Hi-Tech Pipes Limited (NSE: HITECH) Q4 2025 Earnings Call dated May. 26, 2025
Corporate Participants:
Unidentified Speaker
Anish Bansal — Whole-time Director
Analysts:
Unidentified Participant
Vikash Singh — Analyst
Sagar Shah — Analyst
Radha Agarwalla — Analyst
Pallav Agarwal — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q4FY25 earnings conference call hosted by Hitech Pipes Limited. As a reminder, all participant lines will be in the 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 now hand the conference over to Mr. Anish Bansal, Whole Time Director, High Tech Pipes Ltd. Thank you. And over to you sir.
Anish Bansal — Whole-time Director
Good afternoon ladies and gentlemen. It’s a pleasure to welcome you to the Q4 and full year FY25 earnings call of Hitech Pipes Limited. I’m joined today by Mr. Arvind Bansal, Executive Director and Group CFO. And Mr. Arun Sharma, Company Secretary and Compliance Officer. We are honored to connect with our esteemed investors, analysts and partners. Let’s dive straight into what has been an exciting and milestone filled year for Hitech Pipes. We closed the fourth quarter FY25 on a high note with significant growth across all performance indicators. Revenue climbed 7.74% YoY to 734 crores fueled by strong momentum in infrastructure and construction sectors.
Sales volume rose 8% to 1,16,032 tonnes reinforcing our leadership and execution strength. Net profit surged in an impressive 58% reaching 17.63 crores. Thanks to sharp cost control and high margin products annualized this fiscal year was truly transformational. Revenue jumped 14% wire wide to Rupees 3068 crores, our highest ever supported by record sales volume. Sales volume soared 24% reaching 4.85,447 tonnes. A new benchmark for the company. Profitability improved significantly with PAT rising 66% YoY to Rs. 72.95 crores driven by operational excellence and improved margin. Now coming to the financial health. Net working capital days shrunk down to 52 days from from 63 days.
Enhancing liquidity and reflecting better operation control. Return on capital employed has improved to 14.34% from 13.7%. Debt to equity ratio has reduced to 0.15 and importantly credit rating upgraded to a. A strong vote of confidence in our governance and financial discipline. Now coming to the operation highlights. Let me now take you through some of the key operational achievements of the company this year. Hitech Pipes is proud to support two of the nation’s most critical infrastructure initiatives. The first being the Indian Railways Kavach Anti Collision system where the company is providing high Quality steel pipes for its safety.
Recently the company has procured orders from Border Security Force. Modular multi layered high strength border fencing. The growth from Sanam unit 2 is now a global supply hub for solar top tubes. Vital for solar energy infrastructure. Serving markets across North America, Europe and the Middle East. Delivering high production efficiency, scale and exports. A new symbol of our make in India export to world strategy. Additionally, we have successfully commissioned a new hot dip galvanizing facility at our Hindu good plant in Andhra Pradesh enabling us to meet growing demands for corrosion resistant steel pipes. In the last year we have launched several new SKUs.
Notably the higher the large diameter hollow sections such as 250 by 250 and 300 by 200. Now coming to the project implementation progress, the greenfield plant at Sikandarabad is under advanced stage of commissioning. The unit is a pivotal part of our roadmap to achieve 1 million tons of production capacity by FY26. The facility will produce specialized ERW steel pipes catering to infrastructure, defense and renewable sectors. Secondly, the brownfield expansion at Sanand Unit 2. Our Sanand Unit 2 expansion aimed at serving infrastructure and energy sectors. This is in line with our strategy to enhance value added products offering while optimizing the existing plant ecosystem.
Now coming to the branding, the company has amplified its brand awareness through various projects. For example Mahakumb in Prayagraj and the enhanced visibility at all the Gujarat and UP airports. Additionally, robust grassroots campaigns through dealer signages, wall paintings and local activations. With robust tailwinds from infrastructure defense, clean energy outlook for the steel pipes is bright. We are fully aligned to achieve our long term vision of 2 million tonnes installed capacity by FY29. Backed by the strategic initiatives Funnel strength and execution excellence, High Tech Bites is geared to deliver sustained value to all stakeholders. Now we may open the floor for questions.
Questions and Answers:
operator
Thank you sir. We will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone 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. The first question comes from the line of Vikas Singh from Philip Capital. Please go ahead.
Vikash Singh
Good afternoon sir.
