Steelcast Ltd (NSE: STEELCAS) Q3 2025 Earnings Call dated Jan. 29, 2025
Corporate Participants:
Chetankumar M. Tamboli — Chairman & Managing Director
Subhash Sharma — Chief Financial Officer
Analysts:
Kanav Khanna — Analyst
Harshil Solanki — Analyst
Unidentified Participant
Rushabh G Shah — Analyst
Sahil Sanghvi — Analyst
Ashok Shah — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Steel Cast Limited Q3 FY ’25 Earnings Conference Call hosted by Ornst Young. [Operator Instructions] I now hand the conference over to Mr Kanov Kanna from Ernst thank you, and over to you, sir.
Kanav Khanna — Analyst
Thank you. Thank you, Steve. Good evening, everyone. We welcome you all to Steel Limited’s earnings call to discuss the Q3 and Nine-Month FY ’25 financial results. Today from the management side, we have with us Mr Chetan — Mr Tamboli, Chairman and Managing Director; Mr Rushil, Whole-Time Director; Mr Subar Sharma, Executive Director and Chief Financial Officer; and Mr Omesh, Company Secretary. Please note that a copy of the disclosures is available in the Investors section of the website as well as on the stock exchange. Further, a detailed safe-harbor statement is given on page number 26 of the investor presentation of the company.
Please note that anything said on this call, which reflects the outlook of the future or which could be considered as a forward-looking statement must be reviewed in conjunction with the risks that the company faces. Now that being said, I shall hand over the call to Mr Chetan Tangboli for his opening remarks. Over to you, sir. Thank you.
Chetankumar M. Tamboli — Chairman & Managing Director
Thank you,. A very good evening to everyone on this call. We welcome you all to the earnings conference call of SteelCast to discuss the company’s performance during the quarter and nine months ended, 31 December 24. We concluded our Board meeting yesterday and uploaded the financial results as well as the investor presentation on the stock exchanges. I believe you must-have got a chance to go through the same. I want to start with an update about global economic scenario and then we’ll discuss about our company’s performance.
According to the latest world economic outlook, it is anticipated that world economic growth will maintain a steady pace of 3.3% in ’25 and ’26, consistent with the predictions they made in their October ’24 outlook. This stability is due to an increase in growth expectations for the United States, which compensate for reduced forecast in other regions. The global scenario seems a bit uncertain amid policy uncertainty and supply-chain disruptions due to ongoing tensions between various nations. Amid all this, our domestic market is seeing good traction and our valid mix of exports and domestic segment hedges our key economic and geopolitical risk.
Now let me highlight the performance for the current quarter vis-a-vis that of the preceding quarter Q2 FY ’25. During Q3 FY ’25, the revenue from operation was INR101.8 crores, a 34% growth from INR75.9 crores in Q2 ’25. In volume terms, there was an increase of 32% vis-a-vis Q2 FY ’25. EBITDA excluding other income during the quarter was at INR28.3 crores, a 45% growth from INR19.6 crore in Q2 FY ’25. EBITDA margin was at 27.8%, an increase of 200 basis-points from 25.8% in Q2 FY ’25. EBT during the quarter was INR25.8 crore, a 44% growth from INR17.9 crores in Q2 FY ’25. This translated up to a PBT margin of 25.4%, an increase of 180 basis-points vis-a-vis Q2 FY ’25. PAT during the quarter was 19% growth, a 45% growth from INR30.3 crore in Q2 FY ’25. PAT margins remained at 18.19%, an increase of 140 basis-points vis-a-vis Q2 FY ’25.
During Q3 FY ’25, the revenue from operations was at INR101.8 crores, a 13% growth from INR90.3 crores in Q3 FY ’24. In volume terms, there was an increase of 16% vis-a-vis Q3 FY ’24. EBITDA excluding other income during the quarter was at INR28.3 crores, a growth of 4% from INR27.3 crore in Q3 FY ’24. EBITDA margin was at 27.8%, well-above our usual guidance of 21% 22%. EBT during the quarter was INR25.8 crores, a 10% growth from INR23.4 crores in Q3 FY ’24. EBT margin stood at 25.4%.
