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Jindal Stainless Ltd
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Ladies and gentlemen, good day, and welcome to the Jindal Stainless and Jindal Stainless Hisar Limited Q3 FY '23 Earnings Conference Call, hosted by Batlivala & Karani Securities India Private Limited. [Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. Rajesh Majumdar from Batlivala & Karani Securities India Private Limited. Thank you, and over to you, sir.
Yes. Thanks, [ Ryan, ] and good day, everyone. And welcome you all to the Q3 FY '23 earnings call of JSL and JSHL. The management is represented by Mr. Abhyuday Jindal, Managing Director of JSL and JSHL; Mr. Anurag Mantri, ED and Group CFO of JSL; and Mr. Goutam Chakraborty and Ms. Shreya Sharma from the IR team. Congratulations sir on a healthy set of numbers.
I now hand over the call to Mr. Goutam Chakraborty for opening comments. Over to you, Goutam. Hello, Goutam?
I don't think they can hear us.
Okay. Then sir, you can take probably because I don't think Goutam is connected.
Should I start?
Yes, Mr. Jindal, you can start.
Hi, good evening, everyone. This is Abhyuday Jindal. On behalf of the management team, let me wish you all a very happy and prosperous year ahead. I'd like to welcome everyone to the Q3 FY '23 Earnings Call for Jindal Stainless Limited and Jindal Stainless Hisar Limited.
I would first like to discuss the key business highlights of the eventual quarter, following which Anurag will take you through our operational and financial performance. Global stainless steel market scenario remained challenging in Q3 FY '23 as well, backed by ongoing tough macroeconomic parameters in the U.S. and Europe energy issues, renewed concerns over COVID in China.
Though the distortion in levels maintained between Indian manufacturers and subsidized foreign import continued throughout the quarter, however, strong economic activities in infrastructure that is consistently pulling up the core sector demand has been helpful for the domestic market. Our agility and adaptability to the changing market dynamics continue to help us align our sales volume to the domestic markets. As a testimony to this, around 95% of our sales volume cater to the domestic customers for the second consecutive quarter.
Let me give you a brief about the segment-wise scenario. In railways, wagon industry has been doing quite well. The production of wagon in the first 9 months of current fiscal year has already exceeded the full year production of previous year. Our sales to wagon industry has gone up by 12% quarter-on-quarter basis. We expect strong performance from this segment in the coming quarter also. Focus on Vande Bharat trainsets and Metro coaches continue to support stainless steel demand further in the coming future.
In the Pipe and Tube segment, after a robust Q2, the sales continued to increase in Q3 as well. Our co-branding scheme, Jindal Saathi has played a major role in improving the sentiments and value creation for us and our MOU partners.
For Infrastructure segment, outlook remains positive with strong growth potential in structural applications. In Automotive segment, sales of special grades continue to increase, and we expect a stable outlook, especially in 4-wheeler segment.
As you know, during the middle of the quarter gone by, the government revoked the export duty, and we are thankful to the government for the same. During Q3 FY '23 and the 9-month FY '23 combined, exports stood at only 4% and 10%, respectively. With the removal of export duty, we expect gradual ramp-up in exports, depending upon the demand in the international market. We have already started booking export orders, and we will be in a better position in leveraging our agile business model and sales planning.
I'm happy to share Jindal Stainless is 1 of the only 2 companies chosen from the Iron and Steel industry by the Ministry of Steel to roll out a pilot project with the Make in India branding -- Made in India branding for steel produced domestically and exported overseas. It will give a push to the government's Make in India ambition and help in fostering innovation across the manufacturing sector.
Let me now update you all along that with the Orissa government, we have laid the foundation stone for the stainless steel industrial park in Jajpur, which is likely to be developed in 2 phases in the next 6 years. The park is expected to create a robust ecosystem for the stainless steel industry by strengthening upstream and downstream industry linkages.
Also, I would like to share Jindal Stainless acquired Rathi Super Steel Limited. This will further widen our product portfolio offerings by adding long products such as wire rods and bars to our existing portfolio and strengthen our solution-oriented approach.
