Q3 FY2026 Coal Sector Performance And Outlook

Coal Sector: Comprehensive Industry Analysis and Company Profiles

The provided data presents a diverse set of companies, with Coal India Limited (CIL) and its subsidiary Bharat Coking Coal Limited (BCCL) representing the core coal mining sector. However, the batch of investor documents also includes The Sandur Manganese & Iron Ores Limited (SMIORE), a diversified mining and steel company, and Alpex Solar Limited, a solar module manufacturer. While the sector is explicitly stated as "Coal," the inclusion of SMIORE and Alpex Solar suggests a broader interpretation of the energy and raw materials landscape, potentially reflecting diversification trends or the evolving energy mix. This analysis will primarily focus on CIL and BCCL as direct coal players, while also detailing SMIORE and Alpex Solar's operations as they were presented in the same batch of documents, acknowledging their distinct business models outside of primary coal production.

A. Industry Overview & Market Landscape

The core "Coal" sector in India is dominated by state-owned entities like Coal India Limited (CIL), which plays a pivotal role in meeting the nation's energy demands, particularly for thermal power generation. The market structure is highly concentrated, with CIL being the largest producer. The industry is mature, characterized by large-scale mining operations, significant capital intensity, and a strong linkage to the power sector and other heavy industries (e.g., steel, cement).

**Key End Markets and Applications:** * **Thermal Power Generation:** The largest consumer of coal in India, driving demand for CIL's produce. * **Steel Industry:** Coking coal, a specialized type of coal, is crucial for steel manufacturing. BCCL, a CIL subsidiary, is a key supplier of coking coal. * **Cement, Fertilizers, and Other Industries:** Non-coking coal is used as fuel and feedstock.

**Geographic Distribution and Regional Dynamics:** CIL's operations are spread across major coal-bearing regions in India, with subsidiaries like MCL, SECL, CCL, NCL, WCL, BCCL, and ECL contributing to overall production. The distribution of closing stock indicates significant operations in states like Odisha (MCL), Chhattisgarh (SECL), and Jharkhand (CCL, BCCL).

**Industry Value Chain and Ecosystem:** The value chain involves exploration, mining (open cast and underground), beneficiation (washing), transportation (rail, MGR, road), and final consumption. CIL is actively exploring diversification into related and new energy sectors, including Rare Earth Elements (REE), Copper & Critical Minerals, Solar Power, and Thermal Power projects, indicating a strategic response to evolving energy policies and sustainability goals.

B. Financial & Economic Profile

The financial performance of the core coal sector, as represented by CIL and BCCL, shows signs of contraction in the 9M FY26 and Q3 FY26 periods compared to the previous year, primarily due to lower sales volumes and reduced realizations. In contrast, SMIORE, a diversified miner, demonstrates robust growth, particularly driven by acquisitions and increased mining capacities, while Alpex Solar exhibits explosive growth in the burgeoning solar energy market.

Coal India Limited (CIL)

CIL, the dominant player, experienced a notable decline in its financial performance for 9M FY26 and Q3 FY26. Revenue from Operations decreased by 4% YoY for 9M FY26 and 5% QoQ for Q3 FY26. Net Sales followed a similar trend. More significantly, profitability metrics like PBT and PAT saw substantial decreases, with PBT down 20% YoY for 9M FY26 and 20% QoQ for Q3 FY26, and PAT down 22% YoY for 9M FY26 and 16% QoQ for Q3 FY26. EBITDA also declined by 18% YoY for 9M FY26 and 25% QoQ for Q3 FY26.

The EBITDA margin on Net Sales decreased from 41% in 9M FY25 to 35% in 9M FY26, and from 43% in Q2 FY26 to 33% in Q3 FY26, indicating pressure on operational efficiency and pricing. The overall average realization per tonne also saw a slight decrease.

Several factors contributed to the decline in profitability: * **Lower Sales Quantity and Realization:** Overall sales quantity decreased by 3% YoY for 9M FY26, and average realization per tonne decreased by 1%. E-Auction prices, which typically fetch higher realizations, decreased by ₹157.18 per tonne for 9M FY26 and ₹250.23 per tonne for Q3 FY26. * **Increased Expenditure:** Total expenditure increased by 4% YoY for 9M FY26 and 3% QoQ for Q3 FY26. Key cost increases include: * **Employee Benefits Expense:** Increased by 6% YoY for 9M FY26, primarily due to a one-time estimated provision of ₹2,201 Crore for pay upgradation of executives and an increase in Additional CMPS Contribution and Actuarial Gratuity Liability. * **Finance Costs:** Increased significantly by 36% YoY for 9M FY26 and 42% QoQ for Q3 FY26, due to increased borrowing costs. * **Depreciation, Amortization and Impairment Expenses:** Increased by 13% YoY for 9M FY26, reflecting capitalization of new assets and higher amortization. * **Other Expenses:** Increased by 5% YoY for 9M FY26, including higher CSR, Security, and Environmental expenses. * **Other Operating Revenue Decline:** Other operating revenue decreased by 11% YoY for 9M FY26, further impacting the top line. * **Positive Impacts (partially offsetting):** Other income increased by 11% YoY for 9M FY26, driven by higher interest received (including IT Refund). The elimination of inverted tax structure with increased GST on coal allowed utilization of accumulated ITC of ₹2,634 Cr in Q3 FY26.

CIL's balance sheet shows a 7% increase in Net Worth from ₹99,105 Crore (31.03.2025) to ₹1,06,376 Crore (31.12.2025). However, the Debt Equity Ratio increased from 0.09 to 0.14, and Debtor Turnover Ratio increased, indicating potential pressure on working capital management. Return on Average Equity and Return on Average Capital Employed saw significant declines, reflecting the reduced profitability.

