Hariom Pipe Industries (NSE:HARIOMPIPE) Q2 2027 Earnings Call

0:03 Ladies and gentlemen, on behalf of Captify Consulting Investor Relations team, I welcome you all to the Q2 and H1 FY27 post earnings conference call of Hariom Pipe Industries Limited. Today on the call from the management we have with us Mr. Rupesh Kumar Gupta, Managing Director Mr. Amitabh Bhattacharya, Chief Financial Officer and Ms. Rekha Singh, Company Secretary. As a disclaimer, I would like to inform all of you that this call may contain forward looking statements which may involve risks and uncertainties. Also, a reminder that this call is being recorded. I would now request the management to brief us about the business and performance highlights for the period ended September 2026, the growth perspective and vision for the coming years, post which we will open the floor for q and a. Over to the management team.

0:54 Good day, everyone. On behalf of Hariom Pipe Industries Limited, I welcome you all our post results conference call for the second quarter and the half year ended 09/30/2026. Thank you for joining us and for your continued interest in the company. We closed the first half with growth in revenue and profits supported by better sales realizations and a stronger second quarter. The recovery in operations at Perindrai was an important development during the quarter. Our focus on value added products also continued to support earnings per ton. I will first discuss our stand alone performance and the progress in our steel business followed by an update on our subsidiaries and priorities for the second half.

1:44 For the second quarter, revenue from operations increased by 65% year on year to 554 crore. EBITDA increased by 58% to 68 crore, while profit after tax rose to 29 crore from 10 crores in this corresponding quarter last year. The improvement was also visible compared with the June quarter revenue increased by 29%, EBITDA by 36%, and profit after tax by 64%. Our EBITDA margin improved to 12.21 from 11.60% as operating activity recovered. For the half year, revenue stood at 983 crores, an increase of 23%.

2:30 EBITDA was 118 crore, up 17%, and profit after tax increased by 35% to 46 crores. These results show that the growth in our business is translating into higher absolute earnings. Turning to operations. Second quarter sales volume reached 83,170 tons, an increase of 32% over the June quarter. Half year sales volumes were approximately 1.46 lakh tons, up 6% year on year. Parundurai resumed operations on July 13 following the temporary closure during the first quarter. Its return to production supported the recovery in volumes. Our focus now is stable operations, compliance, and better utilization of the facilities already in place.

3:21 Average selling price for the half year increased by 17% to $67,002.65 per ton. EBITDA per ton increased by 11% to 8,042. In the second quarter, EBITDA per ton reached $8,001.40, an improvement of 15% over the corresponding last quarter. Our standalone network increased to 705 crore at September 30, representing year on year growth of 17%. The debt to equity ratio improved to point six two times from point six five times a year earlier. I would not like to update you on Hariom Power and Energy. Our first five megawatt AC solar project was commissioned in July. Two additional projects of five megawatt AC each were commissioned in October.

4:13 This takes operational capacity to 15 megawatt AC across three locations. The October additions are subsequent to the half year reporting date. The overall portfolio comprises 60 megawatt across 13 locations in Maharashtra. We are targeting completion of 52 megawatt across 11 locations by January '27. Including the 15 megawatt already operational, the next phase, therefore, covers a future 37 megawatt AC across eight locations. Metalmark, our trading and distribution subsidiary, completed its documentation during the first half. During the current quarter with the aim of supporting market access of metal, steel, and allied products.

5:04 On a consolidated basis, including our subsidiaries, half year revenue was 984 crores. EBITDA was 118 crore, and profit after tax was 42 crore. Revenue grew by 24%, EBITDA by 18%, and profit after tax by 23% year on year. As we enter the second half, our priority is to build on the improvement in operating activities seen during the September quarter. We have an established manufacturing base, and better utilization of that space remains an important opportunity for the company. In the steel business, we will focus on consistent plant operations, value added products, and closer engagement with our dealers and institutional customers. Alongside volume growth, we will continue to pay attention to contribution, burden, and the working capital required to support sales.

5:57 For the solar business, the focus is on complete... Completing the scheduled products and moving them into regular operations. We will continue monitoring project progress and funding requirements closely with capital allocation guided by the needs of the core business and the process of these investments. The first half was given as a stronger base for the remainder of the of the year. We are engaged by the recovery in volumes, the improvement in earnings per ton, and the process in solar commissioning. Our efforts will remain directed towards sustainable earnings, growth, and long term value for shareholders. I would like to thank our employees for their efforts, our customers and channel partners for their continued business, and our lenders and shareholders for their support.

