Hariom Pipe Industries Limited ($HARIOMPIPE)

Ladies and gentlemen, on behalf of Kaptify Consulting Investor Relations team. I welcome you all to the Q4 and FY '26 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. Amitabha 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 March 2026, the growth plan and vision for the coming years, post which we will open the floor for Q&A. Over to the management team.

Good afternoon, everyone. I welcome you all to the earnings conference call of Hariom Pipe Industries for the quarter and year ended 31st March 2026. This is Rupesh Kumar Gupta, Managing Director of Hariom Pipe Industries. I hope all of you have had the opportunity to go through our financial results submitted in the stock exchange. I would like you to -- our industrials analyze analysts, bankers, customers, pliers, employees and all stakeholders for their continued trust time support. Our focus during the year was not only on growth but also on improving the quality of growth, we consciously work towards reducing working capital intensity, improving cash and strengthening the financial position of the company. We believe that disciplined approach will support the company's growth trajectory in the coming years, while ensuring that growth remains profitable, cash generative and sustainable. In the steel industry, volatility in input prices and demand cycles is a normal part of business. However, our integrated operations and diversified product portfolio provided us with flexibility to manage such market conditions. Our presence across multiple product categories and geographies helps us serve different customer segments and reduce dependence on any single market or product. During the year, our galvanized product segment continues to contribute meaningfully to the business. The company also continued to focus on strengthening its market reach across Southern and Western India. Our dealer network and institutional customer base continue to support our sales and distribution strategy. FY '26 has been a year of steady performance, improved operating discipline and stronger cash generation for the company. During the year, our focus remained on improving the quality of business, maintaining margin stability, strengthening working capital management and improving overall balance sheet position. The key numbers and ratio for FY '26 are follows: Full year revenue from operations, INR 1,667 crores. Revenue grew up by 23% Y-o-Y supported by better throughput and value-added products. Full year EBITDA, INR 209 crores, EBITDA grew by 19% Y-o-Y. Full year EBITDA margin, 12.56%. Margin remained broadly stable despite quantitative market conditions. Blended EBITDA full year [ 7,258 ], EBITDA per metric ton improved during this year. Full year profit before tax, INR 104 crores. PBT grew by 25% Y-o-Y. Full year profit after tax, INR 76 crores. PAT grew by 23% Y-o-Y. Q4 revenues from operation INR 507 crores. Q4 revenue grew strongly by 27% on a Y-o-Y basis. Q4 EBITDA, INR 64 crores. Q4 EBITDA remained healthy, while -- with stable margin and 31% growth Y-o-Y. Q4 EBITDA margin, 12.59%. Q4 margin improved compared to Q4 FY '25. Q4 PAT INR 30 crores. Q4 PAT improved significantly on a Y-o-Y basis with growth of 75% Y-o-Y. Full year value-added product contribution 98%. Full year operating cash flow, INR 192 crores. Strong improvement in cash generation from operations. Full year EBITDA to OCF conversion 92%. Full year net debt to EBITDA, 1.65x. Leverage improved and remained comfortable. Debt to EBITDA, 0.4x indicates control leverage with adequate network support. Full year ROCE, 21%. Return profile improved during this year. Full year ROE, 12%. Return on equity remained healthy. On the subsidiary side, our energy SPV Hariom Power Energy Private Limited, is executing the 60-megawatt AC solar power plant awaited under the PPA with MSEDCL. The project is progressing in phases. The land acquisition has been completed for 8 locations, covering approximately 123 acres and work has commenced at 6 locations. We have also incorporated Metalmark Private Limited, which is presently at the initial setup stage. This entity is expected to support our future business initiatives and trading of metals, steel and products. Our key priorities from FY '27 will be improving capacity utilization, strengthening the value-added product mix maintaining working capital discipline, improving operating efficiencies, optimizing financial costs and generating healthy cash flows. We will continue to focus on profitable growth rather than only volume-led growth. Before I conclude, I would like to place on record my sincere appreciation to the entire Hariom team for their commitment and hard work during the year. I would also like to thank our customers, suppliers, bankers, shareholders and all the other stakeholders for their continued support. Thank you.

[Operator Instructions] We'll take the first question from Mr. Sagar Shah.

Sagar, we are unable to hear you.

