Lead Volume FY27: 1.25-1.30 lakh tons
Management maintained full-year guidance despite Q1 supply chain disruptions, expecting to catch up volumes in H2 FY27 as shipping delays normalize. First month of Q2 has shown improvement.
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Copper EBITDA/ton: >INR 40,000
Revised upward from previous guidance of INR 35,000-40,000, driven by increased capacity efficiencies from the 6,000 MT expansion and compressed working capital cycle. Blended margin guidance for cathode plant remains INR 60,000-65,000/ton.
Copper Cathode Phase 1: December 2026
36,000 MT per annum copper cathode facility at Tamil Nadu plant remains on schedule. Phase 1 (18,000 MT) trial production targeted for December 2026, with Phase 2 (additional 18,000 MT) expected by Q3 FY28.
FY27 Capex: INR 125 crores
Of which INR 20-25 crores is maintenance capex and INR 140-150 crores for the new copper cathode plant addition. INR 25 crores already incurred on the cathode project.
EBITDA margin of 7-8% on blended basis
Management maintained guidance of 7-8% EBITDA margin despite copper capacity doubling, citing planned forward integration in copper to improve per-ton margins.
Copper volume target of minimum 12,000 MT for FY27
With capacity doubling to 12,000 MT effective January 2026, management expects full-year utilization in FY27, implying ~100% capacity utilization.
FY30 targets: 20%+ volume CAGR and 20%+ revenue/earnings growth
Management reiterated 2030 vision targets including EBITDA margins above 8%, ROC above 20%, 60%+ value-added revenue contribution, and 20%+ energy consumption reduction.
Mundra expansion to commence H2 CY27
Post copper expansion completion by Q4 FY26, the 123-acre Mundra land will be developed for lead/copper capacity and serve European/Middle Eastern markets via port advantage.
FY27 Capex: ₹180-200 crore for copper cathode plant and capacity augmentation
Phase 1 (18,000 MT) targeted for December 2026 commissioning; Phase 2 (18,000 MT) to follow within 6-7 months.
FY28 Capex: ₹50-60 crore (Phase 2 copper cathode balance equipment)
No additional long-term debt planned; to be funded through internal accruals with sufficient liquidity available.
Lead Volume FY27: 1.25-1.30 lakh MT (15% growth)
New plant utilization expected at 70-75% with focus on value-added products and new customer additions.
Copper EBITDA/ton FY28: ₹60,000 blended (vs ₹39,896 current)
Cathode plant will elevate margins from ₹35-40K to ₹60-70K per ton; conservative guidance pending trial production.