EBITDA/ton for Q1FY27 stood at Rs 1059/ton (-16% YoY), led by increase in costs mainly power & fuel and packaging cost. Management has also guided for ~Rs 70-80/ton increase in cost in Q2FY27E on sequential basis due to fuel costs but reiterates annual costs savings of Rs 50100/ton in the coming period. Going ahead, we expect company's EBITDA/ton to improve to 1212/ton by FY28E (vs 1028/ton in FY26), driven by continuous focus on operational efficiency & positive operating leverage. Cost saving initiatives include using cost-effective non-fossil fuels from alternate sources, changing...