Steel Authority of India’s (SAIL) Q1FY24 EBITDA at INR 16.5bn was 38% ahead of our estimate mainly due to better-than-expected realisation. Key highlights: 1) EBITDA/te at INR 4,250 was ahead of our estimate of INR 3,074; 2) coking coal price was up a mere USD 10/te QoQ; 3) borrowings increased by INR 37.5bn mainly due to working capital accretion; and 4) next round of 15mtpa brownfield capex to gather pace.