Q1 26/27

Aug 14, 2026

Summary

Q1 FY27 revenue rose 24% YoY, adjusted EBITDA 46% and PAT 21%, with value-added products at 42% of sales. DI pipes remain hampered by delayed government orders, while capacity expansion and stronger ferroalloy demand support the outlook.

Ladies and gentlemen, good day and welcome to Jai Balaji Industries Limited Q1 FY27 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Sana Kapoor from Go India Advisors. Thank you, and over to you, ma'am. Thank you, Muna. Good afternoon, everybody, and welcome to Jai Balaji Industries Limited earnings call to discuss Q1 FY27 financial performance. We have on the call Mr. Aditya Jajodia, Chairman and Managing Director; Mr. Raj Kumar Sharma, Joint Chief Financial Officer; Mr. Vijay Bagri, President Finance; and Mr. Ajay Tantia, Company Secretary. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risks that the company faces. May I now request Mr. Aditya Jajodia to take us through the company's business outlook and financial highlights, subsequent to which we will open the floor for Q&A. Thank you, and over to you, sir. Thank you, Sana. A very good afternoon to everyone. We are pleased to welcome you all to our Q1 FY27 earnings conference call. Our investor presentation and the financial results have been uploaded on the exchanges, and we hope that you have had the opportunity to review them. We are very pleased to report a healthy start to FY27, with JBIL delivering a very resilient performance in Q1 revenue. The adjusted EBITDA and the PAT increased by 24%, 46% and 21% year-over-year respectively, which reflects the benefits of price normalization, operational efficiency and our continued focus on improving the product mix. Talking about the industry environment, the ductile iron pipes market continues to remain subdued in the near term, primarily due to the slow government ordering and project execution. However, we believe that the underlying requirement for water and irrigation infrastructure remains very strong, with a meaningful pipeline of government-led projects supporting the medium to long-term demand outlook. A key structural driver is the Jal Jeevan Mission 2.0, which has been extended up to December 2028 with the total outlay enhanced to INR 8.69 lakh crores, including INR 3.5 lakh crores of central assistance. The restructured mission moves beyond infrastructure creation towards reliable and sustainable water services, and with also greater emphasis on service delivery, source sustainability and operations and maintenance. The AMRUT 2.0 also continues to provide a meaningful opportunity for the DI pipe industry, with a focus on urban water supply, transmission and distribution networks, sewerage and water treatment infrastructure. In addition, the progress on major river interlinking and irrigation projects, including the Ken-Betwa and the Polavaram Godavari-Krishna Link, provides further visibility for DI pipe demand over the medium to long term. While the near-term environment remains measured, we remain constructive on the recovery in government ordering and project execution as fund releases improve. We will continue to monitor the pace of execution closely and remain prepared to ramp up our expanded DI Pipes capacity as demand conditions improve. On the ferro alloy industry front, the segment continues to witness strong momentum, with realizations improving consistently over the last five quarters. This is supported by a very healthy steel demand and increasing requirements for specialized and high-performance steel, where ferro alloys play a critical role in enhancing strength, durability, and other performance characteristics. We therefore remain very positive on the medium-term outlook for this particular segment. Now coming to our strategic initiatives in Q1 FY27. We are committed to strengthen our capacity base. Our DI Pipes capacity has increased from 5 lakh tons to 5.5 lakh tons per annum, positioning us well to ramp up utilization as the demand revives and market conditions improve. In parallel, our specialized ferro alloy capacity will also be enhanced to 1.9 lakh metric tons per annum from 1.66 lakh tons. Our blast furnace capacity will increase to 7.5 lakh tons per annum from 6.3 lakh tons capacity and sinter capacity to 12.08 lakh tons from 9.08 lakh tons. These enhanced capacities are expected to be commissioned by Q3 FY27. These investments are aligned with our broader strategy of increasing the contribution of value-added products, improving operating leverage, and strengthening the balance sheet. As part of our Jai Balaji 2.0 strategy, we will remain very focused on specialized products like ductile pipes, specialized ferro alloys, and also on cost reduction and sustained debt reduction. Our integrated operations are further supported by three dedicated railway sidings, which provide significant logistics advantage by enabling efficient movement of raw materials and finished goods and by reducing transportation costs and turnaround time. We have also continued to make strong progress on de-leveraging with our net term debt reducing significantly from INR 3,408 crores