Balaji Amines Q4 FY26 Earnings Conference Call | Concall.in

Añadido: 2026-05-24

[00:00:00]Ladies and gentlemen, good day and welcome to the Balaji Her Minds Limited Q4 FY26 earning conference call. As a reminder, all participant lines will listen only mode and there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance during this conference call, please sign an operator by pressing star then zero on your touchtone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Gagan Digshit from Irurities. Thank you and over to you sir.

[00:00:36]>> Yes, thank you. Uh very warm welcome to everyone to discuss Balaji Amines Q4 FI26.

[00:00:43]It is our pleasure to be able to bring to you the Balaji Amines Limited led by Mr. D. Rami who is the managing director. We would also like this opportunity to congratulate the man management on its excellent set of numbers. With these words, I would now hand over the conference to the Balaji Amines Management. Over to you, sir.

[00:01:03]>> Thank you, Gagan. Good evening everyone and a warm welcome to Balajines Limited earnings conference call for the fourth quarter and financial year ended March 31st, 2026. I hope all of you have had an opportunity to go through our financial results, press release and investor presentation which have been uploaded on the stock exchange and on our company website.

[00:01:31]Financial year 2026 was a year of steady performance for Balaja Mines. Despite certain external challenges during the year, the company was able to maintain operational stability, improve profitability and continue progress on its strategic growth projects. The performance during the quarter was supported by stable demand across the key segments, better operating performance, improved cost absorption and continued contribution from our integrated manufacturing model. Coming to the consolidated financial performance for the quarter, our total revenue for Q4 FI26 stood at 403 cr as compared to rupees 361 cr in Q4 FI25 registering a yearon-year growth of around 12%. Our consolidated IITA for Q4 FI26 stood at rupees 102 cr as compared to rupees 68 cr in Q4 FI25.

[00:02:42]Evita margin for the quarter stood at 25% compared to 19% in Q4 FI25 and 18% in Q3 FI26.

[00:02:54]The improvement in margins was mainly supported by better operating leverage, stable raw metal conditions, prudent inventory planning, improved cost efficiencies and a favorable product mix.

[00:03:10]Profit of tax for Q4 FI26 stood at rupees 65 cr compared to rupees 40 cr in Q4 FI25 and rupees 31 cr in Q3 FI26.

[00:03:26]Diluted EPS for the quarter stood at rupees 19.99 per equity share compared to rupees 9.49 49 per equity share in Q3 FI26. On a standalone basis, Balajia Mines continues to remain a zero date company which reflects our strong financial discipline and prudent approach towards capital management. Moving to the fullear performance consolidated total revenue for FI26 stood at rupees 1,454 cr as compared to rups 1,430 cr in FI25.

[00:04:07]Consolidated IPIA IITA for the year stood at rupees 294 cr as compared to rupees 265 cr in FI25 registering a growth of around 11%. Iita margin improved to 20% in FI26 from 19% in FI25. Consolidated path for FI26 stood rupees 169 cr as compared to rupees 159 cr in FI25 reflecting a growth of around 7% pat margin for the year stood at 12% as against 11% in FI25.

[00:04:49]Our consolidated balance sheet continues to remain strong as of March 2026.

[00:04:54]Consolidated network stood at rups 2,152 cr as compared to rups 2 18 cr in March 2025.

[00:05:07]Consolidated debt stood at rupees 133 cr mainly on account of ongoing expansion related activities. During FI26, the company generated rupees 184 cr of net cash from operating activities. Cash flow from investing activities stood at negative rupees 344 cr reflecting investments towards ongoing growth projects. On the operational front, total consolidated sales volume for Q4 FI26 stood at 27,341 empty as compared to 25,871 MT in cube 4 FI25 within this amine volume stood at 7,746 metric tons.

[00:06:02]derivatives volume stood at 8,935 metric ton and speciality chemicals volume stood at 10,660 metric tons.

[00:06:12]Overall volume remained stable supported by consistent demand across key end user industries such as pharmaceuticals, agrochemicals, solvents and other specialty chemical applications. due the quarter production was briefly impacted in March 2026 due to an external geopolitical situation.

