Satish Pai

Our long-term guidance of $600 per ton remains intact as we advance on accelerated pace in our $300 million structural cost reduction program.

The underlying EBITDA per ton would have been nearly $500, excluding the impacts of tariffs and Oswego fires.

The strategic rationale for building a large-scale rolling mill in the U.S. is stronger than ever before.

Hindalco isn't just prepared for the future but is advancing into its next phase with scale, purpose, and confidence.

Hindalco has been recognized as the world's most sustainable aluminum company for the fifth year in a row, achieving highest-ever ESG scores in the S&P Global CSA ranking.

Our cost position is expected to strengthen further as we progress towards enhancing resource security through our captive coal and low-cost alumina.

We are structurally transforming our cost base to protect margins and strengthen our profitability in Novelis.

We are not going to look at any other new opportunities. So the whole management team is focused on these four projects.

I really believe that the downturn is the best time to invest if you have the balance sheet strength. And that is what Hindalco has in India right now.

The integrated model of Hindalco between upstream and downstream means that some parts can have headwinds, some parts have tailwinds. And that's why when you look at our consolidated results, we are doing very well compared to most of our competitors in the industry.

We were not able to get that valuation. And hence, we pulled it back because we were not doing it for cash, we didn't need it. We wanted it to do it for the valuation.

I think that the pricing of commodities is not being driven by supply, demand, or inventory. It's being driven a lot by macroeconomics and geopolitical events.