The VAP mix is the engine, lifting per-kg EBITDA from ₹20 to ₹43—but the latest print cooled after a strong run, and the price already banks on it all landing.
Overall read
6.6/10
Priced for it
The three reads · this quarter
The VAP mix is the engine, lifting per-kg EBITDA from ₹20 to ₹43—but the latest print cooled after a strong run, and the price already banks on it all landing.
Overall read
6.6/10
Priced for it
The three reads · this quarter
The standing reads · change less often
Moat
Slim edge
Integrated scrap-to-value-added copper model but sub-scale and capital-intensive, limiting returns.
Key variables
4 tracked
lead: Value-added product (VAP) shareVAP share jumped 15.5pp from FY24 to FY25 and further to 60% in 9MFY26. This deliberate mix shift is the primary driver of margin expansion.
Walk the talk
Weak
as of Q1 FY27Capacity expansion to 45,000 MT by Q1 FY28 supports volume growth.
1 of 4 guidance items delivered on time
Where it sits