Continuing with our ESG goals, we've signed a contract with ReNew Power to set up a 300-megawatt renewable energy project. This captive wind-solar hybrid solution will meet the power requirement of the current expansion of Jajpur facility. We have also introduced electric vehicle for employees commuting towards Jajpur facility.
Finally, it gives me immense pleasure and pride to inform you all that P&G conglomerate has facilitated us with a Grooming Excellence Award 2022, this is more -- this is among more than 50,000 external business partners. The award recognizes P&G's top performing external business partners annually in the operational, innovation and relationship performance category.
With this, I would like to hand over to Anurag to discuss operational and financial performances. Thank you.
Thank you, Abhyuday. Good evening, everyone, and a warm welcome to on the call today. Before I start, I would like to state that some of the statements made in this today's conference call may be forward-looking in nature and a disclaimer in this regard is available on our investor presentation. We have shared our investor presentation with the stock exchanges, and today's call discussion will be on the same line.
Global macro scenario continued to be challenging during the quarter, as highlighted by Abhyuday. However, continuing from our previous quarter, we have been focusing on our sales and operational planning that helped us to intensify the focus on domestic sales. Enhancement of product mix through development and supply of niche value-added stainless steel grades continue to remain our focus.
With our agile business strategy, we could increase our sales volume significantly during the quarter, catering to all major segments, including railways, process industries, infrastructure, pipe and tube, auto and lifts and elevators. With this backdrop, let me now discuss the operational and financial performance during the Q3 and 9 months of FY '23.
The pro forma revenue of the combined entity of quarter 3 of FY '23 rose by 2% and 5%, respectively on Y-o-Y and Q-o-Q basis to INR 9,073 crores. Pro forma EBITDA and PAT increased by 37% and 58% to INR 951 crores and INR 558 crore, respectively. For 9 months, the pro forma combined revenue was recorded at INR 25,817 crores, higher by 13% on Y-o-Y basis. Pro forma EBITDA and PAT for the combined entity for the same period stood at INR 2,477 crores and INR 1,404 crores, respectively.
Global subsidiaries' performance continued to remain under pressure due to tough global macroeconomic conditions, as mentioned earlier. Performance of domestic subsidiaries on the other hand will remain relatively better. On 9-month FY '22-'23, the combined EBITDA of all the operating subsidiaries stood at INR 58 crores.
As on 31st December 2022, the pro forma net debt of the combined entity stood at INR 2,824 crores, down by 40% against March '20 level and 11% as compared to March '22 basis. Leverage ratios of the combined entity maintained at debt equity of 0.3x and debt EBITDA of 0.7x. This is despite the organic and inorganic expansion during the quarter.
I'm pleased to let you know that we have acquired Rathi Super Steel, which has strengthened our solution-based approach and widening our products offering by catering to long product segment. I'm also happy to share that honorable NCLT on 22nd December 2022, confirmed that there was -- there were no objection to the scheme, pending from any person including the sectoral regulators. We are now awaiting the order of the NCLT disposing of the petition, and we expect the merger process to be completed within the current financial year. In case of JUSL acquisition, we expect the transaction to be completed within the committed time line.
Our operating and financial performance are a testimony to our agile business model -- business strategy and a strong focus on the balance sheet which will continue to remain in future also.
With this, I would like to end my discussion and would request the moderator to open the floor for the Q&A session.
[Operator Instructions] Our first question comes from the line of Amit Dixit from ICICI Securities.
Congratulations for a solid performance in this quarter.
Thank you...
I have 3 questions, sir. The first one is on domestic sales volume. If we see it was a very sizable jump in this quarter. And this is the volume that we possibly never had in the past. Now I know it contains a fair element of destocking but just wanted to understand apart from -- the traction from railways and pipes and tubes that you mentioned in your opening remarks, what drove it? And is it possible for you to quantify the opportunity size going ahead?
To quantify it is? Sorry, I didn't get the last part.
No, no, the opportunity size that we have.
So -- see domestic market, we see a good growth. Like we keep discussing every time, domestic market is growing easily at a 7% to 8%, stainless steel market I'm talking about. And the way that we were able to meet our domestic volumes is that we, as a company, were always focused on the higher end, higher margin, high-quality, high value-added sectors. But after the export duty came in, we were forced to go into the lower quality, lower segment, which we were leaving for the MSME and smaller players, we started taking a bigger share and bigger pie there. So that way, we were able to maintain this volume in the domestic market.
