Finolex Cables Ltd (NSE: FINCABLES) Q2 2025 Earnings Call dated Aug. 14, 2025
Corporate Participants:
Unidentified Speaker
Pratik Patil — Investor Relations
Mahesh Viswanathan — Chief Financial Officer
Analysts:
Unidentified Participant
Vidit Trivedi — Analyst
Manoj Gori — Analyst
Achal Lohade — Analyst
Rehan Syed — Analyst
Anirudh Agarwal — Analyst
Varun Singh — Analyst
Presentation:
operator
Ladies and gentlemen, good evening and welcome to the Q1FY26 earnings conference call of Phenolex Cables Limited. As a reminder, all participant lines will be in the listen only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during this conference, please signal for an operator by pressing STAR and then zero on your touch tone telephones.
I now hand the conference over to Mr. Pratik Patil from Dentsu Creative PR Investor Relations team. Thank you. And over to you, Mr. Patil.
Pratik Patil — Investor Relations
Thank you. Farah. Good evening and thank you for joining us on the Pinolex Cables Limited Q1FY26 earnings conference call. Today we have with us Mr. Mahesh Viswanathan, Deputy CEO and Chief Financial Officer from Pinolex Cables Limited. We will begin the call with the opening remarks from the management after which you will have the forum open for the interactive Q and A session. I must remind you that the discussion in today’s earnings call may include certain forward looking statements and must be viewed therefore in conjunction with the risk that the company faces. Please restrict your questions to the quarterly performance and to strategic questions only.
I would now request Mr. Viswanathan for the opening remarks. Thank you. And over to you, sir.
Mahesh Viswanathan — Chief Financial Officer
Thank you, Pratik. I hope my voice is clear.
Pratik Patil — Investor Relations
Yes.
Mahesh Viswanathan — Chief Financial Officer
Good afternoon everyone. Thank you for participating in this evening’s call. A quick set of opening remarks from me and then I’m free to take questions. So we ended the quarter at just under 1400 crores of sales. About 13% higher than the corresponding period of last year. That also was in line with that number. That was also up by about 13%. On the gross margin side we were stable at about 20% comparable to the corresponding period of the previous year. Within the segments, electrical segments overall volumes were up by about 16%. More contribution came from power cables than wires.
The second part was in the electrical wires. Agricultural applications were impacted because of the unseasonal rains which started sometime around mid May. On communication cable. Segment volumes and values were slightly depressed. Contracts which we were hoping to close with some of our customers took longer to close. Some of those contracts have been closed in July and some are still under discussion. So there has been drop in the revenue from that sector. Others again because of erratic weather as well as price erosion from especially in the lighting sector, the values have been slightly depressed. The other key feature of the quarter was our ad spends were higher.
Both ad and promotion spends were higher than the corresponding period of last year. So that’s broadly what I wanted to start off and introduce the quarter. I’m now free to take questions. I’m sure you’ve seen the numbers. You must have done your analysis already.
Questions and Answers:
operator
Thank you very much, sir. Ladies and gentlemen, we will now begin with question and answer session. Anyone who wishes to ask a question may enter STAR followed by one on the touch tone telephones. If you wish to remove yourself from the queue, you may enter Star and 2. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Vidyat Trivedi from Asian Market Securities. Please go ahead.
Vidit Trivedi
Yeah, hi sir, thank you for the opportunity. My question is that you have said that the volume growth was close to 16% despite having a volume growth of 16% of wires category and cables almost double. We’ve seen a hardly 1.5% jump in the edit in the segment. What’s the main reason behind this?
Mahesh Viswanathan
The product mix? Basically there was this and this is a trend that we’ve been seeing over the last few quarters. There is more of sales towards project and those are at discounted prices.
Vidit Trivedi
So what’s the absolute number for cables and wires during the quarter as well as for the financial year? FY25.
Vidit Trivedi
Sorry, what’s the absolute number for cables. For this quarter and wires separately and for this quarter and for the financial year? FY25.
Mahesh Viswanathan
FY25 last year.
Pratik Patil
Yeah. And for this for this quarter as well.
Mahesh Viswanathan
Okay, I’ll have to give that to you separately. I don’t have that information right in front of me but I’ll, I can get back to you separately.
Pratik Patil
Sure. Thank you.
operator
Thank you. Participants, if you have any questions at this time you may enter star and 1. The next question is from the line of Manoj Ghori from Icarus Capital. Please go ahead.
