Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - H1 FY27 revenue INR11,143 Cr, EBITDA INR5,539 Cr, PAT INR3,837 Cr, PAT +54% y-y - 5th Stream refinery mechanical completion ~90%, production start targeted late Dec/early Jan; full capacity ramp in 3-5 months - Brownfield smelter expansion DPR by Feb 2027; INR17,000-18,000 Cr capex over 3-3.5 years; JV with Neyveli Lignite for power - Raw material cost inflation in caustic soda, CP coke, fuel oil; cost control and techno-economic improvements expected in H2 FY27 - Alumina prices expected avg INR35,000/ton in H2 FY27; alumina production guidance ~2.45 mn tons FY27 - Aluminium pricing linked to LME; no hedging; LME expected ~INR3,000 - Coal production target 4.8 mn tons FY27; captive coal supply improving, reducing e-auction reliance - Conveyor belt for Pottangi mines delayed; expected completion in 2-2.5 years - Other income up due to higher interest income and wind power - Pay revision impact expected in Q4 FY27 with ~15% wage increase - Cost structure to remain flat to slightly up with new refinery efficiency gains offsetting input cost inflation - Alumina market tightness depends on geopolitical factors; prices expected stable around $370-$380/ton - Domestic alumina pricing linked to export spot prices - Order book normalizing with expected vessel dispatch resuming to 4/month - Red mud management costs minimal; Pottangi mine ore cost higher initially due to transport but offset by better ore quality and new refinery efficiency - Segment transfer pricing of alum…