Steel Sector Cyclical Weakness
Steel prices rangebound at lower levels due to seasonal factors and imports; anti-dumping duties lifted on certain products from China, Vietnam, Korea in October 2025.
SARDAEN / Q2-FY26 / risks
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Material risks this quarter
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Indonesia Coal Mine Land Acquisition Delays
The Indonesia coal mine (targeting 1.88MTPA) faces challenges in land acquisition due to plasma plantation of rubber and palm oil, with flooding risks from heavy rains. Expansion is dependent on government intervention for surface rights acquisition.
Supreme Court Case Timeline Uncertainty
While management asserts no material hurdles, the SKS power case has seen multiple hearing date shifts. Next hearing scheduled for November 18, 2025, and the legal process continues to take its own time, creating uncertainty around final resolution.
ITP Expansion Approval Dependency
The proposed ITP thermal power expansion (600-800MW configuration under study) is contingent on obtaining forest clearance and other regulatory approvals before construction can commence on the ground, beyond just DPR finalization.