The following table summarizes CIL's key financial performance for 9M FY26 and Q3 FY26:

| Metric (CIL) | 9M FY26 (₹ Crore) | 9M FY25 (₹ Crore) | YoY Change (%) | Q3 FY26 (₹ Crore) | Q3 FY25 (₹ Crore) | QoQ Change (%) | | :--------------------------- | :---------------- | :---------------- | :------------- | :---------------- | :---------------- | :------------- | | Revenue from Operations | 1,00,953 | 1,05,544 | -4% | 34,924 | - | -5% | | Net Sales | 89,608 | 92,800 | -3% | 30,818 | - | -5% | | EBITDA | 31,296 | 38,349 | -18% | 10,285 | - | -25% | | PBT | 27,296 | 34,093 | -20% | 9,473 | - | -20% | | PAT | 20,163 | 25,710 | -22% | 7,166 | - | -16% | | EBITDA on Net Sales (%) | 35% | 41% | -6% pts | 33% | - | -10% pts | | Overall Average Realization (₹/tonne) | 1,645 | 1,655 | -1% | 1,638 | 1,667 | -2% | | Overall Sales Quantity (MT) | 544.75 | 560.78 | -3% | 188.17 | 194.10 | -3% |

*Note: Q3 FY25 data for Revenue from Operations, Net Sales, EBITDA, PBT, PAT, and EBITDA on Net Sales is not directly provided in the extract, so QoQ change is calculated against Q2 FY26 implicitly for these metrics based on the "QoQ" label in the extract.*

Bharat Coking Coal Limited (BCCL)

BCCL, a subsidiary of CIL, faced an even steeper decline in profitability. For 9M FY26, PBT plummeted by 92% to ₹130 Crore from ₹1,639 Crore in 9M FY25, and PAT decreased by 91% to ₹101 Crore from ₹1,174 Crore. The situation worsened in Q3 FY26, where BCCL reported a loss before tax of -₹69 Crore and a loss after tax of -₹23 Crore, a significant reversal from a profit of ₹515 Crore PBT and ₹425 Crore PAT in Q3 FY25.

The decline is attributed to: * **Reduced Revenue from Operations:** Down from ₹10,534.42 Crore in 9M FY25 to ₹8,441.82 Crore in 9M FY26 (-20%). Q3 FY26 saw a 25% decrease YoY in operating income. * **Lower Sales per Tonne (SPT):** Decreased from ₹3,468.96/te in 9M FY25 to ₹3,096.41/te in 9M FY26, and from ₹3,544.21/te in Q3 FY25 to ₹3,047.00/te in Q3 FY26. This was due to lower E-Auction gains and lower MoU prices for washed coal. * **Increased Cost per Tonne (CPT):** Rose from ₹2,914.95/te in 9M FY25 to ₹3,158.45/te in 9M FY26, and from ₹3,112.04/te in Q3 FY25 to ₹3,177.90/te in Q3 FY26. This increase was driven by factors like new contracts, wage escalation, increased washing charges, and working in higher leads. * **Operational Declines:** Coal Production, Off-take, and OB Removal all declined significantly (15.18%, 8.99%, and 16.47% respectively for 9M FY26 YoY). * **Higher Finance Costs:** Due to availment of Working Capital & Bank Overdraft facilities. * **Increased Depreciation:** From capitalization of new assets. * **Negative Stripping Activity Adjustment:** Due to high OB removal and capitalization of substantial stripping activity assets.

The following table summarizes BCCL's key financial performance for 9M FY26 and Q3 FY26:

| Metric (BCCL) | 9M FY26 (₹ Crore) | 9M FY25 (₹ Crore) | YoY Change (%) | Q3 FY26 (₹ Crore) | Q3 FY25 (₹ Crore) | YoY Change (%) | | :---------------------------- | :---------------- | :---------------- | :------------- | :---------------- | :---------------- | :------------- | | Revenue from Operations | 8,441.82 | 10,534.42 | -20% | 2,782.80 | 3,688.23 | -25% | | EBITDA | 564.09 | 2,008.20 | -72% | 104.16 | 634.73 | -84% | | PBT | 130.24 | 1,638.67 | -92% | -69.10 | 514.63 | -113% | | PAT | 101.00 | 1,173.69 | -91% | -22.88 | 424.99 | -105% | | Sales per te (₹/te) | 3,096.41 | 3,468.96 | -11% | 3,047.00 | 3,544.21 | -14% | | Cost per te (net) (₹/te) | 3,158.45 | 2,914.95 | +8% | 3,177.90 | 3,112.04 | +2% |

The Sandur Manganese & Iron Ores Limited (SMIORE)

SMIORE presents a different financial picture, demonstrating strong growth and profitability, particularly in FY25 and 9M FY26. * **Revenue:** Grew from ₹747 Crore in FY21 to ₹3,135 Crore in FY25, a significant increase. Consolidated Total Income for 9M FY26 was ₹3,632 Crore, a massive 93% YoY growth, and for Q3 FY26, it was ₹1,237 Crore (27% YoY growth). * **EBITDA:** Increased from ₹289 Crore in FY21 to ₹862 Crore in FY25. Consolidated EBITDA for 9M FY26 was ₹878 Crore (64% YoY growth), and for Q3 FY26, it was ₹279 Crore (7% YoY growth). * **EBITDA Margins:** Fluctuated, reaching 44% in FY22, then settling at 27% in FY25. Consolidated EBITDA margin for 9M FY26 was 24%, and for Q3 FY26, it was 23%. Standalone margins were higher (44% for 9M FY26, 40% for Q3 FY26), indicating the impact of the Arjas Steel acquisition on consolidated margins. * **PAT:** Grew from ₹154 Crore in FY21 to ₹471 Crore in FY25. Consolidated PAT for 9M FY26 was ₹422 Crore (34% YoY growth), and for Q3 FY26, it was ₹116 Crore (16% YoY decline, but QoQ decline of 17%). The Q3 PAT decline despite revenue growth could be due to higher costs or one-off items. * **Return Profiles:** ROCE and ROE show healthy levels, with ROCE at 18% and ROE at 18% in FY25, indicating efficient capital deployment. * **Debt Management:** Gross Debt to Equity was 0.72 in FY25, but the company approved prepayment of ₹423 Crore NCDs, indicating a focus on deleveraging.

The growth in SMIORE's financials is largely attributable to the strategic acquisition of Arjas Steel Private Limited in November 2024, expansion in mining capacities for iron and manganese ore, and robust operational performance across its diversified segments.

