Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 consolidated revenue Rs.54,486 Cr; adjusted EBITDA Rs.9,941 Cr; EBITDA margin 18%; PAT Rs.5,359 Cr - Domestic steel demand expected to grow 7-8% in FY27; strong recovery in Q2 with 13% consolidated sales growth - Capex guidance Rs.22,000-24,000 Cr for FY27; total capex plan Rs.1.48 lakh Cr over 5-6 years - Expansion projects approved: Utkal Phase-2 (5 mn t by Q1 FY31), JVML pellet plant (8 mn t), downstream expansions - Focus on raw material security with captive mines and washeries; net debt Rs.44,482 Cr; leverage 1.28x - Coking coal cost expected to rise $25 in Q3; iron ore costs marginally higher; cost inflation to be offset by price recovery - Value-added steel sales 4.11 mn t (+11% YoY); auto sector sales +36% YoY; sustainability progress with net carbon-neutral goal by 2050 - Multiple analyst queries on capex execution and raw material integration; management confident on balance sheet strength and project execution - Net debt to EBITDA expected to remain manageable; ring-fencing of JV liabilities maintained