• CCL business expansion: Ratnaveer is entering the copper clad laminate (CCL) market to address India's 95%+ import dependency, partnering with a Chinese turnkey provider and hiring experienced Chinese technocrats on two-year contracts to manage five production lines.
• Pricing and competitiveness: Global CCL prices have surged over 300% in nine months against raw material inflation of 15–20%, allowing full cost pass-through alongside an estimated 15–20% operational cost advantage over imported materials.
• CCL financial guidance: At a conservative 69% capacity utilization across five lines, the CCL segment is projected to generate ₹750 crore in revenue in FY28 with a 20% EBITDA margin and a 13% PAT margin.
• FY27 standalone targets: The base stainless steel business is guided to reach ₹1,500 crore in top-line revenue in FY27 with a 12% EBITDA margin and a 7% PAT margin, largely excluding CCL contributions.