The company is targeting to reach to 10MT capacity by FY25E. In the first phase, the company is adding 2.5MT capacity (1MT in MP and 1.5MT in Odisha) for capex of |800 crore. These capacities will likely get commissioned by end of Q2/Q3FY22E. Post these expansions the total capacity will increase to 8.25MT. Having already spent |450 crore, we expect debt levels to peak around | 750 crore and D/E to peak at 0.5x by FY22E. Low cost producer in the AP/Telangana region In the past three years, company has initiated various cost efficiency...