• Steel price outlook: Management guided for realizations to rise by ₹6,000 per ton in Q1 compared to the previous quarter, which is expected to lift India EBITDA sequentially despite rising freight, currency, and consumable costs.
• European turnaround: Netherlands operations are projected to match or exceed last year's positive EBITDA, while the UK business is expected to turn EBITDA-positive on a quarterly basis by Q2 or Q3.
• Debt and leverage: Net debt was reduced by ₹2,500 crore alongside ₹3,000 crore spent on acquisitions, keeping the net debt-to-EBITDA ratio below 2.3x with an aspiration to bring it under 2x.
• Downstream expansion strategy: Upstream capacity is planned to stay near 40 million tons, with strategic focus and capital shifting toward downstream integration and value-added segments such as automotive, oil and gas, and retail.
• India consumption growth: Indian steel consumption and per capita consumption are projected to grow at 8% to 10%, outpacing estimated GDP growth of 6% to 7% on the back of sustained government infrastructure spending.