PAT during the quarter was INR19.2 crores, a 10% growth from INR17.4 crore in Q3 FY ’24, PAT margin was 18.9% at this juncture, let me share with you the CAGR snapshot of last five years. Revenue from operations have grown to 19.6%. EBITDA, excluding other income has grown to 33.1%. EBIT excluding other income has grown to 47%. PAT has grown by 75%. The domestic and export share of total sales is 55% and 45% respectively during Q3 FY ’25 and 51% and 49% respectively for nine months FY ’25.
As you all are aware, since our Q4 ’24 con-call, we anticipated subdued quarters Q1 FY ’25 and Q2 FY ’25. We had also anticipated that we will have an uptick in volumes from Q3 FY ‘2 — FY ’25 onwards. Our above guidance actually correct as explained about. This has happened due to liquidation of inventory in North-America, Europe and India reaching to. Hence, we are very much optimistic and anticipate further improvement performance in Q4 FY ’25 and subsequent quarters. On the balance sheet side, we continue to be zero-debt company since the past the year, being debt-free along with maintaining a good margin profile has been the two key reasons behind our high-return ratios.
Our annualized ROCE is recorded at 27% and ROE for the same-period is 20%. To meet the ongoing demand, our capacity — capacity utilization has increased to 50% in Q3 FY ’25 versus 40% Q2 FY ’25. Looking at our growth trajectory, we are on-track to reach full capacity by FY ’27, ’28. From that point onwards, we’ll increase our capacity in a and phased manner. Talking a little bit about the most of our company as a, we can confidently say that the culmination of entry barriers such as high replacement cost of planted machines, strong R&D and technical capabilities, customer loyalty spending over decades while maintaining high margins and our recent foray into green energy puts us in a sweet-spot that newer companies may find it difficult to evaluate.
Also, our plans to increase our footprint in 18 plus companies in the next few years will put us in an accelerated growth path. Our team at has worked tirelessly to achieve this level of success and we as a team are proud of our accomplishments. I want to take this opportunity to extend my heartfelt gratitude to our dedicated employees whose contributions have been the cornerstone of our success. Their commitment and procedural have been an instrumental in achieving those. Last but not the least, we are pleased to inform you that we are setting up two additional renewable power plants for our captive consumption, one being 1.15 megawatt, solar power plant in CapEx model and other being 2.1 megawatt in hybrid power plant in group captive mode.
This is to cater to additional demand of power coming from increasing volumes from now onwards. This will further reduce our carbon footprint and will lead us towards our commitment of being carbon-neutral company by 2030. It is needless to share that these two plants will be financed to our own internal accruals. Meanwhile, it is worth taking a note that our two existing renewable power plants are in the desired saving. With that being said, I would like to open the floor for questions and I request the moderator to kindly do the meeting. Thank you. Thank you all.
Questions and Answers:
Operator
Thank you very much. [Operator Instructions] The first question is from the line of Harshul Solanki from Equitree Capital. Please go-ahead.
Harshil Solanki
Hi, team. Good afternoon. I had a couple of questions. First is, sir, if you can update us on the railroad components, we had some issues and have we been able to solve those issues or we have looked at the problem if you can update us on this.
Chetankumar M. Tamboli
Yeah, can you please ask your room just ask all the questions and I’ll respond one after the other.
Harshil Solanki
Okay. So second is the order book for the Q4 and anything on the next year also if you can share. Third question is, there is a other expense you have stated in the notes of INR2.31 crores on — regarding a scale court which we launched. So can you highlight what was the case? And do we expect any more expense on account of the litigations? Yeah, these are my three questions. I have more. I’ll get back-in the queue. Yeah. As regard to our product development for the railroad industry, we have developed a total of seven parts. And out of seven, one part is giving us problem. We are not getting the desired life and what we should get. So the railroad industry, the serial supplies which was to start from Q3 onwards, I should say it was to accelerate from Q3 onwards. It probably will be delayed by maybe two more quarters. So that’s one point. The second point on the railroad industry, this market is very, very competitive. So we are now trying to focus on the other industry verticals, we have not decided 100% on what we should do, whether we should continue railroad or diversify into some other segments.
