Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Birla Corporation Ltd (NSE: BIRLACORPN) Q4 2026 Earnings Call dated May. 11, 2026
Corporate Participants:
Sandip Ghose — Managing Director & Chief Executive Officer
Aditya Saraogi — Group Chief Financial Officer
Rajat Kumar Prusty — Chief of Manufacturing and Projects
Analysts:
Rajesh Ravi — Analyst
Shravan Shah — Analyst
Pathanjali Srinivasan — Analyst
Harshal Mehta — Analyst
Presentation:
Operator
Ladies and gentlemen. Good day and welcome to the Birla Corporation Limited Q4 and FY26 earnings conference call hosted by HDFC Securities Limited. As a reminder, all participant lines will be on listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr.
Rajesh Kumar Ravi from HDC securities. Thank you. And over to you.
Rajesh Ravi — Analyst
Thank you. Good day everyone. On behalf of HDFC Securities, I welcome you all to Birla Cops, Birla Corporation’s Q4 and FY26 earnings call. The Birla Cop management will be represented by Mr. Sandeep Ghosh, MD, CEO and Mr. Aditya Sarogi, Group CFO. I now hand over the call to the management for their opening remarks which will be followed by Q A. Over to you, Sandeep sir.
Sandip Ghose — Managing Director & Chief Executive Officer
Very good morning or good afternoon to all of you. Thank you for joining in such large numbers on a Monday morning. We know Mondays are busy days and lots of activities have happened around the country, lots of announcements. So we don’t want to take too much of your time in today’s call. Most of our statements have been contained in the press release which you have seen and which I find has been also captured by many of the analysts. So we will dive straight into some of the operating parameters and then get into your questions.
This is Sandeep Khorsh, Managing Director. With me I have Ms. Adity Sarogi, our Group CFO. And on the operation side I have Mr. Rajat Krishti who is our CMOP, the Chief of Manufacturing and Projects and Mr. Kalidas Pramanik who is our CMO Chief Marketing Officer. He is present here. In short, you know, as you would have seen, we had during the year a few challenges and marginal setbacks especially in regard to the operations of a couple of our plants. But we were, I think, able to overcome them and also sticking to our strategy, we were able to make the most of the tailwinds which one observed during the last quarter and take the most advantage of it in the marketplace as well as in our operation site and been able to deliver a healthy set of numbers we believe or which we find satisfactory for ending the year.
On a reasonably good note as we look forward, I know we are all staring at many uncertainties and variable. So any kind of projection has to be tempered with caution for, you know, the unknown which would be applicable to all, not just all companies in the industry, but the country as a whole and maybe the entire global economy, especially some of our neighboring countries. So we are, we will be sort of taking it as it comes and will not be making as it is, we don’t make much of forward looking statements.
But even going forward I think we will be cautious in our guidance for the months ahead. You know, we are in a very, very dynamic and volatile situation. As you would know, from the day we declared our results on Saturday till today, we have had announcements from the Prime Minister no less than the Prime Minister himself in terms of some of the clouds looming on the horizon. So we have to look at each day separately and go forward. But I think two things are there. We are, as far as we are concerned, we are on a solid footing in whatever we have done and what we have demonstrated hopefully to the market and to all of you who observe the company, follow the company closely, that we are not the ones who do knee jerk reactions or veer from strategy.
We set our course in a particular way 3 years or more than 3 years ago post Covid and we have by and large been able to stick to that, adhere to that and without getting distracted by temporary ups and downs or some regional imbalances and disturbances. So with that I hand over to Mr. Adity Sarogi to give you a broad overview of the numbers. He is just fresh from the CNBC interview wherein also he has given I think an overview which many of you have heard and I found some of you have also reported on that.
So we will get straight into it and conclude the meeting as soon as we can. So we would also request you to be focused on your questions and what is relevant because we may not be able to unnecessarily speculate much in the future. So those futuristic questions, some of that which sometimes comes up in an actual course, ask only what is what you think is immediately relevant for in the interest of time. Thank you very much.