Alpex Solar Limited (ALPEXSOLAR)

Alpex Solar demonstrates exceptional financial growth, reflecting the booming solar energy sector. * **Revenue:** Skyrocketed from ₹195.92 Cr in FY23 to ₹783.01 Cr in FY25, and further to ₹1,551 Cr in 9M FY26. This represents a 10.5x growth from FY23 to 9M FY26. Q3 FY26 revenue was ₹648 Cr, a 3.45x growth YoY. * **EBITDA:** Grew from ₹12.70 Cr in FY23 to ₹128.13 Cr in FY25, and to ₹234 Cr in 9M FY26 (24.5x growth from FY23). Q3 FY26 EBITDA was ₹91 Cr, a 2.45x growth YoY. * **PAT:** Increased from ₹3.74 Cr in FY23 to ₹83.48 Cr in FY25, and to ₹148 Cr in 9M FY26 (52.8x growth from FY23). Q3 FY26 PAT was ₹54 Cr, a 2.34x growth YoY. * **Margins:** EBITDA margin improved from 6.48% in FY23 to 16.36% in FY25, settling at 15.11% for 9M FY26 and 14.03% for Q3 FY26. Net margin also significantly improved from 1.91% in FY23 to 10.66% in FY25, at 9.56% for 9M FY26 and 8.37% for Q3 FY26.

This rapid growth is driven by increasing demand for solar modules, expansion of manufacturing capacities, and strategic vertical integration initiatives.

Comparison of Financial Profiles

The financial data highlights a stark contrast: * **Coal (CIL, BCCL):** Facing headwinds with declining revenues, significant drops in profitability, and increasing cost pressures. This suggests a mature or even declining phase for the traditional coal business, necessitating diversification. * **Diversified Mining/Steel (SMIORE):** Demonstrating strong growth through strategic acquisitions and capacity expansions, benefiting from commodity cycles and diversification. * **Solar (Alpex Solar):** Experiencing hyper-growth, driven by the rapidly expanding renewable energy market and aggressive capacity build-up.

This comparison underscores the broader energy transition at play, where traditional fossil fuels face challenges, while renewable energy and diversified resource plays show robust growth.

C. Competitive Structure & Dynamics

The competitive landscape varies significantly across the companies analyzed, reflecting their distinct sectors.

Coal Sector (CIL & BCCL)

• **Market Concentration:** The Indian coal sector is highly concentrated, with CIL being the near-monopoly player in organized coal mining. CIL accounts for a vast majority of India's coal production.
• **Competitive Intensity:** While CIL dominates, it faces indirect competition from imported coal and the increasing push towards renewable energy sources. The government's policy to open up commercial coal mining to private players could introduce more competition in the long run.
• **Entry Barriers:** Extremely high, due to the massive capital requirements, extensive regulatory approvals, land acquisition challenges, and long gestation periods for mining projects. CIL's established infrastructure, vast reserves, and operational scale form significant competitive moats.
• **Pricing Power:** CIL's pricing power is influenced by government regulations (for FSA coal) and market dynamics (for e-auction coal). The recent decline in e-auction prices indicates some pressure on pricing power.
• **Differentiation Strategies:** CIL primarily differentiates through scale, reliability of supply, and its role as a national energy provider. Its strategic initiatives into REE, solar, and thermal power represent diversification rather than core coal differentiation.
• **BCCL:** As a subsidiary of CIL, BCCL's competitive position is tied to its parent. It specializes in coking coal, which has a more niche market, primarily the steel industry. Its recent listing on BSE and NSE could be a step towards greater financial autonomy and market visibility.

The Sandur Manganese & Iron Ores Limited (SMIORE)

• **Market Position:** SMIORE holds strong positions in its primary mining segments:
• **Competitive Intensity:** Operates in commodity markets (manganese, iron ore, ferroalloys, steel) which are subject to global price fluctuations and competition from other domestic and international players. The acquisition of Arjas Steel significantly diversified its portfolio and moved it further into value-added steel products.
• **Entry Barriers:** High for mining due to resource access, environmental clearances, and capital. For steel, it involves significant capital and technological expertise.
• **Differentiation Strategies:**
• **Consolidation Trends:** The acquisition of Arjas Steel is a significant inorganic growth step, indicating a strategy of consolidation and diversification into value-added segments.

Alpex Solar Limited (ALPEXSOLAR)

• **Market Position:**
• **Competitive Intensity:** The solar manufacturing sector in India is rapidly expanding with new entrants and existing players scaling up. Competition is intense, driven by technology advancements, pricing pressures, and government incentives.
• **Entry Barriers:** Moderate to high, involving significant capital for manufacturing facilities, R&D for technology, and quality certifications.
• **Differentiation Strategies:**

Overall Competitive Dynamics

The competitive dynamics across these companies highlight the broader shifts in the Indian industrial landscape. The traditional coal sector (CIL, BCCL) is a mature, highly regulated, and concentrated market facing long-term structural challenges from decarbonization efforts. Diversified players like SMIORE are leveraging resource endowments and strategic acquisitions to build integrated value chains and mitigate commodity risks. The solar sector (Alpex Solar) is a high-growth, dynamic market characterized by rapid capacity expansion, technological innovation, and vertical integration strategies to capture market share in a competitive environment.

D. Operational Characteristics

Coal India Limited (CIL)

CIL's operational performance for 9M FY26 and Q3 FY26 showed a decline across key metrics. * **Coal Production:** 529.19 MT for 9M FY26, a 3% decrease YoY, and 200.05 MT for Q3 FY26, a 1% decrease QoQ. This was below the target of 605.38 MT for 9M FY26. * **Coal Offtake:** 545.74 MT for 9M FY26, a 3% decrease YoY, and 188.66 MT for Q3 FY26, a 3% decrease QoQ. This was also below the target of 657.57 MT for 9M FY26. * **OB Removal:** 1402.65 M.CuM for 9M FY26, a 3% decrease YoY, and 546.87 M.CuM for Q3 FY26, a 2% decrease QoQ. This was below the target of 1495.64 M.CuM for 9M FY26.

The majority of CIL's production and OB removal is contractual (67% of coal production, 88% of OB removal for 9M FY26), indicating a reliance on external contractors for operational execution.

**Inventory Management:** * Opening Stock (01-04-2025): 107.16 MT * Closing Stock (31-12-2025): 89.94 MT * Reduction of Inventory (vs 31.03.2025): 17.22 MT (16%) * However, closing stock increased by 19.51 MT (28%) compared to 31.12.2024 and by 11.24 MT (14%) compared to 30.09.2025, suggesting fluctuating inventory levels. MCL holds the largest share of closing stock (39%).

**Sales Mix and Realization:** * **FSA (Fuel Supply Agreement):** Accounts for the bulk of sales (478.33 MT in 9M FY26), with an average price of ₹1,504.18/Te. Quantity decreased by 13.03 MT YoY, but price increased by ₹34.05/Te. * **E-Auction:** Lower volume (56.14 MT in 9M FY26) but higher price (₹2,356.67/Te). Quantity decreased by 1.37 MT YoY, and price decreased significantly by ₹157.18/Te. This drop in e-auction price is a key factor impacting overall realization. * **Washed Coal & Other:** Smallest volume (10.28 MT in 9M FY26) with the highest price (₹3,402.22/Te). Both quantity and price decreased YoY.