Yes. Sorry for the delay. Actually, there was some system issue. Now sir, my first question for today. It was actually related to your guidance. In the last quarter, you had given a 30% growth for volumes in FY '27. Now if I see the numbers for -- actually for this year for almost all -- across all the value-added products, even on a blended level and even on product-wise, we are clocking at least about 60% utilization. So still, actually, do we stand for this guidance? Or we want to revise that guidance? And in that question only, what would be the EBITDA per tonne guidance that you'll be guiding for this year? Then I'll be highlighting -- I have the other 2 questions also.

Last year guidance was 30% volume growth year-on-year basis, which we have given demand on the basis of that ground that capacity available, demand visibility and internal business plan at the third point of time. During the year, actual growth was lower mainly because we consciously focused on profitable and cash-generating growth rather than chasing volume and lower margins. FY '26, if you checked, it was also impacted by a competitive steam market environment, volatility in steel price and certain product mix. Instead of pushing volume aggressively, we focused on improving the quality of business, maintaining EBITDA discipline our cash strengthening marketing capital.

Okay. Yes, I agree, sir, means that we chase for value rather than growth. But for FY '27, I was asking do we have the capacity to clock 30% growth Y-o-Y?

Yes, we have the capacity. We have the capacity. Still, whatever the existing capacity we are having, we can manage whatever we have actually turn 288,000 [indiscernible]. We can go around 30%. But that is also subject to the market condition as well as Hariom cannot compromise with the profitability and margin. And pushes sales, Hariom is not doing.

Okay. EBITDA per ton guidance, sir?

EBITDA at current year that we are having around a blended EBITDA is INR 7,200 crores, and we have taken into the consideration, which is a very good EBITDA, blended EBITDA, the product mix, if you were taken, then this product mix also at far from market level. So we are into the consistently focus on that and we are very much confident to remain and maintain this ratio. And we are always trying to add on the bid on that.

Right, sir. My second question, sir, was related to the closure of the Tamil Nadu plant. The Tamil Nadu plant was closed due to the concerned related to Tamil Nadu Populaiton Board. So is the plant open, sir, right now?

We are waiting for the order. The everything formalities and compliances are completed and the file was already moved we are upgrading to the opening order from the department any point of time, maybe another 2 to 3 working days within 2 to 3 working days...

So what was the reason for the closure of the plant that we stated and what is the revenue in this quarter?

No. During the April month, we are -- whatever we have achieved in the last April 2025, the same turnover we had done in the April '26 also because we have already enough stocks. And at the same time, we are doing the business through an asset-light model so we have for no sort of in the April month, no sort of impact is coming in terms of revenue.

Okay. But what was the reason, sir, that the stated for the closure of the plant?

That is actually -- from our side, there was a loan noncompliances. That is due to the elections and all those things. Not only Harirom is a listed company. That's why it is coming to your notes because we have given into the stock exchange. They are -- that is the industrial growth center, so many units in the other segment also, they are sending the similar notice. Hariom is one of the other company. So that is the government induction time. They have taken certain decision.

Okay, okay. Sir, my last question, sir, was related to the solar power plant. The solar power plant, we have done around INR 10 crores of investment also in this quarter, in this Q1, I'm saying. So I wanted to understand that what is the total CapEx that we are going to spend in FY '27 related to this project and if any, related to other projects also. And I think so for this purpose, we are only in the balance sheet that you've created right-of-use assets. So wanted to understand basically the road map for this solar power project and when will the revenue start occurring actually for us? Because we have ordered in the PPA if I'm not wrong.

Yes. So basically, I have corrected that the write-up assets, which we are disclosing in our balance sheet, this is not related with Hariom power. This is related, which we have last year, we have acquisition of plan under the long-term lease model. That is the reason that assets we were seeing that in our balance sheet, first clarity. Second part is whatever you said that 9.6 whatever it may be, that amount we have invested. So that actually in the last -- previously also, we have clarified that the total project was is some around INR 241 crores, and the bank to loan will be around INR 195 crores. So remaining our investments are there, and that is totally backed by capital subsidy from the central government. So therefore, there is no as such a long-term investment plan, only hardly INR 25 crores to INR 30 crores will be invested as an equity component in Hariom Power by Hariom Pipe. The remaining component will be reimbursed by the -- set up by the capital subsidy from the central government. So far, our almost all out of [ 13 ] locations, we have taken up the project on 8 locations. And out of that, 2 locations is need to be commenced the power productions by the end of this month of the coming month. So out of 60 megawatts, already the 38 megawatts, we are doing the projects and remaining will be completed in the meantime...

So the production, what we mean to say is the production will start from the coming month itself and the phase-wise, it will come down.

