Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2FY27 revenue reached a record INR 19,448 Cr, +44% y-y; net revenue INR 16,704 Cr, +43% y-y - Steel sales volume at 2.38 million tons, domestic sales ~92% - EBITDA INR 2,504 Cr, +34% y-y; EBITDA/ton INR 10,529, +5% y-y - Production target 11 million tons for FY27; H1 at 4.79 mn tons, H2 target 6 mn tons - Shift to 65% flat products mix including plates; plates production 220k tons/month - Slurry pipeline commissioned, saving INR 700/ton on freight from 20,000 tons/day - Net debt reduced by INR 1,141 Cr to INR 14,786 Cr; net debt/EBITDA improved to 1.51x - Capex INR 1,228 Cr in Q2; annual guidance INR 7,500-10,000 Cr - Coking coal cost stable at $12-15/ton; Q3 expected $20-25/ton; coal gasification reduces fuel cost - Export volumes ~100,000 tons/month; positive outlook on EU FTA and steel demand - Q3 and Q4 expected better volumes and realizations; TMT sales reduced to 120k tons/month - Pellet production 33,000 tons/day fully consumed in-house; new pellet plant commissioning by June 2027 - DRI plant commissioning expected by June 2027 with indigenous coal gasifiers - Power sales minor relative to total revenue - Management confident of achieving sales guidance and maintaining financial discipline