Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Sagar Cements Limited (NSE: SAGCEM) Q3 2026 Earnings Call dated Jan. 22, 2026
Corporate Participants:
Gavin Desa — Investor Relations
Sreekanth Reddy — Joint Managing Director
Analysts:
Shravan Shah — Analyst
Rajesh Ravi — Analyst
Unidentified Participant
Unidentified Participant
Unidentified Participant
Unidentified Participant
Unidentified Participant
Unidentified Participant
Parth Bhavsar — Analyst
Presentation:
Operator
Good morning. Good morning everyone. Anand Institutional equities welcomes you all to three QFY26 earnings concurrent earnings conference call for Sagar Cement Limited from the management team today we have Mr. Srikant Reddy, Joint Managing Director. Mr. K. Prasad, Chief Financial Officer. Mr. Rajesh Singh, Chief Marketing Officer and Mr. Raja Reddy, the Company Secretary. I would now like to hand over the call to Gavin Desa from CDR India for his opening remarks post which will then hand over the call to management over to you Gavin.
Gavin Desa — Investor Relations
Thank you, Prashin. I’d just like to add that during this conference call some of the remarks. We started with opening remarks from the management following which we will have the floor open for an interactive Q and A session. Before we begin, I’d like to point out that some statements made in today’s discussions may be forward looking in nature and a note to that effect was stated in the convol invite sent to you earlier. We trust you’ve had a chance to go through the communications that were emailed yesterday.
I would now like to hand over to Mr. Reddy to make his opening remarks over to you Shrikant.
Sreekanth Reddy — Joint Managing Director
Thank you Gavin. Good morning everyone and welcome to Sagar Simon’s earnings call for the quarter ended December 31, 2025. Let me begin the discussions with a brief overview of the market post which I will move on to the Sagar specific developments. As we have indicated, overall demand during the quarter especially the first half was relatively subdued owing to extended monsoons and festive season. However, we did witness pick up towards the later stage. Yeah. This trend is continuing as we speak increasing our confidence of ending the fiscal on a positive note with the overall volumes of around 6 million tons supported by pickup in demand and better pricing trends will result into improved financial performance.
In Q3FY26, Saga registered a volume growth of 8% year on year. While our revenue for the quarter stood at rupees 591 crores compared to rupees 564 crores in Q3FY25, an increase of around 5%. EBITDA for the quarter stood at rupees 38 crore which is same as previous year’s Q3 numbers. EBITDA per ton stood at rupees 254. We continue to work towards improving efficiencies and profitability through various cost reduction initiatives. This
Operator
Meeting is being archived
Sreekanth Reddy — Joint Managing Director
And solar. Capacity additions, Lead distance optimization, plant upgrades. Additionally we expect improving cash flows and planned land monetization to support prudent growth going forward. Loss after quarter. Sorry loss after tax during the quarter stood at rupees 64 crores. Our projects at Andra Cements and Jirabad are progressing as per plan. The construction of the six stage preheater at Dachipalli plant of Andhra Cements has been successfully completed and was recently commissioned. 4.35 megawatt waste heat recovery project at the Gurupadi unit is expected to be commissioned by end of FY26.
We also expect to commission the expansion of Jirabad capacity from 1 million to 1.5 million ton by early part of Q1.20FY27 and the cement capacity addition at Dachipalli by August 2026. Power and fuel costs today at rupees 1408 per ton as against rupees14.56 per ton reported during Q3FY25. Freight cost for the quarter stood at rupees 830 per ton as against 835 per ton during Q3FY25. From an operational point of view, Matt Pelley plant operated at 50, 57% utilization while Gudipadu, Vaiavaram, Jirabad, Jajpur and Dajpuri plants operated at 82%, 66%, 95%, 40% and 39% respectively during the quarter.
