Ladies and gentlemen, good day and welcome to Ratnamani Metals & Tubes Limited Q2 FY26 Earnings Conference Call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing stars and zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sahil Sanghvi. Thank you, and over to you, sir.
Thank you, Shravani. Good evening to everyone. On behalf of Monarch Networth Capital, we welcome you all to the Q2 FY26 Earnings C all of Ratnamani Metals & Tubes. We are delighted to host the management of Ratnamani and from their side, we have Mr. Manoj Sanghvi, the Chief Executive Officer, and Mr. Vimal Katta, the Chief Financial Officer. So without taking much time, I will hand over the call to Mr. Manoj Sanghvi for the opening remarks. Thank you, and over to you, Manoj, sir.
Yeah, thank you, Sahil. Good evening, everyone. I warmly welcome you and thank you all for joining the performance update for quarter and half-year ended September 30th, 2025. I'm happy to share that our performance for Q2 had been strong, and our subsidiaries, RTL and RFSS, have gained momentum. On a standalone basis, our sales stood at INR 940 crore, which is a 5% increase over the same quarter last year. And on a consolidated basis, our sales were INR 1,191 crore, reflecting a robust 23% growth compared to the corresponding quarter of the previous year.
Talking about standalone results, overall volumes improved during the quarter. However, revenue growth was modest due to softer input prices and product mix. Growth during this quarter was mainly driven by the carbon steel segment. The domestic market continues to remain somewhat subdued, but we are confident of maintaining volume growth across all product categories. While revenue may stay flattish or show a slight dip, we expect that our strong focus on operational efficiency and cost control should help maintain EBITDA in the range of 16%-18%.
We also achieved several important milestones during the period, namely, we commissioned the phase I of the Odisha plant, and the phase II is expected to be commissioned in the next quarter. We successfully pioneered the supply of hydrogen-compliant carbon steel welded pipes to Europe. Our Kutch plant received the API Monogram certification from the American Petroleum Institute, enabling new business opportunities for stainless steel line pipes, namely as per API 5LC. The Kutch plant was also conferred with the National Award of Excellence in Energy Management by CII.
Now, moving to subsidiaries, RTL continued its strong performance, achieving a revenue of INR 95.6 crore, a 40% growth over the corresponding quarter of last year. This growth comes from both export and domestic sales. Its EBITDA margins improved from 9%-13% due to operational improvements. We remain optimistic of achieving 15%-20% year-on-year growth over the next two to three years, supported by healthy order visibility. Our expansion projects at RTL are progressing well and will further increase our capacity. The upgrades will also help us step into new customer segments.
Another subsidiary, Ratnamani Finow Spooling Solutions, manufacturing spools for nuclear power plants, is also gaining traction. It achieved a revenue of INR 110 crore during the quarter. RFSS has a strong order inflow visibility, and execution processes are improving every day. We maintain our INR 300 crore plus revenue guidance for the full year for RFSS.
Including the results of RTL and RFSS, profitability ratios of our consolidated results have further improved. Coming to a few updates on our corporate structure, we have acquired the remaining 40% equity stake in our Switzerland-based entity, Ratnamani Trade AG, making it a wholly-owned subsidiary. At RTL, we restructured the shareholding through rights issue, reducing our holding from 80% to 75%. In Saudi Arabia, our subsidiary has now received the CR, which is Commercial Registration, and the activities for setting up a stainless steel manufacturing plant will begin in the month of January.
This marks an important step in building our presence in the Saudi and GCC market. With multiple expansion projects in progress, strong performance by subsidiaries, and a positive industry outlook in the long term, we are confident to continue scaling our performance in the years ahead. Thank you once again for your continued support and confidence in the company. I would now open the floor for questions, please. Thank you.
Thank you. 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 Radha from B&K Securities. Please go ahead.
Hi sir, thank you for the opportunity and many congratulations on the order intake and the Finow turnaround. Sir, my first question is, in the domestic carbon steel segment, you have witnessed strong order intake of INR 750 crore this quarter, taking the total order to INR 1,100 crore. So this comes at a time when the commentary of demand scenario from you as well as all the other steel pipe players is subdued. So please help us understand the product mix.