in FY21 to INR 188 crores in Q1 FY27. Our net debt to debt equity ratio stands at a healthy 0.07 in FY26 end, providing us with a strong financial foundation and ample headroom to support future growth. We remain committed to further strengthening our balance sheet through sustained debt reduction. On the Capex front, we have made strong progress on our ongoing expansion program. We have already invested INR 1,076 crores, mostly through internal accruals, while the overall project outlay has been revised from around INR 1,000 crores to INR 1,112 crores, primarily due to technical upgrades, additional ancillaries, some inflation, and some time overrun also. The balance of around INR 30-40 crores is expected to be completed by the end of this current year 2026. These investments will further strengthen our capacity base and support the next phase of our growth. Coming to our operational performance, the production volumes across key products remained very healthy during the quarter, where offtake was led by Pig Iron, TMT, billets, Ductile Iron Pipes, and Ferro Alloys, and the sales remained broadly stable, reflecting the current market environment. Importantly, value-added products accounted for 42% of the total sales in Q1 FY27, highlighting the continued progress in our product mix. Realization improved across key products during the quarter, led by a strong 46% year-on-year increase in ferroalloy prices and a 15% year-on-year improvement in Pig Iron prices, where sponge iron and billets remained broadly stable. Specialized Ferro Alloys continued to be a key driver growth, contributing around 27% of revenues in Q1 2027, supported by the specialized product portfolio and long-term customer relationships and premium realizations. Coming to our financial performance, revenue grew 24% year-on-year to INR 1,683 crore, with value-added and specialized products now contributing around 40%-45% of revenue. Adjusted EBITDA and PAT increased by 46% and 21% year-over-year to INR 154 crore and INR 85 crore respectively, driven by price normalization and operational efficiency. Operational EBITDA stood at 9% and the PAT margin stood at 5% respectively. To conclude, we remain encouraged by the structural opportunity in the DI pipe industry, supported by the Jal Jeevan Mission 2.0 and AMRUT 2.0, irrigation and river interlinking projects. With our DI Pipes capacity now at 5.5 lakh tons per annum, expanding specialized ferroalloy capacity, increasing contribution from value-added products, and continuous focus on financial discipline, JBIL is very well-positioned to capitalize on the next phase of the industry recovery. We remain focused on strengthening operating efficiencies, improving our product mix, and creating sustainable long-term value for our stakeholders. We can now open the floor for question and answers. Thank you, and over to you, moderator. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to mute handsets while asking a question. I repeat, anyone who wishes to ask a question may press star and 1 on their touchtone telephone. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Jyoti Singh from ICICI Securities. Please proceed. Yeah, hi. Good afternoon. Hello. Good afternoon. I have a couple of questions. The first one is, with the Jal Jeevan Mission 2.0 extended until December 2028, when do you expect the increased government spending to actually translate in the DI pipe dispatches? This is Varun Jajodia, looking after the marketing. Yes. Recently, this year already, around INR 10,344 crore has been released by the center, and gradually the matching share will be also given by the different states. So we're looking at a post-monsoon recovery in the dispatches and the payments, and from the third quarter things should improve now. Okay. What are the key bottlenecks currently delaying these DI pipe orders in case tendering, project execution, funding, or is there anything else? This is coming from the government's backlog. There is a big backlog happened last year. As last year from the budget of these, INR 1,560 crores was released by the center. So that backlog remains as a constraint. Now, once the fund is released, the things will be coming into shape. Post monsoon, the lifting and the laying will be taking place. Got it. If you can provide us the volume guidance for DI Pipes and Ferro Alloys for FY27, also if you can give a difference in terms of how much is expected from the DI and the other segments. Ma'am, DI contributed around 15% of the first quarter turnover. As things are opening up, we do not know how much it is going to pan out in the next 3 to 4 quarters, what will be the demand. As of now, we are not giving any projections, but definitely we are ready to encash it as the market opens. Okay. So, and for jobs. Hello? Sorry. Giving any numbers, I think it will be speculative right now because there are a lot of moving parts. Different states are giving. Some of the states have started giving orders. Some of the states still have problems. So it has not opened up entirely for pan India. So it will be very difficult for us to give you volume guidance right now. Okay. Any guidance in terms of what sort of utilization you are targeting with the expanded 1.9 lakh TPA ferroalloy capacity in FY28? Is there any projection that has been kept for this? Ma'am, ferroalloy, we achieved the capacity utilization of more than 50% in the last quarter. 