In the future, also, we can continue to do that. But because export has again opened up and we see better margins, better potential and overall long-standing customers that we have in U.S., Europe, Russia, we want to continue exporting. No, so there is -- there won't be any requirement to put so much volume in the domestic market. Again, if there does come a time period, then it's very easy for us.
Secondly, the sector where we are quite bullish on, like I already mentioned, one was railway, pipe and tube. When the infrastructure sector is really picking up in our country, that is where we see good amount of stainless sales going to be consumed. They are becoming more, I would say, smarter in their material collection. They're looking at life cycle costing. They're looking at corrosion, they're looking at ESG. ESG stainless steel is going to, again, have a very big play and a very big name there because already as compared to carbon, steel and aluminum, our ESG score is much better because already we are recycling -- almost 95% recycling now going to be backed by renewable power. So from an ESG perspective also stainless steel will be a clear winner as against other materials. And Anurag, if you can add anything that I missed out?
Yes. So also Amit, as Abhyuday mentioned, that sector is growing at 7% to 9%, but to relate to you our opportunity size, the most of the large part of the growth are being driven by railway and auto which are our key segments. So most of this growth is being captured by us, not the other imports and the lower-end players. So that actually creates a much larger opportunity size for us. Because otherwise if all the player's shares are 7% to 9% right, then it looks -- in that particular segment, we are almost 75% to 80% market share.
So therefore, these high-end value-added segments where the quality matters to the customers, that remains -- that become -- that is growing at a faster pace and most of the space we have been able to capture because of our quality and the product range.
So to add to that, there are the new sectors that are coming up also like we talk about ethanol plants, desalination plants. Nuclear power is again being talked about in a very big way. New generation power plants, all your thermal power plants, new generation ones will have much more stainless steel required in them. So these are the other areas also where we see good amount of opportunity coming up. LNG terminals, all of them now requires more and more stainless steel.
Okay. Great. My second question is essentially now going ahead since export duty has gone now. So export volume are also likely to increase. And at one point in time, your export volume used to be 30% close to or close to that number on an average. And you already have elucidated in detail that the domestic market looks good. I mean you can pick and choose. So what kind of volumes, I mean, are you looking for in next year, FY '24 from standalone JSL perspective?
So stand-alone JSL perspective, we will at least look at regularly month-on-month, 20,000 to 25,000 tonnes per month from just from JSL perspective, I'm saying.
Okay. Great. And the third and the last question is, if you can let us know the share of imports in this quarter?
Anurag, do you have that figure? I think almost...
Share of imports in this quarter -- yes, around 40% November -- till November, I have a data. December, Amit, I still don't have the firm data, but it looks like almost 40% quarter, if I put it based on this, it's almost 40% to 42%.
It's been consistent now for this whole -- I would say, for the last 2 years at around 40%, 35% to 40%.
[Operator Instructions] Our next question comes from the line of Ritwik Sheth from One-Up Financial.
Yes, sir. Sir, my first question is related to the volumes in this quarter in JSL. We have clocked 3,30,000 tonnes. I believe it is much higher than our rated quarterly production. So can you throw some light where is this excess production coming from?
So we had extra capacity in our JUSL in our hot strip mill and we've got some good opportunity of buying slabs from the international market, which was at a better rate than we were getting by buying our own raw material. So that way, we were able to roll a little extra material. There was also demand in the domestic market. So we rolled in extra material, procured slabs from the international market, and that is how you are seeing the volume is a bit higher than our [ little ] capacity.
Okay. Okay. So this could be an opportunity going forward? Or this is purely a one-off in this...
No, it is -- no. It is purely based on commercial aspects of it. And if it continues to be like this, we can also look at it on a regular basis. It's not going to be one-off, but it does not -- does not have to be regularly month-on-month also.
Okay. Okay. Okay. Great. Okay. So sir, despite this buying slabs from the international market, we are able to do approximately INR 19,000 per tonne. So can you give a color, would these be at a significantly lower margin or close to what we are doing when we do the entire process in our own manufacturing unit?