[00:06:34]However, the company was able to manage the recept disruption effectively through prudent inventory planning and uninterrupted availability of raw materials. This enabled us to maintain supplies to customers and ensure that plant operations remained stable.

[00:06:56]This performance once again highlights the strength of our integrated manufacturing model, supply chain capabilities and execution discipline.

[00:07:07]Demand conditions across certain enduser industries remain stable during the quarter. Our established amines amine derivatives and speciality chemical businesses continue to provide a stable operating base. Alongside this, the company continued to make progress on its strategic realities including the ramp up of electronic grade DMC, DMF and other products. These products are expected to strengthen our presence in high value segments and remain an important part of our long-term growth strategy.

[00:07:47]Let me now provide an update on our three projects. The dimethile ether or DME plant at unit 4 is expected to be commissioned during the first quarter of FY27. VME has applications in the aerosol industry and can also be used as a replacement for LPG in industries industrial and commercial application.

[00:08:15]Our NM metal mopoline or NMM project with a capacity of 5,000 TPA is currently under execution and is expected to be commissioned during FY27.

[00:08:28]The improved process based acid trial or Asian plant is also under execution and is expected to be commissioned during the second quarter of FI27. All these projects are progressing as planned and are being funded through internal approvals. Coming to Balaji speciality chemicals limited, the company is under a major expansion of around 750 cr in a phased manner. This investment is being made for a wide range of products including hydrogen cyanide, sodium cyanide, EDTA, EDTA, 2NA and other advanced chemical products. The industrial energy and labor department of Maharashtra has granted mega project status to this expansion under the package scheme of incentives 2019.

[00:09:18]At unit one, the brownfield project of per EDA based value added products including data data, PIP, AWEA and A is expected to be commissioned during the first half of FI27 at unit 2 which is the green field project at MIDI.

[00:09:38]Erection and installation work is currently in progress. This project is proposed for the manufacturer of HCN, NCD and ADA2 NA and is expected to be commissioned during Q4 FY27.

[00:09:54]These projects are strategically important for the company as they will expand our speciality chemicals portfolio, increase our presence in import substitution products and create a stronger platform for future growth.

[00:10:09]More importantly, they are aligned with our broader strategy of moving towards value added products, improving integration and enhancing long-term profitability. Strategically, our focus remains on three broad areas. First, we all continue to strengthen our core amines and derivative business by improving capacity utilization, operating e efficiency and product mix.

[00:10:38]Second, we are increasing our presence in high value specialty chemicals and electronic grade products which cater to industries such as pharmaceuticals, agrochemicals, water treatment, refineries, EV battery chemicals, paints, dyes and other industrial applications. Third, we remain focused on input substitution and indigenous manufacturing technology which have been important strength for balaji amine over the years. Looking ahead, we enter FI27 with a positive but measured outlook. Our focus will be on improving utilization across plants, completing ongoing projects on schedule, strengthening, operating, leverage and scaling up new products in a disciplined manner. The commissioning of DME, NMM, ACM and the expansion projects of Balaj specialty chemicals will be important milestones over the coming quarters. While we remain watchful of raw metal prices, global demand conditions and geopolitical developments, we believe Balajines is well placed for gradual growth. This confidence is backed by our integrated manufacturing model, diversified product portfolio, strong customer relationships, expanding hospitality chemicals platform and disciplined balance sheet approach. With this I would like to thank everyone for joining the call. We can now open the floor for questions. Thank you.

[00:12:19]>> Thank you sir.

[00:12:21]We'll now begin the question and answer session. Anyone who wishes to ask question may press star and one on your touchstone telephone. If you wish to remove yourself from the question cube, you may press star and two. Participants are requested to use answered while asking a question. Ladies and gentlemen, we'll wait for a moment while the question Q assemble.

[00:12:45]The first question is from the line of Priyanker from Valium Capital. Please go ahead.

[00:12:53]>> Yeah. Hi sir, thank you for the opportunity.

[00:12:56]So uh just a broader question looking at your expansion plan. uh say we are at a capacity at the standalone uh company at say 2.93 lakh tons metric tons uh 293,000 metric tons and then when we were to see the quarterly volumes we roughly at a company level operate at 3540% utilization. So just wanted to understand why would we continue further expansions uh despite remaining at such a low utilizations and which would be those products where the utilizations would be further more low and if you can highlight few products where the utilizations are uh higher than the company.