Manoj Gori
Yeah, thank you for the opportunity sir. So I have two questions. See not being on quarter specific but if you look at over last four, five years or even six years we have seen some underperformance by phenolics cables versus the industry. Now my question is whether this should be attributed to rising competition where we have been underperforming especially in the wire segment. So I’m doing a wire to wire comparison or probably when we look at, I think all the management related issues also somewhat started around six, six and a half years back and prior to that we were growing in line or better than the industry. So can you throw some light Qualitatively, like where are we missing on the growth front on such a longer time horizon that I have been referring to?
Mahesh Viswanathan
Okay. In terms of the growth, I think we have been quite subdued on the power cable side, whereas all our peers have grown substantially on that side. But within wires, yes, competition has been a little more aggressive on the pricing. While we have not been that aggressive, we have been focusing more on the overall margins rather than just on the absolute numbers. So there could be some impact of that. But most of the growth that the peers have had is on the cable side where our participation has been kind of limited until now. Your second part of your question was whether the dispute within the promoter family has impacted the results or the business.
I wouldn’t say too much. Yes, there would be some impact, but not overall. The business is being managed by people who have been in this industry for a long time. So and the product has a certain quality attached to it and that premiumization continues. And I don’t believe that the market has moved away from us so much.
Manoj Gori
Got that, sir. So, but when I look at probably somewhere around FY15 or probably FY16 to FY19 period, where our gross margins were significantly higher, even when we look at the EBITDA margin at company level on the standalone basis, we were doing reasonably well. But if we look at a gross margin from close to around 27, 28% mark today in FY20, we ended close to around 19%. If I’m not wrong, our EBITDA margins were high, single digit probably came down to below 10%. I’m not sure when was the last time we reported below 10% on an annual basis.
So when you say we are trying to protect our margins or profitability. So see, I think here probably numbers also, even the margin side we are seeing some sluggishness and plus we are seeing top line or volumes which have been underperforming. Because when I look at some of the peers, including the market leaders or some players who have gradually increased their exposure into wires and have been growing at exponential pace there we have seen margin improvement as well as top line growth. So that’s what I was actually referring to.
Mahesh Viswanathan
Okay. I don’t have an immediate response except to say that my belief is that the growth explosion that some of my peers have had was more is more on the power cable side rather than on wires. And so because not many people report those numbers separately, it’s only recently that some of them have started indicating certain numbers in the public domain. If you have other information which is not in the public domain, then I wouldn’t be able to compare and comment on it. But whatever is there in the public domain that is available only in the last couple of quarters, not before that. And from there you can get a sense of where their revenue stream is coming from. So yes, there have been margin pressures over the last two quarters, that is for sure. But that is also a result of our change in the product mix, like I mentioned earlier.
Manoj Gori
Correct, sir. So just one last question. So if I look at probably for rest of the year or probably medium term projections or roadmap that the company would have set internally, how do we see probably from here on, because if you look at buyer demand anyways has been a bit slow as compared to cables. So on the flip side, if you look at, I think there are a lot of projects which would be near completion in the current and in the next year. Those which were especially announced after Covid, where we saw some significant pickup into real estate bookings, this project reaching near completion, which should actually translate into double digit kind of volume growth for buyers as a category and which will obviously lead to some operating leverage also. So what are the internal projections? If you can share, that would be very helpful for our modeling purpose.
Mahesh Viswanathan
I think that we, you know, last two, three quarters ago, over the last two three quarters, people have been witnessing a fairly high collection on the sale of real estate. But my sense is that most of the accumulated inventory has gotten exhausted and the projects which were announced and which are getting completed now will get into their end phase in the coming quarters. Some of it probably has started now, but bulk of it should come maybe by third quarter this year. And I think that should be the time that we should also see growth picking up.
Manoj Gori
That should continue for at least five, six quarters.
Mahesh Viswanathan
At least for a few quarters. Four to six quarters for sure.
Manoj Gori
Yes, sir. Got it, sir. Thank you, sir, and wish you all the best.
Mahesh Viswanathan
Thank you.
operator
Thank you. Ladies and gentlemen. If you have any questions at this time, you may enter STAR followed by one. The next question is from the line of Achal Lohade from Nirvama. Please go ahead.
Achal Lohade
Yeah. Good afternoon, sir. Thank you for the opportunity. Sir, can you help us understand the mix in terms of cables, stroke wires? You did mention that as of now in your earlier answer. If you could give us some sense in terms of how do you see this cable, what kind of capacity, how much have we invested, what asset turn, how much incremental investment is going into cable? That’s my first question, sir.