We will take a call-in the next few months’ time, but the focus on railroad is there, but whether we should continue pursuing this line or change course, we’ll decide then in the next two months. Case of order book for Q4, it’s about INR144 crores as of now. And as you know, in our type of business model, the form orders are for about 90 to 100 days. And then each month they repled by the following months. Your third question was about other expenses. So let me give you a background. There was one litigation going on and the litigation is still going on. So we’ve been told by the court in US to deposit this amount of INR2.31 crores. We have deposited as a. But the case is still going on.
It has not gone against us, but as a measure of prudent financial norms, we make provisions in our corporate and loss accounts so that there is no liability on the company going-forward. And in case we win the case, which we are very hopeful, then at that point of time, this money will come as other income. More or — and the liability is also crystallized. There is no other additional amount which needs to be paid even if we lose the case. But as I said, we are quite optimistic in winning the case and we thought it’s good to provide this and forget this liability. A next question please.
So just clarifications on this part. This INR144 crores is to be executed over 90 days, safe to assume.
Chetankumar M. Tamboli
These are orders on and some orders out of this may be going into the next financial year. So these are orders on-hand, I should say. So some part will go into the next financial year. Now I can’t say because of the SEBI regulation and all what is the likely top-line in Q4. So as I said earlier in my — in my speech that we will have improved performance in Q4 compared to Q3.
Harshil Solanki
Okay. Got your point. Sir, on the earlier part, you said the competition is high and we may reconsider. So what has changed because we thought this was a very large opportunity for us and we had the approvals. So — but now you’re saying that we may have to reconsider. So can you elaborate more because this is a little bit confusing.
Chetankumar M. Tamboli
No, in fact, there are plenty of opportunities also available in different industries. So as we keep moving forward, we keep exploring opportunities. Now if there is another industry where the opportunities are much better and the pricing is much better and the parts we supply are better in terms of margins, we would do some course correction and the course correction is in the interest of the company. So even if there are large volumes available, we may change course going-forward here. And if there are opportunities where the margins are better, one should reconsider the original strategies. I’m not saying this is what we are going to do, but we may consider this going-forward.
Harshil Solanki
Understand your point, sir. Can you — if possible, can you throw any highlights on which industries you are considering just preliminary idea?
Chetankumar M. Tamboli
I think we would be better placed to talk about the new industry maybe in the next Q4 quarter call when things would be crystallized and we also know what is the direction we are moving forward. So we’ll talk then. I think it’s too premature to really specify the industry where we are trying to focus.
Harshil Solanki
Okay. Got your point, sir. Thanks for your answers. I’ll get back-in the queue. Thank you.
Chetankumar M. Tamboli
Thank you, sir. Thank you.
Operator
Thank you. [Operator Instructions] The next question is from the line of Sharma from Tradewalk Research LLP. Please go-ahead.
Unidentified Participant
Hello, am I audible?
Chetankumar M. Tamboli
Yes, please.
Unidentified Participant
Congratulations on the good set of numbers. My first question is, how is the company planning to diversify clientele? And even in the previous quarter, you had mentioned that plan to cultivate new customers. Has there been any progress on this fund or any breakthroughs, if you can shed some light on that? My second question is, where are you looking to close this year in terms of revenue and EBITDA and what are your growth projections for next year? Year and if you could give a segment-wise revenue this contribution.