[00:13:39]>> Thank you Priya. See uh the new uh projects they are not the same products uh increasing the capacity they are all new products like we are talking about the D methile eater which is an alternate to the LPG so this we have planned about four five years back by uh contacting the NIO that product we will commissioning probably maybe in month in this month only and uh other thing is acetone nitr which was because that was the old technology we have just uh improved the technology and you are talking about the utilization yes only one or two plants are utilized very lower capacity like DMF and like glutalamines like battery chemicals DMC and all because the battery manufacturers are yet to off so that's the reason those plants see we are gearing up and we are getting ready for the tomorrow's uh requirements.

[00:14:49]Got it. And uh second question on uh given the supply chain disruptions that are happening globally uh and then we have seen those uh realization getting benefited uh for you in this quarter. Uh and so would be also the uh the profit margins that reflects the spreads improving on the AITA level. Uh if you can just highlight what is the average price hikes that you have taken in the current quarter and what is the realization growth that we should think of it uh in the in the ongoing months and the quarter till the time the disruption remains globally. What would be that quantum of price hikes that you're looking at it?

[00:15:35]See these prices you are aware that because of the current geopolitical situation uh most of the raw matters how sometimes it is doubled even three times also two and a half times of the its uh regular prices.

[00:15:50]So because of the some of maybe some of the plants might have uh shut down because of this situation. We got the uh proper uptake uh from the customers for the this uh current quarter and uh because of the our proper inventory management we could be in a position to maintain these profit margins and uh we give the guidance in coming quarters also because of the new plans or new products are coming up. I hope that uh the value growth should be in the coming financial year. may not be this year maybe partly we're coming up but I'm talking about the uh 2027 end there should be minimum 25 to 30% volume growth should be there from the current volume values and uh the ITAS should be uh sustainable between 22 to 23% on the total sales >> got it and one last question on methyl amines uh s one of large metforming customer manufacturer has backward integrated. Uh would it be possible to quantify what kind of risk do we run on uh this one large customer uh in terms of our capacity uh as a percentage?

[00:17:19]It is for you you you are feeling it is a large manufacturers but for for us what we have seen is their uh requirement of the uh dimethylam chloride maybe about 15 to 20% of the total uh our outflow and secondly even today also they are buying even this month also they are buying from us I don't know where from you got and maybe they have some problems or maybe our cost is uh than their cost of production. So even today also they are buying from us.

[00:17:58]>> Got it. Wonderful. Thank you sir.

[00:18:05]>> Thank you. The next question is from the line of Parikit Gujarati from Nisha.

[00:18:11]Please go ahead.

[00:18:16]>> Yes sir you are. Please go ahead sir.

[00:18:18]Thank you.

[00:18:19]>> Uh so I question earlier the management said that they are targeting 2,000 cr of revenue by fi 28 in which majorly bar speciality chemical will contribute and will contribute. So on that I had a question in DNA we still have to get the approvals from the government. So there's a big So that is a big policy which there and on the speciality side uh the the end market demand is still growing in a single digit. So what is the reason that we are doing such a big effect uh and we announced this effect two years ago also and we haven't been able to ramp up very fast. to through the application like >> see uh number one this is regarding the dimethyl ether approvals see there is no nothing is pending for the manufacturing point of view they're already having the uh permission for the manufacturing only thing is for the transportation part of the approvals will already be on the place so that's the reason we are going ahead plant is already uh fully uh constructed just commissioning is going on now the commissioning activities are going on and as regards the consumption of GME country presently India is importing almost 25 to 40% of LPG from outside country and we are talking about only 100,000 that is one lakh tons capacity we are putting up and uh we are as I said we are targeting only aerosol and commercial establishments.

[00:20:14]You are aware that the government has increased almost 1,000 rupees per cylinder recently. Supposing 10 days back only they have increased for the commercial cylinders. So definitely we think that we should be in a position to uh continue this project and very profitably.

