Cost advantage from captive ore and slurry pipeline; limited by single-mine geography and cyclical earnings.

FY27 base-case growth 30-35%

Iron Ore Production (MnT) — The company has demonstrated a substantial increase in iron ore production from FY25 to FY26, with further significant growth projected for FY27. This trend reflects successful ramp-up of mining operations and the realization of benefits from enhanced environm