Okay. And what -- and till date, what is the amount that we have put in this project, sir? I understand you will be getting back the subsidies I get to your point. But what is the amount that we have put as of now?

You're asking about the total investment, right?

Yes.

So far, we have invested INR 9.56 crores total.

Okay. And how will the pricing work, sir, here, basically? how will it flow through through our EBITDA?

So power unit, we are getting a INR 3.21 apart from capital subsidy. So as when it will be generated, that is the and fixed revenue income.

We'll take the next question from Praneeth Reddy.

Yes. Two questions on Perundurai and demand side. So first, dealers in the market from...

Praneeth, your voice is not clear. We are unable to hear you a properly.

Praneeth, your voice is cracking.

Sir, is it in fine now, sir?

Yes.

Yes. Firstly, dealers serving the southern market from Telangana instead of Perundurai adds freight cost and lead time, how many dealers have you lost to competitors since the plant closure? And what's the win back cost and time line? So -- and second, OEMs like customers like Ashok Leyland weight, environmental compliances heavily in supplier approval and TNBC closure order is precisely the kind of event the ESV audits and flag. So has the closure triggered any requalification or anything on B2B side, sir?

No, no, there is no qualification or something which is there from penetrant. From Perundurai plant, it was only the commercial products that we were supplying to the client, other areas of that stage. And there is no impact on that because we were holding some stocks also as well as our CFO told that it has been like OpEx part of model wherein we have manufactured the material from other sources and send it across the dealers. So we have not lost any dealers. Indeed, we are having a very healthy arrangements with the dealers. And they have even supported us in a long way.

Okay. And any dealers we've lost to competitors in I suppose like markets like some.

No, it is only 1.5 months, right? So because of the complete month, whatever the stocks were there, we have only supplied those of the swaps. And few could have been undoubtedly as per the requirement of them. Few could have been taken on the competitor it happened. So we're not worried on that. Our dealer network is very truly loyal with us and we are continuously supporting the company.

Okay. And you've noted that value-added products are already 98% of revenue. So what's the next year, like blended EBITDA per tonne was -- in FY '26 was marginally year-on-year, which suggests that current product mix has largely played out as a margin layer level. So are you entering any new adjacent or higher value product categories, specifically, which will drive the EBITDA per tonne from higher from here?

Yes. So Hariom already in consistent growth parameters in the profitability and the margins. And we look for it for every time OEM growth and the value-added products only. As we do not find ourselves to be another very competitive market, we have a strong brand value and for which all the OEMs or any good dealers promote Hariom brand as well as they are also encouraged the profitability and saves us a valuation for that also. So 100% on the EBITDA part, we will be growing continuously. Our area is not the volume. Our area is always a profitability.

So the things something -- what will be the EBITDA per tonne...

This will be the one what we are looking forward at. And moving ahead, whatever the OEM contributions and the value-added product contributions will add on, that EBITDA obviously grow.

See, the fourth quarter, if you see our blended EBITDA was INR 7,800 crores, okay? And throughout the year, you can check that is coming INR 7,258 crores. Our Oint of concern is as you witnessed for various times in the last 4 quarters, the steel price fluctuations are happened. When the raw material fluctuations have hugely happened and along with that, the supporting system like gas, oil, electricity, logistic costs are going ups and downs, there will be no flat manner or no manner and therefore, it will be impacted. It is for anybody's hand. It is the market scenario and situation that we have to understand. In the Q4, our EBITDA was -- blended EBITDA was INR 7,800.

Okay, sir. So what's your target...

If you go with that, last year march '25 EBITDA -- Q4 EBITDA, that was INR 6,583 from INR 6,583 to INR 7,800. So almost INR 1,300 we are increasing in the Q4 versus Q4 year-on-year basis.

Okay. What will be your guidance for next year EBITDA per tonne FY '26?

If at all everything goes back without the geopolitical issues and the scenario on the pricing hit and other things. So we feel that this will be the minimum one, and this should continue.

Okay. At least 15%, 20%...

See, growth...

Percentage would be very tough. So undoubtedly, as I told, this will be a constant push from our side to increase EBITDA only. This will -- undoubtedly, this will continue -- our efforts will continue to grow it.

You have to understand this is monopoly market and this is not an MRP-based product. Consumer product where you have to -- on the basis of MRP increase, you can say that profitability will be increased, all on market demand and supply.