**Cost Structure:** * Employee Benefits Expense is a major cost component, increasing due to pay upgradation and other liabilities. * Contractual expenses are substantial, reflecting the reliance on outsourcing. * Depreciation and Finance Costs are also rising. * Positive trends include reductions in Explosive and Oil & Lubricant expenses, partially offset by increases in HEMM, Other Spares, and Timber costs.

Bharat Coking Coal Limited (BCCL)

BCCL's operational performance mirrors CIL's decline, but with more pronounced drops. * **Coal Production:** 24.65 MT for 9M FY26, a 15.18% decrease YoY, and 8.90 MT for Q3 FY26, a 10.73% decrease YoY. This was significantly below the target of 33.15 MT for 9M FY26. * **Coal Offtake:** 25.83 MT for 9M FY26, an 8.99% decrease YoY, and 8.78 MT for Q3 FY26, a 10.04% decrease YoY. This was below the target of 33.92 MT for 9M FY26. * **OB Removal:** 113.13 MCuM for 9M FY26, a 16.47% decrease YoY, and 39.40 MCuM for Q3 FY26, a sharp 39.73% decrease YoY. This was below the target of 128.74 MCuM for 9M FY26.

**Washed Coal Operations:** * Total Raw Coal Feed (9M FY26): 40.05 LT, producing 11.40 LT of washed coal with a yield of 28.46%. * Capacity Utilization (9M FY26): 22.59% for total coal feed, with BOM (Build-Operate-Maintain) contracts contributing 29.29% and departmental 9.29%. This indicates significant underutilization of washing capacity.

**Inventory and Receivables:** * Closing Stock (31.12.2025): 5.74 MT, representing 61 days of sales. This is a decrease of 1.11 MT from opening stock. * Gross Debtors (31.12.2025): ₹2,984.77 Crore, with Coal Sales Dues at ₹2,656.89 Crore, indicating a 33.39% increase from opening, which is a concern for working capital.

The Sandur Manganese & Iron Ores Limited (SMIORE)

SMIORE's operations are diversified across mining, ferroalloys, coke, and steel. * **Mining Capacities (FY26):** Manganese Ore: 0.599 MTPA, Iron Ore: 4.45 MTPA. * **Production Trends:** * **Manganese Ore:** Production increased from 0.28 MT in FY21 to 0.51 MT in FY25. Q3 FY26 production was 1.38 Lakh Tonne, with sales volume up 101% YoY, indicating a strong ramp-up. * **Iron Ore:** Production increased from 1.60 MT in FY21 to 3.81 MT in FY25. Q3 FY26 production was 11.22 Lakh Tonne, with sales volume down 3% YoY, but 9M performance aligned with annual MPAP limits. * **Ferroalloys:** Capacity expanded significantly from 32,000 TPA in FY20 to 95,000/1,25,000 TPA (SiMn/FeMn) from FY22 onwards. Q3 FY26 production was 13,345 Tonne, with sales volume up 5,681% YoY (likely due to low base or specific market conditions). * **Coke:** 0.50 MTPA capacity with 4 operational batteries. Q3 FY26 production was 0 Tonne (possibly due to maintenance or strategic reasons), but sales were 5,463 Tonne, indicating sales from inventory or specific arrangements. * **Steel (Arjas Steel):** Cumulative manufacturing capacity of 0.585 MTPA across two facilities. Q3 FY26 production was 1.02 Lakh Tonne, with sales of 0.99 Lakh Tonne, showing stable performance. * **Captive Energy:** Significant captive power generation from hybrid renewable (42.9 MW) and WHRB (32 MW for SMIORE, 21 MW for Arjas), contributing to cost efficiency and sustainability. * **ESG:** Strong focus on environmental stewardship with 1,752 hectares of dedicated forest land, ~4 million saplings planted, and land reclamation efforts.

Alpex Solar Limited (ALPEXSOLAR)

Alpex Solar is undergoing aggressive capacity expansion and vertical integration. * **Current Operations:** 7 units, 6 functional. * **Capacity Expansion Plans:** * **Solar Module:** Expanding from current capacity to 1.2 GW (FY25), then 2.4 GW (FY26), and 3.6 GW (FY27). * **Solar Cell:** Greenfield facility at Kosi Kotwan for 2.2 GW TOPCon G12R cells. Phase 1 (1.4 GW) by end of Q1 FY27, Phase 2 (800 MW) within six months of Phase 1. * **Aluminum Frame:** 6,000 MTPA production capacity functional by end of current FY, targeting 12,000 MTPA. * **Utilization:** Expects full utilization (90-95%) within 45 days of starting the cell line. * **EPC and IPP:** Plans to develop 115 MW of EPC business and 100 MW of independent power plants.

Operational Efficiency Benchmarks

• **CIL & BCCL:** The declining production and offtake, coupled with increasing cost per tonne for BCCL, suggest challenges in operational efficiency. High OB removal leading to stripping activity asset capitalization for BCCL indicates significant earth-moving requirements, which can be capital and cost-intensive.
• **SMIORE:** The ramp-up in manganese and iron ore production, coupled with captive power generation, points to efforts in improving operational scale and cost efficiency. The focus on ESG also indicates a long-term approach to sustainable operations.
• **Alpex Solar:** The rapid capacity expansion and vertical integration strategy are aimed at achieving economies of scale and cost leadership in the competitive solar manufacturing space. High utilization rates are crucial for profitability in this capital-intensive sector.

The following table compares key operational metrics for CIL and BCCL for 9M FY26:

| Metric | CIL (9M FY26) | CIL (9M FY25) | YoY Change (%) | BCCL (9M FY26) | BCCL (9M FY25) | YoY Change (%) | | :------------------------- | :------------ | :------------ | :------------- | :------------- | :------------- | :------------- | | Coal Production (MT) | 529.19 | 543.36 | -3% | 24.65 | 29.06 | -15.18% | | Coal Offtake (MT) | 545.74 | 561.68 | -3% | 25.83 | 28.38 | -8.99% | | OB Removal (M.CuM) | 1402.65 | 1443.05 | -3% | 113.13 | 135.44 | -16.47% | | Inventory Reduction (MT) | 17.22 | - | - | -1.11 | - | - |

E. Growth Dynamics & Drivers

The growth dynamics across the companies are highly divergent, reflecting their positions in different industry life cycles and exposure to distinct market forces.

