$NATIONALUM

**Capex & Growth Outlook** ** $NATIONALUM :** Guided for **FY27 capex of ₹1,500–1,800 crore**, rising to around **₹2,500 crore in FY28**, with annual spending expected to accelerate to **₹4,000–7,000 crore** thereafter, driven by smelter and power plant expansions. **Impact:** **Positive;** the planned capex reflects an aggressive expansion strategy that could drive higher production and long-term growth. ** $VISHNU :** Expects medium-term growth from **value-added chromium products, barium backward integration, new specialty chemical capacities**, and the **South Africa ramp-up**. The company also plans to add **~20 MW of solar capacity** to reduce power costs. **Impact:** **Positive;** expansion initiatives and lower energy costs are expected to support future earnings and margins.