Anish Bansal
Good afternoon.
Vikash Singh
Yeah, so just first question regarding my FY26 volume and EBITDA per term guidance as well as the volume value added mix which we are targeting.
Anish Bansal
So for this year we have done 4 lakh 85,000 tons. You know net sales volume and FY26 we are targeting upwards of 6 lakh tons, 600,000 tons and the EBITA should range from 3500 to 4000 rupees per ton for the full year. The value added. The value added share. Right now we have closed this year at 38%. And with the new, the new facilities and the recently installed galvanizing facility in Hindur we should be around 42 to 43% by end of FY26.
Vikash Singh
So giving your guidance basically. So shall we assume that the 1 million ton capacity expansion is coming in the first half itself. Otherwise that 6 million ton of 6 lakh ton of volume would be difficult.
Anish Bansal
Yes sir. So it is on track. We are in very, very advanced stage of you know, commissioning and the trial productions will be starting from the upcoming quarter.
Vikash Singh
Understood. So my second question is regarding the networking capital days. It was basically came down to almost 49 in the FY23. Since then this improve increasing given we are going to push more volumes. How should we look at this networking capital? They do would be flattish or you expect it to come down and by how much? If you could give us some idea regarding that.
Anish Bansal
This year we have, you know we have come down from 63 days to 52 days. So the, you know there is already improvement of 11 days. And going forward also I think, you know there should be a further improvement in the net working capital days.
Vikash Singh
Understood. Lastly, on the competitive intensity almost everybody is putting identical products and we have seen that couple of large players have seen some margin push basically or competition in the common segment. So how is our thought process regarding that? And because we are also talking about EBITDA per turn improvement. So can I ask that what is the EBITDA per turn in the apparel or may if on a monthly basis as well.
Anish Bansal
This is an ongoing quarter and you know the, you know with this we are in the middle of the this quarter but you know it is, it is decent right now and you know we’ll have to see like, you know how the next, you know like month or month and half looks like, you know, coming back to the, you know, the competition. And so we are you know confident of you know adding like 25% sales volume every year. So that is our main target and in the last, you know, many years, you know we have focused there and we have been able to achieve that.
So you know, because of new products, geographical expansion, product expansion and through marketing strategies and you know companies allude to already doing, you know, well in exports also. So you know, combined so market is there for us and it is more about execution.
Vikash Singh
So just one last question. Jensol was one of our customers. So any do we have a major exposure to that or it’s a minor one and we should not be worried about any bad debts.
Anish Bansal
One of their subsidies was, you know, our customer for, you know, solar, for the solar segment. And yes, that volume, you know, we have, you know, that volume there was an impact but it’s not a significant in the overall, you know, scheme of things. And within solar also it was less than 10% in the solar, you know, solar customer profile. So it’s not a big impact.
Vikash Singh
Understood that. That’s pretty reassuring. Thank you sir. And all the best for future.
Anish Bansal
You’re welcome sir.
operator
Thank you. The next question comes from the line of Krish and individual investor. Please go ahead.
Unidentified Participant
Hello. Am I audible?
Anish Bansal
Yes. Hello Krish.
Unidentified Participant
Hi. Thank you for the opportunity. I just have two questions. So the first one is if I look at the steel tariffs, similar tariffs you know, were imposed by us back in 2018 and there we saw kind of steel prices crashing after that. Like there was a spike and then they dropped down significantly and all the steel players were affected really badly especially with China dumping them in the global market. So given the similar scenario now, are we optimistic about the quarters that are coming forth or do you see something similar playing out?
Anish Bansal
Yeah Krish, so you are absolutely right. You know, because of the steel tariffs imposed by us, you know, like for the, you know, worldwide steel mills, this is definitely a concern. But you know the Indian government proactively, they have introduced a safeguard duty of 12% on imported steel. So there is a, you know, there is an insulation from these global shocks and what import was coming like one, one and a half years ago. So import has, you know, come down quite, quite drastically in last six, eight months. This duty is for, you know, 200 days and you know, if the findings are there then this will be extended to three years.
So, so we have this, you know, insulation of you know, external price shocks.
Unidentified Participant
Got it. But largely this 12% duty, is this considered to be sufficient by the market? And was, was, was a similar thing not there in place back in 2018?
Anish Bansal
No, that time it was not there. And you know this 12% is on top of the, you know, the custom duty which is seven and a half. There is a cess also. So all in all it becomes 21 to 22% blended which is a significant deterrent.