How much is water and oil and gas or process pipes from this carbon steel domestic segment, and in which segments are you witnessing demand recovery, and where are you seeing muted demand? Is there a recovery in the ERW?
Thank you, Radha. The INR 750 crore of order which is booked in the carbon steel segment is a mix of both line pipes and process pipes. Within line pipes, I would say 60% is for oil and gas and 40% is for the water segment. Within oil and gas, we have some orders for city gas distribution as well as for the product pipelines.
So how much is process and how much is line pipes, sir?
That breakup, I don't have at the moment, but if you send an email or if you request by email later on, I can give you the breakup.
Okay, sir. And secondly, sir, with respect to the demand scenario of LSAW, HSAW, stainless steel, domestic as well as overseas, which are the regions where do you see a demand recovery or good demand or even stable demand, and where are you seeing muted demand?
Domestic, at the moment still, there are a few tenders, but not as it was back in 2022, 2023. A few tenders are under bidding, and we expect a lot more next year. This is on the domestic line pipes front. International geographies, if we see, there is strong demand within GCC, which is both Saudi and Abu Dhabi. Then there is demand. There are a few projects in Europe. America, at the moment, because of the high duty, not only tariffs but also anti-dumping. Large diameter pipe, we are not very hopeful, and neither do we supply much to the United States.
Okay, sir. And sir, the current order book of Finow, I believe it stands at INR 500 crore. So what is the execution timeline of the same and the user industry mix between nuclear, wind, and anything else that is contained in this?
At the moment, all the orders that we have at RFSS are for the nuclear power industry. Going forward, we shall target some portion of thermal power plant as well as oil and gas spools. However, our current capacity is completely booked for nuclear projects. Currently, by the end of the first quarter of next year, this INR 500 crore commitment can be executed. In the meantime, we have bid for various projects, and we expect to receive some orders maybe in this quarter or maximum next quarter.
So INR 500 crore will be executed by 1Q FY27?
Correct.
Okay, that's good, sir. Sir, what is the sales volume that we have reported in Finow, and what led to higher margins in this business? Also the effective capacity.
You want to know metric ton?
Yes.
Our capacity currently is close to 1,500 tons for the nuclear industry. Of which, currently, this quarter, we've done close to 200 tons.
The effective of 1,500 tons, sir? How much can we go maximum?
With 1,500 tons, we can achieve, say, roughly between INR 250-300 crore. But by the end of this financial year, as we are expanding capacity in RFSS, we will have 3,000-4,000 tons of capacity. So from next year onwards, at peak utilization, we can touch a revenue of INR 600-650 crore.
So what I meant with effective capacity is this entire INR 1,500 crore we can sell, or maybe 70% of 1,500 metric tons that can be sold in terms of volume?
70%-80%.
Understood. And sir, what is the current rejection rate in the spools business, and is there any further scope for improvement in rejection rate that could lead to further improvement in margins?
See, a lot of items are bought-out items, which after rigid inspection, they are brought. So there can be rework. However, rejection percentage would be very minimal over here.
Okay. So any scope for further margin expansion, sir, in this business as compared to the 33% that you've reported in this quarter?
See, the first quarter, there is a turnaround. Let us wait for some time. As efficiency increases, productivity will increase, and impact of those on margin can be seen, yes, if effectively it is managed and executed.
Okay, that's good, sir. And sir, we are adding this cold finishing line in Saudi. So for that, we'll be requiring mother hollows tubes. That would be exported from our India facility as we have enough capacity here?
Yes, yes. We plan to export the mother hollows from India, thereby utilizing the capacity of hot finishing here and further processing or doing cold finishing in Saudi.
Okay. So, how much? So, once we do this, so if today's margin is, let's say, X, then after this entire process is done, how much will the margin expansion be then for percentage?
So currently, we are supplying cold finished tubes from India to Saudi. Definitely, margins in India are better. However, it is the need of the hour for us to be there before anybody. Right now, there is one stainless steel tube and pipe facility which is being set up in Saudi, which is for hot finish products. However, we plan for cold finish products. So it is not only increasing our market share once we are there, but margins per se, if we see, margins definitely, if we serve the order from India, will be greater than what we do from Saudi.
So if you're saying one more player, is there? So you're talking about an Indian player expanding capacity there?