As far as the key balance sheet items are concerned, gross debt as on 31st December 2025 stood at rupees 16. 27 crore out of which rupees 13, 20 crores as a long term debt and the remaining constitutes the working capital net worth of the company on a consolidated basis as on 31st December 2025 stood at rupees 16.94crores. Debt Equity ratio stands at 0.78 is to 1. Cash and bank balances were at rupees 83crores as on 31st December 2025. In summary, we remain committed to delivering sustainable and profitable growth for strengthening the operational, strengthening the operational excellence, deepening our regional presence and increasing the use of renewable energy across our manufacturing footprint.
That concludes my opening remark. We would now be glad to take any questions that you may have. Thank you.
Questions and Answers:
Operator
Thank you sir. We’ll now begin the question and answer session. Anyone who wishes to ask a question please indicate through a raise hand function. The first question is from the line of Stravansha. Kindly provide your company name and go ahead with your question.
Shravan Shah
Hi here from Dollar Capital. Hi sir, a couple of questions. So first just on the demand front and we’ll then come to the pricing part. So last time Whatever the number we have said in terms of the growth for individual state of the south and for FY27, 26 and 27. Will the. Number remain same or is there any change? So primarily we were saying high single digit growth for AP Telangana for this year FY26 flat to marginal positive for Tamil Nadu and 3 to 5% for Karnataka. And so just your your thought on that front.
Sreekanth Reddy
Foreign. Mr. Shan. Yeah we I think the numbers what we have discussed during the last quarter call they more or less hold good. We could be slightly better but as we speak the demand uptick has been extremely strong. So the numbers what we have committed I think they are holding as discussed before. Mr. Shaban.
Shravan Shah
Okay. And for us now when we are seeing up 6 million ton for this year fr 26 volume if I just translate and I am assuming this is only the sales volume and not the clinker that means that the fourth quarter of this year FY26 we are looking at just a 2.6% kind of a growth. So and I Hope that the fourth quarter growth definitely should be a kind of a 7% in the range of that. So just wanted your thought. So is this the number on the on the lower side that we are saying and for FY27 last time we said 7 million ton odds.
So that number remains intact.
Sreekanth Reddy
Yes. Now let us talk of the current financial year’s outlook. Id 6 million and we did indicate in the past that these are subject to some corrections based the price. The price has been volatile so basis that from 5.8 million we revised it to 6 million so we are holding it to the 6 million now it should roughly translate close to year on year number of close to around 9%. Mr. Shavan going to the next year number. Yeah we are holding at this point of time for a 7 million outlook for the coming financial year.
Shravan Shah
Yeah. So now sir on pricing front so just want your clarity. So if you in terms of the state wise if you can spell so in this January what we heard is there is a decent hike of 1520 odd rupees in the non trade front. So your thought and if you can also specify in terms of the state level how much till now from 1st January till now the hike is there in non trade and also at the same time on the trade front has there any hike and if yes how much?
Sreekanth Reddy
Yeah from, from, from from the middle to end of December we we started increasing the prices from end of December to now. Yeah we did get around 15 to 20 rupees increase on an on trade though, though at the trade level the. The price increase we started increasing only during the first week of January. But, but in this part of the world, as you know, Pongal is an important festival. We, we tried increasing almost 15 to 20 rupees. But so far we could only realize anywhere between five to ten rupees in trade.
Mr. Shaban, and I’m speaking across the states that we operate. Most of the trends are very similar across all the south states. In Madhya Pradesh the price increase happened slightly ahead of almost close to 10 rupees. That is at the end of November itself. Not. And it’s mostly in the not trade. Prices have been very flat again for our Madhya Pr.
Shravan Shah
Okay, got it. So. So given this scenario. So in terms of. For us in terms of the profitability. So for nine months roughly around 478 rupees EBITDA per ton is there and we were looking at 600 odd rupees. So how one can and at the same time do we now believe that even at the end of the. Let’s say once the march starts and the given the capacities which are slightly delayed and now will come up on the stream, this price increase can, can sustain. Is this the structural price hike or maybe rollback likely to happen in the march?