Aditya Saraogi — Group Chief Financial Officer
Good afternoon ladies and gentlemen. In our performance for this financial year we have done a growth of about 4% in volume for the year was close to about 800 rupees and for the quarter ended March was close to 1000 rupees. Apart from the quantitative factors There are certain qualitative factors where we have done where we have taken constant first and we have seen positive results. For instance in the blended we have moved from 82% in the last financial year to 88% the current financial year in the trade segment from 70% in last financial year, we have moved to 77% in this financial year.
Our lead distance has come down from 350km to 337km in this financial year and our mukbang volume has improved from 24.6 lakh tons to 27.7 lakh tons in this financial year. With that I open the forum for student and we’ll be glad to answer specific questions that you have.
Questions and Answers:
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchdown telephone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We’ll take our first question from the line of Sukrit D. Patil from ISIGHT Fintrade. Please go ahead.
Shravan Shah
Good afternoon the team. I have two questions. The first question to Mr. Ghosh is looking ahead, how do you see Birla Corporation shaping its growth in the cement and building materials over the next coming quarters and particularly in terms of capacity, capacity expansion, sustainability initiatives and brand placement in the premium space? That’s my first question. I’ll ask my second question after. Thank you.
Sandip Ghose
It will be useful if helpful if you would have asked your second question as well. But I’ll answer your first question as you know that our capacity we do not have any major capacity expansion plans unlike many others who have announced in the past. I do notice that some people who had announced capacity expansion are on a rollback or have announced some rollback or slowdown in the capacity. We have not done any aggressive capacity expansion announcements in the past so we will proceed according to that.
There are no major changes from whatever is already there. We know Our MyHer line two is, you know, work in progress. Along with that will come the new grande units which are linked to that which will are between Eastern up around some of those. But beyond that we are not really looking at your acquisitions expansions. With the MYR line 2 coming by financial year 29 we would go up to 27.5 million tonnes is what you would see in terms of our strategy so far you see our total numbers this year we have reported the highest ever number with our existing capacity.
So what is happening is our strategy of moving progressively towards almost 100% capacity of blended cement. We are making steady progress despite the change in the market composition. Because in our markets, core markets where we are the way markets are expanding and with the investment in brands that we have done over a period of time we are finding there’s greater acceptance of our blended and value added cement. So you’ll find therefore the composition of our premium volume in our total kitty is systematically increasing not just across units but across regions also how our Mukudban volumes are progressing.
There again in our core markets we are able to acquire greater market share and that too through our blended. So this kind of efforts will continue. We’ve installed our third line in Kundal Ranch. That will give us again some play in our code and profitable up market. And all of that will again come from blended cement. Unlike some people who have set up new units. Grinding units in Uttar Pradesh we are aware of but they are grinding OPC over there. That’s not our idea. We want to do it a value added blended cement and that to our premium brands.
So that is basically how things will move. We are not talking of any big bang expansion just now. There are some, as you know, some mines, acquisitions et cetera are happening but those are much more futuristic and we’ll talk about that in the days to come or years to come. Thank you.
Shravan Shah
Thank you. My second question to Mr. Aditya is from a forward looking point of view, want to understand your plan of action on how you see capital allocation evolving to balance growth, investments, reduction in debt and shareholder returns and what structural cost levers are being built today to ensure margin stays strong and in the coming quarters. Thank you.
Aditya Saraogi
See in terms of capital allocation we have got about 4,000, 4,500 for capex time undergoing right at this juncture. So where we are taking our capacity? One part we just concluded in the last financial year maybe went from 20 to 21.5. Now in the next few years we are going to set it up to 27.5. So most of our capex is. Most of our internal accrual is going to be allocated towards cash capex program. So you will not see any debt reduction. In fact the debt is going to go up in a few terms though in terms of debt to EBITDA if you’re not cool, exceed 2.5 is what our local outlook is.
And as far as cost reduction is concerned one major river is that we have just started production or mining in Our full fed production is going to come from next financial year. So that is going to be one major river into fire. Cost was.
Shravan Shah
Thank you and best mission.
Operator
Thank you. Next question is from the line of Shavan Shah from Dalit Capital. Please go ahead.