No, no. There is another player who is putting up a stainless steel tube and pipe facility for stainless steel tubes and pipes, hot finish. He's putting up an extrusion plant.
If you could give the name, sir?
It's available over the World Wide Web . If you do a little research, you'll find out.
Okay, sir. Sir, we've been deploying capital in spools, hangers, Ravi, and Saudi. So with these investments, what kind of overall ROC are you looking at the company when we reach some optimal utilization for all these new businesses? And according to you, which division will create more value to the company, and where do we as investors and analysts need to focus more?
So see, when I talk about Ratnamani or Odisha, capacity utilization will start. And then there's another project once it starts in Saudi. Plus, we have the circumferential capacity expansion which is going on. So when all put together, we will be at peak. We will be able to touch the revenue of INR 6,000 crore on standalone basis. Now, RTL, we have with the current CapEx, what we have done, plus the CapEx, which is ongoing, both put together, we will be able to reach the revenues of anywhere between 700 to 750 crore.
And RFSS, of course, with the capacity expansion, which is expected to be online by the first quarter of next financial year, with that, we will be able to do another 600 to 700 crore. On consolidated basis, all put together, 700, 750, 750, 1,500, and also 7,500 crore in the next two to three years is what we can look at with, say, mid-teens or a little higher mid-teens margin.
Okay, that's good, sir. Sir, lastly, I understand you don't discuss specifically on the margins. However, in the stainless steel, considering the domestic demand and rising capacity and also overseas tariff issues, say last year this margin was 100 in the stainless steel segment. In this year, could you help me understand how much has the margin come down for stainless as well as welded separately for you or the industry?
It is quite a difficult question. In the past also, I have mentioned that product-wise or within the product, there are several sub-products. So within seamless also, maybe there is one product where margins are similar to what on a group basis we have. However, there are some products where margins are very high. So difficult to break down into seamless, welded, carbon steel, ERW, spiral. Consolidated, if we keep, it becomes better and easier for us to explain.
Sir, because your presentation mentioned that there are the margin pressures. So just wanted to understand on a blended basis also, if we keep the same product mix last year versus this year, then what kind of margin pressure the industry is witnessing now?
No, margin pressure is in one particular segment, which is, say, carbon steel line pipes and that too water. Okay, now oil and gas, there are a few projects. So pressure because demand for the domestic oil and gas or water segment because of the payment from the central government is subdued at the moment. However, stainless steel still, of course, there is competition from other manufacturers. However, we get our fair share.
Understood, sir. Thanks and all the best to you.
Thank you.
Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of the Vikas from ICICI Securities. Please go ahead.
Good evening, sir, and thank you for the opportunity. Sir, I just wanted to understand, given the good order book addition this quarter. Can we assume that now the next couple of quarters, at least we would be able to add the order book whatever we are executing, or the overall demand scenario is still pretty weak? And these are just one-off order book additions which we have witnessed at this point of time.
No, currently, a lot of projects, especially export, is under bidding for carbon steel. So if one or maybe two order clicks, definitely the order book will have a jump from here. However, the domestic demand is still, as I informed during the last conversation, that domestic demand, yes, there are a few tenders. However, it is not to the level where we can see a substantial jump in the order book.
We will continue to book orders as we did. Quarter on quarter, yes, there can be a little lag because these are tenders. Sometimes the government decides on opening the tender a little late, which takes it to the next quarter. However, the execution for this year, yes, we are still trying to be as close as possible to the last year on standalone basis.
Noted. So basically, you are saying that similar to last year, while the second half was a little bit better versus first half, this kind of scenario can repeat this year as well in terms of overall execution?
Yes, there is a possibility because the capacity is available. We already have orders of roughly INR 2,000-INR 2,050 crore in hand. So if all of those, or maybe partially say INR 1,800-INR 1,900 crore is also executed, we can still book another INR 4,500 crore and execute in this financial year.
Understood. Sir, if you could give me a bid book and the bid book split between export orders versus the domestic segment, it would help us to better understand the demand coming from which pocket factory.