And if that is the case then how one can look at the profitability. For us
Sreekanth Reddy
In our case, sir, what, what we are trying to factor is not a very steep price hike. The current price hike is we are as close as just before the GST revision has happened. So it’s not that we have gone back to the Q1 pricing which was extremely healthy given this scenario. What we have penciled in for the Q4 is around 550 rupees EBITDA pattern. In all we should end up very close to 500 odd rupees EBITDA per ton to 525 rupees EBITDA per ton for the full financial year. That includes the incentives.
Shravan Shah
Got it sir. Got it. Thank you sir. And all the best. Thank you.
Operator
Thank you. We have, we now have the next question from the line of Mr. Rajesh Ravi. Kindly unmute yourself sir and please ask the question and state where you are from.
Rajesh Ravi
Yeah. Hi sir. Good morning. I am Rajeshwi from HDFC securities. My question pertains to. Am I audible?
Sreekanth Reddy
Yeah. Good morning Mr. Rajesh. So yeah, you are very much honorable.
Rajesh Ravi
Oh great. Uh, so if I look at your uh, you know the standalone versus Andhra performance, you know the cost structure is still shockingly different already. Stabilized at Andhra Cements. So how should we look at you? Standalone operating cost per ton overs around close to 3, 900 whereas it is for the Andhra cement capacity these numbers are still you know very high.
Sreekanth Reddy
Yes. Yeah Mr. Rajesh I think you should, you should look at we we only commissioned the new preator at Andhra sir All in all from a year on year kind of a number you should expect around 250 rupees per ton kind of a reduction at Andra. Now when you look at the cost sir it again adds up the freight so it could, it could be significantly different across the plants and when you look at standalone yeah it’s it includes Jajpur, it also includes Godupadu So each of the unit has its own characteristics and proximity to the markets but all in all if you look at Andhra’s performance it has been significantly better.
We are trying to align it to to with the other group companies especially with the Mattanpelli because Mattanpelli plant happens with one of the most cost efficient plants. The idea is to replicate the same cost here at Andhra. I would not say that we have reached there because Andhra doesn’t have wasted recovery compared to Matampelli but if you look at specific consumptions and all we are almost very very close or better than Matampelli because obviously this is a brand new predator. So given this situation fortunately in the last quarter itself we are very close to the breakeven I think in the current quarter itself we expect Andhra to break even with the better prices we we hope it should become profitable in the current quarter itself Mr.
Rajesh
Rajesh Ravi
Understood. So for X factory you know operating cost if because that number would be more comparable at your end so how much Andhra would be still higher in terms of the cost structure versus again.
Sreekanth Reddy
It see up to clinker I I think yeah there is a gap because the electrical power costed mutant pelley includes almost 90% of the power comes from green sources for but whereas in Andhra we still source from the grid only 6 megawatt solar plant is operational except for that on a specific power consumption sir Mutampelli is almost at 725-730 kg per kg of tinker whereas Andhra is almost sub 720 kcal per kg of clinker up to clinkerization electrical units for MATAMPELLI is around 52 units whereas ANDHRA is at 51 units on a specific consumption Andral is already below Mattepelli but the landed cost of fuels as well as the energy cost Is slightly different.
It would take some more time before we could, we could on a rupees we could be very close to Matampelli. But again the product mix for Matampelli to Andhra would be very, very different. So, so it needs to be compared. What I would say is that when we have embarked on this investment for Capex for Andra, the objective was primarily to be specific. Fuel consumptions, everything to be lower from 850 to 880kcal. Yeah. We could straight away reduce it to 720. Mr. Rajesh. So that’s a translation. And from 60, 62 units up to clinker we are already at 51 units.
So we, we, we could with the Capex and success. Yeah, we could, we could achieve much more than what we initially thought we would achieve from there.
Rajesh Ravi
Great. Understood. So you know gradually this will narrow and the difference will remain so because of the energy mix.