Shravan Shah
Hi sir. Thank you and congratulations on better operating performance this quarter. Sir before answering question just to clarify or maybe reconfirm whatever the surrogate sir has said on the cnbc kind of a 20 million volume in FY27 which is a close to kind of a 7% growth. 800 rupees EBITDA per ton. 900 crore capex for FY27 and some 50 odd rupees price like which is there in April and 150 to 175 rupees cost per ton increase from Q1 onwards. So just wanted to recomp from this is what that we are looking at
Aditya Saraogi
Just one small ration. I said close to 21 million. Close to 20 million tons. I did not give a specific number. It is mid single digits in terms of volume growth.
Shravan Shah
Okay, okay. So in. In that scenario. So first on the volume front if I. If I exclude the Mukumban the entire other capacity even for entire full year of FY26 is one can say close to kind of a 99 utilization. Is that so whatever the growth in the volume in FY27 likely to come is primarily on the 1.4 million ton Kundankanch that we have started
Aditya Saraogi
Also.
Shravan Shah
Okay. Okay. Okay. Got it. And now on the couple of data points. So particularly on the KCL front for Q4 what was the KCL and in terms of fuel mix also. So you have said the Vikram code the full fledged production will will come in the FY28. So this year how one can look at and how much kind of a saving this year and maybe the next year once it it will reach the full fledge. So what’s the cost difference? How one can look at that part
Aditya Saraogi
Coming to vision. This year the annual capacity is about 3.6 react tons. And this year we expect to be about 1.2 lakh tons. And next year we expect to achieve full capacity. And to give you a sense of the cost our landing cost per victim is going to be in the region of 1 to 1.05. And the current prices of domestic coal is around 1.45. So that will give you a sense of the cost arbitrage that we will get from second. First was your other question
Shravan Shah
What was the K cost?
Aditya Saraogi
K cost in 24 it was 1.53.
Shravan Shah
Okay. 1.53 and mostly the in Q1 the the primarily the packing bag cost which will be 800 rupees and
Aditya Saraogi
Packing bag and fuel.
Shravan Shah
Okay. And
Aditya Saraogi
Maybe the visual cost will goes towards increasing the logistics cost a bit.
Shravan Shah
Okay. Okay got it. And just a clarity in terms of the capacity so 1.4 million ton each for Pragraj and Gaia. Phase one this we will be starting by FY28 and or it would be maybe Q3 Q4
Aditya Saraogi
FY28
Rajat Kumar Prusty
Q3 Q42324 okay.
Shravan Shah
Q3 Q4 that we will be starting and in terms of the sir you said that now we are looking at a hundred percent kind of a blended cement which will be the premium share which will be keep on increasing. So this current 63% premium share how one can look at to inch up and the blended cement also 87% when one can look at kind of 100% kind of a number and how this will help us in terms of the extra.
Sandip Ghose
It’s difficult to predict exactly how but what you would see in our you know trajectory quarter to quarter year on year. If you see we have been moving in that direction and this is despite the market composition changing. There is you know in many most markets we have seen the growth in non trade segments increasing and consequently there is an OPC segment which has gone up but we have not been lured by that. We have stuck to our position of pushing our blended cement and the premium cement up and that is a strategy which we will follow consistently.
So we are not veering from that and that’s the point to be noted from your thing that you’ll find that we are doing that in a very consistent manner. But it’s difficult to say when we will reach 100 or whether what is the level we are today whether that level will remain or they may. There may be a slight slippage or reversal on a quarter to quarter basis or something. It can be those are subject to market variations but we are extremely clear on that strategy. What is further thing we are going to do on the branch etc that only we can’t talk about now but we were the ones who among the.
I don’t like to use the term the B category players. We were the first to move heavily towards premiumization and we are. We have gone in there aggressively over the years created a new flagship brand Perfect plus which has now got a practically a footprint in all of northern India to central India. It is gaining traction and all of it so that strategy has worked. So we Will also we hope to lead innovations in that category because others have also moved in that direction subsequently. Who were the B segment.
We have seen some amount of dilution in the equity of the A category players without naming them in terms of their price positioning which has put put us at par with many of them or even higher than many of them in our core markets. So that’s the direction we are moving. We are. We have the advantage of being a smaller player with high capacity utilization. So we are not really under pressure to ramp up. You know, as I said, some people who have added capacity are having to even grind OPC which is a very unusual thing in the grinding units rather than taking the OPC from their mother unit plants which are fairly close by.
