expansion, Novelis' Rolling and Recycling capacity would increase by 45%/50% to 5.8mnt/3.9mnt by FY27e. In India, ~60% of capex would be spent on 180kt brownfield Aluminium (AL) smelter, 1mnt greenfield Alumina refinery and development of recently acquired coal mines in Odisha. Novelis posted sharp expansion in margins over last one year. However, we see significant headwinds to its margins and volumes due to abnormal AL prices, narrowing scrap spreads and elevated cost pressures. We also believe that restricted supplies from Russia and high AL prices would result...