[00:20:37]Second thing as regards the bal specialy chemicals I don't know where from you got the figures like the new products valuated products which I have mentioned in my speech that is TA tapa and uh A these are all products having very good demand in the world market but the TA nobody's making in the country so there's a good demand and uh like other products like green field hydro cyanide and sodium sinide there's a good demand in the country as well as outside country also.

[00:21:16]So are you still on you are saying that they will be able to reach 3,000 revenue at 28?

[00:21:25]Definitely guys you are not heard fully I said if situation goes like this we will be definitely reaching 3,000 coursees in 2028.

[00:21:39]Okay. And so on the DNA side, I wanted to ask like that's the last question. Uh so what so what will be the amount of volume of DNA which India will require and is there a good risk from China that China will dump at lower prices in India?

[00:21:59]No, as of now China has not come to the India because this being a in the gas gas farm I don't think there will be much competition from the outside country and uh you asked about the what is the see I am saying when I say this is alternate to the LPG so wherever the LPG is used there we can use this like aerosol market that itself is more than 40 to 50,000 tons currently uh using the other gases. So there it is easy to target by giving this uh DME and the same way commercial establishment there are many commercial establishments like baking industry bulb industry ceramic industry they're all depending on the natural gas or the LPG where we can replace this specifically in current situation there is a tremendous shortage of the LPG so I don't think there should be any problem.

[00:23:02]Okay. So, so you are saying that uh from this one only you will start supplying DNA to the government, right?

[00:23:12]>> Yes.

[00:23:14]>> Okay. Got it.

[00:23:20]>> Thank you. The next question is on the line of Nlesh from HDFC Securities.

[00:23:25]Please go ahead.

[00:23:27]>> Yeah. Uh good afternoon, sir.

[00:23:31]Uh my yeah so my first question uh is on our consolidated numbers. So there is a sharp reduction in other expenses in consolidated numbers. Uh what are the steps or the effort that we have taken u that uh to reduce it and uh what number we should build in for FY27 in our for for modeling purpose?

[00:23:58]I didn't understand other huhens consolidated because of the specialtity chemicals because the subsidiary is not working in full position because of the uh activities for the modification.

[00:24:19]It is working 10 days working on 15 days is working for the modifications repairs are going on which which goes into the expenses which going for the modifications definitely goes into the capitalization.

[00:24:38]Okay. Okay. Okay. So this is the impact.

[00:24:41]So can we work out with the quarter C number as a normal number and the other expenses for uh FI27?

[00:24:51]>> If you have specific if you if you have specific uh numbers you want in the other than the what we have presented a mail. Uh sure sir I will do I will do drop a mail to see us. We'll definitely try to give you your your uh answer to your question.

[00:25:10]Yeah. Okay sir. And the second question um in the sub number there is a growth at top line. However at a gross level the rise in raw material cost is very steep. Uh any specific reason I mean in terms of uh ethereal diamine prices has increased or something like that.

[00:25:31]>> Yeah there's a there's a increase in the raw metal prices.

[00:25:38]Okay. It's almost three times than the normal.

[00:25:42]>> Okay. Okay. And that's why our subsidiary return the gross margins are much much lower compared to quarter last quarter.

[00:25:51]>> Yeah. Because see we cannot consider these numbers. The reason is it's it's already working >> 15 days 20 days times even 10 days it has worked. Only thing is after this modifications from the third quarter onwards you will see the real figures of this existing plan.

[00:26:11]>> Okay. Okay. Okay. So meanwhile we can take the uh annual number or maybe the uh six monthly number as a benchmark. Is that is that right?

[00:26:22]Instead of quarterly numbers.

[00:26:25]No the it's very difficult to uh compare because almost 9 to 12 months it is on the modifications type of things only happening you cannot consider them as a benchmark right >> okay okay sir interesting last question then uh what are the prices of EDA data in Q4 particularly in the month of March and what are the prices now uh it's between 300 uh 280 80 to 300 even it went up to 400 also in the smaller quantities.

[00:27:01]>> Okay. Uh this is you talking about the Q4 number average Q4 number average Q4 number about 300 and today it is about 270 280. Yeah.

[00:27:14]Okay. So uh there is a deep Okay. Thanks a lot. Thanks sir. Thank you sir and all the best sir.