Mahesh Viswanathan
Okay, what are on the cable side, we have not substantially increased our investment from what it was, let’s say a year ago, but our utilizations have improved and that means that we have stuck our neck out in a few projects and have taken orders. We were a little reluctant in the past to expose our, you know, to take an exposure on the utility side. So we have been a little careful and we have taken some exposures on the utility side over the last two quarters and those have resulted in these numbers. Our capacity still is available.
We can, I think still, we can still improve the numbers by another 30, 40% with the present investment. The question more was what kind of a risk would you like to take when you are being exposed to the discoms or some of the transmission utilities? That was, that was always the question in our mind. So I don’t know if it answers your question fully, but this is what I have. What was your second part of the question?
Achal Lohade
Yeah, what kind of investment are we looking at? What is the CapEx and how the split is in terms of cables and wires? I’m just talking about electrical cables at this stage. Yeah, yeah.
Mahesh Viswanathan
Okay. So on the investment side, we had made an announcement on, on our CAPEX program a couple of quarters ago and that is continuing from there. What was relevant to electrical cables was the E Beam facility which is completed and the E Beam cured products are now available. Since March this year, the utilization is ramping up and we hope to reach a satisfactory level in the coming months. Beyond that, our investment in Greenfield addition to the capacity, we have not done anything so far. There is of course continuous additions to the segment either in terms of replacement or in terms of improvement, improving productivity that for the current year that number should be somewhere around 60, 80 crores.
Achal Lohade
Right. And basis the existing gross block, what you have, what is the potential turnover you could reach for the electrical cables and wire segments?
Mahesh Viswanathan
The potential turnover Only on the segment.
Achal Lohade
Yeah, only for the electrical cable segment basis, the, you know, capacities, what you have and assuming same copper price, what is the maximum turnover you could achieve?
Mahesh Viswanathan
Current prices could go up to six and a half thousand crores.
Achal Lohade
Right. Okay. And this assumes what asset concern.
Mahesh Viswanathan
My gross block? There is. Gross block will be around 700, 750 crores. So about seven times. No, so about eight times. Sorry.
Achal Lohade
Right. And if I were to just quiz on this, out of the 750 crore, how much would be cable would that be? Say less than 100 crores.
Mahesh Viswanathan
You mean the investment?
Achal Lohade
Yeah. In cross block for cables?
Mahesh Viswanathan
Yeah, 120 or so.
Achal Lohade
Understood, understood. Got it. Good job. You know, just on this exposure to discom stroke transmission, utilities, any particular reason? Like have you seen substantial money getting locked in the past for the peers, for the industry or just their health is so weak that you are concerned about that rather than really seeing evidence of that?
Mahesh Viswanathan
Two things. One is their health has been always bad. Right?
Achal Lohade
Right.
Mahesh Viswanathan
That is one. Secondly, the business there is tender driven. So you have to be L1. If you’re not L1, you don’t get it. Even if you do get it, you have to match the L1 prices. And the last part is there are several grave practices which we are not happy to get into.
Achal Lohade
Got it. May I ask one more question, sir? Or I can fall back in it. Yeah. On the communication cable, if you could help us explain. You know, we are seeing fairly stacked in numbers for a few years now. The margins being in the range of 1 to 2%.
Mahesh Viswanathan
Right.
Achal Lohade
How do we explain this presence? You know, what is the end game here and what is the synergy out here? If I were to ask.
Mahesh Viswanathan
It is a cabling cable product. But then, okay, we have, we are integrating backwards. So those facilities should be ready. In fact, the, the preform facility is ready. We are waiting for the trials to be completed and there has been a small hitch with the power supply. And so that should be sorted out in the next one month or so after which the trials will commence. What that will do will be to reduce our dependence completely from all inputs and we will be making our own preform, which means there will be value addition within. So that should see margins improve.
Secondly, that will also allow us to sell the excess capacity of preforms into the market if the cable demand is lower. The issue with this segment has been it’s largely dependent on government programs. And while huge amounts are announced as part of the government programs, the execution part has always been very slow. So announcements have preceded the execution by substantial amounts of time. So if you were to look at the national Arctic Fiber Network, it was announced sometime in 2010 and we are in 25 and we are now starting on phase three. Originally all this was supposed to have been completed by I think 2013 or 14.