6:48 With this, I conclude my opening remarks. We will now open the floor for questions. Thank you, everyone. Thank you, sir. We'll now begin the question and answer session. All those who wish to ask a question may use the option of raise hand. If you are unable to ask a question, you may put your your question in the chat box. We'll take the first question from Adi Ja. Please go ahead. Thanks for the opportunity. Great set of numbers. My first question is this. What is the guidance for h two? And also, how do you see Hariom doing in FY '28 as well? Can you just share... Throw some light in these two?

7:37 Good Hariom Good morning, Hariom I am I am Amita, CFO of Hariom Pipe. Thanks for your questions. So I would like to inform you that we are consistent focus on our target, and whatever our goal was little bit disturbed due to that first quarter closedown of our Telundura unit for hundred and ten days. Now the momentum has come, and we are very much focused and very much hopeful to achieve our target almost all our revenue grew by 29% and EBITDA grew 36% sequentially. And in FY twenty eight, we see the opportunities to generate more business and from the existing manufacturing base, and our...

8:31 We'll give a better result in the ensuring. What is the growth percentage? I was looking for specific numbers, sir. Can you just throw some light there? That specific number is quite difficult to say right now. We can say as much as we are focused on our target, and we will get the better result and profitable growth and better utilization and discipline. So what is the base case? Can I assume 12%, 10%? What is that? Sorry? What is the base... I can ex... I expect that minimum will grow 10% or 15%. What is is that that minimum that we are targeting? For this second and a half, we can expect minimum 10 to 15% from here.

9:18 Okay. For FY '28, sir? 28, similarly, the growth will be there. We are working very closely on the acquisitions part also and some brownfield, like, expansions also. In that, we may expect from the next quarter. On next to next quarter, the productions may rise. So moving there, I I feel next year will be next again 10 to 15%. Okay. So 12% margin, we are... We can easily maintain whatever EBITDA per ton. That is for sure. Right? Yes. Yes. Yeah. Yeah. Okay. Okay. Okay, sir. And also, sir Yeah. So we have seen all the EBITDA margins are on similar lines depending on the market, what the activity also, Hariom has performed very well. Yeah. Yeah, sir. Excellent. And also, I see promoters are also adding warrants at $3.33, and we are increasing roughly 5% stake. Do you intend to increase more stake?

10:14 Are there any possibilities of that? So we have issued warrant to the promoters, and their initial 25% margin money is already we have received. And this fund is raised for our future business expansion and and capital needs. And in the coming entering, any business opportunities are there. Definitely, promoter will be the first contributor for the company... For the prosperity of the company. Okay, sir. Thanks. All the rest. Thank you. We'll take the next question from Hariom Pipe Industries Please go ahead. Hello. Thank you for the opportunity, sir. Am I audible? Yes.

11:01 Yes, sir. So we have a capacity of pilot 21,000 metric tons of finished wood. So just wanted to understand what is the peak revenue that we can achieve from optimal utilization. Yeah. In that pilot, 21,000, the operational capacity which we have, in that, if if you take into the consideration of the present steel value, it could be achieved somewhere around approximately $2,005,500 to 2,800 crores. But it's depend on market. We believe in volume because it has... It is a skill. It's a commodity. So end of the day, we believe in volume. But you have to think that in... Not in terms of revenue.

11:48 In terms of margin, you can say that the EBITDA is always consistent about that person. Right, sir. And I just wanted to understand, like, what kind of capacity utilization or volume figures we are targeting for FY twenty seven and FY twenty eight? Sir, always volume. Our target is earlier also 30% volume growth each and every year, which we had disclosed in our last year only. But the thing is, in practical situation, sometimes some hiccups are coming, but we are always focused on target. The volume growth should be not less than 25%. It should happen. But sometimes it happens, sometimes it's going beyond more than our expectation. It's depend on always market demand, supply, other productions, operational issues, or any other matters.

