a pipe product that would oppose our bread-and-butter product would not be the most feasible thing to do. If we had a network of retail businesses and we were already investing in the retail plastic pipe, then we could add this to our portfolio. But with our current line of work, it does not fall well into place. Go ahead, sir. We as an organization also don't believe that OPVC per se is a great alternative. It's very commercially viable up to a certain diameter, but that diameter constitutes a small percentage of our sales. Understood. Yes, please. Yeah. That is quite detailed, sir. I will just join back in the queue. Thank you so much. Thank you. The next question is from the line of Radha from BNK Securities. Please go ahead. Hi, sir. Thank you for the opportunity. Sir, regarding the coal block case, INR 250 crores was declared and your result block states that even this INR 250 crores has been challenged by the SOEs. That is on one hand, and on the other hand, I do understand that the soft costs are yet to be finalized, but considering everything, INR 1,200 crores of assets is still sitting on your books. Given the scenario, how much of write-off do you think should be done in this financial year-end of these assets, and how much in reality are you expecting the compensation? Ma'am, I think it's a little early in the day to be answering that question. As you can see that there are some clear numbers that are coming out, and these numbers are exactly what is reflected in our books. Of course, the person who has to pay will always try to delay the payments. They're doing their part of what they can do, and we'll have to do our part. Eventually, what will happen is difficult to predict, but all we can say at this moment is that whatever numbers that are reflected in our books of accounts is what, after multiple scrutinies, is coming up by the nominated authority at the ministry level also. Our numbers are definitely ones which are holding true and are in good faith. Okay, sir. The second question is in the nine months, as you highlighted that you have executed about 4.2 lakh tons of DI. Out of this, how much of the payments have you received and how much is pending? Is there any pending of last year's receivables? I couldn't quite get that question. Could you repeat that, Radha, please? Yes, sir. I'm saying that in the nine months, you have executed about 4.2 lakh tons of DI. Out of this, what percentage of payments have you received and how much is pending? Is there any pending receivables for the last year's execution? Gaurav, apart from our subsidiary payments which sometimes run beyond 8-9 months, could you give an answer to how much is pending beyond 9 months in the domestic market? I don't think it would be anything. No, nothing. Exactly. Yeah. Our debtors, ma'am, it's on time. In fact, if you see, if you compare it from March end, the number which was there, the debtors outstanding, it has reduced during the year. We are receiving collections on time, and domestic collections are around, say, 50-55 days cycle. So we do not have any outstandings which are overdue. Okay. Going forward, sir, for fourth quarter, considering the scenario, you said that you are expecting to improve after 3-4 months only. Then how do you plan to execute? Ma'am, fourth quarter will be more of a weathering the storm situation as we have in quarter 3. We will have to hold the fort for another couple of months till we are able to start seeing improvements, which I am very optimistic about starting April. Understood, sir. 50 to 55-day cycle only it is pending. I am assuming that On the domestic side. Yes, sir. On the domestic side. I am assuming that at least till first quarter of FY 2026, all payments have been received. Absolutely. Is that correct, sir? Absolutely. Yes, please. Okay, sir. Got it. Thanks. Thanks, sir. All the best to you and team. Thank you very much. Thank you. Anyone who wishes to ask a question may press star and one. The next question is from the line of Saket Kapoor from Kapoor And Company. Please go ahead. Yeah. Namaskar, sir. Hope I am audible. Namasteji. Yeah. Sir, firstly, in terms of the Q4 deliverables, we will be in line of what we have done for Q3, as sir was telling. We will be in 134,000, that is the pipes and the fittings, which will be delivered for Q4 also, or can we see any uptick? Hello? Saketji, in Q4, by volume, it will be similar to Q3 only. Okay. In the opening remarks or during the interaction, sir was mentioning about some portal, through which now the entire EPC planning and all is done. Can you mention the name once again? SNA-SPARSH portal or something, Madhav Kejriwal was mentioning. That is not the planning part, sir. That is the payment of the central share to the contractor will be done through the SNA-SPARSH portal. Yes. SNA-SPARSH platform. Okay. Taking that into account and since the funding is to be released by March, I think so then the uptick should be better than what we are planning as of now. We are doing it in terms of our understanding that no money is to be received by March. This is what our deliverables are. The guidance for deliverables is according to that aspect only. Sir, cycle of demand is such that the government pays the contractor and then the contractor pays us. Okay. Now, the mismatch that has happened is that because our payments are backed by LCs and BGs, the contractors had to pay us, but then they are not paid by the government. On the pretext that this pending payment is received, the contractors will start further work. This is more of a relief from a pain for the contractors than a kick starter for demand on an immediate basis. Once this pain is relieved for them, then with the onset delay, they will start. I am assuming that is the reason why we are mentioning that the uptick will start from April and not within the fourth quarter. Okay. And sir, very