Transcript of Conference Call held on 28th October, 2026.

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 production 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 in FY27, >INR20,000 Cr in FY28; 4-year capex INR1.2 tn - FY27 sales volume guidance revised to ~21 mn tons from 22 mn tons - Imported coking coal price Q3 expected ~INR23,800/ton, stable but high - Inventory reduced to 1.59 mn tons (15 days), target 1.2-1.3 mn tons by year-end - Employee count expected to reduce from 48,000 to 26,000 by FY31 - Expansion ongoing at IISCO, Bokaro, Bhilai, Rourkela with no encroachment issues - Debt reduced to INR20,583 Cr; cost of borrowings 6.34%, expected slight rise due to repo hikes - Iron ore sales H1 at 2.5 mn tons with INR388 Cr profit; target 7-8 mn tons for FY27 - Focus on operational efficiency, cost reduction, and sustainable growth