We are not doing any of that even if there are incentives available somewhere. So we will stick to that. But you can’t really predict exactly when we will reach 100% or whether that 100% will remain constant or there may be a slight reversal on a quarter to quarter basis.
Shravan Shah
Yeah, sir. Lastly the incentive in revenue in Q4 is just a 1 odd crore. And if that is the case, how one can look at FY27 incentive on a full year basis.
Aditya Saraogi
The incentive in Q4 we have booked 140 crore out of this. About 90 years of crore was directing to earlier years. And 50 crores were relating to the current year. Okay. And there’s a. In the current year we have average cosmetic index about 24 crores. So you can take to the 24 all cross. The incentive will be booked in this quarter was rejecting to the earlier quarter. Insofar as the next year is concerned with commandment coming on screen we expect the incentives to go up to 130 around 130 clause.
Shravan Shah
Okay. Got it sir. Thank you. And all the best.
Operator
Thank you. Ladies and gentlemen. In order to ensure that management is able to answer queries from all participants. Kindly restrict your questions to two at a time. You may join back the queue for follow up questions. Next question is from the line of Siddhan Dant from Goodwill. Please go ahead.
Shravan Shah
Yeah. Hi. I wanted to understand why the working capital got very tight. You know it hurt the cash flows from operation. Any particular reason?
Aditya Saraogi
Yes. We constantly started building up stocks because of the geopolitical situation. We were anticipating some tightness insofar as the particular coal is concerned. Coal and the fuel is concerned. So instead of the normal strategy of driving down the inventories we consciously built up inventories.
Shravan Shah
Understood. What’s the current debt at the end of the year because of the investments I couldn’t get the net debt number
Aditya Saraogi
About 2100 crores.
Shravan Shah
2100 crore was the net debt number. Okay, great. And what do we expect the peak that you know, just a range for the. In this capex cycle.
Aditya Saraogi
In this capex cycle our expectation is that the peak net debt should be in the range of 4000 crores.
Shravan Shah
Peak net debt in the range of 4000 crores. Understood. And what are the interest cost? Assuming the current rates for that you are expecting for FY27.
Aditya Saraogi
It’s difficult to give a estimate on that because most of our term loans are linked to external benchmarks.
Shravan Shah
Ablr. Okay,
Aditya Saraogi
So. So that is fairly difficult.
Shravan Shah
Okay. Just one final question for Sandeep sir that you know we keep.
Operator
I’m sorry, you’re sounding muffled. Siddhan, we can’t hear you. Siddhan.
Shravan Shah
Around that business.
Operator
Siddhan, please repeat your question. We were unable to hear you.
Shravan Shah
Yeah, hi. Can you hear me now?
Operator
Yeah,
Shravan Shah
Yeah. Just for the jute business. Have we considered getting in a strategic investor or turnaround? Because it’s been taking quite a bit of time.
Sandip Ghose
No, we don’t have a problem in investing Jute business turnaround. Last year it was a very exceptional year when jute prices have reached abnormal highs, historical highs it has reached last year and kind of levels which nobody has seen. It is due to multiplicity of factors including the stoppage of imports from Bangladesh and a variety of factors we feel and that has thrown many people out of. There are many jute plants which have actually shut down Jute mills which have shut down or people have reduced their mandates the weekly workings to four days, three days in a week.
All that has happened. So this has been a very abnormal thing. Jute. We. We don’t need a strategic investor. We know the business. We have been in the business the longest among any of the current players. Management as you know is the oldest Indian juteman. We know what is to be done. But it’s a matter of time and opportunity. We expect now forward looking that with the change of government in West Bengal jute will receive a different kind of attention. And there will be greater coordination between the center and the state government.
Because so far you know, jute as you know is a central textile ministry subject. There has been a lot of interest especially around the current textile minister Giriraj Singh. But the center and the state have not always worked in sync. So jute whereas, say to give an example, whereas jute is a textile is a pli industry and There has been a lot of pli activity has happened in textile for other material in jute. Nothing has happened. I have personally met earlier the textile minister Mr. Singh who has visited.
They have been urging the industry to look at innovations industry to look at new products rather than rely only on government orders etc. None of that that was really happening. There are a lot of structural systemic issues. So hopefully if the government there is greater attention over there. We have a new head of the nifty Aayog who apart from being an economist, he came, he was last time elected from the jute belt. He has gone. So I am personally optimistic in a lot of positive policy changes which will show improvement in the jute industry per se.