27%. Okay. It is at 7% of the turnover currently. As we commission the new movie by December, January, the capacity utilization of ferroalloy will remain at 80%-90%. Got it. That is it from my end. Thank you for calling. Thank you. Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touchtone telephone. I repeat, anyone who wishes to ask a question may press star and one on their touchtone telephone. The next question is from the line of Rajesh Bhandari from Nakoda Engineering. Please proceed. Good afternoon, sir, and congratulations for good results, good profit. Sir, I wanted to know the basic breakup of our revenue, that is INR 1,682. What is exactly the item, if I can get the breakup? Because I couldn't get breakup anywhere else. Yeah, I'll read out the numbers to you. Sponge iron is 7.4%. Pig iron is 19.13%. Ferro Alloys is 27.60%. Pellets are 3.54%, a minimal amount. TMT bar is 14.83%. Ductile iron pipe, the basic amount that I have is 14.95%. Some amount of coke was also sold, that is only 7%. Apart from this, there is 1% of scrap and the fines which have got sold. This completes this INR 1,683. Okay. Sir, in general, if we ever need it, where can we get this detail? You can write it to Sana or me. My email ID, rajkumarsharma is given. I will definitely send it to you. Okay. The value added in this combination is around 42%, which we consider- ferro alloy and ductile iron pipe. Apart from this, TMT bar is another 14.83%. Yes. Our intention and the plant is designed to cater to value-added ferro alloy and ductile iron pipe as around 70% of the previous cycle going to do. Now that the ductile iron pipe market is not. The orders are not coming. Therefore, we have to go for alternate products or commodity side, Pig Iron, TMT, Pellets, and all those things. Yeah. But now we expect these DI pipe orders to come? Sir, expectation is definitely over there. But given it is a government-backed sector where the main buyer is directly or indirectly the government. Giving any timeline, I think it will be somewhat speculative. Yeah, I know. But Jal Jeevan Mission or AMRUT Mission 2.0. So within that, the way government will be spending, it is expected to improve. See, expected is there. But what happened last time was that all the spending happened below the expectation. Last year was very bad. Yeah. Last year was very bad. Yeah. Correct. What we assume is that last year we hit the bottom. Yeah. Now it is not normal to go below this. If we bottom out this year, it will improve from there. But the government's program, absolutely government is committed to the Jal Jeevan Mission, etc. But as you all know, due to which it has been delayed. But now we expect that post-monsoon and post-release of this fund, these activities will have to pick up. And sir, I had two more questions. One is that by FY 2028 and FY 2030, what kind of turnover can we expect? Turnover and the profits. Sir, with the given capacity, probably which is getting completed in Q3 of this year or end of this calendar year, December 2026. With the given capacity, it should reach INR 7,000 crore to INR 7,500 crore in a normal market. Mm-hmm. In 28. What about 30? 2030. Sir, by that time, what will be the capacity, what will be the capacity addition? We have not yet calculated. We are mainly focused on the DI pipe capacity, running our base model Pig Iron, TMT, billet, and whatever ductile and ferro. Ferro market is very good. So we are currently focusing on the ferro market and trying to revise it and working with the DI pipe market. Yeah. Iron, TMT, billet. Okay. There is a difference between the two. One is 15% commodity business, EBITDA margin. Other is 12%, 13% plus. Ferro alloy is 17% plus margin. Okay. With this, we will wait for the market to get revised. Right. The capacity in the existing plant that we have, we have almost occupied the entire 400 acres of land. And sir, once this war condition gets better, things will improve for us? Definitely, it will improve. Our export level. Yes. War condition will improve income. This is a possible thing. And we are also thinking of a plastic pipe alternative to DI pipe, right, sir? That plant we had put up as a trial module. But it has around INR 50 crores only. So far, we have not been able to sell even a single piece of pipe. Why we have put up this plant? Because certain Yes. People in the industry, they were telling us that we were skeptical about it. That they replaced certain plastic pipes or steel pipe for Yes. But to be honest, we are very happy to say that we have not been able to sell any of these pipes. For this program, it is not going to replace any steel pipes or any plastic pipes. Yes. If any question comes, then it can be answered today by Abhishek. Where should I write for the breakup, sir? The breakup which is being sold, I will give it to you. To which email ID should I send for