Sreekanth Reddy
Yes sir. Yes sir. Again I’m talking specific to Matampelli. Yeah, yeah. Because each unit has its own cost structure because of the either raw metal costs or you know the cold landed cost. But as it stands we are not, we are not very far from the best in the business at Andhra.
Rajesh Ravi
Understood. And at company level Q4 you’re looking at 500 plus EBITDA per turn. Is this understanding right? Yes
Sreekanth Reddy
Sir. Yes sir, we are, we are looking at 500 to 550 because we did factor some amount of price hike but not the full one. What probably is, is expected to. Because March is going to be end of the year. So there could be some kind of pricing pressure that has been penciled in internal, sir.
Rajesh Ravi
Okay. And miserly would also be coming from better profitability from Andra Cements.
Sreekanth Reddy
I. I think most of it is not only from better performance from Andra. Sir, across the units the operating leverage also is going to be better. Yes.
Rajesh Ravi
Okay, understood. And sir, second on the land sale, what is the progress over there? Can we see some disposal? Yes sir, I think I. I think we
Sreekanth Reddy
Happy to state that there is only one step left. Most of the other steps have already been covered. So we are waiting for the final government policy very specific onto the Andra as indicated last time. I think over a year, year and a half. We should have totally monetized the Vizat land. Mr. Rajesh. So from a timeline perspective as indicated before we are expecting our next 18 months for the entire thing to be monetized.
Rajesh Ravi
Okay. So nothing can for this financial year. There, there wouldn’t be anything. Whatever.
Sreekanth Reddy
We did, we expected for this financial Year it’s only spread over next financial year and the I. I think bulk of the money we should have received over next 18 months.
Rajesh Ravi
Okay. Great sir. Thank you. I’ll come back in queue.
Sreekanth Reddy
Thank you.
Operator
Thank you. Anyone who has an. Who has a question please use the raise hand function to ask the question. We have a question from Jaspreet Singh. Kindly provide a con company name and proceed with the question.
Unidentified Participant
Yeah. Hi. Good morning Mr. Reddy and I’m. I’m from a Quintus PMS. I. I missed this. Non core uh. Money that we could realize over 18 months. What’s the total value attached to this?
Sreekanth Reddy
Yeah. Good morning Mr. Jaspreet. What? What? We are the government reckoner rate at this point of time is around 4.4course for a cursor which roughly translates to 400. But there would be some expenditure as you know and also some capital gain. So we. We are assuming that we should receive around 350 crores net of the expenses that we might incur.
Unidentified Participant
Okay. So net of expenses and net of tax. 350 crores.
Sreekanth Reddy
Yes sir.
Unidentified Participant
And this would be received in one shot or would it be spread out in that.
Sreekanth Reddy
See the one of the advisors who said we are taking for the monetization of this. Their view is that Vizag is not such a big market for there are not many large real estate players around that place for them to absorb in single lots of. Probably it should be split into five to six convenient parts so that you could monetize in that time horizon.
Unidentified Participant
Okay. But ending in that 18 month window only. Yes sir. Yes
Sreekanth Reddy
Sir. Yes sir.
Unidentified Participant
Okay. Okay. And sorry if I’m asking if you’ve mentioned it multiple times in the past but how do we plan to utilize these proceeds? Capex.
Sreekanth Reddy
Our plan is to have a balanced and optimized debt. So for next two to three years we do not have large capex plans. So most of the money should be utilized to retire the debt. Mr. J.
Unidentified Participant
Okay. Which is at a console level about 1600 plus. Am I. Am I? Yeah.
Sreekanth Reddy
The net debt, net debt is around 1450 crores. That’s what we expect by end of this financial year.
Unidentified Participant
Okay so let’s say we retire this and we have some cash flow. So about debt equity then should be. Should come build closer to 0.5. Let’s say in a 18 to 24 months time frame.