No. We are giving see -- because like you discussed, there are multiple grade, multiple sector, segments, application, so the EBITDA keeps changing because of that. So in total combined, we give our guidance, which is around INR 19,000 to INR 20,000 per metric tonne.
Okay. Okay. Sure. Sir, my next question is on the expansion. We are nearing towards the end now, so are we confident that we will start commercial production in Q1 FY '24?
Yes, absolutely. We are on track with commissioning the plant from Q1 onwards.
Okay, sure. And would you like to give any volume guidance for FY '24?
FY '24, we expect a jump of at least 20% from FY '23 volumes.
Okay, sure. And one last question on Rathi Steel -- Rathi Stainless. Can you just enlighten us with the capacity, the time line that we're looking to restart the operations?
So the capacity is around [indiscernible] tonnes per annum. And basically, it's still a little early because we have just entered and it's a new sector completely long product for us. So according to the market and the numbers that we had calculated, it should be around a 5-year payback period. But I'm sure with our setting in and with our efficiency that we bring in and brand name we bring in, paybacks will be faster.
Okay. Okay. So will we have to invest anything other than this INR 200 crores?
Yes, I believe so. We are -- looking at, we have to invest some money. Anurag, have...
Yes, immediately to start the plant, the investment would be around INR 60 crores. And then depending on the equipment, which we are just evaluating all the options, but immediately, it will be around INR 60 crore investment over the INR 205 crore, what we have done. And just to add, that Abhyuday mentioned on the commercial, the wire rod and this long product market has a tremendous potential. Gradually, the projects are -- started demanding SS long products on these type of activity. So we could see -- also see a good chunk opportunities there. But right now, we are basing on the current estimates of the market.
[Operator Instructions] Our next question comes from the line of Chetan Shah from Jeet Capital.
Sir, just 2 clarifications. One on the guidance, which you said INR 19,000 to 20,000 EBITDA, that is JSL-JHL combined entity without including JUSL into it, is that the right understanding?
Yes, that is correct.
Yes. And sir, second question is, you spoke about renewable power agreement signed for 300 megawatts. Can you give some detail that what will be the cost of this? And what is the time frame we are looking at in terms of the CapEx, that will be very helpful, sir. That's it from my side.
See, in this thing, we will be only taking the 26% stake, and that will be close to INR 139 crore approximately and within the range of less than INR 150 crore. And then the time line for completion of their project is close to 16 to 18 months for them. So that's how this -- what else you want to know?
No, no, that's it. I just wanted to know the cost side and the time line. That's it.
Our next question comes from the line of Ritesh Shah from Investec India.
A couple of questions. Sir, first question is on capital allocation. It has a few parts. The first part is, we have given a press release on Renew Power around 300 megawatt. Is it possible to give some color on indicative CapEx and the potential impact it would have on P&L along with the time lines? That's one.
The second is, any thoughts on incremental expansion from 3 million tonnes to 4 million tonnes of optionality that we have in Orissa? And the third part of the same question is, any thoughts from the management on the payout policy, given the shape of the balance sheet is pretty good now? So that's the first question. Sir, I'll come to the second question after this.
So I'll take the second part of it. So from -- I think for 3 million to 4 million, at least right now, Ritesh, we're quite comfortable with 3 million tonnes for the next 2 years looking at our expansion and looking at the market growth. So only after that, looking at the way the market is growing, the export market, if any government intervention comes or doesn't come, then only we'll be at a better place to take that decision. So as of now, for the next 2 to 3 years, we are not looking at any volume expansion from 3 million to 4 million. Anurag, you can take the first part.
Yes. On ReNew Power, Ritesh, as I just mentioned, we'll be taking only the minimum captive stake for us, so which will be less than INR 150 crores for our stake in the ReNew Power. And -- so that's what the ReNew Power economics is. And the rest of the -- is completely on the ReNew Power side to raise that and all this thing, it's nothing to us. We have only the captive status for us, they will only operate the plant.
The third question you asked about the payout policy, which we already announced that on the capital allocation that we will be -- dividend policy, which was approved by the Board that up to 20% in a gradual manner. And we surely look for once -- hopefully once this merger is complete. Based on that, we will start looking at that allocation.
