• Business mix shift: The company discontinued its low-EBITDA coal trading business from April 1, 2026, to focus solely on its pure steam operations, which historically generated margins between 20% and 24%.
• Waste-to-steam expansion: Out of four under-construction facilities, three are waste-based and one is coal-fired, which management expects will significantly lower fuel costs and expand margin trajectory alongside the operational Vapi facility.
• EBITDA per ton: Realization stood at approximately ₹800 per ton last year and is expected to directionally improve as new waste-to-steam capacities come online.
• Revenue growth drivers: Following roughly ₹500 crore in revenue last year, future growth will be driven by new boiler capacity additions and recovering demand across chemical and pharmaceutical client segments.