Okay. And my question is on downstream side. Would it make sense to set up lighters by conversion of finishing units closer to your major OEM demand clusters like by the central plant, something like hub-and-spoke model cuts freight and light time. So it will get you closer to the customers like Ashok Leyland or any B2B customers? Is that something you are evaluating?

Generally, whatever transportation or logistics happens, happens with the tonnage basis. We are sending it to one of our -- again one more subsidiary or sister concern or whatever, again, the logistic cost from this space to that place has to be met. Everything will be, again, a problem or an investment. So it's always better to have one regional place. And from there only the supply should happen so that we control the quality and be a constant player in supplying the qualities as well, deliverables should be very good.

Okay. And any update on...

I take your point in a positive note. We have never witnessed this kind of thing as the OEMs are not demanding anything. They are getting everything on time. So if demands are coming from there end, obviously, we can think over it.

Praneeth, I request you to come back in the queue, please. We'll take the next question from Deepak Poddar.

Am I audible?

Yes.

Just wanted to understand any -- this EBITDA per tonne, I mean, the guidance that you have given is not dependent on the market price. That's what I pursued 33,000 -- a similar 12.5% EBITDA margin can give you inr 6,500 kind of EBITDA pertaining, [indiscernible] ASP, EBITDA margin of 25%, it can give you INR 7,600 crores. So for guidance of EBITDA per tonne, I mean more rates would need to give outlook in terms of EBITDA margins. I mean that gives more sense. I mean because in spite of higher prices EBITDA margins you were maintained. So I personally feel that EBITDA per tonne might give a wrong notion that your profitability is increasing. So that's what my sense is. So if you can throw some more light on margin front that would helpful.

So Deepak, generally, what happens is whenever the markets are getting grown up, we have the bank stocks as well, which are there lying under -- for the lower cost also. As we are having MoUs all the suppliers of primary players, so already those MoUs and other effects will also be added to the company. So it is not that one of the particular point, the prices have increased. That's the reason only we add on the EBITDA or something. But it is a continuous effort. And if can this has been maintained, it's on the merit basis of our own understanding for the value chain.

Okay. So EBITDA margin, aging on EBITA margin also you can comment, how should one look at the margins?

EBITDA margins are sustainable. Basically, whatever has been shown in the numbers are there. So these are the sustainable things, and this will continue as we are focusing only on our profits.

12.5% to 12.6% is kind of sustainable market, right?

Yes, they are sustainable.

Okay. Understood. And now with our value-added product also 90% of our revenue rate. So will it be right to say that our revenue growth should mirror the volume growth. I mean earlier what we have seen that revenue growth has been much higher than you have value because your value-added product has been increasing. And now with almost at 100%, so volume growth and revenue growth should mirror each other? I mean would that be a fair sense?

3 So if it all the volume is getting grown up, obviously, as per the percentage, the revenue will also be under a limitation of that percentage only. So I think that if at all the revenue is getting grown. Obviously, EBITDAs and other things will be constant on the percentage side. But again, on the numeric side, it will grow.

Okay. Okay. I got it. And on the CapEx, I mean this is the solar product, I think we are INR 240 crores is the CapEx there, total, for 60 megawatts?

40 to 45.

And how much debt we are taking there?

We have taken INR 195 million and it will be set up another 30, so net debt after completion, the project is coming around near to INR 160 crores.

Net debt is coming to INR 160 crores. So this entire thing we can in FY '27, I mean the corresponding depreciation of this plant as well as the interest cost responding to this debt, will start coming from -- I mean, has it started coming or will it come from next month?

It will be turning impacting FY '27. March 27 is the last day line to complete our entire 13 locations, 60-megawatt projects. So out of 13 locations, we have almost a start-up the project, 8 locations and 2 are yet to be coming for a. Remaining will be completed within this financial year.

During this financial year. Okay, okay, the tax. And just last thing from my side. In terms of our backward integration, I think we currently are at a 50%, right, in terms of backward integration, our capacities?

40%, you can say.

40%, right. So any plans to increase there? I mean that can help you or EBITDA per tonne or EBITDA margin...

Yes, that's already in case basically. So yes, we are also waiting on single AC order from Government of India. If on we get that, I think immediately, the things are in place, we can plan it out. Just waiting for on AC document.

So I mean...

Environment clearance.

Yes, yes. So that plant is already in process of construction?

And No, no, no. We cannot do without getting approval from the government, we cannot start construction. So majorly, the works are completed initially. But after that, we have stopped everything after getting this order only, it has to get started.

And how much time it will take?