Chetankumar M. Tamboli
So in case of broadening customer-base we have made some inroads. I will share maybe in the next quarter’s time, but due to confidentiality reasons, we don’t give customer names or customer names on the investor calls as we don’t know who are participating. So — but I can tell you that our customer-base has been broadening as we keep moving forward. We have doubled our customers over the last seven to eight-year period and this will be — this will be an ongoing effort. The number of customers from 27, 8 years back has gone to almost 45 plus in terms of number of parts, what we’ve been making before was about 142, which we now do on a monthly basis about 250 different parts. Number of industries what we used to do in the past is five to six End-User industries, which we are doing about nine now now. So that’s been our conservative — constant endeavor and to de-risk ourselves as much as possible. Now your second question about revenue, EBITDA, I don’t think the rules will permise us to give you absolute numbers. But as I said.
Unidentified Participant
I’m not asking for absolute numbers, I’m just asking for figures to growth figures from last year to this year.
Chetankumar M. Tamboli
So last financial year FY ’24 to FY ’25, because of the subdued — the first two quarters, there will be de-flow in sales. There will be de-growth in our profits also. And that’s the reason about — because of the subdued — first two quarters of current financial year. But if you see from now onwards, Q3 onwards on an annual library basis, we do far better than what we will do in FY ’24.
Unidentified Participant
My next question was, is the solar plant — are you in any way planning to make the solar plants contribute to the revenue in the future? Or is it just from a cost-reduction point-of-view.
Chetankumar M. Tamboli
So it’s absolutely from cost reductions point-of-view. And as far as our ESG initiatives are concerned, we want — we want it to be carbon-neutral by 2030. So this will be our constant endeavor that we keep on adding this into cost-savings. The cost-savings between these two power plants of 1.15 megawatt and 2.1 megawatt, which together is about 3.25 megawatt. We would have cost-savings of about bond high about INR4.4.5 crores. So this will excuse the bottom-line once these are commissioned.
Unidentified Participant
Right. My next question was, can you shed some light on what kind of capex are you planning to do in FY ’26 and the current utilizations are only at 50%. So at what point in time are you planning to do these capexes? And also if you could give some update on the — your tank track orders as you highlighted some issues in the previous quarter.
Chetankumar M. Tamboli
Can you complete your balance questions, please?
Unidentified Participant
Yeah, that’s it. That’s it. That’s it.
Chetankumar M. Tamboli
I think our capex in the next quarter will be, Sharmaji, what is the number?
Subhash Sharma
Sorry.
Chetankumar M. Tamboli
Mr Sharma, what is our capex number for FY ’26?
Subhash Sharma
INR26 crores.
Chetankumar M. Tamboli
So we’ll invest INR27 CR. This will be again mainly for debottlenecking and some purchase of land for our future investments in the company. So that put together is about INR27 crores. And the other question about this, the tracks for — for defense, we are waiting for government to float out new tenders. So once they come, we will — we will take this forward.
Unidentified Participant
Okay. Sir, my other question related to the capex question was because you are at 50% capacity utilization, now at what point in time are you planning to invest more in your capex?
Chetankumar M. Tamboli
Okay. So what — what we have planned is our next year utilization is around between 60% to 65%. Okay. Maybe in the middle of FY ’27, we will take a call and trigger new capex. As the visibility becomes more clearer, we will then trigger this and therefore, we’ll do it in a phased manner.
Unidentified Participant
Okay. Thank you very much.
Chetankumar M. Tamboli
Thank you.
Operator
Thank you. The next question is from the line of Rishabh from RBSA Investment Manager. Please go-ahead.
Rushabh G Shah
Sir, in the previous calls, we have been targeting a revenue of INR1,000 crore to INR1,200 crores by FY ‘2930. So are you confident that we will achieve that, sir? Is that on-track, sir as on-date the visibility that you have?
Chetankumar M. Tamboli
Okay. You have any more questions or this only one?
Rushabh G Shah
Yeah. I’ll just commit my questions. The second question was that strategy-wise, what additional capabilities or senior leadership team you like to have to build to achieve these revenues if you’re targeting the same? And my third question was the new capex that you’re planning in FY ’26 or ’27. So are these more value-added products than the current basket or is it similar to one that you’re currently doing in terms of realization per kilo?