[00:27:23]>> Thank you. The next question is from the line of British Sher from the key investment. Please go ahead.

[00:27:29]>> Yeah. So my first question is how what is the arrangements for raw material especially methnol and ammonia on the standalone side and then uh on the EDA side how are we positioned on the raw material and continuation of manufacturing.

[00:27:51]Hello.

[00:27:52]>> Yeah. Yes.

[00:27:54]See, so that's my first on the raw material. Yeah, >> raw materials we are regularly market regularly buying. For the ammonia there's no problem. Uh only prices are up but availability is no problem as of now they are getting regularly. Methanol is also there is no problem. Only thing is prices and volatility in the pricing.

[00:28:20]So one need to alert every time. See earlier what we should do when we you buy order today and for the entire month you should uh should keep quiet but now we need to uh be alert every 3 days 4 days we are observing what is happening in the market and we are buying in a shorter uh quantities for a shorter period.

[00:28:45]So uh the availability of so there is sufficient arrangement to make sure that the plant which was running at 25,000 tons volume for all these last three right 20,000 per quarter so you have necessary arrangement to make sure that at least plant runs at the run rate what you were always doing right >> yes you're right >> okay my second question is I didn't understand your 30% volume growth guidance so what will drive 30% volume growth and are you prepared from the raw materials trying to deliver that 30% growth?

[00:29:22]>> Yeah. 20 to 30% volume growth I said because considering the three new plants one is acetone nitral dimethyl ether and your nmm these three new plants are coming up and even the the battery industries which is yet to start. We hope that in the current financial year they will uh start and next financial they will stable. So all these considering all these I have taken very conservative uh number of 30% capacity uh 30% uh volume growth.

[00:29:58]>> Okay. My next question is on the uh Line portfolio side and the EDA portfolio side. Uh if you could tell us the pricing that you experienced in March and the pricing that you're experiencing now. uh or the spreads which you experiencing in March and the spreads which you're experiencing now uh are they holding on are there any changes see there is a change there was a change in the March also three four times even now also every 3 4 days there is a change even if I give you some numbers today the price is going on this that will not work for your calculations because there is a because of this current geopolitical situation every 2 days, every 3 days there's a change in the prices. So only thing is one need to be very alert both the side sales as well as from the procuring the raw metal side. So then only we should be in a position to maintain the margins what we have uh assured.

[00:31:00]>> Okay. And my last question is on the three new products which you referred to which is acetone nitral uh d methile ether and the one more other product.

[00:31:10]What is the usual what is the pricing range that they are at? So they are at that 200 plus range or 300 plus range pricing. What is it?

[00:31:21]One is this is about 100 plus 120 rupees is a dimethyl ether what we are thinking around 100 rupees basing on the current situation and acetone nitral is about 240 rupees today's situation and uh NMM is also about 250 to 300 rupees okay sir uh thank you I have if I have more questions I'll come back thank you very much >> thank you Thank you. The next question is from the line of Bhagwat from Prosperity Wealth Management Private Limited. Please go ahead.

[00:31:59]>> Uh thank you for the opportunity. Uh my question is regarding the dimethile litha plant. Uh could you please comment on the expected utilization of the plant along with the potential revenue and EITA margin for current year and next year please?

[00:32:13]>> This is very difficult question.

[00:32:16]Yeah, utilization I can say if the situation goes like this, we can utilize fully. Only thing is we are waiting for the uh permission and the transportation road transport permission we are uh applied to the government and we are following up. We expect that in a month's time that will come and uh production yes we will continue the production till what we have the stoages we fill up the our stoages and margins it is very difficult to say only the we can say today's margins okay with the line of other chem other chemicals it is there but tomorrow it is very difficult to predict what will happen at the raw metal Uh so if you get the uh road transportation permit uh position so uh since the time we can utilize the plant or the house >> we current financial maybe about 40 30 to 40% we should be in a position to utilize because there will be some treating problems in the production even it's also using the new product being the first time in the There also adjusting to the product also will take some time. By end of the year we should reach to 50 to 60% capacity and coming years it will go to 80 to 90%.