12:43 Everything, if it is favorable, then always 30 growth will be there. Right. Understood. And, sir, just my last question is on realization. Right? So realization has increased significantly for the OEM segment, GP pipes and coil. So just wanted to understand how do you see the realization going forward, and is there any way we can track realization independently? Is there any website or something? Sorry, sir. Can you No. No. There is no such website, basically. But, undoubtedly, yes, our focus is towards the OEMs and the major value added products only, which we are targeting, and we are focusing on that only. So moving ahead every year on year, our value added products will add on. Understood, sir. And 25% volume growth for FY '28, is it fair to say?

13:35 It can be possible. So if it all the acquisitions or something is happening, it can grow more, basically. So we are very closely working on few of the things, which will be communicated in the near future. Right. So 25% is, like, base case. Right? Yeah. We can assume that as Amitav has told you. Okay. Basically, that, again, depends on the scenarios also as well. So 25 is what we are also clearly looking at. Okay, sir. Understood. All the best. Fix the number... Any particular number or percentage. It's a natural thing, organic thing. So, therefore, we have to understand the nature and the business and surrounding situations. All are correlated. So our focus is always grow, and we are very much optimistic to getting much more results.

14:25 But sometimes... Some things is beyond our call. Understood, sir. Thank you. That was very helpful. Thank you. All those who wish to ask a question, please use the option of raise hand, and we'll invite you to ask a question. We'll take the next question from. Please go ahead. Hello? Yes, sir. Yes, sir. Okay. So firstly, a very happy Diwali to the management. And even I would like to congratulate the management and put the concept. Such good numbers. Secondly, my... I have a few questions. First is, there's a CapEx which has been announced about the about the steel plant. So it's related to that. How are we going to fund the CapEx after putting up the CapEx after the steel plant is ready? How much of an impact in terms of margins it will do on our...

15:24 In our scenarios? And secondly, are we intending to even manufacture HR points by putting up that sleeve? That is my first question. Yeah. Regarding the CapEx which we has announced in Maharashtra government, that particular process is on. And once, as you have told, it will take its own sweet time to next three to four years. And in that particular thing, yes, we are intending to have our HR coil in place wherein the the in house consumptions will be supported by our own backward integration, and our self consumption will not be dependent on any other person. So in that case, HR call would also be possible, but will take its own sweet time. There are many consequences which have... We have to see, and other things are also available.

16:14 So those things will take few of the time. But, yes, we are having our HR file manufacturing unit plan. Okay. And I think that what you have asked, then that that if all that is been there, the EBITDA will undoubtedly increase from 12% to, say, 14%, 13%, 15% would be. Okay. K. And secondly, as per our presentation, our dependency on GP pipes, GP calls has been constantly going up. So isn't that a concentration risk which we are creating on a single category? And second question was, do we have any water shortage plan in place where our production won't get affected going forward as there was very bad water situation happening in Hyderabad?

17:02 As such, we are blessed to not to be in touch with that particular area. But, undoubtedly, our GP units and GP production production areas are growing faster because of the new customer additions and the focus to our other geographical presence. So our team is working very hard to adjust with the new customers and then supply them the... And create the new markets. Okay. And last question, sir. Is there any plan to cut down on debt in this financial year? Obviously, whenever the internal accruals are there, the debts are already in place, and every year on year, it is getting reduced. Right. It is already preplanned also.

17:48 Perfect. Thank you, and thank you. Congratulations. Thank you, sir. Thank you. Yeah. Thank you. We'll take the next question from Dakshi Tamirshara. Please go ahead. Good afternoon, sir, and congratulations on a good set of numbers. So my first question is the company reported an EBITDA of around $81.40 rupees per metric ton in this quarter compared with around 7,100 in q two. So what are the key contributors to this improvement? Two, three key contributors are there now. One is our Tehundurai fixed operation cost is reduced due to the Tehundurai unit is fully operated. And the second contribution is that the integrated steel plant that product is always given on the additional margin comparatively to HARIOMPIPE product like GP, galvanized product.

18:45 So that is another plus point. And third is the market absorption capacity, which allow us to getting more margin. At the same time, our operational efficiency, which allow us to reduce our fixed cost in terms of power or in terms of other operational expenditure, which allow us to give an better match. Sir. And despite the improvement in EBITDA per ton, the overall EBITDA margin has remained relatively range bound. So with the Perindirai operations now restored and operating efficiency expected to improve, what is the realistic EBITDA per ton and EBITDA margin potential over the medium term?