Coal India Limited (CIL) & Bharat Coking Coal Limited (BCCL)

• **Historical Growth Trajectory:** The data for 9M FY26 and Q3 FY26 shows a negative growth trajectory for CIL's core coal business, with declines in production, offtake, revenue, and profitability. This suggests a mature or even contracting phase for traditional coal mining in India, possibly due to increased environmental scrutiny, policy shifts towards renewables, and fluctuating demand/prices.
• **Volume vs Price Contribution:** Both volume and price (especially e-auction prices) contributed negatively to CIL's revenue growth in the recent periods.
• **Organic vs Inorganic Growth:** CIL's core growth is organic, driven by its mining operations. However, its strategic initiatives indicate a shift towards inorganic or diversification-led growth in new energy sectors.
• **Adjacent Market Opportunities:** CIL is actively pursuing diversification into:
• **BCCL's** growth is currently negative, with significant declines in production and profitability. Its listing on stock exchanges could be a move to unlock value or raise capital independently, but its immediate growth drivers are challenged.

The Sandur Manganese & Iron Ores Limited (SMIORE)

• **Historical Growth Trajectory:** SMIORE has shown robust growth, with revenue increasing significantly from FY21 to FY25. Consolidated Total Income for 9M FY26 grew by 93% YoY, and EBITDA by 64% YoY.
• **Volume vs Price Contribution:** Growth is driven by both volume expansion (ramp-up in manganese and iron ore production) and strategic acquisitions.
• **Organic vs Inorganic Growth:**
• **Product/Service Innovation Pipeline:** Commissioning of Garret Coiler facility and new Ingot Casting Facility at Arjas Steel indicates continuous investment in enhancing product capabilities and efficiency in the steel segment.
• **Adjacent Market Opportunities:** Diversification into steel, ferroalloys, and captive power generation has created a more integrated and resilient business model.

Alpex Solar Limited (ALPEXSOLAR)

• **Historical Growth Trajectory:** Alpex Solar is in a hyper-growth phase, with revenue growing 10.5x, EBITDA 24.5x, and PAT 52.8x from FY23 to 9M FY26. This reflects the exponential growth in the Indian solar energy market.
• **Volume vs Price Contribution:** Growth is primarily volume-driven, fueled by massive capacity expansions in solar module manufacturing.
• **Organic vs Inorganic Growth:** Growth is largely organic, through aggressive capacity build-out and vertical integration.
• **Product/Service Innovation Pipeline:**
• **Customer Acquisition and Penetration:** 98% revenue from domestic sales indicates strong penetration in the Indian market, benefiting from government initiatives and rising demand for solar energy.

The following table highlights the growth rates for SMIORE and Alpex Solar:

| Metric | SMIORE Consolidated (9M FY26 YoY) | SMIORE Standalone (9M FY26 YoY) | Alpex Solar (9M FY26 YoY) | | :-------------------------- | :-------------------------------- | :------------------------------- | :------------------------ | | Total Income/Revenue | 93% | (1%) | 3.43x (343%) | | EBITDA | 64% | 27% | 3.20x (320%) | | PAT | 34% | 14% | 3.08x (308%) |

*Note: Alpex Solar's growth is presented as multiples (e.g., 3.43x) which translates to percentage growth (343%).*

F. Risk Landscape

The companies operate in distinct segments, exposing them to different sets of risks.

Industry-wide Systematic Risks (Coal Sector - CIL & BCCL)

• **Regulatory and Policy Risks:**
• **Cyclicality and Economic Sensitivity:** Demand for coal is closely tied to industrial activity and power demand, making it sensitive to economic cycles.
• **Technology Disruption Threats:** While direct technology disruption for coal mining is less immediate, advancements in renewable energy technologies (like solar, wind, battery storage) pose a significant long-term threat by offering cheaper and cleaner alternatives.
• **ESG and Sustainability Challenges:** High carbon footprint, environmental impact of mining (land degradation, water pollution), and social issues (displacement) create significant ESG risks, impacting investor sentiment and access to capital.
• **Supply Chain Vulnerabilities:** Dependence on rail and road infrastructure for offtake, which can be affected by logistics bottlenecks or disruptions.
• **Competitive Threats:** Opening up of commercial coal mining to private players could intensify competition.

Company-Specific Risks (CIL & BCCL)

• **Declining Profitability:** The significant drop in PBT and PAT for both CIL and BCCL indicates financial stress.
• **Rising Operating Costs:** Increased employee benefits, finance costs, and depreciation are putting pressure on margins.
• **Inventory Management:** Fluctuating and sometimes increasing inventory levels can lead to higher carrying costs and potential write-downs.
• **Receivables Management:** Increasing gross trade receivables for BCCL indicates potential cash flow issues.
• **Operational Underperformance:** Consistent underperformance against production and offtake targets.
• **Diversification Risks:** While strategic, CIL's ventures into REE, solar, and thermal power involve new markets, technologies, and competitive landscapes, carrying inherent execution risks.

The Sandur Manganese & Iron Ores Limited (SMIORE)

• **Commodity Price Volatility:** Exposure to global price fluctuations for manganese ore, iron ore, ferroalloys, and steel.
• **Regulatory Risks:** Dependence on timely environmental clearances and mining plan approvals for production enhancement.
• **Acquisition Integration Risks:** Successful integration of Arjas Steel operations, culture, and systems is crucial for realizing synergies and value.
• **Capital Intensity:** Mining and steel are capital-intensive industries, requiring continuous investment.
• **Environmental Risks:** Mining operations inherently carry environmental risks, requiring strict compliance and mitigation efforts.
• **Debt Levels:** While deleveraging is planned, the increase in Gross Debt to Equity in FY25 (0.72) indicates higher leverage post-acquisition.

