SAIL's Q4FY25 performance exceeded our forecast on all parameters. Revenue grew 20% QoQ to Rs293 bn, driven by strong volume growth of 20% QoQ which included 0.36 mnT traded volumes from NMDC steel. NSR remained flat QoQ at Rs55,002/t. EBITDA stood at Rs 35bn (71.9%/0.2% QoQ/YoY), with EBITDA/tonne at Rs 6,350/t (43%/14% QoQ/YoY) which includes one-offs on account of revision of provisional rail prices amounting Rs 6.9bn. SAIL is setting up a TMT mill at Durgapur to further decrease the semi-finished product contribution and is expected to come up in 2.5 years which will further aid...