19:33 See, over the medium terms, can say always, if you take our past record also, and it's always correlated with, again, the market demand supply at the average selling price and average raw material price in terms of crude steel like iron ore to HARIO coil, all are correlated each other. Apart from power is also the... One of the another major component which required in our production capacity, very essential. So if this state wise, different different power tariff are there, different different rate are there. And along with that, I would like to share with you in Perundurai plant, we have signed a MOU with solar power companies, and we are getting around four megawatt DC power for our Perundurai operations.

20:28 Therefore, in Perundurai, especially Tamil Nadu's area, where the power cost is much more higher compared to the other southern part in India. So there, we are getting little bit of cheaper power through the solar, which help us to reduce our operational cost and to control the operational cost in terms, which in long term basis also, the average EBITDA, whatever our historical are there, that will be consistent, and we are expecting more than that in the coming future. But the numbers... Exact numbers prediction is quite difficult for us to tell at this moment. Yes, Yes, sir. And given the company's vertically integrated business model, how sensitive are the margins to fluctuations in iron ore, coal, steel scrap, and other key raw materials?

21:22 Like, does the company maintain any inventory hedging or procurement strategy to protect these margins during periods of sharp raw material price movement? So, generally, what happens whenever the prices increases, the raw material price... As far as the raw material price increases, the finished goods also gets increases. There is an internal practice wherein we control all those things and plan it in a very well way. Having said that, nineteen, twenty years of experience will undoubtedly make our margins intact. Okay, sir. And one more question. So the power and fuel expenses have increased to around 25 crores in Q1 from around 18 crores in Q1. So what what is attributable to this rise?

22:09 Is it more to do with restarting of the operations? It is... One is restarting the operations, and another is we are... In the q two, we are using the optimum level of capacity in our value plant, means the galvanized unit, where due to that also the power is utilized. And the third more important thing is during this quarter, the power tariff is also little bit high in terms of other additional charges implied by the discounts... Various discounts, which altogetherly, the little bit of cost is high. But, therefore, also, if you calculate our part ton power consumption is remain constant, is around 98 unit against our part ton productions comparatively to, you can say, in q one, it is one thirty five units, whereas in q two, it is coming down to 98 units.

23:12 Okay, sir. Thank you so much for taking my questions and all the best. Thank you. Thank you. We'll take the next question from Dhruvind Doshi. Please go ahead. Yes. So thanks for the opportunity. So on the the solar subsidiary, so how much revenue can we expect this year and next year once the entire 60 megawatt gets commissioned? And much would flow to the part level? So, sir, basically, in the... First of all, I would like to inform you that out of 60 megawatt is awarded, we are going to install around 52 megawatts in either one locations. Two locations, we are having scarcity of land, and that location is specifically industrial built, not agricultural.

24:06 We don't know. We have opposed to the department for... Even as the alternative substation, but so far, we are not getting. If it is not getting, then we have to restrict our implementation up to 52 megawatts. And once the 52 megawatts is coming, somewhere around 28 to 30 crores, the top line will be coming. And somewhere around 3 to 4 crores after paying this and the decision and the interest, everything everything we have paid. So that will be coming four to five years. Okay, sir. Got it. And so I was just checking our power cost has been, very high, you know, the highest in the last, I would say, at least, fifteen, twenty quarters that I just checked.

24:58 So, is this, what would be the exact, you know, Is is war led issue the main reason why the power costs have gone up? You know, how much propane do we use? Some light on that, and, you know, how do you see that moving ahead once oil prices have also now started to come down? So, yeah, just your view on that. So the... As I explained in the earlier question also, the power cost is high. Two, three reasons. One is your consumption. Production capacity is increased. Second is your... You need this already in operations. So earlier in the last quarter, we have... We have the minimum demand charges without taking any units.

25:45 But in the current current quarter, it is using the units. So this is another reason. And third, more important thing is key... Some additional cost, like other additional charges are implemented by the. That is the reason we have signed a MOU, and we are getting power from the terminal for terminal unit from the Sensio Solar company. For a long term, this is twenty five years PPA. Keep in mind that in the coming future also, we need speed... Integrated steel player. Power is additional important things for us, and that power cost is always going faster that way and which impact to our margin. That is why we are much more dependent on the renewable power, and we are converting ourselves slowly and gradually into the...

