SAIL's Q2FY26 performance was above our expectations. Revenue increased by 3% QoQ to Rs267 bn, driven by an 8% QoQ increase in volumes. This includes 0.30 mnT traded volumes from NMDC steel, contributing Rs 15bn to the topline. NSR decreased by 5% QoQ to Rs54,387/t, impacted by a fall in steel prices, though Rs 11.4bn was earned from sale of scraps and byproducts. Consequently, EBITDA declined 9% QoQ to 25bn, with EBITDA/tonne declining by 15% QoQ to Rs 5,114/t, primarily due to loss in volumes owing to repair works. Management indicated IISCO plant expansion of 4.5mnT will begin in FY27, with an estimated...