Just a follow-up, sir, when we say INR 150 crores, does it qualify under group captive? Is that -- would that be correct?
Yes.
Okay. Perfect. That helps. And just an operational question. Why have the losses at JSL Consolidated minus Standalone actually widened, any particular reason?
That's because both of our subsidiaries for Indonesia as well as [ Iber ] are into losses right now because of the global market conditions.
Okay. Any specific reason? Like was it inventory losses or something else?
It's both because one is that the market in Europe is very tight right now. Therefore the -- and also therefore, the [ Iber ] had both inventory losses also because in terms of the inventories -- or inventory valuation, negative inventory valuation, I must say, not the losses. Because the -- based on their mark-to-market thing because whatever the inventories were like there, it being a slow sales on those things. So therefore, those are also hitting them.
Similar is the case with some of the Indonesia of the difference between the current spot prices and the raw material. So overall, the sales has been low for them. Hopefully, I think situation should improve in 2, 3 quarters later on, depending on the market. But right now, that's what the condition is.
Lastly, sir, I'll just squeeze this one. Specific to JSL and JUSL and along the merger event that we have, is the time line, say, 2 months out? Would that be a fair assumption?
Yes. For JSHL you asked?
Sir, for both, JSL, JUSL and JSHL. The merger and JUSL both.
Yes. Mostly both -- I think we should be able to complete in March. Because JSL, JSHL, we are just awaiting the order. And hopefully, we get the order in a week's time. After that, then also we are on track to complete it in the March. JUSL, we set out a time line of June, but our endeavor is to complete -- we are in the process of doing the process approval with the lenders and hopeful to get it completed in March itself.
And sir, will there be any tax benefits on back of either of the events which will actually help on the cash flows?
No. JSL, JSHL now those losses have already been absorbed. JUSL will have it, but it's not been getting merged. It's only coming as a subsidiary. So they will continue to enjoy their no-tax period. So there will not be any cash tax for JUSL on their own [ margin. ]
Perfect. If I can squeeze sir, anything on PLI? Any projects under that? Are we looking at that?
Sorry, any project under?
PLI. Government's PLI scheme, have you proposed anything?
No. Not in the current -- not in the first set that we received, but there are discussions on having another set and in that, we might participate.
[Operator Instructions] Our next question comes from the line of Nishith Shah from Aequitas Investments.
Sir, I would like to understand our outlook on power and fuel cost?
Can you elaborate your question further, what is the outlook you mean?
So how do we see our power and fuel costs going forward? So are we still drawing power from the grid? Or are we buying -- are we getting coal from Coal India now?
Both -- Jajpur is backed by thermal power. We are getting coal from mainly MCL, which is part of Coal India, and we are buying internationally as well wherever we see good opportunity. [ The power ] is backed by the grid. And further expansion that we are doing now in Orissa is going to be backed 100% by renewable power. We are not investing in any more thermal energy going forward.
Sir, is the coal cost coming down for us now?
Yes, in this quarter -- this quarter, coal prices are coming down as you know. So let's see, I think it should give us the benefit on our captive power.
Our next question comes from the line of Shri Krishna from JM Financial.
I just wanted to know your view about basically JSL acquiring JUSL. What kind of -- like what kind of synergies you see in this transaction, like if you can highlight a bit on that?
See, JUSL is a hot strip mill, which is also integral part of the entire [ SS ] process. So it's completely -- earlier, we were getting the tolling done. So there were a huge related party transactions. So all this now with JUSL coming in will go away, and it's integral part of the stainless steel-making process.
Okay. All right. And my next question is like how is your order size for this quarter for auto? If you can basically give a range of order sizes that you got?
Order size, we have guided on the volume side that this year we will be ending with around 3% to 5% over the last year. So it's not like -- the business is not like a long order book sort of business. In fact, we keep our order book always in a range because -- to avoid any volatility.
[Operator Instructions] Our next question comes from the line of Rajesh Majumdar from Batlivala & Karani Securities India Private Limited.
Sir, I just had a couple of questions. What is the current capacity at JUSL in hot segment?
