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Revenue in line; lower cost drives earnings beat

• Revenue stood at INR102b (+8% YoY and flat QoQ), in line with our estimate during the quarter.
• Adj. EBITDA stood at INR13.1b, up 8% YoY and 24% QoQ, against our est. of INR11.4b. The beat was driven by lower-than-expected costs.
• EBITDA/t improved to INR20,915 (flat YoY and +27% QoQ), led by favorable pricing and lower costs during the quarter.
• APAT stood at INR7.1b (+10% YoY and +19% QoQ) against our est. of INR6b.
• Sales volume for 1QFY26 came in line with our est. at 626KT (+8% YoY and -3% QoQ). Exports share was 9% in 1QFY26 vs. 8% in 4QFY25. ? ASP stood at INR163,000/t (flat YoY and +3% QoQ), led by Stainless Steel price recovery during the quarter.
• Consol. net debt stood at INR38.7b, with net debt/equity of 0.2x as of 1QFY26.

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