[00:33:42]>> Okay. At 100% utilization what is the uh potential revenue?

[00:33:49]which I'm telling you today's price even if you take conservatively 80 90 rupees also our capacity is about 100,000 tons that is even if you take 80% 80,000 tons you can calculate okay okay and the margin that you have mentioned is similar to the other chemical margin that's around 22 23% approximately >> today's situation today's situation uh okay uh that's around 22%.

[00:34:22]>> 22.

[00:34:24]>> Okay. Okay. Thank you for all the answers. Thank you so much.

[00:34:29]>> Thank you. The next question is from the line of Anil Sha from Insightful Investment. Please go ahead.

[00:34:36]>> Yes sir. Hi. Just wanted to know what would be your capex that is still remaining in the standalone for these three products that is DME, NMM and ACN for this year.

[00:34:48]I think hardly 20 crores must be there.

[00:34:52]We already spent almost all the money.

[00:34:55]We paid the advance for some of the equipment. They on the way only balance there maybe 20 crores >> for for all three products combined.

[00:35:06]You're saying about 20 crores is balance. Yes.

[00:35:08]>> Right. Correct. And from a subsidiary perspective what is likely capex this year that we will be doing balaji speciality?

[00:35:18]>> Uh it's total 750 crores. In first place we'll be spending about uh 350 to 400 crores.

[00:35:26]>> Okay. Out of which how much will be this year?

[00:35:29]>> This year is about uh we already spent uh more than 100 110 crores. we'll be spending about uh another uh 2 250 crores this uh current year.

[00:35:44]>> Okay. So basically we've got we are looking at anywhere between 250 to 275 crores of capex combined on a consolidated basis this year.

[00:35:55]>> Yeah. 2 275 to 290 >> 275 to 290. Uh just just to touch upon in terms of you know the DME obviously while we await the road transport provision. Uh >> have we already been approached by prospective buyers and you know is is there a volume understanding agreement which has been signed or is it all going to go on spot or how does this work? If you could just explain a bit. We we we approached almost all the customers who are equivalent to our capacity. The only thing is this being a gas >> we cannot provide them the sample.

[00:36:39]People are asking for the sample. Now we ordered about 100 uh cylinders of 500 kg each. Those we'll be sending one one cylinder. to each each customer even though they are the bulk consumers they'll be testing with 500 kg and after that testing once the trials are done successfully then they will be placing the other bulk requirement of course after receive the transport permission >> agreed so more likely than not we should see the actual booked revenues only probably in the second half of the fiscal >> yes >> because permission you said I I have not considered anything in this month. I have not considered anything.

[00:37:24]If you heard my earlier answer to the question, I told them that there will to 30% volume in the next next financial year considering all these products.

[00:37:40]>> I thought you said 30 to 40% utilization for DME in FY27 itself, right? 30 to 40% utilization.

[00:37:48]>> Yes. But conservatively I said these all the three products like acetone nitral part we are selling but when that comes that sales will increase and these two products are new again one is the NMM and metal mopine and this >> also have you see any product when you go first time in the country there are two types of theing problem one is our side to get the quality of the customers the specifications number two they acquaint tense for the product being manufactured first time in the country when we talk about the alternate to the the product one they are using already.

[00:38:28]>> Okay.

[00:38:29]>> So there also they will they will take some time considering all these things we said this year it will be very marginal but next financial year we'll definitely see 70 60 70% of the uh growlation should be there for this product. So for this particular year then you know what kind of volume growth and what kind of revenue growth you know more important is volume because you know uh value growth is obviously subject to a lot of raw material prices moving up and down.

[00:38:58]So what kind of volume growth for this year as a company that we should be looking at you know because I appreciate the fact that DME uh ACN and NWM will take its time and you're not factoring in too much for this year and that's understandable but if I pen I assume I assume it will be 10 to 15% volume growth should be there.

[00:39:19]>> 10 to 15% volume growth and this is for uh consolidated part right?

[00:39:24]>> Yes.

[00:39:26]>> Consolidated >> yes.

