位置：中游情绪：利空参考度：5/10
印度钢铁需求预计在2025-26财年实现约8%的同比增长，但钢价走弱背景下，国内钢厂盈利能力仍面临压力。业内分析认为，未来几个季度钢铁行业经营环境依旧偏紧，核心制约因素包括成品钢价格低迷、原料成本黏性较强及全球需求复苏乏力，行业利润修复空间相对有限。
盈利与财务指标层面，2025-26财年印度钢铁行业平均经营利润率预计维持在12.5%左右，低于此前对利润率改善100至120个基点的预期。受盈利增长乏力影响，行业杠杆水平或有所上行，以总债务与经营利润之比衡量，预计升至约3.4倍，高于前期预测值。同时，过去三至四个季度印度钢铁行业新增产能约1...
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