Current capacity is 1.6 million tonnes, but it's already in the last phase of expansion, will go to 3.2 million tonnes.
By?
By April.
Okay. And my second question was we have done approximately 330 kt, including the slab, which we directly imported and using the hot strip mill. So will that kind of volume continue till we get our expansion plan -- expanded capacity online, say, from 1Q?
See, as Abhyuday just answered in earlier, I think it's completely commercial-based opportunity which we need to tap. So -- see all this open [ line fab ] is only for catering to domestic [ Manila grid. ] We don't use this at all for the export market on anything because the quality is what we need to obviously cater it very carefully, both the markets, depending on which segment we are getting into. So it will completely be based on the commercial opportunities for us, right?
Neither -- we cannot take regular, we can also not take it's one-off. So it's always -- we keep looking for opportunity. And depending on the best optimization possible in the plant capacity, we will try to keep tapping these type of opportunity.
So it is conceivable, sir, that this added volume can come in even after the expanded capacity as your hot strip mill has excess capacity from April in any case, right? It is possible that...
Possible.
[Operator Instructions] Our next question comes from the line of Saumil Mehta from Kotak Life.
Sir, taking from one of the previous participants. In terms of the overseas business, now there have been losses for many, many quarters. Now to that, I understand the global economy is not doing that well. But can you help us with some of the efficiency measures? And if at all, what is the time line to achieve a breakeven in the overseas subsidiaries?
See Saumil, Spain subsidiary is more a temporary thing. Otherwise, it always remains generally in a profitable zone. It's only because right now, the offtake were low and they had some of the old inventories, which could actually are posing. Otherwise, Spain subsidiaries generally continue to do well for us. In Indonesia, we are -- already we did an alignment to our entire fixed cost model and the capacity.
And right now, again, it's more like a temporary because of the U.S. and Europe market pressure. Hopefully, once those goes up, I think we should be able to bring it back on the track.
So is it safe to assume that a very high probability of FY '24 as a full year achieving breakeven in the overseas subsidiaries at the EBITDA level?
Saumil, your voice is not clear. Can you come closer.
No. Just wanted to check, I mean, is there a higher probability on FY '24, the overseas subsidiary is achieving a breakeven at the EBITDA level?
It should. It should. See, totally again, like Anurag mentioned, it totally depends on how the -- if there is a recession or not, U.S. economic is talking about that, how European market reacts. So it's still something to wait and watch and see. But as per our assumption, I think another 2 quarters, it should take till its back up to breakeven level.
Sure. And in terms of taking the further expansion route from going to 3 understanding -- from 3 to 4 at the consolidated level, I mean, you have enough capacities to [indiscernible]. But I believe in the next 2 years, assuming the demand is good as of now, you will be achieving optimal utilization. So at what stage do we at least start planning or at least start ordering equipment because that itself will take about 1.5 years, 2 years from the drawing book for the actual commissioning?
Like I mentioned, it's still too early for us. At least for the next 2 years, we will not be doing any of that. Post that, if we see good healthy demand again from all our sectors, segments, then we will start looking at that.
So for the next 2 years, can we assume a substantial debt payment reduction given the strong operating cash flow?
Saumil, let me put it this way. It's all -- the moment we start -- our first focus is to do the -- utilizing -- the optimum utilization. So once we reach to 70% to 80% of utilization of this expanded capacity, then we will start thinking of it. So it depends on how -- if we do the ramp up faster, it could be much earlier, if we do that. So depending on next 2 to 3 years, when we reach the 70% to 80% utilization of this expanded capacity.
Great. And my last question in terms of sort of the next 2 years, given the strong operating cash flows, what kind of debt reduction can we envisage in -- I mean assuming it's a normalized environment?
So we continue to be focused on a very prudent ratio. And as you are seeing, even despite -- we are doubling our capacity, we are acquiring JUSL, we acquired Rathi. So all -- even despite all this things, we are maintaining a ratio at 0.3 and 0.7x. So debt, as such, is really not a concern for us, and we continue to maintain a very prudent balance sheet management and capital allocation towards it. And so we will always be weighing between the opportunities which can actually do the more multiplier shareholder returns and the debt repayment. That's how we need to look at it.
