The print
An integrated steel & ferro-alloys producer with captive power, captive ore, and a brownfield expansion now ramping. The Q2 print confirms what the thesis needs most: cost discipline holding even as realisations soften.
What matters
- Captive power + captive iron ore continue to underwrite the margin floor
- Brownfield expansion lifts FY27 volume guidance
- The re-rating remains contingent on ferro-alloy spread normalisation
Where we stand
The call stays Buy. The balance sheet gives the expansion room to breathe, and the downside is protected by integration economics rather than by hope.