Alpex Solar Limited (ALPEXSOLAR)

• **Competitive Intensity:** The solar manufacturing market is highly competitive, with numerous domestic and international players.
• **Technology Risk:** Rapid advancements in solar cell and module technology (e.g., TOPCon, HJT, perovskites) require continuous R&D and investment to remain competitive.
• **Supply Chain Dependencies:** Reliance on global supply chains for raw materials (e.g., polysilicon, silver, copper) and components, which can be subject to geopolitical risks, trade barriers, and price volatility.
• **Policy and Subsidy Dependence:** Growth in the solar sector is often influenced by government policies, incentives, and subsidies. Changes in these policies could impact demand and profitability.
• **Execution Risk of Expansion:** Aggressive capacity expansion plans (modules, cells, frames) carry significant execution risks related to project delays, cost overruns, and achieving planned utilization rates.
• **Pricing Pressure:** Intense competition can lead to pricing pressure on solar modules and cells, impacting margins.
• **Customer Concentration Risks:** While 98% domestic revenue is a strength, potential concentration with large utility-scale developers or government projects could be a risk.

G. Capital Allocation & Investor Returns

Coal India Limited (CIL)

• **Capex Trends:** Total Actual CAPEX for 9M FY26 was ₹510.68 Crore, a decrease from ₹826.53 Crore in 9M FY25. The CAPEX target for FY26 is ₹975 Crore. This suggests a relatively moderate CAPEX for a company of its size, possibly reflecting a mature asset base or a cautious approach amidst declining profitability.
• **R&D Investment:** Not explicitly detailed, but diversification into REE and critical minerals would likely require R&D.
• **Dividend Policies:** Received a maiden dividend of ₹404.37 Cr from its JV company HURL, indicating some return on its strategic investments. CIL has historically been a significant dividend payer to the government.
• **Cash Generation:** Despite declining PAT, CIL's EBITDA of ₹31,296 Crore for 9M FY26 indicates substantial operational cash generation, though this is down from previous periods.
• **Capital Efficiency:** Declining ROAE (20% vs 39%) and ROACE (12% vs 23%) suggest a decrease in capital efficiency, reflecting the lower profitability.

The Sandur Manganese & Iron Ores Limited (SMIORE)

• **Capex Trends:** Significant capital allocation towards:
• **Deleveraging Strategy:** Board approved prepayment of entire outstanding Non-Convertible Debentures (NCDs) amounting to ₹423 Crore, indicating a commitment to strengthen the balance sheet and reduce finance costs.
• **Investor Returns:**

Alpex Solar Limited (ALPEXSOLAR)

• **Capex Trends:** Aggressive capital allocation towards massive capacity expansion:
• **R&D Investment:** Implied by the focus on modern cell lines (TOPCon G12R) and plans for copper-based cells, indicating investment in technology.
• **Cash Generation:** Rapidly growing EBITDA and PAT indicate strong cash generation from operations, which is crucial to fund its ambitious CAPEX plans.
• **Capital Efficiency:** While not explicitly stated, the high growth in PAT relative to revenue suggests improving operational leverage and potentially good capital efficiency as new capacities come online and achieve high utilization.

Overall Capital Allocation

The capital allocation strategies reflect the different stages of development and market opportunities for each company: * **CIL:** Moderate CAPEX, with a focus on maintaining existing operations and strategic diversification into new energy sectors. Returns to shareholders primarily through dividends. * **SMIORE:** Significant CAPEX for organic capacity expansion and inorganic growth through acquisitions, coupled with a focus on deleveraging and shareholder rewards (bonus issue). * **Alpex Solar:** Aggressive CAPEX for rapid capacity expansion and vertical integration to capitalize on the booming solar market. Profits are likely being reinvested heavily into growth.

H. Future Outlook & Projections

The future outlook for these companies is highly varied, reflecting the broader energy transition and commodity market dynamics.

Coal India Limited (CIL) & Bharat Coking Coal Limited (BCCL)

• **Industry Growth Projections:** The traditional coal sector faces long-term structural headwinds due to global decarbonization efforts and India's push for renewable energy. While coal will remain critical for India's energy security in the near to medium term, its growth trajectory is likely to be subdued or even negative in the long run.
• **Management Guidance:** CIL's strategic initiatives into REE, Copper & Critical Minerals, Solar Power, and Thermal Power projects signal a clear intent to diversify and de-risk its business model from an over-reliance on coal. This suggests that future growth for CIL will increasingly come from these new ventures rather than its core coal business.
• **Transformation Themes:** CIL is actively transforming into a broader energy and mineral company, moving beyond just coal. The solar and REE ventures are key to this transformation.
• **Potential Disruptions:** Rapid advancements and cost reductions in renewable energy, coupled with stricter environmental regulations, pose significant long-term disruptive threats to the core coal business.
• **BCCL's** outlook is challenging given its recent financial performance. Its listing might provide avenues for capital, but its core business faces the same pressures as CIL.

The Sandur Manganese & Iron Ores Limited (SMIORE)

• **Industry Growth Projections:** Demand for iron ore, manganese ore, and steel is linked to infrastructure development and industrial growth, which are expected to remain robust in India.
• **Management Guidance:** Management expects Arjas Steel to deliver stronger performance in the coming year and plans to continue deleveraging through healthy profit accruals. The company aims for highest-ever production and sales volumes, indicating a positive outlook for its diversified operations.
• **Emerging Opportunities:** Continued expansion of mining capacities, integration of Arjas Steel, and focus on value-added products (SBQ steel) present significant growth opportunities. The captive renewable energy projects also position it well for sustainable operations.
• **Long-term Structural Trends:** India's infrastructure push and manufacturing growth will support demand for steel and raw materials. SMIORE's diversified portfolio makes it more resilient to fluctuations in individual commodity markets.

Alpex Solar Limited (ALPEXSOLAR)

• **Industry Growth Projections:** The solar energy sector in India is poised for exponential growth, driven by government targets (e.g., 500 GW renewable energy by 2030), declining costs, and increasing energy demand.
• **Management Guidance:** Alpex Solar has aggressive growth projections:
• **Emerging Opportunities:** Vertical integration into solar cell and aluminum frame manufacturing will enhance cost competitiveness and capture more value. Expansion into EPC and IPP segments will diversify revenue streams and provide end-to-end solutions.
• **Transformation Themes:** Alpex Solar is transforming into a fully integrated solar power industry player, from manufacturing components to developing and owning power plants.
• **Long-term Structural Trends:** The global and domestic shift towards renewable energy provides a strong, sustained tailwind for Alpex Solar.
• **Expected Margin Evolution:** Vertical integration and economies of scale from increased capacities are expected to support or improve margins, despite potential pricing pressures in the module market.

