While the long-term narrative remains bullish, the next few quarters will probably see more suffering in the sector due to weak demand, even if this is offset to some extent by lower costs. Most commodity traders don't expect a price recovery in non-ferrous metal until well into FY25. Once Hindalco's captive coal production starts, its cost will reduce further but the timelines indicate this won't happen till late into FY25 or maybe FY26. The company has a clean balance sheet and its strategy of steady capex will pay off in the next cycle since this is downstream oriented and will improve the value-addition.