So there are various projects if I talk about export in all the product categories, which is stainless steel, seamless, welded, carbon steel line pipes, as well as process pipe. It is from, say, Abu Dhabi, which is customers like ADNOC or contractors who are working for ADNOC. Similarly, in Saudi for Aramco or Saudi Basic Industries, which is SABIC. And then in Europe, a few gas or hydrogen-compliant pipelines.
Okay. I actually meant the bid book in terms of value-wise and the split between export value as well as the domestic bid book value.
I do not have at the moment, but next time maybe I'll keep it ready.
Noted, sir. The second question pertains to Saudi. While we are doing cold finishing, is there any duty structure which basically would be slightly negative for us in terms of sending the mother pipe or mother hollow to Saudi, or we have an understanding that we would get certain exemptions in terms of because nowadays many countries are adding melt and pour plants in their product profile? So just wanted to understand our thought process on that.
So as of now, there is no duty on stainless steel, seamless tubes and pipes because there is no local manufacturer. But there is one manufacturer who is planning, whose capacities are under installation. So as soon as he starts commercial production, yes, there can be customs duties to the tune of 10%.
But however, what our understanding is that manufacturing in Saudi with 10% duty, still India would be highly competitive. So sending mother hollows from here will not be an issue until, yes, there are three, four mother hollow manufacturers in Saudi, then there is a chance of anti-dumping, but which is not a likely situation in the near future.
Noted, sir. And sir, just lastly, we talked about a lot on the downstream product development in the stainless steel pipe ang tubing division. So if you could give us some idea that what are the new products which we have developed, their application, and the potential increased market in those accounts, so it would be really helpful.
So it's an ongoing process. There is no particular product which I can name here. Both stainless steel seamless, stainless steel welded, also in carbon steel like. We just completed the supplies for a hydrogen-compliant pipeline, which is first from India. Many players have done trials, yes, before us. However, we were fortunate enough to get this order, and these pipelines will now be installed in Europe, which are future hydrogen-compliant pipelines. So similarly, we are trying, of course, various product developments in each category.
For carbon steel, I can name a few like carbon capture or clad pipes. For stainless steel, similarly, there will be tubes for hydrogen, tubes for other processes, some grades in fertilizer which are not manufactured in India, electro-polished tubes. So there's plenty, which is an ongoing development process which is going on.
Noted, sir. And sir, last year, we have actually basically created a subsidiary in Europe. So this is largely a trading subsidiary, right? So any in notes which we have made through these subsidiaries for our stainless steel or carbon steel products so far, or it's a long process and we'll have to wait before this starts to be fine?
No, this particular subsidiary was, say, trade and stock was only for stainless steel products, not for carbon steel products. Of course, the marketing person markets carbon steel products also, but it is not a stock and sale item for us. Yes, we could better utilize our extrusion press because a lot of stainless steel pipes and hollow bars have been supplied by us to Europe. However, with the recent developments in Europe, we don't know what is going to happen as on January 1st .
There are rumors that maybe tariffs will increase or maybe the quota will be reduced to half. So with that in mind, as of now, yes, we are stocking some stainless steel pipes and hollow bars. We will decide post-January or February what is to be done. Whether we continue to stock or not, we will take a call by end of this financial year.
Noted, sir. That answers all my questions. Thank you for the opportunity and all the best.
Thank you.
Thank you. The next question is from the line of Salil Desai from Marcellus Investment Managers. Please go ahead.
Thanks. So my first question is on the Finow JV. How do we recognize revenues? Last three quarters, we have seen that going from INR 45 crore to INR 13 crore and then INR 110 crore this quarter. So it would be good to understand what determines or what drives the revenue recognition.
Finow is spool manufacturing wherein a lot of components will come in, and of those components, then we manufacture the spools. And there are various stages of inspection, not only from the client, but from the consultant, the client, the contractor, as well as the design engineering provider. Execution, yes, quarter on quarter, if we see, sometimes we'll see a large dip.
However, we'll be there with some inventory awaiting inspection by the nuclear authorities. Maybe a broader, not looking at quarter on quarter, but a broader horizon, if we see, maybe six months, it will give a better idea. And going forward, since it was just a start, as we do more and more execution, we will have answers to many challenges.
Okay. So this should smoothen out a little bit in the future, even though because of the inspections and all that, there might be some volatility that will continue. Is that the way to think of it?