Another 3 to 4 months of time once we have that in place.

3 to 4 months. And this 40% will become what in...

Around 80%.

80% will become in the next 3 to 4 months? Or I mean -- 80%...

It is subject to...

Department clearance and everything. We cannot assure you right now. It is all are subject to. Yes, we have a future business plan. And whenever Hariom is expanding, definitely, they have submitted all the intimations and everything in the stock exchange.

And how much...

Deepak, may I request you to join the queue.

I think this is the last thing. It is just a clarification.

No, no please.

Let me finish the question. Deepak, just your last question.

Yes. I mean it was just continuation of that. So this 40% to 80%, so what benefit it can have in our margin?

So the margins would not be very big thing, but only the quantity and the quality and the consistency of the supply for the raw material will get improved. The major out on the part will not be on the number part. But again, indirectly, it will attract some number. But genuinely speaking, it will attract the quality and the security of the raw material.

We'll take the next question from Chris Gandothra.

Two questions from my end. Firstly, quarter-on-quarter, I think our volume has grown by 20%, where the revenue has grown by 40%. So is that the correct estimate that the realization has gone by 15% to 16%?

Quarter-on-quarter -- sorry, can I repeat once?

So I want to know basically what is the volume growth quarter-on-quarter? 20%, is it correct?

Yes Quarter-on-quarter, 40%.

That is the revenue growth, sir. Volume growth will also be 40% or no? I think that is 20%?

Volume growth is coming around 20% quarter-on-quarter.

Okay. Perfect. So basically, the realization has gone up by 15%. And sir, in terms of FY '27, what is our volume guidance for this year?

For this year, we are having around roughly you can take 350,000 to 360,000.

350,000 to 360,000, so 20, 25...

Yes, depend on the market situation and global perspective.

Okay, sir. And how has been the current quarter been? Like are we seeing some 10%, 15% growth on a Y-o-Y basis or no?

Current quarter is good. So far, it is absolutely good.

Okay. So we can expect at least quarter 1 to have that 15% to 20% volume growth on a Y-o-Y basis, right, sir?

Number...

At this particular stage that it would be not appropriate. We'll have to -- we are trying hard, but maybe we can...

Sure, sir, just last question then. On the solar business part, sir. So do we expect there to be some burn for the first 2 -- 1 to 2 years or no that will be breakeven at least in the first year itself?

No, actually, it's not on -- whatever, in the past 2 years, that is depreciation. As you know, the depreciation is not the expenditure. It's the cash accrual. So depreciation part is coming, which help you to generate the cash and at the same time, take out the time income tax, nothing else. So profitability part because you have to understand that the income part is fixed and the operational are very negligible. Expenditure are there in the solar power. It's a long-term investment and long-term revenue, fixed revenue, without incremental operational expenditure.

We'll take the next question from as [indiscernible].

I just have 2 questions. We had faced Tamil Nadu population control board issue in one of our plants. Is there guidance for FY '27, keeping the volume disruption for Q1 in mind?

No, no, actually, that we are already in the first question also, we have explained that one. So that is not a case. The case was different in the pollutions and...

Your question is regarding to what exactly is it the numbers that you're talking about or the -- what exactly is question, can you repeat once?

No, sir, she's asking For FY '27 guidance if this site in mind.

No, no stoppage than not be there for this long actually. We have already in the getting this document...

So for the facing any sort of issue or any volume terms because we have the stocks and we have managed and we are getting the orders in a few days from the department, and we will start the operations.

Okay. And how are you compensating the loss of the volumes of the facility?

No, we have -- so far, we are not facing any sort of loss means any sort of shortfall in the volume. That's why that is my submission. In the April month, whatever volume we sold in the FY '25, the similar volume, we have achieved to be able to supply to our customer in FY '26 also. So therefore, our shortfall are coming because whatever stocks we have that was already dispatched. And after that, we have we have started the process from the asset-light model and there only from other facilities and supply to our customers. So it is not impacted to a volume target.

Okay, sir. Sir, just I have one more question. The recent supply disruption in gas impacted several companies. How much we were we impacted in Q4? And what do you anticipate in Q1? And what steps have you taken to overcome these challenges?

Touchwood, we have not been impacted by the gas, which was we were having our own -- the suppliers and other things are intact basically. So we have not faced any shortage or any disturbance in the supplies. We have the storages, so we do not have any problem to see in future also.

We'll take the follow-up question from Praneeth Reddy.