26:39 Mitigate that power cost. So our interest is basically about the sustainability and the green power, which we are focusing on. But that would be another subsidy. Right? The green power? No. That green power subsidy is totally different. What we are talking about is additional OpEx basis. OpEx OpEx basis, we have signed in the MOU with the terminal power. Supplier. That's in terminal, not in Maharashtra. Maharashtra, whatever power power we are generating, that will be going through ABCDCL for their PM to subscreen that cannot be used by us for our manufacturing facility.

27:25 That is a separate business that is not related with the Hariom Productions and Hariom Power requirement. Got it, sir. So would you be able to give us split of, say, how much of the power cost is electricity and propane? Would you be able to give that split? So our major component is electricity only, sir. Okay. Okay. That is electricity only. Understood, sir. So just one last question if I can. Sir, say post post f y twenty eight, you know, we would need a significant capacity expansion to continue our, growth rates. So, would... You know, I just want to understand what is the management strategy on that. You know, would it be similar to, like, the ultra pipe acquisition you've done and, you know, get these brownfield capacities and scale up quickly?

28:18 Or are we looking for some greenfield expansion as well, you know, which maybe can take some time? So just for this growth rate to maintain at, say, 20%, 15, 20%, how are we, you know, looking at it, say, post '28? You you, I guess, answered it, briefly in the earlier questions, but just wanted a little bit more detailed view on, you know, what's the strategy to, yeah, keep going with the next five years at 20%. Yeah. So, basically, whatever the things are there, we are very aggressive as our continuous progress we have seen last six years, eight years also. Company has grown up from one percentage to other percentages. So we are closely working on acquisitions. We are closely working on the developments, automation, implementation of new blood into the systems, adding on new things to the systems, and growing your company to the next level.

29:09 So whatever we are talking about, 25, 30% of growth will be consistent as we see. But depending on multiple parameters which are not in our hands, which we are working on. So, like, Maharashtra government, they told me, see, it is more than one and a half year... Nearly to one and a half year that we have signed an MOU. But still, we are facing some issues over there. So it's not in our hand which we cannot submit it now at this platform also. So company is very aggressive in the growth, in the quality parameters, in its brand... Branding parameters, in everywhere, customer relationships, and we are very closely working on value added products, which will enhance the margins intact if all things are not growing in volumes, but the margins will grow what we see. I would like to add additional point. The decision will depend on execution time, total investment, funding requirements, and expected return.

30:03 Is important, but the expansion must also feed our business and financial purpose. It should be sustainable for the next fifteen years, what we minimum see. Got it, sir. Any leads on that? You know, are we in a final... I mean, what stage are we in? Just initial discussion stage, or are we actually actively evaluating any acquisitions? If you can share that. Whenever whenever we do anything, it will be placed on the document, sir. Not too many. Okay, sir. Got it. Thank you so much, sir. Thank you. Thank you. We'll take the next question from Neha Sharma. Please go ahead. Thank you for the opportunity, sir. I wanted to understand approximately 80% of the sales are generated through the dealer network with the balance coming from directly b to b customers.

30:53 Does direct sales offer better margin versus b to b? Or also does it mean higher receivables and inventory? How do we ensure these two stay in control? It's not related both each other. There is a different thing. The margin is always depend on the... What kind of products we are selling. So if it is a integrated product, no doubt the margin is coming much more better. If it is a OEM product, then also we are getting better margin comparatively to the normal galvanized pipe or cold rolled pipe, which is processed from the HFR, which we are not present to manufacture. So that is different, you think. And your point is correct. Whether we are going with the dealer network, is this a more inventory We have to.

31:42 Actually, it's not related to dealer's network or b two b. The inventories, you have to hold because of how many SKUs you are manufactured. So we are having more than 800 plus SKUs. So minimum quantity being a manufacturer, we have to keep in our factory premises because each and every product order, we are... We have to supply to our dealers or customers almost all eight to nine SKUs in a single lot. So that means we have to maintain a minimum inventory. That is why little bit inventory is going high. And always dealer network is giving you the extra benefit in terms of margin and realization as well as collection of the money because we are not dependent with... On any customers more than 5% to 6% on our total revenue.

