<h1>Metals firm unveils Vision 2031: Rs10,000cr capex to raise capacity to 27mt, aim Rs40,000cr revenue; analysts cite execution, funding risks</h1> A metals manufacturer disclosed a Vision 2031 plan proposing Rs 10,000 crore capital expenditure to raise capacity from 15 to 27 million tonnes and target consolidated revenue of Rs 40,000 crore, emphasizing brownfield expansions, technology upgrades, downstream integration, and sectoral focus in defence, rail and engineering. The firm expects EBITDA margin improvement of 200-300 basis points and doubling of export revenue, funding largely from internal accruals and captive ore assets. Analysts flagged execution and financial risks, potential regulatory delays for mining benefits beyond 2031, and questioned the credibility of funding assumptions based on historical cash flows.