Yes. Yes. However, we would stick to our end of the year or the guideline that we give for the year. Maybe one quarter here and there, but end of the year, we should be close to what we have budgeted.
Okay. So second is there are a couple of question volumes. I just want to make sure I understand. Last quarter, we were looking at a 5%-10% volume growth in our standalone, that is the pipes business. Does that still stand, or do you think that is changing now? I think you said flat revenues for this year now, right?
Yes. If we see half-yearly, there is both in carbon steel and stainless steel, the volumes have gone up. Maybe on an average, 10% what we had guided. However, the commodity prices have corrected, both in stainless steel and carbon steel, and a little product mix change, which of course has resulted in the revenue number being not revenue growth not seen.
I see. Okay. Right. So is it possible for you to share the volume numbers, the total volume for all products together?
We will share stainless steel, carbon steel. We will not break it up. What is seamless, what is welded, what is line pipe.
Of course, of course. Yeah, yeah.
Carbon steel was X, and now it is Y. Stainless steel was X, and now it is Y. Yeah.
Sorry, you will share it now, or should I kind of get in touch later?
No, you can get in touch with Mr. Katta. He will share.
Sure, sure. And lastly, one question for Mr. Katta. Sir, on the balance sheet, there's an item called other financial assets, which has gone up from about INR 12 crore in March to about INR 220 crore in September. So what is this item, sir?
Katta, are you there? I think you're on mute. Hello?
Can you hear me, sir? Hello?
I don't know.
No worries. I'll get that also clarified along with the volume numbers.
Okay, okay.
Thank you very much.
Thank you.
Thank you. The next question is from the line of Mayank Bhandari from Asian Markets Securities Private Ltd. Please go ahead.
Thanks for the opportunity. I just wanted to know this Ravi Technoforge subsidiary's performance. We have highlighted a couple of customers being qualified Schaeffler, SKF, and all. So how do you foresee the growth from here onwards if I were to understand? Is it in line with the customer's domestic CapEx plan, or they are shifting facilities from overseas market? And also, if you could highlight, what is the competitive edge we have in this business? And are we growing faster than the competitor? So how is the market share playing out for us in this business?
This year, during the start, we had indicated roughly 20% growth over last year. However, considering the forecast of order what we have received, we feel that we will grow much more than 20%. First quarter was close to INR 75 crore. Second was INR 95 crore. Third and fourth quarter, we planned to do INR 100 plus crore. That kind of visibility is there, so this year, maybe anywhere between INR 360-380 crore.
Next year, with one forging line which is already installed now, so approvals have started, so next year, we target to be anywhere close to between INR 450-475 crore, and by the end of next year, we will have another automatic forging line which will be installed. With that, the capacity will further go up. In next two to three years, as we have indicated, year-on-year 20% growth is visible as we start to utilize the capacity of that automatic forging line. With any incremental increase in manpower, mostly we will be at the existing unit, we will be able to achieve revenues of INR 450-INR 500 crore.
How much of this could we export?
Export between 30%-40%.
Are we currently exporting to U.S. market?
Yes, we are. We are exporting to Timken USA plant.
How has the duty change impacted your business? Is it impacting, or?
There is no direction of forecast what is coming for us. So at the moment, I don't have any clear idea on that. However, our exposure to U.S. is very minimal in RTL. Mostly, it is Europe and India.
So if we were to understand, we are growing faster than competition. I mean, how is your market share here in this business?
As such, there is only one listed competitor. Other private competitors, what we understand, are also growing, and this market itself, because of two reasons: one, a shift from China or China plus one, another manufacturer. Another, a lot of capacity from Europe is being moved to India, so there are two things which are turning out to be increasing the forecast for this particular business.
Okay. Just one last clarification. How would this market of this bearing rings could grow in the next three, four years in your market, mostly?
So, the report, what we have, it says 7-8%, maximum 10% CAGR over next up to 2035. Not the bearing rings, the bearing market.
Okay, okay. Fine, sir. Thank you.
Thank you.
Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Parth from Investec Capital. Please go ahead.
Yeah. Hi, sir. I have two questions. So the first one is on order book. You mentioned that your order book is around INR 2,000-2,050 crore . I just wanted to understand the split between CS, SS, RFSS, or RTL, if that's possible, because you mentioned that CS is around 1,100 and RFSS is 500. So is it safe to assume that the balance would be SS?