Chetankumar M. Tamboli
Okay. Can you repeat your second question, you said something about strategy.
Rushabh G Shah
My second question was, if you’re just planning to achieve INR1,000 crored crores, that’s a significant scale from what we’re doing currently. So have we — do we have to invest in some additional capabilities or senior leadership team to achieve that revenues. Just a strategy level question on the second one.
Chetankumar M. Tamboli
Yeah. So at capacity at the current input prices and sale prices, at good capacity we will be reaching INR800 crore INR850 crores. On the strategy for to reach this target of the targeted sale at full capacity, we don’t need anything. We have a — we have an excellent top management team at. Our leadership qualities across the company has been excellent. And in terms of technology, R&D, application engineering, we have all the available tools required, so we don’t need anything. Now regarding the new capex, we’ve been working on various options. So one option is to do the same thing and just increase capacities, keeping in mind the China Plus One strategy and opportunities we as a country and as a company we have. So one is there. And the second is to explore doing higher piece weights, what we can do is up to 2.5 tonnes, but we are exploring to do something between 2.5 to 6 tonne piece weights. So we are working on these areas. So as we move maybe in the next three, four quarters, we might have some good visibility on one of these two options.
Rushabh G Shah
Okay. Thank you, sir.
Operator
Thank you. The next question is from the line of Sail from Monarch Networth Capital. Please go-ahead.
Sahil Sanghvi
Yeah. Hi, good evening, sir, and congratulations for the good results and also for delivering on your bankings of the recovery in the demand. Now I have three set of questions. First is, sir, in your kind of setup, what is the optimum utilization possible in your facility? Just wanted a number, is it 75, 80, 85 90 that is the first question. Second, if you can give me the sales volume in tonnage for this quarter? And third would be, what is the market size for the components that you make in both the domestic and export market?
Chetankumar M. Tamboli
Repeat your third question, please.
Sahil Sanghvi
I would like to understand the market size of the components that we make, both for the domestic and export market.
Chetankumar M. Tamboli
Any more questions?
Sahil Sanghvi
No, that’s all.
Chetankumar M. Tamboli
So in our kind of line one can expect to reach with anywhere between 90% to 95% capacity utilization. Okay. As we go towards 95, it will be difficult to stretch this across the entire revenue stream of the company. So one should keep in mind that to go anything beyond between 90 95 will be very difficult. Anything between 90 to 95 is achievable. The sales volume in the current in the current quarter is 3,350 ton. Now when you say market size of our components, now we do 250 different parts for about nine End-User industries, about 46 different customers and that to be in export and domestic market. It will be extremely difficult to gauge this. But our — but the product mix we are doing in India, the market size will be about I would say, 40,000 45,000 ton and abroad for our kind of product mix will be about I think anywhere from 250,000 to 300,000 tonnes worldwide other than India.
Sahil Sanghvi
Right, sir. Right. Thank you. Thank you.
Chetankumar M. Tamboli
Thank you.
Operator
Thank you. The next question is from the line of from Equitree Capital. Please go-ahead.
Harshil Solanki
Thank you for the follow-up. Sir, with regards to the ARR, we have the one and we have the products also barring one-product. So are we trying to showcase our offerings to other railroads in other geographies, say, Europe and we can increase our revenues by doing so, are we exploring such opportunities? And just the second question is, how is the domestic demand, if you can elaborate more on that? And I wanted to understand just a basic question that when we say domestic is roughly 50%, is it pure the end vehicle is also sold-in India or the OEMs export that product abroad and we consider it as a domestic, if you can highlight it.