Overall Future Outlook

The outlook presents a clear divergence: * **Coal:** Faces a challenging future with declining core business, necessitating strategic diversification into new energy and mineral sectors for long-term sustainability. * **Diversified Mining/Steel:** Positioned for continued growth, leveraging India's industrial expansion and strategic acquisitions, with a focus on operational efficiency and deleveraging. * **Solar:** Poised for explosive growth, driven by market demand, aggressive capacity expansion, and vertical integration, aiming to become a major integrated player in the renewable energy ecosystem.

I. Company-by-Company Profiles

Coal India Limited (CIL)

**Brief Description:** Coal India Limited (CIL) is a state-owned coal mining corporate, and the largest coal producer in the world. It operates through its subsidiaries across various coalfields in India, primarily supplying coal to the power sector and other industries.

**Scale Metrics:** * **Revenue from Operations (9M FY26):** ₹1,00,953 Crore * **Net Sales (9M FY26):** ₹89,608 Crore * **Coal Production (9M FY26):** 529.19 MT * **Coal Offtake (9M FY26):** 545.74 MT * **Net Worth (31.12.2025):** ₹1,06,376 Crore

**Financial Performance Summary:** * **Growth:** Experienced a decline in revenue (-4% YoY for 9M FY26) and net sales (-3% YoY for 9M FY26). * **Margins:** EBITDA margin on Net Sales decreased significantly from 41% (9M FY25) to 35% (9M FY26). Operating Margin, Gross Profit Margin, and Net Profit Margin also saw declines. * **Returns:** Return on Average Equity (20% vs 39% in FY25) and Return on Average Capital Employed (12% vs 23% in FY25) decreased substantially due to lower profitability. * **Profitability:** PBT decreased by 20% YoY and PAT by 22% YoY for 9M FY26, primarily due to lower sales realization, increased employee benefits expense (including one-time pay upgradation provision), higher finance costs, and increased depreciation.

**Strategic Priorities and Focus Areas:** * **Diversification:** Actively pursuing opportunities in Rare Earth Elements (REE), Copper & Critical Minerals, Solar Power (500 MW project with UPRVUNL, new JV CIL RAJASTHAN AKSHAY URJA LIMITED), and Thermal Power (1,600 MW JV with DVC). This indicates a strategic shift towards a broader energy and mineral company. * **Operational Efficiency:** Efforts to reduce explosive and oil & lubricant expenses, though offset by increases in other costs. * **Capital Management:** Received maiden dividend from JV HURL, indicating returns from strategic investments.

**Competitive Advantages and Positioning:** * **Dominant Market Share:** Near-monopoly in Indian coal production, ensuring critical supply to the nation's power sector. * **Vast Reserves & Infrastructure:** Extensive mining leases and established logistics infrastructure. * **Government Support:** Being a PSU, it benefits from government backing and policy alignment.

**Key Metrics and KPIs:** * **Overall Average Realization (9M FY26):** ₹1,645 per tonne (-1% YoY). * **E-Auction Price (9M FY26):** ₹2,356.67 per tonne (-₹157.18 YoY), a key driver of revenue decline. * **Employee Benefits Expense (9M FY26):** ₹34,898 Crore (+6% YoY), significantly impacted by one-time provisions. * **Debt Equity Ratio (31.12.25):** 0.14 (vs 0.09 on 31.03.25), indicating increased leverage.

**Management Outlook and Guidance:** * Focus on diversification to secure future growth beyond coal. * Managing cost pressures, particularly employee-related expenses.

**Recent Developments and Initiatives:** * Secured Kawalapur REE Block (Jan 2026). * MoU with Hindustan Copper Ltd for Copper & Critical Minerals (June 2025). * MoU with UPRVUNL for 500 MW Solar Power project (May 2025). * Incorporation of CIL RAJASTHAN AKSHAY URJA LIMITED (June 2025). * 50:50 JV with DVC for 1,600 MW thermal power project. * GST increase on coal from 5% to 18% (Sep 2025) eliminated inverted tax structure, allowing ITC utilization.

Bharat Coking Coal Limited (BCCL)

**Brief Description:** Bharat Coking Coal Limited (BCCL) is a subsidiary of Coal India Limited, primarily engaged in the mining of coking coal in the Jharia and Raniganj coalfields of Jharkhand and West Bengal, respectively. Coking coal is a crucial raw material for the steel industry.

**Scale Metrics:** * **Total Income (9M FY26):** ₹9,164.75 Crore * **Revenue from Operations (9M FY26):** ₹8,441.82 Crore * **Coal Production (9M FY26):** 24.65 MT (-15.18% YoY) * **Coal Offtake (9M FY26):** 25.83 MT (-8.99% YoY) * **Gross Debtors (31.12.2025):** ₹2,984.77 Crore

**Financial Performance Summary:** * **Growth:** Significant decline in revenue from operations (-20% YoY for 9M FY26). * **Profitability:** PBT plummeted by 92% YoY to ₹130 Crore and PAT by 91% YoY to ₹101 Crore for 9M FY26. Q3 FY26 saw a net loss of -₹23 Crore, a sharp reversal from profit. * **Margins:** EBITDA decreased by 72% YoY for 9M FY26 and 84% YoY for Q3 FY26, indicating severe margin pressure. * **Sales & Costs:** Sales per tonne decreased (-11% YoY for 9M FY26), while Cost per tonne increased (+8% YoY for 9M FY26), squeezing profitability.

**Strategic Priorities and Focus Areas:** * **Operational Improvement:** Efforts to manage costs, though challenges persist with increasing CPT. * **Financial Management:** Availment of working capital and bank overdraft facilities to meet funding requirements. * **Market Visibility:** Listing of shares on BSE and NSE in January 2026.

**Competitive Advantages and Positioning:** * **Specialized Product:** Focus on coking coal, essential for the steel industry. * **Parentage:** Benefits from being a subsidiary of CIL.

**Key Metrics and KPIs:** * **Coal Production (9M FY26):** 24.65 MT (15.18% decline YoY). * **OB Removal (9M FY26):** 113.13 MCuM (16.47% decline YoY), with high stripping ratio impacting costs. * **Sales per te (9M FY26):** ₹3,096.41/te (-11% YoY). * **Cost per te (net) (9M FY26):** ₹3,158.45/te (+8% YoY). * **Washed Coal Yield (9M FY26):** 28.46%, with low capacity utilization (22.59%).

**Management Outlook and Guidance:** * Facing significant operational and financial challenges. * Focus on cost control and improving operational metrics.