breakup request? You can send to my email ID, rajkumarsharma. R. K. Sharma. It is given at the end of the presentation. Okay, at the end of presentation. Okay, sir. Thank you. I will send it there. Yes, sir. Thank you, sir. Thank you. Thank you. A reminder to all participants, anyone who wishes to ask a question, may press star and one on their touch-tone telephone. I repeat, anyone who wishes to ask a question, may press star and one on their touch-tone telephone. The next question is from the line of Yash Purbe from IndRes Research. Please proceed. Yeah. Hi, sir. Good evening. My first question is, sir, you have said that from H2 and in FY 2028, we will see recovery in the volume. But sir, how are we seeing the competitive intensity, and would we feel any pricing pressure? See, the competitive intensity will be there because currently, the industry, our DI pipe capacity utilization in this particular quarter was only 30%, working in half capacity. Similarly, competitors, they also are operating, somebody in 35% range, somebody in 30%-35% range. Competition intensity will be there till the time capacity utilization crosses 60% or 70%. But now, for this capacity utilization, again, it is a function of the orders. Once the orders are released, it can ramp up also by everybody. As far as the pricing is concerned, the prices I have already mentioned earlier also. The prices already are at rock bottom. In fact, the contribution of the DI pipe business, practically, in this particular quarter, when we attribute it to DI pipe, it is basically the same similar margins as what your hot metal is at. Not much valuation was there. From here, things cannot get worse, it has to improve. Sir, can you please provide any guidance, if possible, on the EBITDA or EBITDA pattern front? For this quarter? Excuse me. Please repeat. Sir, can you provide any guidance on the EBITDA pattern front? You want the current quarter or the next? No, sir. In future, as you are saying that the prices are already at rock bottom, so any sustainable EBITDA guidance? See, giving EBITDA guidance for pipes will be difficult today because the prices were 30% less than they are today, just a year and a half ago. As a percentage, 20%-30%. So what we can only predict at this moment is that it cannot get worse. But to provide a really tangible guidance would not be right for anybody. Maybe when we meet next quarter, we will be in a better position to value the prices. Right, sir. Sir, how are you seeing demand on the front of specialized ferroalloys in domestic versus export markets? There's an increasing market always was there for ferroalloys, and our specialty, our customer base is constant, and we are getting repeat orders with those customers. We are also utilizing more than 85% of our capacity, and we have repeat orders, so there is no concern as such. We are exploring more for it factory today. Sir, going forward in next 2, 3 years, how much would be the contribution from value-added and specialized products? Right now, it is 42%, 43%, and the plant is designed to achieve somewhere in the region of 70%. We will see how DI pipe. Once the DI pipe, the capacity utilization increases, immediately it goes up to 70%. It all depends on the ramp-up and the demand of DI pipe. The plant is already designed, and the capacity is existing to achieve 70%. Okay, sir. Thank you. Those were my questions. That's all. Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touch-tone telephone. The next question is from the line of Nidhi from CR Kothari. Please proceed. Hello, good afternoon, sir. Sir, I would like to understand, on your CapEx, first it was INR 1,000 crore, now it is close to INR 1,100 crore. So can you explain what led to the increase? It is not much. It is only around 7%-8%. What happened is there's some shipments from China, et cetera, for equipment got delayed. There was a general inflationary trend. Also, our sales increased for some products when we this when we putting our plant and machinery, the currency devalued. So it is not much, madam. Also some particular upgradation. While we were putting up the projects, a couple of new ideas popped up to technically upgrade the plant capacity. So it is not much, madam. It's hardly 7%-8%. That was an estimated figure that we were hitting to limit with that figure. But it is not substantially large, madam. Understood, sir. What is the current order book visibility on DI pipe over next two to three quarters, if I can ask? Madam, as per the current dispatch position, it is the equivalent of, say, at the current capacity utilization, which is around four months order book. Okay. That is clear. Thank you, sir. Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touch-tone telephone. I repeat, anyone who wishes to ask a question may press star and one on their touch-tone telephone. The next question is from the line of Mihir Vyas from 9 Rays EquiResearch. Please proceed. Hi, sir. Thank you for the opportunity. I just wanted to know whether we have received any funds for the Jal Jeevan Mission pending dues which we had. Yes, we have started receiving some funds. Small parts although. That is being released from the center or from different state authorities and some departments. It has been coming. But it is coming very small lots, and it will be increasing in the near future. Can you quantify, I mean, in terms of what receivables we had at the start of the year and now how much have we received? Sir, the exact numbers are not ready with us immediately. But as a ballpark figure Sharmaji. Out of the outstanding, around 25%, 30%, 35% of the money has been released. And currently we expect that now the flow has started to little more, I will say, because in the last one month. We expect that over the next 2 to 3 months, 4 months, the whole outstanding should be liquidated. Okay, sir. Thank you. Thank you for the opportunity. Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touch-tone telephone. The next question is from the line of Rishabh Vora, an individual investor. Please proceed. Hello, can you hear me? Yes, please. Yes, sir. Yes. I was just wondering if you could give us some sense of the margin profile for specialized ferroalloy versus your conventional steel products, if you are getting guidance on that. For conventional steel products, the margin vary between 5%-7%. And for specialized ferroalloys, it is around 15%-18%. Okay. Sure. And a couple of more questions. Once the DI pipe demand normalizes, what utilization level do you think the 5.5 lakh TPA capacity can achieve? It will achieve 60%. The management will always be hoping that we are able to achieve more than 60%. Okay. Normally 80% is 100%. If it is at least 60%, it will be particularly a good capacity utilization. Okay. Another question, would you expect the DI pipe margins to improve meaningfully with higher utilization given the operating leverage in the business? It all depends on the market demand and the capacity which is in place domestically. It is a very complex question to be asked. We will not be able to answer this right now, but we know the margin. Whatever we have achieved in first quarter, around 12%, that is good enough. It should go up to 18% if the prices improve. One thing I also mentioned, I think you might have missed it also, is that today we are sitting at the rock bottom. Again, the prices cannot be worse. Mm-hmm. Right. It has to be better only. Okay. Got it. If I may ask another question. Are you seeing any meaningful improvement in inquiry levels even though actual order flows remain slow? Inquiry levels are there, but The projects are there which have not been completed. The contractors are already stuck with their old outstanding. Till they get their old funds, they cannot release further orders. There are still old orders with us, with all the manufacturers. Till then they get the funds, they cannot ask for fresh supplies. As soon as the blood comes in the body, things will go ahead and improve each and every quarter. Okay. One thing I would like to add over here. I think you are getting so focused on DI Pipes. This is an important segment for us now. I would like to highlight from the investor perspective, which I did not mention in my opening remarks, because other than DI Pipes, DI Pipes definitely will be one major of the other verticals also. The verticals of the specialized ferro alloy, of the commodity business also where the capacity is now being spent to reduce the cost and to increase the volumes. So there also margin expansion should take place. Also, another good event which has happened is that our 80%-90% of the capacity is in the state of West Bengal. In the state of West Bengal, there has been a change of government and a lot of activity on the ground in terms of development has started. Something was stagnant over there for the last few years. So now a lot of development is going on. Say products like TMT bars, which everyone discusses about. Everyone asks a question on TMT bars. So this product, in Bengal we are selling hardly 15% of our material. Going forward in the next year, we are posting that probably we will be able to sell around 50% to 60%, 70% of our TMT bars in West Bengal. So from these segments also, these are not small segments. These are also with large capacities. So these segments should also see substantial traction going forward in the forthcoming months. Okay. So that answers all my questions. Thank you. Thank you for the opportunity. Thanks. Thank you. A reminder to all participants, anyone who wishes to ask a question, may press star and one on their touchtone telephone. I repeat, anyone who wishes to ask a question, may press star and one on their touchtone telephone. Please press star and one on your touchtone telephone to ask a question. The next question is from the line of Chidananda Mohanty, an individual investor. Please go ahead. Hello. Good afternoon, sir. My first question is regarding- You got loud. Yeah. I hope I am audible now, right? Yes. Yeah. What is the current capacity utilization for the DI pipe capacity? Earlier you have guided that in this financial year, the production is going to exceed 4 lakh tons. Any numbers on that and future guidance also? Right now in the first quarter, the capacity