Unidentified Participant
Got it. Got it. Okay. And these things were not existing back in 2018.
Anish Bansal
No, no, no. Not, not at that time.
Unidentified Participant
Understood. And the last question is. So we had projected for a volume of 5 lakh tons for FY25 and judging by the first three quarters it was going quite well. So why was there sort of a slack in Q4 in terms of volume?
Anish Bansal
So you know the, you know, as Vikaji had mentioned, you know there were orders from this company which was a subsidiary of Gensol where we had these orders in hand. But then these, you know, these, we had planned for these order execution but it did not happen in this quarter. So there was a small, you know, division there. But overall if you see, you know out of 5 lakh tons, so we have done 4 lakh 85 thousand tons. So we are like you know, very, very near. And because of this issue there was this, you know, loss of little quantity.
Otherwise you know, it, we are on track.
Unidentified Participant
Got it, Got it. So just to confirm due to these tariffs we are not looking at reducing the margin guidance in any way?
Anish Bansal
No, not at all.
Unidentified Participant
Okay. Okay, thank you. Thanks a lot. All the best.
Anish Bansal
Thank you.
operator
The next question comes from the line of Sagar Shah from Spark Capital Private Wealth Management. Please go ahead.
Sagar Shah
Good afternoon sir and thank you for the opportunity. My first question is related to our CAPEX plans. We have already around 190 crores in capital work in progress and we are commissioning a new greenfield plant at Sikandra Bhat and a brownfield expansion in sun and Unit two phase. So I understand that you have given the figure that will reach 1 million tons of capacity by FY26. But can you throw some light at what exactly is going to be the capacity from 7 and a half lakh tons to. Can you specify number? And secondly can you suggest a timeline that is the capacity expansion already over or it will functional by Q2 or Q3 FY26. That is my first question.
Anish Bansal
Yeah. So regarding the CAPEX plans. So we have you know the, the ongoing CAPEX going on at Sikandra Bath which I mentioned in my speech and the Sanand unit 2 phase 2. So this, these are under, you know under advanced stages of commissioning and very, very soon we’ll be announcing you know the trial production that both the, both the facilities, along with that, uh, new facilities at SRI city in Chennai that is already you know on the, on you know the ground development work has started there and the Sanand phase three of Unit two that is also uh, you know under, under start.
So by uh, by end of this uh financial year we’ll be at a 1 million ton uh capacity and uh, you know we’ll be uh, on A. Another 25, 30% capacity increase in FY20. FY27.
Sagar Shah
Okay, so so basically 1 million tons. That, that is including the Sanon Phase 3 and the Sri City expansion or without that.
Anish Bansal
No, no, without that.
Sagar Shah
Without that. Okay.
Anish Bansal
Yeah.
Sagar Shah
So the wheel equate to around 1 million tons to be. Precisely along with all the capacity, the entire capacity that you are talking of, including the second Rabad Sanan Hind.
Anish Bansal
Right? Yeah.
Sagar Shah
Okay, sure. My second question is related to your guidance that you have just given of a, of a surpassing 6 lakh tons of capacity. So what are the drivers for that? Are you, are you expecting some more, more, more client addition into your bookcase such as more, more solar power companies or maybe some more real estate development? Exactly. Are the drivers increase in the volumes actually for FY26?
Anish Bansal
Yeah. So savagely. So there’ll be an improvement, you know in the, in the sales. This is not the capacity actually. These are the net sales volume 6 lakh tons. So. So 1 lakh then additional sales. And we’ll be selling this through our, you know, our existing distribution channel and there is sufficient demand for our products. You know, you rightly you mentioned solar being one of the major ones where the growth is coming from. And we have a very strong focus on this segment. And also because of the, you know, you know, geographical reach, we have been able to penetrate in this market on a.
In a very, you know, proactive manner. And apart from this, you know I mentioned so Railways is also a big, you know, you know a lot of new requirement and demand is coming from the railways also. So this is also you know, helping the company in higher volumes.
Sagar Shah
Okay, okay, fine. And my last question is related to our OPEX actually for this quarter and the other expenses it came by almost half actually in this quarter at 14 crore as compared to 28 crores last quarter. So what were, where was the divergence so much actually. I mean so in just a matter of three months. Can you explain the difference?
