Mumbai, May 18 -- The brokerage highlighted risks related to the early closure of coke and gas plants in the Netherlands which could lead to higher raw material, freight and employee restructuring costs, partly offset by lower carbon emission costs. It also highlighted delays in the UK electric arc furnace project due to electricity connectivity issues, along with a postponement in the final investment decision for the India-NNL project, now expected in the July-September quarter.

While the broker expects margin improvement in the India and UK business in Q1 FY27, it anticipates continued pressure on margins in the Netherlands due to production losses at the DRI steel plant following breaches of emission limits. It has also cut its FY28 ...