32:38 Therefore, your risk will be spread, and your receivable will be much more secure. Okay, sir. Also, wanted to know, can you throw some light on the recent MOU you signed with Andhra Pradesh government for setting up Integral steel plant? Also, is this a binding or nonbinding MOU? If the company... Sorry. And also if the company decides to go forward on this, will it be existing plant since we have significant plant available? It is clearly in the stock exchange information also. We have clearly mentioned that it is a nonbinding. It is depend on the due diligence, approvals, and government land allocations and all those things.

33:24 Yes. It is correct. You are right. It it will... Whenever it will be start the execution, that will be with... Within our existing capacity facility area. And because we are having existing land to expand our facility, we just signed a MOU with Andhra Pradesh government to get better benefit and approval faster than normal mode. So that's why we are approaching to Andhra Pradesh Development Corporation to get that approval faster from other nonrevenue departments to get the licenses, like pollutions, powers, water, fire. All those other department licenses are required. NCs are required. For that, we have signed this MOA. It is a nonbinding nature.

34:14 And whenever we are going for expansion, we definitely implement specifically our capital allocations and project implementation stages. Yes, sir. One last question. The company is simultaneously expanding its steel manufacturing business, developing a renewable energy portfolio, and entering metal trading through Metal Mart. How How does management ensure that capital and management bandwidth remain adequately focused on core business? And what does senior management enhancement are working on to ensure focus on all the verticals? So we are having a very great team because without this team, we cannot work. Undoubtedly, whatever the expansions are going on is taking care... We are... What we are taking care is of... For the long term sustainability of that particular business. It It is is not that we are just going ahead with whatever comes to table.

35:11 So management is very much very much co interested in developing things for a long term sustainable business, not for a short term. Okay, sir. Thank you for the opportunity. Congratulations on the good set of numbers. Thank you. Thank you. Sir, we'll take one question from the chat. It's from Shivam Dubaya. He's saying thanks for the opportunity. Congratulations on good results. His question is what could be the maximum optimum utilization of GP plant and MS tube plant individually in volume as well as in percentage? In q two? Yes, sir. In q two, our... One minute. Just a minute.

36:12 So in our integrated steel plant is producing... Selling around 29,000 metric tons. Okay. And our Babubragar galvanized unit selling in q two, 29,600 metric tons. Pevindura is around 24,000 metric tons, and our Anantapoo sponge unit is somewhere around metric tons. Altogether, the 83,000 tons we sold during the quarter. Okay, sir. And and what is the maximum utilization that can be achieved from that? See, say, for example, in terms of my home data plan, so our capacity is one lakh 20,000. So, accordingly, if you take into that, so almost all we are reached to the optimum level only.

37:00 But anyhow, it can be managed more from the operation and set up capacity if we are selling the OEM products more. Okay, sir. And his second question is that what is that percentage of OEM mix in overall volumes in sales? Overall volumes in it, 83,000, it's around 20% is coming from the OEM. Okay, sir. And his third question is, what is the mix of thinner steel, say, less than one in overall volume sales? We don't manufacture stainless steel. Stainless steel, we are not manufacture. No. No. Thinner thinner steels. Any thin thin steels. Less than one ml. Less than one ml.

37:46 That is quite difficult to tell right now because that much of SQ wise, so much of data, we are not keep here. Better to ask then. We'll get back to them after following starting. Okay, sir. We'll take the next question from. Please go ahead. Hi, sir. Thanks a lot for the opportunity, and congrats for the amazing set of numbers. I just wanted some picture on our, like, the pollution control system order that had applied. So what exactly was wrong in the plan that lead to the shutdown and, like, have you applied for the renewal? So after this renewal and everything has been settled out, the department has also viewed, and we have invested good amount of time also in that. And I... Is now in a normal course of action, so nothing to worry on that side.

38:43 So, like, have we fixed and... Fixed that problem and, like, what cost... What was the cost that cater to that? It was very nominal things which we're... Actually, it was an acquisition at the time what we have been taken. And after that, few of the changes were done, but was not appropriate as per the department, they say. But things were in appropriate conditions, but as to simplify the things, we have changed few of the equipments, and then it is streamlined now. And that And the and the permissions are being extended also. So, like, by March 27, we'll be online? No. No. No. It is online. It is online. Has been resolved. Everything is resolved. Understood.