utilization was 30% of the enhanced capacity, around- Okay. Going forward, as per the orders in group, we are ready to encash that. We are- I am really sorry. I could not get the last line. Going forward- Production in the first quarter was 41,000. The annual capacity is 560,000. It is somewhere in the region of 30%-33%. If the market improves, it should go or double up. The first target is to achieve 50%-60% capacity utilization, and we will see as per the orders are coming. Okay. My next question is in the lines of ferroalloy business. The margins have improved in last few quarters. How do you think in future, what could be sustainable margin range? For modeling purposes, what can the margin that we can consider should be a good number? For ferroalloy business, as the share of specialized ferroalloy increases in our overall mix, we expect the margin to sustain between 15%-20%. As you know, India is strategically positioned because of globally available cheap power. Western countries, especially due to war and after the Ukraine crisis, the energy prices are at a very all-time high level. India is very well positioned to supply to the world because of the availability of cheap power in India. We in Jai Balaji Group have developed a very good loyal customer base, and we expect the margins to remain at these levels only. Maybe 1% or 2% plus because of some energy or raw material cost of rates, margin might change. By and large, 15%-20% can be a long-term guidance. Okay. Last time, even the line of Capex, in the past three years, you have done a good amount of Capex. My last question is regarding Capex. In the last few years, you have done a good amount of Capex, and really I couldn't see the same thing in the top line and bottom line. Can you say anything about that, and what can we expect in the future regarding this? If you talk about the CapEx, a good portion of it was done for the ductile iron pipe, as well as the backward integration for that. When you compare to top lines, it is not apple to apple. We have also given you the volume figures of the past and the current data. You can see in most areas, the volume, especially in pig iron, has increased drastically. The DI capacity was initially 2.5 lakh tons, which we have almost increased by 200% or 100% plus to 5.5 lakh tons. Our sinter capacity was 6 lakh tons, now it is becoming 12 lakh tons. So by and large, a lot of backward integration projects were being done to optimize the cost levels and efficiency as well. Okay. So you are trying to say all these CapEx impact would be seen in operating or margins, not in top line. Yes. If I understood it rightly. Whatever expenditure we had done for ductile iron pipe, which should have increased the turnover, because of the margin, it is not visible in numbers. We will have to wait for some time. Once the market is there, definitely the turnover will go up. As far as the backward integration, the pig iron, sinter, power, whatever work we have done, that is actually reducing our cost and increasing the efficiency. That is visible right now. Understood. Okay. Understood. Thank you for taking my questions. Absolutely. Thank you. A reminder to all participants, anyone who wishes to ask a question, may press star and one on their touch-tone telephone. I repeat, anyone who wishes to ask a question, may press star and one on their touch-tone telephone. The next question is from the line of Rajesh Bhandari from Nakoda Engineers Pvt. Ltd. Sir, what is your current debt level? The term debt, the repayable debt is INR 188 crore. Apart from this, working capital fund-based and LC/BG non-fund-based, between INR 375 crore and INR 400 crore. Total about INR 600 crore. No, it will not be INR 600 crore. It will be between INR 550 crore to INR 525 crore. That is the sanction debt, what I am saying. Apart from this, cash position or unutilized position, INR 70 crore to INR 80 crore is always maintained. So it is always the net utilization is below INR 500 crore, and the sanction limit is between INR 550 crore. Yes. That is what I was talking about. Repayable is INR 188 crore. Okay. From the last year, debt level, in spite of all the Capex and the downturn in Ductile Iron Pipes industry, our debt has remained either equal or has come down significantly, the repayable debt. Yeah. Finance cost has come down drastically. That I can see. As far as what we can project, and I have seen the numbers, by the year end March, it should again see a big dip. We can manage without that. Means we can expect the company is going to perform better and better. Well, everybody is working for that. Yeah. Correct. Okay, sir. Thank you, sir. Thank you very much. Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Over to you, sir. I would like to thank everyone from Team Go India, the moderator, Sana also, and all the participants for spending their valuable time. In case anyone has any more queries, I can Go India, and Mr. Sharma will be able to provide you with more details. Thank you so much once again for your time. Thank you. On behalf of Go India Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you everyone.