Unidentified Speaker
Yeah. Actually in the, in the other expenses, you know in quarter one, two and three are the limited reviews. And, and, and this quarter this is the final original number. So you know, in the year end some, some adjustments is, is always there on, on full year basis. So one reason is this and second and second is key. You know, as, as we are expanding our capacity so some capitalization of expenses is also there which has been accounted for.
Sagar Shah
Okay, okay, so. So capitalization that led to reduction in expenses.
Unidentified Speaker
Actually you know, in, in earlier quarters. It is only a limited review. So adjustment is always there which is being reflected in Q4 and being the balancing figure of the year end. If you see on. If you. But if you see on year, on year basis other expenses numbers are at par.
Sagar Shah
No, no. Last year also other expenses was at 28 crores. No, it was.
Unidentified Speaker
I’m talking about full year numbers on fully on full year basis. Last year was 1990.50 crore rupees and.
Sagar Shah
Yeah, that is the same.
Anish Bansal
Yeah. Correct. Okay.
Sagar Shah
Okay. Okay.
Anish Bansal
Thank you.
Sagar Shah
Okay, fine, sir. Thank you, sir. And all the best.
Anish Bansal
Thank you.
operator
The next question comes from the line of Radha from BNK securities. Please go ahead.
Radha Agarwalla
Hello sir. Thank you for the opportunity. My first question was.
Anish Bansal
Yeah, good afternoon. Can you be a little louder please? I can’t hear you.
Radha Agarwalla
Yes. Yes, sir. Is it better?
Anish Bansal
Yeah.
Radha Agarwalla
So year on year our volumes have grown by 24 on a full year basis. So I am assuming similarly our raw material procurement would have gone up in the same range. So with this kind of a growth, what is the incremental discount per trend that the company is getting in terms of raw material procurement in FY25 when we compare it with FY24?
Anish Bansal
Yeah. So you know, you know, this, you know, bracket where we are operating right now, it is more or less the same. But you know, after this, you know, after the company, you know, becomes like a, you know, 7, 8 lakh then there’ll be a significant difference in the, in the, you know, costing per ton. So right now we are in the bracket where, you know, the, the slabs are the same but as we move, you know, upwards of six and a half, seven lakh tons, then there is a, you know, additional change there.
Radha Agarwalla
Any numbers? If you can give on a per 10 basis what would be the estimated discount? Both we reach that level,
Anish Bansal
you know, that depends on several factors, you know, the market conditions and everything. So that will happen, you know, when it happens. So I think FY27 is the right period. And it is, you know, like now it’s almost a year and a half away. So we are focusing on the current, current financial year. But of course, you know, the, the higher volumes is part of our costing strategy also.
Radha Agarwalla
Okay. Sir, if we talk on the basis of index numbers, suppose now we are doing 4.8 lakh tons of volume and you should get X percentage of discount. So when we cross that 7 to 8 lakh matrix ton of volumes. So can you give some kind of an indication what would this X become at those levels?
Anish Bansal
Sorry, after I did not hear you up after 6, 7 lakh tons.
Radha Agarwalla
Suppose now at, at current volumes we are getting X percentage of discount. Now when we cross 7 to 8 lakh tons of volumes what would the text percentage become at those levels?
Anish Bansal
There is a mirror. You can take a range of 200 to 400 rupees per ton. How? And you know it will play out. You know that, you know that will depend on the market conditions also.
Radha Agarwalla
202, 400. At what level of volume sir?
Anish Bansal
On a 7. On a 7 lakh ton.
Radha Agarwalla
Okay. And post that when we cross 1 million ton.
Anish Bansal
Yeah. So in the same. In the same percentage proportionately.
Radha Agarwalla
So actually. Yes sir. Thank you sir. That was helpful. So secondly, basically I wanted to understand if the competitors procurement is six to seven times of high tech then how will this discount work? Will it be solely based on volumes or will it be similar to the largest layer or will it remain the same for all?
Anish Bansal
So, so you know there are like you know, freight factors also. You know the landed price also and you know the mills, you know there is one slab that is the you know, highest lap. You know it, it works out. They, you know there is one. After a certain threshold, you know the, the discounts are maximized. So at a million seven level, you know all the players are more or less in the, in a very, very similar range of costing.
Radha Agarwalla
Okay. And, and what, and so what I Understood is at 1 million ton production the raw material discount would be similar for all the players. And there is a certain threshold post which the procurement or discount would increase for those players.