**Recent Developments and Initiatives:** * Listing on BSE and NSE (Jan 2026). * Increase in other income due to write-back of liabilities and interest income from DVC.

The Sandur Manganese & Iron Ores Limited (SMIORE)

**Brief Description:** The Sandur Manganese & Iron Ores Limited (SMIORE) is a diversified mining and metals company based in Karnataka, India. It is involved in mining manganese ore and iron ore, and has expanded into ferroalloys, coke, and more recently, steel manufacturing through an acquisition.

**Scale Metrics:** * **Consolidated Total Income (9M FY26):** ₹3,632 Crore (+93% YoY) * **Manganese Ore Capacity:** 0.599 MTPA * **Iron Ore Capacity:** 4.45 MTPA * **Steel Manufacturing Capacity:** 0.585 MTPA (cumulative) * **Market Capitalization:** ₹11,229 Crore (as of 31.12.2025)

**Financial Performance Summary:** * **Growth:** Strong consolidated growth with Total Income up 93% YoY and EBITDA up 64% YoY for 9M FY26. Revenue grew from ₹747 Cr (FY21) to ₹3,135 Cr (FY25). * **Margins:** Consolidated EBITDA margin of 24% for 9M FY26 and 23% for Q3 FY26. Standalone margins are higher (44% for 9M FY26). * **Returns:** Healthy ROCE (18%) and ROE (18%) in FY25. * **Profitability:** Consolidated PAT up 34% YoY for 9M FY26, reaching ₹422 Crore.

**Strategic Priorities and Focus Areas:** * **Capacity Expansion:** Continuously enhancing permissible annual production limits for iron and manganese ore. * **Diversification & Value Addition:** Strategic acquisition of Arjas Steel Private Limited (Nov 2024) to enter the steel sector, complementing existing ferroalloys and coke operations. * **Sustainability & Cost Efficiency:** Investment in captive hybrid renewable energy (42.9 MW) and waste heat recovery boilers (32 MW for SMIORE, 21 MW for Arjas). * **Deleveraging:** Approved prepayment of ₹423 Crore NCDs.

**Competitive Advantages and Positioning:** * **Resource Security:** Vast mining reserves for manganese (15 MT) and iron ore (112-137 MT) with long-term leases. * **Integrated Operations:** Diversified value chain from mining to ferroalloys, coke, and steel. * **Strong Market Position:** 2nd largest Manganese ore miner, 3rd largest Iron ore miner in Karnataka, Top 5 in SBQ steel. * **ESG Focus:** Significant efforts in afforestation and land reclamation.

**Key Metrics and KPIs:** * **Iron Ore Production (Q3 FY26):** 11.22 Lakh Tonne. * **Manganese Ore Production (Q3 FY26):** 1.38 Lakh Tonne (101% YoY sales volume change). * **Steel Production (Q3 FY26):** 1.02 Lakh Tonne. * **Gross Debt to Equity (FY25):** 0.72 (before NCD prepayment).

**Management Outlook and Guidance:** * Expects Arjas Steel to deliver stronger performance. * Plans to continue deleveraging through healthy profit accruals. * Aims for highest-ever production and sales volumes.

**Recent Developments and Initiatives:** * Environmental Clearance for iron ore mining expansion (April 2023). * Acquisition of Arjas Steel (Nov 2024). * Commissioned Garret Coiler (Feb 2025) and Ingot Casting Facility (Dec 2025) at Arjas Steel. * Bonus Issue in 2:1 ratio (Sep 2025). * Prepayment of NCDs (Dec 2025).

Alpex Solar Limited (ALPEXSOLAR)

**Brief Description:** Alpex Solar Limited is a leading manufacturer of solar PV modules in North India, also engaged in white-label manufacturing. The company is rapidly expanding its capacities and integrating vertically across the solar value chain.

**Scale Metrics:** * **Revenue (9M FY26):** ₹1,551 Crore (3.43x growth YoY) * **Q3 FY26 Revenue:** ₹648 Crore (3.45x growth YoY) * **Current Module Capacity:** 1.2 GW (FY25), targeting 3.6 GW (FY27) * **Planned Solar Cell Capacity:** 2.2 GW (FY27) * **Planned Aluminum Frame Capacity:** 12,000 MTPA

**Financial Performance Summary:** * **Growth:** Explosive growth across all metrics. Revenue grew 10.5x, EBITDA 24.5x, and PAT 52.8x from FY23 to 9M FY26. * **Margins:** EBITDA margin improved from 6.48% (FY23) to 15.11% (9M FY26). Net margin improved from 1.91% (FY23) to 9.56% (9M FY26). * **Profitability:** PAT for 9M FY26 was ₹148 Crore (3.08x growth YoY).

**Strategic Priorities and Focus Areas:** * **Aggressive Capacity Expansion:** Scaling up solar module, cell, and aluminum frame manufacturing capacities significantly. * **Vertical Integration:** Becoming an integrated player by manufacturing solar cells (TOPCon G12R) and aluminum frames, reducing reliance on external suppliers. * **Technology Adoption:** Focusing on modern cell lines and planning for advanced technologies like copper-based cells. * **Value Chain Expansion:** Venturing into EPC business (115 MW) and Independent Power Plants (100 MW).

**Competitive Advantages and Positioning:** * **Strong Domestic Focus:** 98% revenue from domestic sales, capitalizing on India's solar growth. * **White-Label Expertise:** Positioned as a top white-label manufacturer, offering flexibility. * **Early Mover in Integration:** Pioneering aluminum frame project and aggressive cell manufacturing plans position it for cost leadership.

**Key Metrics and KPIs:** * **Q3 FY26 EBITDA Margin:** 14.03%. * **Q3 FY26 Net Margin:** 8.37%. * **Projected Turnover from 1 GW Solar Cell Mfg:** ~₹1,200 Crore. * **Projected Additional Profit from Aluminum Frame:** ~₹60 Crore next year.

**Management Outlook and Guidance:** * Expects full utilization (90-95%) of the new cell line within 45 days of starting production. * Aims to migrate to the main board of NSE and BSE by FY28. * Focus on becoming a fully integrated solar power industry player.

**Recent Developments and Initiatives:** * Ongoing execution of expansion plans across 1 million sq ft area. * Greenfield 2.2 GW TOPCon G12R solar cell facility in progress (Phase 1 by Q1 FY27). * 6,000 MTPA aluminum frame production capacity functional by end of current FY.