[00:39:29]>> Okay. And in terms of the last question sir in terms of the battery chemical unit how much would we have spent and is that unit uh been uh commercially operation in terms of is or it's still you know not we are not showing it as commercially operating >> it is oper it's already started the production but uh not for the battery chemicals we are giving to the other sectors also there is some consumption like agro and pharma Okay. It is running at 20 to uh 25% capacity the production is going down >> because this battery people I don't know everybody is talking this month next month somebody said that from the April onwards will come into the full swing.

[00:40:18]So we'll have to wait the moment they start then then then we will be in a position to utilize our capacity also.

[00:40:26]>> Yeah I understand that. So just sorry I'm just extending the same question it's not a new question but has a product been approved by the respective battery manufacturers and you know in terms of the trial runs in terms of samples all all the all that part has been done it's just the fact that they need to start commercial orders to be placed is that correct >> yes they placed some of the people placed commercial also some 100 tons like that some of the people they placed they said But it is this is not exactly I'll tell you two things. One is the battery uh based chemicals and other is electrolytes. Our products go in the chemical electrolytes.

[00:41:10]>> Okay.

[00:41:10]>> People who are buying from us presently who bought aboutund 50 tons they said that Indian companies are not yet ready. We are sending selling this outside country.

[00:41:22]They bought our chemicals. They made a electrolyte and they sold it. We are selling it outside country.

[00:41:28]>> Got it. Got it. And we are hoping for some better utilization in that particular segment.

[00:41:35]>> Yes. Yes. Definitely. Definitely.

[00:41:38]>> Thanks. I'll join the queue. Thank you so much.

[00:41:40]>> You're welcome.

[00:41:43]>> Thank you. The next question is from the line of Raji Rupani, an individual investor. Please go ahead.

[00:41:50]>> Uh yes sir. Congratulations on a good set of numbers. Sir my first question is uh uh regarding increase of stake in BSE uh from 51% to a higher level. So I would appreciate I have been asking this uh question since last few con calls. So if we can increase our stake in BSC from 51% to a high level it would be good. Will you update us please?

[00:42:20]See this is there are both both the boards are involved both the shareholders are involved so they will take at appropriate time the both the boards will take the distance and will take place >> so are we going for a IPO or are we going to increase the stake any hint can you give us >> it's too early it's too early Raju to discuss but why the IPO is postponed because we want to go come with the all the products into the market then we will talk about the what action to be taken.

[00:42:59]>> Okay. And sir my next question was this uh that green field and brownfield keg I had you know come to you and we had did a plant visit in June 23.

[00:43:12]So now it's been uh 3 years not even the phase one of the green field capeex has started. So is there a delay of more than a year in this?

[00:43:23]No the things what we said in 2020 they already in the production like itamine and DMC and all those products are already in in the production now because we modifications we have taken last year only the modification decision for the bar specialy chemicals one which is going on you you yourself was telling that you did not visit from 2023 how can you say that what is happening currently level. Once you visit you will understand what quantum of work is involved, what type of uh machinery is involved. Once you visit probably by this month end or next month mid we will be inviting the uh investor stakeholders for the visit of the witness the expansions going on.

[00:44:17]>> Okay. My next question was on anti-dumping duty on DMS and EDA. any update on that >> DMF we have not uh not yet applied that old one old case is still there and EDA it was at final stage but because of this geopolitical situation government has withheld many products they made it duty-free forget about the regular duty anti-dumping so we will have to wait till end of June because those orders given by the government of India for exemption of certain products is varied up to I think uh end of June probably after we will come to know state of all these cases I'll get back in the queue thank you we take this as a last question I now hand the conference over to Mr. Sir, thank you and to you.

[00:45:19]>> Yeah, thanks for all the part and special thanks to the Paladi MI management for sharing their views on the company's fourth fiscal year 2020 government. Uh we take then this opportunity to thank Mr. Rami and his team once again. Uh would you like to give any closing comments sir?

[00:45:38]>> Yes, thank you. Thank you. I would like to thank you all the participants all the stakeholders who are wellishers all the shareholders to showing the interest on our company definitely we will not let you down I once again assure you all and as I said we'll be inviting uh whoever is interested to witness the expansions going on so thank you once again thank you >> thank you on behalf of securities that concludes this conference Thank you for joining us.