Anish Bansal
Yeah, yeah, yeah. So discounting becomes very, very, you know, like very similar at that level.
Radha Agarwalla
Sorry sir, I just a confusion. At 1 million ton it is similar for all players.
Anish Bansal
Yes.
Radha Agarwalla
And what is the threshold cost which it would be higher for higher volumes.
Anish Bansal
I. So basically what I’ve told you is at 1 million ton level. So the pricing structure, the costing structure and the discount structure is very, very, you know, similar for all the players at 1 million tons.
Radha Agarwalla
Okay. Understood. Understood.
Anish Bansal
Yeah.
Radha Agarwalla
Thanks. And all the best.
Anish Bansal
Thank you.
operator
Thank you. The next question comes from the line of Pallav Agarwal from Antique stock broking. Please go ahead.
Pallav Agarwal
Yeah, good afternoon.
Anish Bansal
Yeah, good afternoon.
Pallav Agarwal
So first question is you know on this purchase of stock in trade. So this quarter also it’s been, it’s pretty had what 75 crores. So what exactly is this like, you know, is this more of a trading business or what? What is the nature of this?
Anish Bansal
But this is not trading basically you know these are like you know, some Inventory that is stuck with the company. Some odd sizes, some odd bits are there, some, you know, some material defects are there. So this is the sale of those items in the overall, you know, scheme of things it’s just like you know five, five to five and a half percent. It’s not, it’s not a significant number.
Pallav Agarwal
So will this sustain or you know every quarter or this is more of a one off.
Anish Bansal
This is ongoing and you know this has been ongoing for like you know several years and it is across the, across the industry. So there are a lot of you know, stuck material which needs to be liquidated on time.
Pallav Agarwal
Okay so this is something that we, we produce or is it something that you know, we’ve purchased and we’ve got stuck with it.
Anish Bansal
So both. Both.
Pallav Agarwal
Both. Okay. Okay. So the, the other thing is you know just on the, the nature, the broad market trends. So now post safeguard due to HRC is again gone up. So is there more competition from Petra Pipes now given that you know, the premium has gone up again?
Anish Bansal
So no actually you know there’s a lot of market, you know, distinction that has taken place. So Patra players, you know they have from their own market and you know the branded players are have and the organized players have their own market. So you know the, it’s not you know a big impact. So as you’ve seen like you know we have, you know we have done you know higher sales of 24% volume wise. So for us, you know we are finding our new markets and new you know, new products and you know, cutting edge products. So that’s not a big issue right now.
Pallav Agarwal
Sure. Also just on you know, if you could just tell us you know what is the warrants outstanding and you know how much of money can probably come in whether it’ll come in in 26 or 27.
Anish Bansal
Sorry, can you repeat please?
Pallav Agarwal
The wardens, you know what are the warrants and are they warrants. Warrant share warrants outstanding?
Anish Bansal
No, there’s nothing, nothing pending for conversion.
Pallav Agarwal
Okay, so everything is converted.
Anish Bansal
Yes.
Pallav Agarwal
So there will be no more dilution than going ahead.
Anish Bansal
Yes.
Pallav Agarwal
Okay, so great. So just lastly, so I think this year because of the qip, I guess we would have ended with a net cash position right now. Right. So I don’t think would be having any debt on our books including working capital.
Anish Bansal
So basically long term capital has been won but with the new increased volumes, some working capital you know will be.
Pallav Agarwal
There will be that but that will not be, will not be very material. It will be in line with our volumes
Anish Bansal
yeah, absolutely.
Pallav Agarwal
And with working capital days coming down. So that also should help reduce the working capital debt.
Anish Bansal
Yes, yes, yes, yes.
Pallav Agarwal
Okay, so lastly, just on the capex, absolute, you know, any guidance for 26, 27. What, what type of capex outlay? We are looking at
Anish Bansal
approximately 200 crores
Pallav Agarwal
each year sir. Or across both years.
Anish Bansal
But for this year, for FY26.
Pallav Agarwal
Okay, okay. And then the 1 million ton extra incremental. 1 million ton that will be, that would entail a separate capex.
Anish Bansal
Yes, sure, sure.
Pallav Agarwal
Thank you sir. All the best.
