Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 crude steel production 4.85 mn tons (+4% y-y), sales volume 5.2 mn tons (+24% q-q) - Q2 sales turnover INR31,766 Cr (+20% y-y), EBITDA INR4,561 Cr; PAT INR1,774 Cr (+315% y-y) - H1 FY27 crude steel 9.6 mn tons, sales 9.33 mn tons; EBITDA INR8,917 Cr (+55% y-y), PAT INR3,410 Cr (+207% y-y) - Capex guidance INR15,000 Cr for FY27, rising to >INR20,000 Cr in FY28; INR1.2 tn planned over 4 years - FY27 sales volume guidance revised to ~21 mn tons; RINL volumes included (~0.5 mn tons/year) - Imported coking coal cost Q3 expected ~INR23,800/ton, higher than Q2 INR22,930/ton - Inventory reduced to 1.59 mn tons (15 days), targeting 1.2-1.3 mn tons by year-end - Iron ore sales H1 at 2.5 mn tons, profit INR388 Cr; target 7-8 mn tons for FY27 - Employee count to reduce to 46,000 by FY27 end, 26,000 by FY31 - EBITDA per ton expected to improve in H2 FY27 after Q2 seasonal impact - Debt reduced to INR20,583 Cr at Q2 end; cost of borrowings 6.34%, expected to rise with repo hikes - Expansion projects progressing: IISCO major orders placed, Bokaro and Bhilai in tendering, Rourkela approval pending - Focus on profitability, cost reduction, and sustainable growth including decarbonization and digitalization