So money deployment into these programs have been slow. So at times when there has been lack of money deployment, yes, it has impacted the business. And unfortunately the cycles on fiber also have coincided with the periods when large investment deployment from the government sector has been less so. For example, right now fiber prices have been depressed and the reason for that is large scale availability of fiber from China, which has been which is getting dumped globally. Government of India did take action in terms of bringing anti dumping duties. But still whatever had already come in was enough to spoil the market.
So those long delays mostly have had an impact on the business. So even as we speak phase three of MarathNet program orders have recently been issued to the people that won the tenders. So now we are expecting orders to flow to us for the cable supply. So I expect some pickup again to happen maybe from end of this year. And on the private side there are mainly two people who buy Bharti and Reliance. Our contract with Bharti has been there for a long time and it continues now. Also Reliance has, has been focusing more on reaching or reaching their FTTH offerings, fiber to home offerings.
So there the fiber count that is in the cable is fairly low. It’s maybe one or two fibers. So while kilometers you will get, you will not get the revenue. In fact I made this statement a couple of times again a couple of quarters also. So that’s, that’s still the issue with this optic fiber business.
Achal Lohade
Got it. And the investment you’ve made in this in terms of gross stock and potential revenue if at all.
Mahesh Viswanathan
Currently we are, we announced a program of 500 crores out of which about 350, 325 to 350 would go on to the fiber business.
Achal Lohade
And to be spent over what period? Sir.
Mahesh Viswanathan
It should be over by this fiscal.
Achal Lohade
Okay, got it. I’ll fall back in the queue. So thank you so much for answering the question.
operator
Thank you. Participants, if you have any questions at this time you may enter star followed by one on your touch tone telephones. The next question is from the line of Rehan Syed from Trinetra Asset Managers. Please go ahead.
Rehan Syed
Yeah, good evening and thank you for giving me the opportunity. So sir, I have only one question on the copper price volatility side. The copper price volatility and product mix shift affected margins this quarter. So are you considering change strategy or applying mechanism to protect markets going forward?
Mahesh Viswanathan
No, we have, we have spent considerable time on this. The way we handle copper is we do not take, we do not buy copper on spot. We only buy on the month average. So whatever is the. Whatever is a month average is what I am paying for. And yes that will, that will be followed by a pricing action. But typically anytime there is a pricing action it there is a slight delay before the pricing action is introduced into the market and the time that the, you know and the time that the copper price have actually moved.
So for example if Copper price today is let’s say $9,700 on LME and it moves to 10,000 tomorrow morning. I do not change the price tomorrow morning because the market will not accept it. They will be prepared for an increase but they will not accept it tomorrow morning. So I will have to ensure that that increase is not just a 1 spike. It is going to be the new norm, let’s say at which point in time I will be able to change the price upwards. So there is pressure while you increase the prices, there is pressure from the market to delay it a little bit.
And on the other way around there is pressure from the market to quicken it a little bit. So this is not something that happens only to me, it happens to everybody else. So you will see that in most cases we announce the changes first and then peers follow in a few days time. And that’s the nature of this market. So the issue is if you are stuck with a fairly large inventory and the price falls then you have a problem. Therefore your ability to manage with reasonable stock days is what really matters.
Rehan Syed
If I put more clarification regarding this price. So if you suppose if we normalize copper price at current level, what would be the target EBITDA margin range? You just clarify for the next two quarters or three quarters.
Mahesh Viswanathan
Okay. I would like to see my segment margins around 12% but that has not been the case over the last two quarters. Prior to that it was fairly consistent. Over the last two quarters it has dropped.
Rehan Syed
Okay. Okay. Thank you for clarification sir. And I’ll jump back in my.
Mahesh Viswanathan
Thank you.
operator
Thank you. Participants with questions may enter Star and one on the Touchstone mobiles. The next question is from the line of Manoj Ghori from Icarus. Please go ahead.
Manoj Gori
Yeah sir, my question is on the FMEG portfolio. So somewhere we ventured into this portfolio in 2017 in FY17 and probably after Covid we also laid down the plan that we are adding close to around 1 lakh. 1 lakh 50,000 touch points to our retail network. We will be boosting our portfolio as well as our wire sales. But when I look at on the FMEG portfolio so far if you look at from FY17 to FY25 probably we have reached to close to around 40 odd crores to close to around 250 crores last year. So I know at a bit level we are not burning cash into this businesses but any aspirational target.
And what are we planning to do differently? Because even here if we look at probably somewhere we have Been missing our internal targets as well.
