Captive iron ore provides a cost advantage, but steel commoditisation limits moat breadth.

FY27 base-case growth 12-15%

Iron ore mining capacity utilization — Production has remained near capacity limits from FY22 to FY25, with FY23 being a peak at 2.6MnT. FY24 saw a decline due to operational disruptions, but FY25 recovered to 2.3MnT. The pending expansion to 6MnT is critical for future volume growth; utilization o