Sreekanth Reddy
Yes. Yes Mr. Jaspreet. From our medium term plan our objective is to be 12 million from. From increasing it from 12 million to 15 million. But the capex should start somewhere around end of FY28 to early part of FY29. So for the next good two and a half to three years, we do not have any major large capex plan except for the maintenance capex that we have or the ongoing capex anyhow is likely to conclude by end of next year or middle of next year. So that gives us some additional cash flows to retire the debt.
Unidentified Participant
Okay. Okay. Brilliant sir. Thanks for giving all that inputs. Yeah. Thank you Mr.
Sreekanth Reddy
Gesture. Thank you.
Operator
Thank you sir. Anyone who has a question, please use raise and function to ask a question. The next question we have from Mr. Satya. Kindly state your company name and proceed with your question.
Unidentified Participant
Hi sir, I am Satyam from PL Capital. Sir, I just wanted to understand the state mix that we had. Like from different states. Like where Percentage.
Sreekanth Reddy
Good morning Mr. Satyam. From a state mix perspective for the quarter. Yeah. We are at 28 in Telangana with a similar 28 in Andhra Pradesh. Around 7% in Karnataka 6. 6% Tamil Nadu, 9% Maharashtra 10% Odisha, 8% Madhya Pradesh, 3% Gujarat and all the other states included at 1%, sir.
Unidentified Participant
Okay, sir. Thank you sir. Next question would be what is the capex that we are initializing for 26 overall as well as for 27 as well.
Sreekanth Reddy
Yeah, we. We did state part of our investor presentation, Mr. Satyam, but just to. Yeah. It is on slide number 12 of the investor presentation. Oh
Unidentified Participant
Yeah. Yeah. Right. Right. Yeah.
Sreekanth Reddy
Since you have asked. Yeah. It’s around 303 crores. For the. For the nine months that we have done, what we have budgeted was around 186. The. For the total FY26 it is around 489, sir. And for the coming year what is budgeted is around 291.
Unidentified Participant
Thanks. Thanks. That’s it for myself.
Sreekanth Reddy
Thank you.
Operator
Thank you. We have next question from Sanjit Tambek. Kindly state your company name and proceed with the question.
Unidentified Participant
Yeah. Hi sir. I’m from Antique Stock Broking. So sorry if I missed this but will you tell me like what sort of capacity additions we are expected by our peers, you know, in the markets that we operate in next 6 to 12 months.
Sreekanth Reddy
We are not expecting much. In next 6 months. Sir, in 12 months. Again we. We are not expecting anything in the current financial year. In the next. Probably before the end of next financial year we do expect Ramos Kim Kunla, line 2. Same would be the case with the line 4 of Ultra TE. But I may not be very precise with the either. It should be in the. In the coming financial year or a quarter later which should all get into the. The next financial year. But these are the two assets that we are looking at in ap.
Unidentified Participant
Okay. Thank you. Thank you so much sir.
Sreekanth Reddy
Thank you.
Operator
Thank you. If anyone has a question please use RAND function. We have next question from Shavan Shan please. You can unmute yourself and ask the question.
Shravan Shah
Hi sir. Sir, for next year. So once the this 4 megawatt WHRS also starts so broadly at a console level. How. How one can look at in terms of the cost reduction overall.
Sreekanth Reddy
Yeah. Mr. Shivan, the the only addition or rather there are going to be two editions I would say or three additions. One on the wasted recovery. As you know it’s a 4.35 megawatt which should roughly translate a net saving of around 100 to 125 rupees per tonne. Guripadu unit sir. Up to clinkerization. And we have a grinding mill getting added up at Jirabad. We are hoping it should be in the early part of FY27. So that should help us have some operating leverage. Because Jirabad is already operating close to 100.