Mahesh Viswanathan
You’re right. The growth there has been much lower than what we expected to have. There have been serious conversations within the organization also in terms of where we are heading and how we’re getting there. So one solution was to to increase the retail footprint and that is ongoing. The second solution is also to increase your product offering so newer models are coming into play. Since we are still dependent on third party sources for our products. One is to be able to design the product and hand it over to them. Second is to ensure that the development of the product happens the way you want it and the features that you want.
So there has been some issue which we are trying to overcome. So I think in the coming season you will find more product releases because if I am selling the same thing again and again, the interest from the market will also go down over a period of time. So I will need to vary those offerings, which is currently happening. The third point in this is that on the lighting sector the price erosion has been enormous over a period and that’s something that’s been felt by every, every company in this field. So that is something that is dragging the top line down.
Volumes have been okay, they’ve been growing as well and at a good percentage. But the erosion has eaten up the volume growth. So that’s a problem. But then that’s something common to everybody. I can’t complain as being alone in that these three, four elements have been dragging us. But I think we do need to show more aggression on this on this area. That point I take.
Manoj Gori
Right sir. So secondly, if you look at over last 4, 5 years especially most of the leading brands have been focusing on increasing their in house manufacturing percentage of the overall thing. Now we have been looking to invest into communication cables where so far we haven’t seen any promising or encouraging numbers. Especially in the previous four years we haven’t explored any anything or probably discussed internally. On the FMEG side if you want to invest heavily on manufacturing then you can have a better control over production, on product launches and also on the quality.
So just want to understand probably because see somewhere if we look at there is one business where we have been very hopeful. Even government orders probably have not been coming on time. On the communication cable site there has been some slowdown or liquidity issues with some of the service providers as well for the communication cables. But on the other side we have a business where which will be largely controlled by you if you go aggressive on this business.
Mahesh Viswanathan
We have looked at our initial thought was that we will need to have certain scale before we start putting investments on the ground. And so that is where we’ve been struggling. The other alternative was to see whether we could acquire some players where again the valuations today did not match to the profile of the company. So yes, there are some questions which we have to ask ourselves and answer and I take your point on this. This is something that we should be looking at.
Manoj Gori
Sure, sir. Thank you, sir.
operator
Thank you. Participants, as a request, please limit your questions to two questions per participant. The next question is from the line of Anirud Agarwal from ValueQuest. Please go ahead.
Anirudh Agarwal
Yeah, hi, thanks for the opportunity. First question was on the margins front. So for electrical cable segment, I mean if you could help us understand, you know, what sort of margins you are making on the agri wires and what is the contribution of that to the overall sales and even X of, you know, agribusiness getting impacted in this quarter. You know, core margins seem to be under pressure. So you know, what is the bridge for us to get back from, you know, the current level of margins to the targeted 12% that you spoke about?
Mahesh Viswanathan
Well, agriculture application, those products went down by almost half this quarter. Right. So. The product there would give us about 10, 11%. So that is something that we missed out on. And the project business picked up quite a bit of the slack. And project business is at a deep discount. You do not make the same number as what you would on a boxed product. The discounts are fairly deep and you get volumes so you get fast efficiency in the plant. But then at the end of the day the margins are definitely lower and they are lower by about 4, 5 percentage points. That’s basically it’s the mix and a larger focus on project.
Anirudh Agarwal
Okay. And as the project segment basically seems to be the place which is driving the growth and incrementally. Also as we were discussing earlier in the call with projects expected to pick up margins would take time to get back to 12%. Is that the way we should think about it?
Mahesh Viswanathan
I think another couple of quarters before we reach them.
Anirudh Agarwal
And was there any element of inventory losses etc in this quarter which would have depends on. And you spoke about ad spends being higher in this quarter. If you could just quantify that how much.
Mahesh Viswanathan
The total promotional cost this quarter was about 20 crores. So that is. That is sitting under the line. Other expenses and corresponding number is about 11, I think.
Anirudh Agarwal
Final question was on the.
Mahesh Viswanathan
Sorry.
Anirudh Agarwal
No, please continue. Sorry.
Mahesh Viswanathan
These were commitments which were made on spots which had been bought earlier. So we have to Go ahead.
Anirudh Agarwal
Got it. Final question was on the Bharatnet project. So basically, have we received any orders from the people who would have won in the tenders yet or are those discussions still ongoing?
Mahesh Viswanathan
Discussions are ongoing.
