Steady prospects at Zinc India; growth building in power & steel: Zinc India remain to be cash cow, contributing ~37% to VEDL's H1FY26 EBITDA. While near-term growth is modest, long-term prospects are robust with mined metal capacity expected to rise to 1.5 MT by FY28 and potential scale-up to 2 MT, alongside a ~250 KT zinc smelter expansion at capex of 12,000 crore. This is further supported by ~2,200 MW of thermal power capacity (Meenakshi & Athena), iron ore expansion to 30 MTPA, and the doubling of steel capacity to 3.5 MT by FY27E. Overall, we expect...