1. Copper cathode forward integration - The 36,000 MTPA LME Grade A copper cathode plant at Thervoy Kandigai (₹200 crore, internal accruals) starts trial production in December 2026, with Phase 1 at 18,000 tons and Phase 2 by Q3 FY28. Management guides copper cathode EBITDA of ₹60,000-65,000 per ton versus today's ₹35,000-40,000, on volumes of 24,000-28,000 tons in FY28.
2. Copper recycling ramp-up - Copper recycling capacity doubled to 12,000 MTPA in Q4 FY26 and hit 75% utilization in Q1 FY27, with production up 3x YoY to 3,648 MT and EBITDA per ton at ₹48,488. Management expects copper to contribute \~45% of FY27 revenue and targets debottlenecking to 18,000 tons.
3. Lead value-added mix - Value-added products reached 85% of lead revenue in Q1 FY27, up from \~55% a year ago, lifting lead EBITDA per ton to a record ₹21,595. Management guides sustainable lead EBITDA of ₹18,000-20,000 per ton, versus ₹13,325 in FY25, on a 65-70% value-added mix target.
4. Lead capacity utilization - The 72,000-ton Thervoy Kandigai lead plant (commissioned December 2025) ran below 50% in Q1 FY27; management targets 70-75% utilization in FY27 and 80-90% by FY28. Each 10% utilization on 72,000 tons adds roughly 7,000 tons of volume at ₹18,000-20,000 EBITDA per ton.
5. Mundra greenfield - A 123-acre site at Mundra, Gujarat (₹110-120 cr phased investment) starts in FY27, with additional lead and copper capacity planned for the second half of calendar 2027. It opens direct access to European and Middle Eastern markets, where the India-EU deal is expected to bring import duties to zero.
6. Plastics profitability turnaround - The plastics division turned PAT-positive in Q1 FY27 (\~₹15 lakh profit, \~800 tons production) after moving to owned premises at Thervoy Kandigai. Management expects PAT-positive numbers for the full year, with ABS and other compounding production starting in Q4.
7. Domestic scrap sourcing - Management targets raising domestic procurement from 23% to 35% of the mix, with copper domestic sourcing at 25-30% going forward. Government enforcement of BWMR and EPR rules is expected to increase domestic scrap availability, cutting import dependence and logistics costs.