No, no, INR 2,050 or 2,000 crore is on standalone basis.
Okay. Okay. Got it.
So RTL and RFSS is not included in that.
It is not included. Perfect. Perfect. So basically, INR 1,100 crore, it is CS, then the balance would be SS, right?
So as we speak, or as on November 1st, roughly 1,300 was carbon steel and balance was stainless steel.
Okay. So my next question is that we have seen a significant decline in our working capital. So I wanted to understand what has led to this, and is this number sustainable? There is a steep decline in the fuel and the finance.
It depends on the nature of order what we have received. So last year, we had a lot of orders for water pipes. This year, the orders for water pipes have gone down. It's totally depending on the product. Yes, again, if the water industry or we book a lot of orders for water industry, the working capital cycle might increase.
Okay. Okay. Fair enough. So thank you so much for answering my question.
Thank you.
Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Deepak from Sundaram Mutual Fund. Please go ahead.
Yeah. Thank you for the opportunity. Am I audible?
Yes, yes.
Yeah. Hi, sir. So first question is on CapEx. So could you please highlight, let's say, what are our CapEx plan in FY 26 and FY 27 in our base standalone pipe business, then Ravi Technoforge and spooling solution, let's say, for the next two years? And when do you plan to commercialize those facilities?
Yeah. So we've just today morning uploaded our investor presentation. I know it's a little late. Sent the results, which has all the details along with the completion date. Three projects for the parent company, two for the subsidiary, which are ongoing. Each, say, for the subsidiaries, it is between INR 225 and 250 crore each with substantial capacity for RFSS. For RTL, a new unit along with an automatic hot forging line. And then at the parent company, the expansion at Odisha phase I is over. phase II, which is the coating plant, which will happen within March 2026.
Then there is a thicker and bigger diameter circumferential pipes, which is going on. So that will also happen by the end of this year or early next year. The Saudi project, which is for stainless steel cold finishing line, we expect to start trial production by the end of next year, December 2026.
Okay. And sir, in this spooling solution, you have earlier highlighted that most of the order book is related to nuclear sector, and most likely in the coming quarters, we might look for some oil and gas and thermal projects as well. So given that this quarter, we have seen a very good improvement in the margin. So let's say at the EBITDA level, what kind of margins are we targeting for 26 and 27 from spooling business?
So if we cater only to the nuclear power segment, maybe similar margins is what we can expect. However, going forward, as a strategy, we don't want to be dependent on one particular sector. So as we scale up, maybe 70%, we will continue to cater to the nuclear segment. However, 30% will come from other segments like oil and gas or thermal power. So blended margin still, we will target 20%-22% plus.
Okay. Got it. And Ravi Technoforge, you highlighted earlier that there are a lot of import substitution which is happening, let's say, because your clients are shifting plants from Europe to India, and that is how we are getting the business. And you have also highlighted that 13% margin in Q2. So this 13%, as we scale up further in H2, can it further go up? And in FY 27, let's say 13%-14% is reasonable to assume from Ravi Technoforge?
So with the current capacity and the current manpower what we have, definitely we can go anywhere between INR 450-500 crore. So our cost remaining same. Definitely, we can see the margin improvement. However, it is a matter of time and the support of market, which next year we will see.
Okay. Okay. Thank you, sir, and all the best.
Thank you. A reminder to all the participants that you may press star and one to ask a question. Ladies and gentlemen, that was the last question for today. We have reached the end of the question and answer session. I now would like to hand over the conference to Mr. Sahil Sanghvi for closing remarks.
Yeah. I just wanted to thank the management for very elaborately answering all questions. And also, I want to thank all the participants for joining the call. Manoj sir, would you have any closing comments?
No. That's it. I mean, just buckle up. Few projects going on, so we hope as we have in next two to three years to utilize full capacity on each expansion and to reach the number what can be achieved through those capacities, so anywhere between 7,000-7,500 on consolidated basis is what we should look in another two to three years. Thank you.
Thank you. On behalf of Ratnamani Metals & Tubes Ltd, that concludes this conference. Thank you for joining us, and you may now disconnect your line.