Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue, EBITDA, and PAT grew 14%, 8%, and 17% q-o-q respectively - Finished goods sales volume rose 14% q-o-q and 3% y-o-y; H1 FY27 deliveries at 1.25 mn tons, down 2% y-o-y - Consolidated EBITDA INR 2,762 Cr (+2% y-o-y); PAT INR 1,666 Cr (+9% y-o-y) - Domestic demand strong; exports grew 20% q-o-q and 36% y-o-y, 11% of volumes - Revised FY27 volume growth guidance to 4-6%; EBITDA/ton guidance raised to INR 20,000-22,000 - Capex INR 1,555 Cr YTD; net debt INR 3,121 Cr; net debt/EBITDA 0.55x - New product developments include India's first high-aluminum stainless steel grade and two 400 series grades - Board approved amalgamation of 4 subsidiaries to simplify structure; CARE upgraded long-term debt rating to AA+ Stable - Import pressure increased due to suspension of quality control order; industry engaging govt for controls - Export markets diversified beyond Europe to US, South Korea, Japan, Brazil, South Africa, Middle East - Downstream capacity commissioning underway; Maharashtra plant land acquisition delayed - Nickel business EBITDA positive within guidance range; no major disruptions at Weda Bay site - Promoter increasing stake reflects confidence in long-term growth strategy