39:28 Great. Great. And, sir, one more thing. Can you just give me volume and what's the scale volume, like, for h '1 and q two of February 7? Plant wise volume? Capacity Yes. So in plant, we are having the capacity of one lakh 80,000. Mahabhumnagar plant, we are having the galvanized product with capacity of one lakh 20,000. So almost all three lakhs is galvanized capacity up there. And leftover is all of... In terms of final output product, I'm talking. So leftover, the final output, we are having five lakh 21. So 2 lakh 21 is roughly for our black spine. It means integrated products.

40:18 And in terms of, like, volume, like, 63,000 metric ton that we have clogged in... 83 on that we have clogged in q two. So if you can give plant wise bifurcation. So ISB unit, are having... We sold around 29,000 metric tons. In our urbanized unit, we sold around 29,600 metric tons. Plant, we sold around 23,300 metric... 400 metric tons. And in our Anantapur plant, we sold around thousand metric tons of smart. So altogether, the 83,000. That's it from our support. Sorry? Thank you. Thank you.

41:04 We'll take the follow-up question from Adi Ja. Please go ahead. Adi, please go ahead. Yeah. Yeah. Thanks thanks for the opportunity again. Rupesh, I have a question on the longer term of Hariom. Since you have grown this business multiple till now, what is the vision you have for this company for next five years because shareholder coming share by being a listed company and also... And our shareholder value creation also, what is the vision you have? Because our stock was also trading at very high, and now it is dropped on my 70, 80%.

41:53 But that is okay. That is stock. But as a business, where do you see what what kind of scale you want to achieve in Hariom for next five years? What is the vision you have? This company will not this company will not let us down by any chance. I promise on that side. And the vision of this company is minimum 10,000 top line... 10,000 floor top line company. So we are very closely working on it. I don't know because many people opportunities are there in a very high rises, which we are not working on that. For a long term perspective, I really seem as my business plan goes, what, not less than ten to fifteen years of visibility. If I don't get visibility, I'll not rush myself to put anyone down.

42:42 And I seek a minimum... Any business plan should be minimum workable for fifteen to twenty years. For that reason only, today on my desk, have multiple options available. But, really, I'm not happy with that long term perspective. But as a vision of the company, yes, 10,000 crore top line company is our vision. So that is for next five years or ten years? Ten? Five to six years. Five to six years could be And, sir, upon 10,000 crores when we are saying, how much of this business will be coming from, let's say, new business when you are envisaging 10,000 crore? Because current business, you know what is the scale, how much more we can get the juice. Like, no consequence of business opportunities here. You achieve.

43:32 I I don't think, Aditi, this is the right platform. But still, just to give an enhancement on that particular thing, that's usually major concern right, Amara. Feasibility and other departments with with water, and other things. Visibility very clear visibility We are working very closely on the geographical presence also where franchisee model or other models can also work on. What's Harish is on this guy, road area, road, road, some in road, come basically, things will be in a very good shape. It it has to be a very negotiated part. We have to see the sustainability of that business firstly.

44:31 Acquire We have a very, very niche and a very great team with us now. Or continuously. Understood, Hari. Thank you. And, sir, as a shareholder, we were mostly on steel or GP business. Power sector capital as a shareholder why to venture into that business even though we are not using that power. Are just selling power. That explanation also, it did not convince as me me as a shareholder.

45:17 That was all. Communication plan visit let us sit down. Let us understand each other. But, yes, the solar business was not our cup of tea. But due to just the test on the Maharashtra government due diligences as well as the workability, expansion without testing the waters, we cannot go.

46:03 To see this which was supported by central government also on the subsidy part. Moving ahead, particular long term vision green steel and green motivation sustainability company Okay. Okay, Rupesh. Thank you for speaking from your heart. Thank you. Much appreciate. Okay. Thanks. Thanks a lot, Hariom. Thank you. Thank you. Anybody who wishes to ask a question, please use the option of raise hand. Sir, since there are no further questions, would you like to give any closing comments?

46:52 So my closing comment would be this will grow parallelly to other things also. Moving ahead, expansions and plan will be a very long term sustainable expansion. Company multiple effect all team members. So happy Diwali to all of us and wish us a very good spirit of motivation as well as prosperity.

47:40 Thank you, sir. Thank you to the management team, and thank you to all the participants for joining on this call. This brings us to the end of this conference call. Thank you.