Anish Bansal
Thank you.
operator
Thank you. The next question comes from the line of Mayank from Arabian machinery and heavy equipment company. Please go ahead. Mayank, please go ahead with your question and unmute yourself in case if you’re on mute.
Unidentified Participant
Yeah, thanks for the opportunity. This is Mayank from amsec. So my first question is on this tariff thing. Just wanted to understand what kind of dip price tariff differential we have with respect to China if we export from India to US Is there any number we have?
Anish Bansal
Yeah, so Mayankee, so you know, as we are already, we know that you know, this is a continuously evolving situation every, every day, every week, you know, these tariffs, you know, which US Is imposing, they are changing and they are being deferred or you know they are being re implemented. So it’s a quite a volatile situation right now. And you know, simultaneously you are already aware that the Indian government is pursuing the, you know, bilateral trade agreement with us. So and the China is also trying for some, you know, trade deal but it has not yet, you know, been done as of now.
So it’s a quite a volatile situation. We are you know, watching it. But right now India definitely has an upper hand when it comes to exporting to the U. S market. So India would be perhaps, you know, at, in the lowest band right now for the, for the tariffs because you know they have, they have imposed for Canada, Mexico, Korea and other countries also.
Unidentified Participant
So I’m just trying to understand the export opportunity which many players in this segment is trying to get hold of. What do you think about this next two, three years which is situation kind of prevails or tariff uncertainty remains.
Anish Bansal
So export definitely is a, you know, is a very big opportunity provided you know like all these like trade deals and you know, these agreements, they, they are in place. India should be a, you know, net exporter of steel products in, in FY26 and you know the market, market is big, especially the American market. So we are, you know, continuing, we are keeping a close watch on this and hopefully you know, the, the numbers, you know should speak for itself.
operator
Does that answer your question? Mayank?
Anish Bansal
I think this line is disconnected.
Unidentified Participant
Hello?
operator
Yes, does that answer your question?
Unidentified Participant
Yeah, that’s fine. So my next question is on the product wise. I mean if you could break given a breakdown of your product by the thickness of the pipe. I mean, I mean your market share probably would be. Number would be helpful in terms of the thickness of the pipe that you sell.
Anish Bansal
So man, it’s a large, it’s a wide range of thickness. We are operating in you know starting from 1.1 mm and going up to 12 mm. So it’s a, and there is a market for every, every thickness depending on the size.
Unidentified Participant
So we are leader in what kind of technology Because I think in the low, I mean in one of the concord you mentioned that the patras, the difference with the patras price and the HRC prices also depends on thickness what we are producing. So therefore I’m just trying to understand your, the price gap with respect to your product.
Anish Bansal
So you know our, our. So as I mentioned earlier, you know like our market is quite different. You know, where the approvals are required, you know the you know, pipe has to be bis and you know it has to be like you know widely, widely available and all the, you know like 1500, 1600 sqs should be there. So but to give you the answer, you know our, our main range is between 3-10 mm.
Unidentified Participant
Okay. So 3-10 mm. And what will be your market share in this range? Any number.
Anish Bansal
Our market share I think in this, like in this video will be approximately our total market share which is about 8 to 9%.
Unidentified Participant
Okay. And lastly on, I mean, I mean in terms of the interest expense next year, what kind of interest expense? We should, we could give any number.
Anish Bansal
FY26, I think largely it should be in the same, in the same range.
Unidentified Participant
44, 45.
Anish Bansal
Yeah. Yeah.
Unidentified Participant
Okay sir. Thank you.
operator
Thank you ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to Mr. Anish Bansal for his closing remarks. Ladies and gentlemen, the management has got disconnected. Would request you to stay online until I get them connected. Thank you. Ladies and gentlemen, the management has been reconnected. Please go ahead sir.
Anish Bansal
Sorry for the disturbance. Thank you all for your active participation today. FY25 was a landmark year for High Tech 5. Defined by record breaking revenues, exceptional profitability and strategic milestones bolstered by strong momentum in infrastructure, defense and clean energy. We are advancing decisively towards our 2 million ton capacity vision by FY29. Your trust and partnership remain pivotal in our progress and we are committed to driving sustained value creation through innovation and disciplined execution. We appreciate your continued confidence and look forward to sharing our next phase of growth. Stay well. Thank you.
operator
Thank you, sir. Ladies and gentlemen, on behalf of Hitech Pipes Limited, that concludes this conference. Thank you for joining us. And you may now disconnect your lines.