Sir, what is the B2B contribution for the last quarter Q4 FY '26? And what is your expectation going forward for FY '27?

Earlier, it was 15%. Now, it has become increased up to 20%.

Okay. In Q4 also, it is 20%?

Yes.

So what's your expectation going forward next year?

See, means you are supplying to engineering companies or OEM. It is not like that you have to onboard the dealer. It's not...

Yes, it is a continuous process like...

It is taken is time. And gradually, our target is to increase this B2B clients.

This is an ongoing business -- so this will never get stopped. The team is very aggressive in getting things done. So already very good players are there in the company's portfolio, and we are continuously in process of adding on new.

[Operator Instructions] We'll take the follow-up question from Sagar Shah.

Sir, I had a follow-up -- 2 follow-up questions. My first question was related to the volume guidance that you have given -- that you're confident of it at least on the profitability front of at least clocking 350,000 to 360,000 tonnes of volumes. So what will be the product mix that you are targeting? Will it be because already our Tamil Nadu plant is closed and definitely over Q1 will be impacted. So means, are we targeting the demand is good for MS tubes? Or is it for GP or is it GP pipes because scale holding has been relatively weak in this entire year. I'm not going for this quarter. But for FY '26, the volumes have been quite weak, actually. So what is the product -- what are the products that you are confident of actually getting this growth number from.

So firstly, because of the scaffolding as you rightly mentioned, it's a credit-based business. So we have just seated our wins to get it in advance and then only do it Hence, the reason getting it lower volume is because of the credits that we are not planning to give. Secondly, for the mixture of the products, it is all mixture of coils, it is a big share of MS and it is mixture of Going ahead, whatever the B2B sales are getting happened are for that particular line. So our major focus will be B2B only and the regular and consistent supplies to our dealers and adding on more dealers is going on. So the process from distribution ship model to the dealership model, is the end goal of Hariom. Henceforth, we are continuously adding on new dealers and our range and states and the approach of the dealers are getting a bit higher than compared to every quarter.

Okay. Okay. Fine, sir. And my second question, sir, was related to the solar power project. You highlighted that around 38 megawatts of production of the commercialization of capacity will happen from next month, that is effectively from Q2...

No, no, the 10 megawatts commencement will be happened in the month, and we have taken over out of 60, 38 megawatts of what is under progress.

Okay. So out of the total 60 megawatts, is it safe to assume that 10-megawatt will the production start from...

The total sanction capacity as per the PPA is 60-megawatt out of 60-megawatt, we have started commencement of the construction and the power plant for 38-megawatt out of 38-megawatt 10-megawatt is coming to production commencement in next month.

Okay. So out of that 10 megawatt, exactly I'm saying, sir, so basically out of the 10 megawatt, the pricing is around INR 3.21 per unit. So approximately, can you quantify that how much how much revenue can we get from that project at least in this year of 9 months of FY '27, what is our target from that project?

That is very difficult right now to calculate and give it to you. As when it will be started physically, and then we can give the correct estimate for the gas. Subsequently, other projects is also a pilot project will be the completed. So total FY '27, how much it will be coming, that will be given on the first quarter. we are unable to be on the first quarter.

Okay. And sir, my last question, sir, was related to the Metalmark subsidiary. In the investor presentation, you have mentioned that we haven't actually commenced the business. So where are we actually looking to start business in that? And can you provide some visibility that have you found any feasibility in the Maharashtra business trading business...

Already we have taken and tie up with the companies who are manufacturing facilities. We have rested our life of GST registration in Maharashtra in 2 to 3 places. We are waiting for the GST registration from Maharashtra. And similarly, we are being in Southern like Tamil Nadu and Telengana also the GST registration process. And we are also tied up with the suppliers as well as the customers. So therefore, as and when, we gave the GST registration from all the play on part of India will start the operations.

[Operator Instructions] Since there are no further questions, we can close the call. Can we request the management to give their closing comments?

Yes, sir, please, your closing comments, please.

Okay. Thank you. Before we close, I would like to thank everyone for joining today's call and for your continued interest in Hariom Pipe Industries Limited. We remain committed to building the company with a balanced focus on growth, profitability, cash generation and long-term value creation. Our efforts will continue towards strengthening our operating efficiency, keeping our market presence and maintaining financial discipline. We sincerely appreciate the support and confidence all of our shareholders, investors, analysts and other stakeholders. Thank you once again for your participation. We look forward to staying content and updating you on our progress in the coming quarters. Thank you.

Thank you. 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.