Anirudh Agarwal
Okay. And any broad timelines that you expect execution to kick off for us?
Mahesh Viswanathan
Those people have received their orders in the last one one month or so. So it is not just cables that they have to lineup. There’s a whole, whole bunch of other electronics and stuff that they need to get together. So they have a prep time of two to three months before they will release all those final orders. So there is still some time for us to get those on.
Anirudh Agarwal
Got it. Thanks and all the best.
operator
Thank you. Participants, please limit your questions to only two questions per participant. The next question is from the line of Varun Singh from Alpha Accurate Advisors. Please go ahead.
Varun Singh
Yeah, thank you. So just wanted to check anything that you would like to call out on demand for cable for data centers?
Varun Singh
Well, yeah, our cables would, would have. There’ll be a requirement for power cables there besides the data data cables. And again, quite a few of the data center announcements have been seen. But similar to construction activity, the center has to be structurally ready before the cable part of it gets in there. So I think there is scope for increasing our power cable sales over the next. Sorry, did you have a question?
Yeah, yeah. No, no. So I will. I mean, how would you think about, you know, how big should typically be the opportunity for supplying cable for this particular sector? I mean if you, if you can offer some mental math or you know, how, how should we look at it?
Mahesh Viswanathan
You know, the, typically the data center numbers, if they talk about, they talk about in terms of how many megawatts of power they would be consuming. That’s how they describe their, their, their investments. So it will be a combination of both high voltage and extra voltage cables there on the power side. And of course you will have LAN and other data cables being required. Not able to translate that into. I think that. No, sir. So I mean typically for one, for one megawatt of power needs what, you know, how much value of cable is required. Yeah, that’s what I’m saying. I am not able to say that because it depends on what kind of design they want to use and each design’s cost is very different.
Varun Singh
Sure, sure. Okay. Thank you very much.
operator
Thank you. Participants, if you have any questions at this time, you may enter STAR AND one on your touchstone telephone to ask a question. You may enter STAR and one. We have a question from a line of ACHAL Lohare from Novama. Please go ahead.
Achal Lohade
Sir, thank you for the follow up opportunity. Sorry, just a clarification sir. With respect to the electrical cables you said the projects are doing well compared to the retail wire and projects are at a lower margin. Have I understood right? This is pertaining to wires you’re talking about. Right, sir.
Mahesh Viswanathan
Correct.
Achal Lohade
And what would be the mix, you know, broadly if we were to see, you know, what is the mix of projects for us and how much would that be for the industry as a whole?
Mahesh Viswanathan
I wouldn’t know that. I wouldn’t know what it is for the industry because that level of granularity is not available to us. All I know is in our case that makes a change in the last two quarters and that is impacting the numbers a little bit.
Achal Lohade
Right. Any number you want to point out, sir. Sir.
Mahesh Viswanathan
Well there used to be a time when retail sales, for retail in the sense the box sales used to be close to 75, 80%. Now that has dropped to about 60, I think.
Achal Lohade
66.
Mahesh Viswanathan
Yeah.
Achal Lohade
Understood. And are you saying this is the trend for the industry as well where the project wires are basically seeing more sales?
Mahesh Viswanathan
It could be, yes.
Achal Lohade
Right. And that is driving. So for us wires is almost 90% of our electrical cable segment revenue. Have I understood right, sir?
Mahesh Viswanathan
75 to 80%.
Achal Lohade
75 to 80%.
Mahesh Viswanathan
Because there is also, there is also automobile, there is also industrials.
Achal Lohade
Understood, Understood, Got it. So total capex, if you could mention, what would that number be? You said about 80, 90 crores for the replacement maintenance capex for the electrical cable.
Mahesh Viswanathan
It is replacement plus enhancements in productivity related expenditures.
Achal Lohade
Right. And the total capex for the full year at the company level.
Mahesh Viswanathan
Including it should be around 300 I think.
Achal Lohade
And of that close to 1890 is basically this one. And balance is for the optics. Yeah, communication. Understood? Got it sir. Thank you so much.
operator
Thank you. As there are no further questions from the participants I now hand the conference over to Mr. Vishwanathan for closing remarks. Remarks.
Mahesh Viswanathan
Again, thank you everybody for participation, for participating in this meeting. There was one gentleman whose question I could not respond to. Maybe he can connect with me later on. Thank you.
operator
Thank you on behalf of Phenolex Cables Ltd. That concludes this conference call. Thank you all for joining us. And you may now disconnect your lines. Thank you.