1. Bokaro greenfield complex - Phase 1 color-coated line is in hot trials, with asset capitalization and revenue expected from Q2 FY27; management targets \~₹4,000-4,500 cr revenue from Bokaro by FY30. That is roughly six times current total revenue, on a ₹803 cr project that is already 43% funded and financially closed.
2. Bokaro PLI incentives - The facility is qualified under PLI 1.1 for coated steel, enabling performance-linked incentives on sales up to FY29. At 11% blended EBITDA margin guidance, these incentives add directly to profitability during the ramp-up years.
3. Pipes & tubes capacity - Capacity reached 7,32,000 TPA in Q4 FY26, up from 5,34,000 a year earlier, with two new tube mills commissioned at Jamshedpur in Q1 FY26. Utilization is just 40% annualized in Q1 FY27; management targets 65-70% by \~FY29, which would nearly double segment throughput on existing assets.
4. TMT contract renewal - Tata Steel contract renewed as a 12-month agreement till November 2026, with longer-term options under discussion. Utilization jumped to 83.5% annualized in Q1 FY27 from 41.7% in FY26, and volumes have stabilized after raw material constraints.
5. Proprietary galvanized coil sales - Company started proprietary production and sales of GI coils in Q2 FY26, small volumes initially (\~2,000-3,000 tons), to build a downstream sales network ahead of Bokaro. This shifts the business model from pure conversion fees to product sales, which is the same model Bokaro will run at scale.
6. ZAM product line - Bokaro's ZAM line will produce zinc-aluminium-magnesium coated steel, which offers 5-6x the life of zinc at the same coating weight; no full-fledged commercial seller exists in India today. A recent MNRE order encouraging ZAM for rooftop solar adds a fresh demand driver, and ZAM commands a premium over GI.
7. CRM complex utilization - The CGL complex ran at 70.9% utilization in FY26, up from 66.9% at the December quarter, with dispatches up 18.1% sequentially in Q3 FY26. The five-year conversion contract with Tata Steel provides a stable base, and each point of utilization on 10,14,000 MTPA capacity adds volume without incremental capex.