Something which has not happened for many, many years.
Shravan Shah
Wonderful. Thank you.
Operator
Thank you. Next question is from the line of Saket Kapoor from Kapoor company. Please go ahead.
Shravan Shah
Yeah.
Operator
Yes, please go ahead
Sandip Ghose
Without the phone because you are just a 1, 1 km away from us. Even if you don’t speak into the phone, we’ll be able to hear you. Saket.
Shravan Shah
Okay, thank. Thank you sir for your comments. Firstly, our foray into the RNC and the construction chemical business. So you can outline to us what are we eyeing and exactly in this space where we intend to make our mark.
Sandip Ghose
First of all on rmc. Our strategy of RMC is very different from others in the sense that many other people who are investing in rmc, including the largest players, they look at RMC as a channel for their own cement because their own capacity utilization of cement is much lower. So while they are also trying to certainly move up the value chain, but one of their main drivers is they can use their own cement. Whereas for us the RMC is a matter of certainly climbing up the value chain. But it’s more importantly a question of brand extension.
It’s a question of leveraging. We as a company, I have said this in the past, when we look at assets, we don’t look at assets as just manufacturing assets. We look at our marketing assets. Though you don’t assign a value to them on the balance sheet. We are very conscious of our marketing and sales and distribution assets. And we think that just like one sweatshirt, the manufacturing assets, there is a scope to sweat the marketing and you know, go to market assets. And that is what we intend doing with rmc.
So our RMC progression so far has been slow but steady. We are now very soon we’ll have our fifth plant in Uttar Pradesh. And that’s because Uttar Pradesh is a core market for us where we have A strong brand equity for Perfect Plus. So our RMC is being marketed and under the Perfect plus brand name we are doing so. But we don’t want to really go overboard on rmc. We know how many companies have burned their fingers. There are a lot of, you know, issues in the RMC segment particularly relating to outstandings, your recovery and commercial aspects.
We don’t want to do something aggressive over aggressive which is going to hurt our main business so far. First of all, I think we are developing a reasonably good footprint in up market which is giving us a lot of learnings. You will probably get to see our progressing now extending the same format to other regions where we have a strong brand equity on chemicals Extension Chemicals is there were two parts to it when we launched it. There was a part of Walputi and there was a construction chemicals.
Walputi is a market which we have seen is highly price driven and a lot of new entrants have come in not only from the, you know, the cement side but also from the paint site. So it is a very, very commoditized market. We don’t see too much of value. So we are not going aggressive on Wallputi at the moment but we are seeing a lot of traction in the chemicals side and there again we are having a brand synergy with our premium brand Perfect plus and we are changing our supply chain model there over learning and you will see us trying to scale it up in the coming year because of in between Covid everything else.
It was put on the back burner for a while and we were focusing on other areas but you will find now much more focused attention on chemicals. But chemicals is never going to be a huge number. It is going to give you again a brand extension thing and which is, you know, which will probably give us sort of a multiplier effect on our existing brands. We are not really looking at it in a huge number but it is going to certainly we believe, you know add value to our overall brand assets and position.
Shravan Shah
And in terms of CapEx, any numbers, any significant number we will be eyeing in this segment.
Sandip Ghose
These are all CapEx slide projects.
Shravan Shah
Okay, my next question to. I requested
Operator
To join back the queue please as we are participating.
Shravan Shah
Second question only was
Operator
Okay, please go ahead.
Shravan Shah
Thanks. Thank you ma’. Am. As as you have alluded in the in the interview also about the power and fuel cost. So with the, with the rising accrued and the pet food prices how are these going to affect our fuel prices and what steps are we taking to improve our mix in terms of further investment in the whrs. And also please provide us the current maturity number of debt for the current year and what number we are going to close for. FY 2627. Thank you.
Aditya Saraogi
See, in terms of the total cost impact has given an estimate of 150 to 175 rupees per ton. That is mainly on two counts. One is the packaging cost and the other is a fuel cost. Okay. And within the fuel our current mix of imported fuel is around 30%. But let me share with you. It’s not only the imported fuel cost, it is going up. Even the domestic fuel although the cost is relatively less. But even the cost of domestic fuel is going up because many cement trails are now switching from imported fuel to domestic fuel.
