India's stated goals to more than double steelmaking production capacity by 2030 merit consideration of new technical pathways for productivity gains and emission reduction. Already the second‐largest steel producer globally, India primarily relies on coal‐based technologies for ironmaking, with heavy reliance on imported metallurgical‐grade coal. This study develops an integrated thermodynamic modeling approach by iteratively coupling the raceway adiabatic flame temperature (RAFT) and Rist models to explore the ability to consider various hydrocarbon injectants through the tuyeres of a blast furnace. Based on the thermodynamic criteria set in the modeling framework, optimal coinjection rates for natural gas (as a low‐carbon feed) are identified along with pulverized coal injection as a function of various operating parameters, including top gas temperature, RAFT temperature, and ore processing (pelletization). The potential for productivity gains and CO2 emission reduction in the blast furnace process is discussed. While the study bears specificity to Indian operating conditions related to raw material composition and blast furnace process parameters, the learnings may be applicable to other studies in the global context, with potential extension to deeper decarbonization pathways, such as increased use of hydrogen.