Financial Performance Highlights

Q2 FY27 Performance:

  • Revenue from operations: ₹5,960 crores, up 33.4% YoY and 9.3% QoQ
  • EBITDA: ₹857 crores, up 40.9% YoY and 5.5% QoQ
  • EBITDA margin: 14.4%
  • Operating EBITDA (excluding other income): ₹823 crores, up 52.6% YoY and 7.5% QoQ
  • Operating EBITDA margin: 13.8%, expanded by 170 bps YoY
  • Profit After Tax: ₹511 crores, up 96.2% YoY and 45.7% QoQ
  • PAT margin: Not explicitly quantified

H1 FY27 Performance:

  • Revenue: ₹11,415 crores, up 28.4% YoY
  • EBITDA: ₹1,670 crores, up 34.4% YoY
  • EBITDA margin: 14.6%
  • Operating EBITDA: ₹1,588 crores, up 41.9% YoY
  • Operating EBITDA margin: 13.9%
  • PAT: ₹862 crores, up 56.4% YoY
  • PAT margin: 7.5%

Operational Metrics

  • Total sales volume in Q2 FY27: 15.49 lakh tons, up 26% YoY
  • H1 FY27 volume: 29.32 lakh tons, up 20% YoY
  • Carbon steel flat product sales: 81,500 tons (more than doubled YoY)
  • Stainless steel volume: 29,850 tons, up 20.7% YoY
  • Stainless steel realization: up 35.2% YoY
  • Specialty alloy volume: up 4.7% YoY with 18.4% realization improvement
  • Aluminum volume: up 3% YoY with 27.7% realization increase

Capital Expenditure and Investments

  • Total capex since listing: ₹9,921 crores (53% of planned ₹18,785 crores)
  • Q2 FY27 capex: ₹716 crores
  • Remaining planned capex: ₹8,864 crores over next 2-3 years
  • CWIP: ₹3,000 crores not yet contributing to returns

Strategic Initiatives and Expansion Projects

Vision 2031 Strategy:

  • Building integrated multi-metal business with focus on downstream integration
  • Target RoE of 16% and RoCE of 24% by 2031

Specific Projects:

  • 1.6 million ton HR mill (carbon steel)
  • ₹900 crores, 0.8 million tons specialty bar combo mill auto steel project at Kharagpur
  • ₹2,700 crores stainless steel expansion in Odisha with downstream processing (target commissioning March 2029)
  • Expected stainless steel EBITDA: ₹1,100 crores by FY31
  • Expected SBQ business EBITDA: ₹1,000 crores by FY31

Recent Commissioning:

  • 18,000 TPA aluminum foil facility at Sambalpur (total foil capacity now 42,000 TPA)
  • Planned 60,000 TPA FRP facility (₹800 crores downstream aluminum program)
  • 1.5 MTPA beneficiation plant at Sambalpur (₹150 crores investment)

Raw Material Security:

  • Acquired 51% stake in Alom Solar Private Limited, successful bidder for Phutamura coal block in Chhattisgarh
  • Estimated reserves: 170 million tons
  • Production expected by July 2027
  • Estimated capex: ₹360 crores (company share: ₹185 crores)
  • Expected incremental EBITDA: ₹400 crores by FY31

Corporate Developments

  • NCLT approved amalgamation of Shree Venkateshwara Electro steel cast into Shyam Sel Limited
  • Expected tax benefit: ₹15 crores through utilization of carryforward losses
  • Depreciation methodology changed from written-down value to straight-line method

Financial Position

  • Operating cash flow H1 FY27: ₹1,544 crores
  • Working capital: negative 16 days (as of September 2026)
  • Net debt: ₹192 crores
  • Return metrics: RoE 14%, RoCE 20% (as of September 2026)

Maharashtra Expansion Plans

  • Signed MOU for 9 MTPA steel complex in Maharashtra
  • Total investment estimate: ₹50,000 crores
  • Timeline: 8-10 years for full implementation
  • First phase: 4.5-5 million tons
  • Currently in land identification stage with government support
  • Will include flat products and value-added steel

Business Segment Margins

  • Stainless steel EBITDA: ₹13,000-15,000 per ton
  • Carbon steel EBITDA: ₹6,000-7,000 per ton
  • Aluminum EBITDA: ₹40,000 per ton
  • Overall target EBITDA margin: 14.5%-16% (from current 11.5%-12%)

Mittal Corp Performance

  • Capacity utilization: 85%
  • EBITDA: approximately ₹10,000 per ton
  • RoCE: 20-25%
  • Focus on downstream products (wires, bright bars, exports)

Sustainability Initiatives

  • Commissioned 9 MW solar plant in Jamuria
  • Focus on renewable energy use and emissions reduction