H2 Volume Recovery Expected
Management expects to make up Q1 volume shortfall and achieve volume growth targets in H2 FY27, with full-year guidance to be updated at end of Q2.
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Cold Rolling Capacity Expansion
Downstream cold rolling capacity to increase from 2.0 million tonnes to 2.67 million tonnes by FY28, with equipment commissioning at Jajpur, Hisar, and Karakpur planned quarterly through the year.
FY27 Capex Guidance
Capex guidance of approximately ₹2,800 crore for FY27 remains on track, primarily focused on downstream value-added rolling capacities.
Green Hydrogen Capacity
Jajpur facility 600 NMQ/hour green hydrogen plant to commission in August 2026, with further expansion to 1,200 NMQ/hour planned for next year.
FY26 EBITDA per ton guidance of ₹19,000-21,000
Management reiterated full-year EBITDA per ton guidance of ₹19,000-21,000, with 9-month average at ₹21,300.
FY26 capex of ₹2,700 crore
Capex spend of ₹2,200 crore in 9 months; on track to reach ₹2,700 crore for the full year.
Net debt to close around or below ₹3,451 crore
Net debt expected to end FY26 at or below current level of ₹3,451 crore, better than earlier guidance of ₹3,500-3,700 crore.
Indonesia SMS commissioning in H1 FY27
The stainless steel melt shop in Indonesia is on track for commissioning in the first half of FY27.