So that should. That should again on a fixed cost basis should help us save a minimum of 150 to 200 rupees per ton. The Andra grinding plant primarily would help us achieve the number of electrical units where we expect that is likely to get commissioned by August of 26. So at least for half year it should be available. We we expect four to five units kind of a reduction on close to a million ton of a sale for half year sir. So half a million into four units is what we should factor. That should be around 25 to 30 crores.
We should expect. Sorry 2050 rupees per ton kind of a saving is what we should expect at Andra.
Shravan Shah
Okay. Okay. Okay. Okay. Understood. And then given the current petcoke prices are there do we see some kind of a 3, 4% kind of increase at a fewer cost level?
Sreekanth Reddy
Sir, I think we. We did switch over from Petcock to the domestic coal in some of the assets and to the imported coal at the other assets. Our internal penciling in is that for the current financial year we don’t expect any cost increase as far as power and fuel is concerned for the coming year. As it stands we expect around 2 to 3% kind of an increase at the fuel price. Again it is too soon. But we would be in a much better situation to confirm to confirm for the next financial year end of this quarter sir.
Shravan Shah
Okay, okay. Okay. Got it, sir. Got it. And answer. Do you see? Is there still any kind of MNA still left in South.
Sreekanth Reddy
Yeah. Mr. Chan, I have absolutely no idea about the activity about M and A because most of these M and A are very specific between a buyer and a seller. Public domain. I, I think it’s in public domain. I, I, I have nothing to add on what is already in the public domain, sir. But specifically we have not seen major intensity or activity that is happening on MND for last six months. So we assume that for next few quarters it might remain very similar.
Shravan Shah
Okay? Okay. Got it, sir. Thank you.
Sreekanth Reddy
Thank you.
Operator
Thank you. We have next question from Jyoti Gupta. Kindly unmute yourself and ask the question. Please state your company name as well.
Unidentified Participant
Morning, sir. This is Jyoti from Nirmalbar Institutional Equities. Can you hear me?
Unidentified Participant
Yeah, good morning Jyoti. How are you, ma’? Am?
Unidentified Participant
I’m very well suggested. I’m a bit unwell so can’t speak. Much I hope but I’m audible so
Unidentified Participant
Loud and clear. Yeah.
Unidentified Participant
So I have two questions. One is any specific reason that we have a certain spike in depreciation and is it likely to continue? Second is on the finance first. Also we’ve had an average of almost like 470. This time it’s 503, I mean 50 crores. Is there a possibility that this is, this will continue? And then on the fuel mix part, while I believe that, you know, transitioning from a pet book to coal may not, may have limited, you know, cushion there. However, what is the fuel mix? Because the increase in the fuel cost is almost 15%.
I understand the cost of Petcoke and coal was pet coke was high. But still other companies were able to mitigate in some way. So maybe first is what is the fuel M fuel mix this quarter? What is the fuel, what was the earlier fuel mix and what is it now in this quarter and on the finance cost and depreciation part. Sir.
Sreekanth Reddy
Good morning JY. On the depreciation front, I think we, we have, we have been capitalizing all the capex that we are doing. Whatever got concluded. So that actually has added up to the overall kind of a depreciation. Yeah, we, we, we, we, we did give the mix over few last quarters on slide 11 Jyoti of our investor presentation. So that should help you see how, how the overall kind of fuel mix that we are doing, we switched over from Petcoke imported as well as Indian to the Indian coal as well as imported coal.
Yeah. That is helping us mitigate as much extent as possible. In terms of the overall as mentioned, we don’t expect any major fuel price increase. Now on a peer comparison. Again our issue is you should compare Apple to Apple even at the product mix. So our product mix primarily is at 55 OPC and 45 blended. So that also makes it look higher because again it’s the markets that we service have a slight slightly higher OPC kind of orientation. So that makes it look higher. But, but on, on, on kind of cost I think we should be flat for the current quarter and going into the next year I think we would be, we would be coming back end of this quarter.