Because. And also given the summer song Summer Season there’s a song the mind for domestic quote. Even the cost of domestic fuel is going up. And in so far as wasted recovery is concerned we are trying to increase the optimize the capacity of existing wasted deliveries wherever possible. And in any case our new plants will have a optimized level of wastewater in the male lines. Didn’t get a large point.
Rajat Kumar Prusty
No. There are two things Rajat here. Yes, waste is recovery as said by. Yes, we are working on that to improve our efficiency in the wasted recovery. Including the new setup which is going to come for the My Airline 2 that will be there and apart from that the solar and hybrid also we are continuously working on that. And as of now you can see that there is another plan of around 25 to 30 megawatt which is going to improve in next one to two years of time.
Operator
Thank you. We’ll take our next question from the line of Patanjali Srinivasan from Sundaram Mutual Fund. Please go ahead.
Pathanjali Srinivasan
Hello sir. Thank you for the opportunity sir. Good set of numbers. I just have a couple of questions. So firstly with respect to our operating cash flows so we have generated more EBITDA than last year. However our operating cash flow has kind of declined very sharply versus the previous year. Could you help me understand this bridge sir versus the previous year why there’s such a sharp decline?
Aditya Saraogi
Some of the incentive taxes accrued from Arasha guys we have not realized. So hopefully by next year we start realizing that incentives. So that is one secondary. I explained the working capital has gone up because of a conscious effort to increase the fuel inventory. So that is the second reason for lower tax.
Pathanjali Srinivasan
Sir, what could. What would the receivable amounts be? Sir, pertaining to this incentives for us
Aditya Saraogi
Total any receivable is about 500.
Pathanjali Srinivasan
Got it sir. And we expect this to be coming in the current year, is it?
Aditya Saraogi
Yeah. We should start seeing the license on the 17.
Pathanjali Srinivasan
Got it, sir. And just one last question sir. What is the capex guidance for 27 and 28 and how much capacity commissioning for the next two years?
Aditya Saraogi
We have not given any guidance for the next financial year for FY27 it is 900 cross and our capacity addition by FY29 will be 6 million tons from 21.5 to 27.5.
Pathanjali Srinivasan
Got it sir. Any timeline when the first next set of capacity is coming in?
Aditya Saraogi
FY29 at the beginning of the year and some for the end of the year.
Pathanjali Srinivasan
Thank you so much.
Operator
Thank you. Next question is from the line of Girija Ray from Nirmal Bank. Please go ahead.
Shravan Shah
Hi. Thanks for the opportunity and many congratulations for good setup number Appreciate the consistency level of the company and the fourth quarter is a kind of surprise to the street I can say so I have couple of questions so just wanted to check Brahmapuri and Marky Varka Kohlberg when we can expect the has to be operated or something like that. If you can throw some light. This is my first question
Aditya Saraogi
So far. Brahmapur is concerned we are not pursuing that talk actively because the capacity which was given in the big document the action capacity is much lower than that. So we are contesting that particular job and in so far as multiple concerns we are in touch with the government for certain regulatory issues. So maybe by FY29 what we expect to start that job.
Shravan Shah
Okay, and do you think this Vikram Coal that we have started operating in April. So this is going to reduce our lead distance in terms of coal transportation overall company lead distance. Is it going to reduce our coal distance? Because I can see Vikram Coal mining is around 50% distance reducing from your central region plans. So is this going to help us through Mukutban and central regions if we are from this become pole mining?
Aditya Saraogi
What matters is the landed cost that will pay for the fuel compared to the oil makers if you were to buy from the market or from Coal India subsidiary. So there. As I explained there’s a good delta our cost landed cost within the region of 1 to 1.05 rupees per million calories as against the current market price of 1.45 rupees per million calories.
Shravan Shah
The last question so I. I just. I could not hear it properly. What is the incentive we have included in FY26 revenue full year basis and what is the amount we are going to add in FY27? The incentive
Aditya Saraogi
We have approved 140 crores out of which have 90 crores pertain to earlier years and 50 crores pertain to the current financial year.
Shravan Shah
And for FY27 what is we are expecting incentive? 130.
