Steel Authority of India

“The target is basically -- MOU target is 7 million tons. Our internal target was 10 million tons, but I believe we'll be able to achieve either 7 million or 8 million tons the way it is going on.”

“Generally, it is around 6 months, somewhere wise because of the systems and procedures. But in case of IISCO actually, major orders have already been placed and work has already started in the ground.”

“Coming to expansion plan, I have already told that actually we are on course for an expansion from 20 million tons to 35 million tons spread over 4 units, that is IISCO, Bokaro Steel plant, Bhilai and probably Rourkela, where we're looking at.”

“In expansion actually as I told in IISCO the execution work has already started major packages have already been ordered out. At Bokaro, it is in the tendering advanced tendering state. At Bhilai they are going to start the tendering in couple of week couple of days. Rourkela the DPR is prepared and it will be going for in principle approval.”

“And so far as land is concerned, in all these 4 fronts where we are undertaking the expansion projects, there is no encroach land. At RSP, there was, but now it is already cleared up.”

“But going forward, in future, we'll have beneficiation plants, which will be coming up at Gua mines in future so that much of the subgrade mines can be beneficiated at Gua mines and then pelletized and pellets can be consumed.”

“So we are planning to increase capacity from 20 million tons to 35 million tons in 4 plants in next 4 years' time.”

“right now, 3 million tons after that, ultimately, it will go towards 14 million tons in 3, 4 years' time. So it will go in a phased manner.”

“But going forward, when the main mining is going to start by the MDO, which will take maybe another 1 year or more than 1 year, then the ramp-up is going to start.”

“Regarding Gua, we have a plan to increase the production from 4 million tons to 10 million tons by appointing an MDO. So that is going to take a little more time because of the clearance and other things.”

“Regarding the pellet plant RSP, which is 2 million tons per annum, that is on course and it is going to start as per the set target lines. It is in the advanced stages.”

“with realizations already showing improving signs and actions being taken on efficiency improvement and cost reduction front, we are hopeful of even more robust performance during H2 '26-'27.”

“Major chunk is going to come from the new mines which is Rowghat. So because it is a new operating mine, so there are down level challenges, but we are trying to tackle those.”

“So far as October is concerned, the month of October, the long NSR is INR58,700, flat is INR61,700. Means around INR4,000 increase over Q2. And the demand is robust right now and the price levels I believe are going to continue.”

“the production during H1 has grown by 3% over CPLY, while the consumption has got a robust growth of 8% during the same period.”

“Meanwhile, India continues to be a net importer of steel during H1 FY27 and net import of around 0.6 million tons.”

“has projected a stable demand for steel in current year 2026, followed by an increase of almost 1.7% in calendar year 2027.”

“Steel demand also continues to prosper, and we are hopeful that the prices will maintain the momentum that has been gained post monsoon.”

“If you look at the coal prices, quarter 1 imported coal price was INR21,300 per ton. And last year was how much? And in quarter 2, actually, it has increased to INR22,930 per ton, which is INR1,700 per ton because of the geopolitical situations and other demand-supply situations”

“Imported coal index Platts, August index had gone up to $290 per ton, which has now stabilized at $266 to $267 per ton.”

“In October, it is INR24,100, and November also, it is going to remain at the same level.”

“No, let me tell you, since the imported coal prices increased in Q2 and now it is stabilized. It's because of the geopolitical situations, number one. And number two, because of the problem that was there in China.”

“Normal royalty rate is 15% basically. That will be there. Whenever we will be selling from Rowghat mines in future, then there is no Schedule 5 because it is not renewed. Only Schedule 6 will be imposed like in case of OGoM.”

“With effective treasury management, the borrowings reduced further to INR20,583 crores as against INR21,729 crores as on 30th June 2026 with a reduction of INR1,146 crores in quarter 2, and with a reduction of INR1,080 crores in H1.”

“As a result of the debt equity ratio further improved to stand at 0.34x on actual basis at the end of Q2 FY26-'27.”

“In this year, we're expecting further debt reduction in quarter 3 and quarter 4. That is the thing that we are looking at right now. But as you said correctly, going forward, because the capex is increasing because of the expansion, etcetera.”

“So of course, it is clear that towards the end of this expansion, it will be getting punched -- the capex will be getting bunched and that is the time when the debts will be there.”

“cost of borrowings through better treasury management in H1, it is 6.34%. Last year was 6.42%.”

“And so far as debt is concerned, let me tell you, to fund this INR1,00,000 crores or INR1,20,000 crores, the internal accruals will also be there in 4 years to the tune of around INR50,000 crores or something like that.”

“on that line that even if we have planned for it, but the timing will decide when to go for that. Right now, it is a growth phase, and we are trying in various ways to improve profitability.”

“that every year we should be able to get around INR10,000 to INR12,000 crores from internal accruals.”

“So INR10,000 crores into 4 is around INR40,000 crores to INR50,000 crores from internal accruals. The rest will go -- will come through FPO and the borrowings.”

“And before that, it will be proceedings from FPO may be there. So we will do that in a proper way so that it doesn't impact our balance sheet and the ratios very much adversely.”

“To our best understanding, yes. But of course, there will be some incremental plus or minus that will be adjusted whenever the actual figures come.”

“Since gazette notification doesn't have a final rate for industrial rate. So we have taken the infrastructure related rate and then we have made a provision in the books of accounts.”

“Actually, quarter 1, we had an impact of around close to around INR300 crores, I remember. Quarter 2 nothing. And going forward also, I believe we'll have some positive rather than negative.”

“The point which I mentioned is because the repo rate has increased by 25 basis points naturally in quarter 3 and quarter 4, the interest, loans and loan swaps, etcetera, will be a little cost as compared to the current levels.”

“There are issues not in Odisha Group of Mines, issues in Jharkhand Group of Mine because of on the price front as well as approval front, permit front, not approval exactly permit fronts.”

“So Schedule 5 is not imposed in Odisha Group of Mines because those are due for renewal in 2030.”

“Second quarter actually, the volumes -- the production volumes would have impacted because of unprecedented rains in Jharkhand and Odisha, which was not there last time.”

“So that is over by September. And from October onwards, all our blast furnaces are doing good. So the technical parameters in the month of October have shown good improvement over Q2.”

“having sold around 2.5 million tons, the profit out of this is INR388 crores. And the profit out of sales last year, CPLY was INR124 crores.”

“And while considering 100 million tons, it doesn't consider anything from Chiria. Chiria is in a different state altogether, clearances and other problems are there in that.”

“Let me give the figure actually RINL 2Q figure is -- so H1 is 184,000 tons, Q2 is 88,000 tons. And for the year, maximum 500,000 tons.”

“NSL is kind of NIL actually. We're not doing anything for NSL.”