categorically, you have mentioned that we have to weather the storm. Being on the promoter, representing the promoter side, sir, what are the course correction exercise currently in the organization that you must be putting into implementation or in the programming stage so that we could be much more efficient organization going ahead. And sir, secondly, I think so there was some embargo over the promoter and our honorable CFO also for participation in the capital market. So that part of the story is now over, that period is over, and now the promoter- Yes, please. Yeah. So I think so that- That part is over. That part is over. What I feel is that a message from the promoters would also be from in the point of the valuations at which currently our company market cap or enterprise value is at a point of creeping acquisition would have sufficed a lot of nerves for your investors since you are well below 50%. I would agree with that statement, sir. I cannot comment further to that than just saying that I would agree to that. As for the strategy part, one bit of the strategy is what we did with the acquisition of the Italian company, which is a high technology valve manufacturer. Although it keeps us in the water industry, it opens up a broader portfolio, and this is disconnected to only the ductile iron pipe business because valves are used regardless of the material of the pipeline, whether it is plastic, steel or ductile. This is also a high technology company, so there is a very strong moat around its product line. As for other strategies, Mr. Katial had mentioned rightfully that we are looking at diversifying our portfolio and we are working very diligently towards creating a strong organization for all our shareholders, which will be robust against such surges and dips in the future. A small point about, sir, this river linking project part of Sir, sorry to interrupt you. Ma'am, I just conclude. Ma'am, everybody has got their fair share, ma'am. Allow me to conclude. Sir, when we look at the river linking project part of the story for the state of Rajasthan and Madhya Pradesh, there have been announcement regarding the order tending and all. Have we seen anything on that front from the EPC players and any portion of our order book is resembling about the demand from the river linking part of the story, sir? Sir, Ken Betwa, which is between U.P. and M.P., are picking up faster than the one between Rajasthan and M.P. Like I have mentioned in previous calls, I was a skeptic till 2 years back, but the last one and a half years and 2 years, I have seen that things are really moving forward. Of course, a lot of things are still at projects DPR stage. But definitely work is happening now on the ground slowly, and I am quite optimistic that this will play out. At least these two I am very optimistic on, the U.P. and M.P. Rajasthan projects. Okay, sir. Thank you, sir, and we will join the queue and all the best to the team, sir. Hope this year too pass, sir. Thank you. Thank you. Thank you very much, sir. Thank you. Ladies and gentlemen, you are requested to limit your questions to one per participant. The next question is from the line of Rajesh Agarwal from Maniha. Please go ahead. Sir, what was the turnover in the calendar year for the valve company? Turnover and the EBITDA margins. Taking everything in line, our turnover was approximately €37.8 million. You can say close to INR 400 crores, please. And the EBITDA margins? Gaurav, do we have the numbers immediately with you? Should be Because I cannot remember the calendar numbers on the higher side of 12%, 13%. 13% approximately. Okay. And sir, the second question is about the Sorry to interrupt you. Oh, no. Please join the queue. Thank you. Thank you. The next question is from the line of Ishan from Akash Enterprise. Please go ahead. Sir, I have one question regarding how much of the coverage in JJM has been done so far. Is it like the portal is showing around 80%? Sir, the actual number is 80% only or is it less than- The actual number will be close to 50%-60%, sir. Because as you might have, if you see the news, you will see that there are statements that around 60% of 80% is functional. 60%-70% of 80% is functional. In fact, that even leads us to a lower number. You can say around 50%-55% is what is functional work that is done. For the rest of it, some infrastructure has been built, but those are not functional household tap connections. They will require some more infrastructure building behind them. Okay. And out of that, how much is Electrosteel expecting, like substantial share? In that 45%-50%. So sir, at the moment, around 20% of the domestic ductile market is our share. It fluctuates between 18%-25%, depending on how much we export. That is the current expectation. This is a domestic share you mean? Yes. Yes, please. Okay. Is it the largest share or? I would say there are two to three players, all with similar capacity, sir. We all have similar market shares, between 18% to 20%, 25% is between three players, and then everybody else has a 10% to 15% odd market share. Got it. Understood. Okay. That's it all. Thank you. Ladies and gentlemen, due to time constraint, that was the last question. I would now like to hand the conference over to the management from Electrosteel Castings Limited for the closing comments. Thank you everyone for joining us today and for your continued trust in our company. We remain committed to driving sustainable growth, strengthening our balance sheet, and creating long-term value for all of our stakeholders. We appreciate your support, look forward for updating you in our progress in the upcoming quarters, and we are hoping definitely that things are going to look up from now onwards. Thank you very much. Thank you, everybody. Thank you. On behalf of Electrosteel Castings Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.