Our next question comes from the line of Ashish Kejriwal from Nuvama Institutional Equities.
Sir, my question is on -- are we looking for any inorganic opportunities also in India and overseas? And if yes, whether it will be confined to stainless steel or we can go for some mining projects also? That's my first question.
So Ashish, absolutely now as a company because we have the capability. So we are going to be looking at inorganic opportunities domestically, internationally. Nothing as of now is on the cards or we are involved in anything. We just finished the acquisition of Rathi Super Steel. And yes, same way from -- mainly the stainless steel asset, and we would also like to look at some mining opportunities if it does come our way. So we are open to them, but there is nothing immediately on the cards or that we are working on right now.
Sure. Sir, just one thing -- yes, please.
Ashish just to add further to what Abhyuday mentioned is that basically the -- when we say mining, it's more a backward integration related to our stainless steel minerals and raw materials.
Our own raw materials.
Yes. And also, we will not be doing mining on our own. It will be more like a tie-up because it's not that we want to go out and do the -- start becoming a mining company, idea is not that. It's more to create a linkage, which actually do the clear value addition to our business. So not become like a miner but more as an arrangement with the miner.
Understood. So one thing we can be rest assured of that whatever we will do, we'll do within India, and that too related to stainless steel only, not other sectors we are trying to get?
No. Backward integration, as Abhyuday mentioned, could be outside India. Because backward integration, India is only the chrome ore opportunity. Nickel is only outside India.
Okay. Okay. And secondly, is it possible to share what's our volume breakup because industry-wise -- because we have been highlighting again and again that Railways and autos that we have 75% market share. But how this market share or the product mix or [ locating ] your customer mix has changed over the last 3 years in terms of industry I'm looking at?
Sir, I think segment-wise, we can always share with you, I think I would say Goutam and Shreya to share with you separately the segment wise...
We are part of almost 30, 40 segments. So it's very difficult to say on the call like this.
Our next question comes from the line of Kunal Kothari from Centrum Broking.
Sir, can you share the sales volume breakup on grade-wise?
Yes, we can give you the sales volume breakup. I think Shreya and Goutam will give you separately. We can tell you -- I can tell you the broad percentage, I think...
Yes, percentage, please.
Of that, we can always tell you that. So basically -- you want for the last quarter or 9 months? .
This last quarter?
Last quarter was the 200 Series was close to, say, 35% to 40% range. 300 Series close to another 40%, similar range. And 400 Series was close to 20% -- 22%, 25% range.
Our next question comes from the line of Amit Dixit from ICICI Securities.
There are just couple of questions. The first one is, were there any price hikes in this quarter?
Sorry, Amit, what...
No. Did you take any price hikes in this quarter, price hike? Price hike.
Price hike. See, stainless steel is -- Abhyuday, do you want to mention about -- explain about this.
I mean again, it is totally raw material driven, Amit. So like now in the month of December, molybdenum which is one important raw material for us, that went up sharply. So at that point, we do -- we increase the price only if our cost and raw material cost goes up. Otherwise, there has been no hike despite that.
Okay. Got it. The second question is, I mean, while you give the export breakup in terms of shipments, percentage-wise, is it possible to share the export revenue in this quarter?
Exports strategy?
Export revenue, sales.
Revenue, okay. Anurag?
Yes, we can give you the revenue.
7% for the quarter for both put together JSL and JSHL.
No, no, I'm asking only revenue, export revenue for JSL.
Only for JSL, it was 4%.
No, no, 4% you're saying in terms of volume, I want in terms of revenue.
Sir, for value also, it is around 4% only.
Ladies and gentlemen, we have reached the end of the question-and-answer session. I now hand the conference over to the management for closing remarks.
I would like to thank everyone for attending this call. Our agile business strategy and product mix has been helpful for us to mitigate challenges, and we will continue to strategize business as per market dynamics. I hope we have been able to answer your call satisfactorily. Should you need any further clarification or would like to know more about the company, please feel free to contact our Investor Relations team. Thank you very much.
Thank you. On behalf of Batlivala and Karani Securities, that concludes this conference. Thank you for joining us, and you may now disconnect the lines.