Unidentified Participant
And what about the coal says that 400 rupee? No, I
Sreekanth Reddy
Think that actually is made the domestic coal and imported coal lower than Petcoke. It
Unidentified Participant
Does
Sreekanth Reddy
So the, the but it as such did not. The coal did not price did not come down. Only this has actually helped us to mitigate the increased Petco kind of a price to a great extent. That’s
Unidentified Participant
On a staggered, you know stag quarterly it is staggered by almost like 50, 55 per ton. So hopefully we should see some value incrementally. Should add import of 4 also and then the full year we should be able to see the full impact of the sc.
Sreekanth Reddy
No, I think, I think it’s a, it’s a mix. I would say in our case we probably don’t have as high inventories. So. So from that perspective earlier we used to keep very large inventories. Yeah. Right now we are running on a quarter ahead. Earlier we used to do two quarters. Now we are doing only a quarter ahead. As it stands we don’t expect any major either cost increase or saving on the power and fuel except for the efficiencies that we have achieved.
Unidentified Participant
Thank you sir.
Sreekanth Reddy
Thank you.
Operator
Thank you. We now have next question from Pal Bowser. Kindly unmute yourself and ask the question. Also state your company name.
Parth Bhavsar
Yeah. Hi sir, this is part from Investec. So I had a couple of questions. So the first one, sir, are we accruing any incentives currently and if. Yes, how much was it in the current quarter?
Sreekanth Reddy
No, I don’t think we have accrued any interest during the current quarter. Sir. The incentive, sorry whatever we got was during the Q1 and Q2. Yeah. Nothing is due for the current quarter or the coming quarter. Mr. Path.
Parth Bhavsar
Okay, one clarification. When I look at slide number 11 the you know the fuel pricing. Right. So the current, you know quarter’s presentation versus the last quarter when I compare it the domestic coal pricing, it’s quite. It’s quite different. So the last quarter base like basically Q2 it like in the previous presentation it shows 1.26 for domestic coal and the current quarter shows 1.72. So. Yeah, because of the
Sreekanth Reddy
Singular as far. Yeah, it is as fired sir. So. So we would have fired most of it from Singerini at Matampelli and also got lot of domestic coal at Jirabad, sir. So that is the difference.
Parth Bhavsar
Got it. So. So basically we should rebase the previous quarters as well. Would that be. No, I don’t
Sreekanth Reddy
Think so. It’s. It’s on asphalt basis sir. So we keep it again depends on if it is 100% synchronic coal and elsewhere we are using imported pet coke. Your pricing would have been that. Now it is actually a mix of some other than Syngreni. Domestic coal has been used at Dhirabad. So that is the reason why the prices got increased. The Singerini petcoke landed price or Rashford cost at Matampelli is sub 1 rupee 20 paisa sir.
Parth Bhavsar
Okay, so but sorry, in the base year shouldn’t it be the same like because we’ve re based in the. In the current quarter that
Sreekanth Reddy
We are giving Mr. Part. It’s not like we are trying to reorganize. It’s the current fuel prices, prices, trends that we are indicating there.
Parth Bhavsar
Right, but that is for the current quarter. Right, but What. What about Q2FY26? That’s in the past. Right?
Sreekanth Reddy
As fired, sir. It’s all realigned with as fired. Okay.
Parth Bhavsar
Okay, got it sir. Thank you for answering my question. Thank
Sreekanth Reddy
You.
Operator
Thank you. If anyone has a question please use raise hand function to ask the question.
Gavin Desa
We can close.
Operator
Thank you. As there are no further questions I now hand over the call to management for its closing remarks.
Sreekanth Reddy
Thank you. Prashil. Yeah. We would like. We would once again like to thank each one of you for taking time to join us on the call. I hope you have got all the answers you are looking for. Please feel free to contact our team at Sagar or cdr. Should you need any further information or you have any further queries, we would be more than happy to discuss them with you. Thank you and have a good day.
Operator
Thank you. And now we’ll conclude the call. Thank you everyone and have a good day.