• Revenue and pricing: Q4 revenue declined by approximately 11% due to earlier price reductions negotiated with OEMs, despite the company operating at over 100% capacity utilization.
• Raw material cost: The company is in final negotiations for a substantial price increase to offset rising ferroalloy and fuel costs triggered by the West Asia conflict, which will maintain EBITDA margins around 20% to 21%.
• Odisha project clearances: Progress on the Odisha expansion remains pending final environmental and forest clearances from the central government before being submitted to the board for approval.
• Capex funding: Management affirmed that free cash on the books is significantly higher than ₹450 crore, which combined with debt and incentives will fully fund future expansion plans.