Aditya Saraogi
130 cross.
Shravan Shah
Okay. Thank you sir. Thank you very much and all the best.
Operator
Thank you. Next question is from the line of Herschel Mehta from amsec. Please go ahead.
Harshal Mehta
Thank you. Hello, I’m audible.
Operator
Yeah. Please use your handset mode.
Harshal Mehta
Is it better now?
Operator
Yes, Please go ahead.
Harshal Mehta
Thanks for the opportunity. Just one clarification. In terms of incentives so broadly for the full year you book around 50 crore incentive. And how much is that for Q4? That number?
Aditya Saraogi
No, no. For the full year it is around 95 crores. Out of which. No, no excluding the 90 or cross that was per to earlier years. So for this current year it is about 95cr. Out of this about 48cr has been booked in this current quarter.
Shravan Shah
So what is the number for this quarter? Q4.
Aditya Saraogi
Q4. We have booked 48 and one can say probably 24 CRS could have been booked in earlier quarters. But was that clarification was received in the current process. That’s why we are doing 48cr. Annual run rate of Maharashtra incentives is expected to be about 1995.
Harshal Mehta
Okay. Okay. Thank you.
Operator
Thank you. Next question is from the line of Nikhil Gandhi from Bajaj Life Insurance. Please go ahead. Nikhil, your line is unmuted. Please go ahead with your question. Since there is no response we’ll move on to the next question from the line of Prashant Shah, an individual investor. Please go ahead.
Shravan Shah
Hello. Is my voice audible?
Operator
Yes. Please go ahead.
Shravan Shah
Good. And thanks for the opportunity. Congratulations team for excellent set of numbers. Saradi sir, just to confirm, the lead distance now is 337km and the KCAL is 1.53. Are these numbers what I understand is correct?
Aditya Saraogi
Yes.
Shravan Shah
Okay. For. For Marsh. Okay. Out of total energy. So my first question is out of the total energy cost for the current fiscal. How much? I’m sorry. Muffled.
Operator
Can you repeat the question again? Prashant?
Shravan Shah
So my question is how much of our energy consumption is coming from renewable sources in terms of percentage and how much is the non re part?
Rajat Kumar Prusty
31% renewal energy.
Shravan Shah
And how. How much do we.
Aditya Saraogi
Well, there’s no renewable assets.
Shravan Shah
Okay. Okay. And how much do we. How. What is our expectation? How much will it go for? Go to in the FY27.28 period
Rajat Kumar Prusty
37 to 38.
Aditya Saraogi
37. 38 is what we are trying to get it.
Shravan Shah
Okay. And what is our Kcal
Rajat Kumar Prusty
KL per ton of clinker you are asking or. Plant to plant range of 700. 710.
Shravan Shah
Okay. Okay. That’s all from my side. Thank you.
Operator
Thank you. Next question is from the line of Munzil Shah from nsfo. Please go ahead.
Shravan Shah
Good afternoon sir. What will be the total capex for this addition from 21.5 to 27.5.
Aditya Saraogi
4760 crores. Including GST X of GST it is about 4300 crores.
Shravan Shah
Okay. And. And
Sandip Ghose
I just missed the opening but there is some guidance of close to around 1600 crores. A bit up of financial. 27.
Aditya Saraogi
Sorry.
Sandip Ghose
There is a guidance of 1600 crores EBITDA for financial at 27
Aditya Saraogi
But we are not going to give any specific guidance. We expect better to be some similar range to the previous.
Shravan Shah
No, because just. Just wanted to clarify. I heard somewhere that 2 million ton into 800 rupees. A bit of per ton.
Aditya Saraogi
Like you can do your own calculation, right?
Shravan Shah
Thanks a lot sir. Thank you. Thank you.
Operator
Thank you. Ladies and gentlemen. We’ll take that as the last question for today. I now hand the conference over to management for closing comments. Over to you sir. Any closing comments.
Sandip Ghose
Thank you very much. We appreciate your support. We appreciate your interest in the company. Pleasure talking to you. And hopefully we won’t disappoint you going forward. And despite as I said, the uncertainty hovering in the horizon, we will stick to our strategy and do better than our best. Thank you very much.
Operator
Thank you. On behalf of HDFC Securities. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.