Chetankumar M. Tamboli
Yeah. And now as you know, we are approved by American Association of Railroad. So what we plan to do is once we stabilize what we are doing, we will first approach other railroad customers in the US. So that’s the first step. We — once we do that, then comes opportunities in other parts of the world. But North-America itself has got large opportunities. So if it was we continue pursuing the railroad line, it’d be North-America only for some more years. So your as second question was about domestic demand. Now domestic demand has — have improved from October onwards. And I think we will have a good sustained positive scenario in terms of domestic demand going-forward. The third question was, now whoever we supply in India, they do export from their end. No, mainly, I believe in Southeast Asia. But as far as we are concerned, these are domestic sales.
Harshil Solanki
Okay, but do you have any fair enough idea if a large portion of jar sales is exported or it would be difficult.
Chetankumar M. Tamboli
I think it would be very difficult for us to really know that what part of sales of our customers are exports and what are domestic, we don’t know. But I can shortly say that some part of our sales which we do to domestic customers, they are exported and mainly in Southeast Asia.
Harshil Solanki
Okay, okay. So thank you for answering.
Chetankumar M. Tamboli
Thank you.
Operator
Thank you. The next question is from the line of Manish Koyal from Wealth Manager. Please go-ahead.
Unidentified Participant
Yeah. Thank you so much, sir. Sir, I have couple of questions. First on continuing on the domestic demand, would it be possible to give us perspective which segments are driving growth and how do you see it going-forward, like in terms of is it mining or moving like construction, which segment is driving growth and how is the outlook from this? Second is, like you gave the total volumes of 3,360. So what is the comparable number for quarter three and what is the volume breakup between domestic and exports, if you can give for quarter three and nine months as well with comparable numbers that should be very helpful. And also the INR144 crore order book, if you can just split it between how much is domestic and how much is exports?
Chetankumar M. Tamboli
Thank you so much. Mainly in the domestic market, the uptick in-demand is from mining industry — industry and construction industry. So these are all OEMs in this End-User segment. Okay. Now Q3 volumes are, as I said 35, zero tons and roughly.
Unidentified Participant
The Q3 it is 55%, 45%, 55 domestic.
Chetankumar M. Tamboli
55% domestic and 45% is exports.
Unidentified Participant
And what is it for nine months, sir? Nine months? What is the volume we have achieved and comparable number and split between domestic and exports?
Subhash Sharma
Nine months, the total volume is 8 by 1 0.
Unidentified Participant
Okay, what’s it? How much it was in there?
Subhash Sharma
Domestic is 51 and export is 49.
Unidentified Participant
And what was the previous Nine-Month volume sir.
Subhash Sharma
9077 last year.
Unidentified Participant
Okay. Okay. And sir, if you can reply to my third question on order book breakup of INR144 crores.
Chetankumar M. Tamboli
No, roughly, we don’t have this numbers on-hand. As of now, the breakup of INR140 per crores. We can safely assume on a 50-50 basis.
Unidentified Participant
Okay. So what it implies is that the domestic — sorry, exports, revenue uptick is likely to probably see in-quarter four because for last three, four quarters, it has been declining. So can we expect now exports to pick-up going-forward?
Chetankumar M. Tamboli
If you say historically over last several years, our split between domestic exports swings between 60 40 or, that’s the range. And we want to aim at least on a 50-50 basis, but there will be a of 10% 15% on either side between domestic and exports. But we want to do 50% domestic 50% exports just to derisk and hedge if you can send us an email on the split between INR14 crores of exports between domestic we will respond to you, please.
Unidentified Participant
Sure, sir. Thank you so much.
Chetankumar M. Tamboli
Thank you.
Operator
Thank you. The next question is from the line of Shah from Rock PMS. Please go-ahead.
Rushabh G Shah
Yeah. I just have one question. I want wanted you in the demand sir in the construction network French, the Europe and US business.
Chetankumar M. Tamboli
Are you so you are not audible clearly.
Operator
Just wait for one minute please, please go-ahead.
Rushabh G Shah
I wanted your view on the demand-side on the construction equipment side or segment. How has the demand seen in the US and the Europe business? And how do you see going ahead in the next three to four years.
