The impact is most visible in profitability. After Ebitda per tonne fell to ₹10,027 in Q2FY26, down 12.7% year-on-year and 36% sequentially, Nuvama Research expects a further decline in the December quarter (Q3FY26), to about ₹8,200. Ebitda is short for earnings before interest, taxes, depreciation, and amortization.