Chetankumar M. Tamboli
In terms of domestic market India, we see a continuous growth in the construction equipment industry with large infrastructure projects announced by state and central governments, this sector will definitely do well and even from their industry perspective, they are projecting growth of 10% to 15% every year over the next three years’ time. Now in case of the demand for exports, we are not very sure, but with reconstruction happening in Palestine and Ukraine the construction equipment exports will also do well is my is my prediction.
Rushabh G Shah
Thank you. Thank you so much.
Chetankumar M. Tamboli
Thank you.
Operator
Thank you. The next question is from the line of Ashok Shah from Capital. Please go-ahead.
Ashok Shah
Thanks for taking my question. Sir, we are planning to diversify in a replacement market. So what’s the reason that we are diversifying or it’s to reduce the risk and which industry or which area we are going to enter in a replacement market? Thank you. And secondly, sir, margins, sir, second question is regarding margins. So do we expect higher margins?
Chetankumar M. Tamboli
The reason for diversifying into replacement market is the replacement market is reasonably less volatile compared to the OEM market. And sir. So this is probably to — as part of a derisking process. And the margins in the replacement market are relatively lower than the OEM business, but in-spite of lower margins, we still want to pursue this to broad-based our End-User industries and also to.
Ashok Shah
So it will be in export also or local only?
Chetankumar M. Tamboli
We are focusing on exports only.
Ashok Shah
Okay. Okay, sir. Thank you. That’s all from my side.
Chetankumar M. Tamboli
Thank you.
Operator
Thank you, Mr Shah. Thank you. Thank you. [Operator Instructions] The next question is from the line of, an Individual Investor. Please go-ahead.
Unidentified Participant
Sir, am I audible?
Chetankumar M. Tamboli
Okay.
Unidentified Participant
So first one is, I just want to understand the size of opportunity for all the segments you are working in industry, mining and cement and steel plants? And second is your capacity utilization is 50%. So when it will go above 90%, third is related to your guidance, your guidance of INR1,200 crore by FY ’29 and 30. So is it possible, sir? And last one is your growth guidance for the next year.
Chetankumar M. Tamboli
Thank you, sir. See as I think this question was asked by somebody and I said the size of opportunity in our kind of product mix is about 250,000 to 300,000 tons worldwide. In India is about 50,000 to 60,000 tonnes in India, our kind of product mix. I also said that at full capacity, the current capacity, we can do probably top-line of INR800 crores INR850 crores, right, and which will be by we are aiming to reach will be around 27 28 and what was — what was your third question?
Unidentified Participant
So the guidance that you gave INR1,200 crore topline by FY ’29 or 30 something.
Chetankumar M. Tamboli
So that number is not well ripped. I — it is about at full capacity, our top-line will be about INR800 crore INR850 crores. Okay. And sir, lastly, and the guidance for the next financial year, I think I’ve already said that our — you know the current quarter performance. I am saying that we’ll have an improved performance in Q4 and much-improved performance in the entire FY ’26, much better than what we would end-up doing FY ’25.
Unidentified Participant
Okay. So definitely we will say 15% to 20%, am I right, sir?
Chetankumar M. Tamboli
I think the present loss don’t forget us to give those kind of absolute numbers. But we will be a healthy be a healthy growth, healthy growth and I see investors might be happy what we may performed.
Unidentified Participant
Thank you, sir.
Chetankumar M. Tamboli
Thank you.
Operator
Thank you. [Operator Instructions] At this time as there are no further questions from the participants, I now hand the conference over to the management for their closing comments.
Chetankumar M. Tamboli
So I want to thank each and everyone on this call for being part of our earnings call and participation in this call. We appreciate your support and trust in us. We hope we have been able to address most of your queries. In case of further queries, please do not hesitate to reach-out to our Investor Relations, Ernst Young and they will connect with you with us offline. I want to again thank you Ernst Young for organizing this investor call and hope to speak to you soon. Thank you.
Subhash Sharma
Thank you all. Thank you.
Operator
[Operator Closing Remarks]