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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹43,147 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹7,576 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
JSW Steel reported Q1 FY26 consolidated revenue of INR 43,147 crore and EBITDA of INR 7,576 crore (margin 17.6%). PAT stood at INR 2,209 crore. Domestic sales grew 12% YoY, outpacing industry growth of ~8%, driven by strong auto (+20% YoY) and appliance (+27% YoY) demand. Value-added product share improved to 64%. EBITDA was impacted by INR 343 crore forex loss and ~INR 200 crore shutdown costs. Management expects Q2 volumes to improve as shutdowns end and JVML ramps up, but steel prices have softened by ~INR 1,500/ton in June-July. Cost tailwinds from lower coking coal ($5/ton benefit) and iron ore should partially offset price headwinds. Key risk: sustained low-priced imports from Russia and China could pressure domestic realizations further.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects higher volumes in Q2 as shutdowns are behind and JVML second converter starts.
- Coking coal costs expected to be marginally lower QoQ by about $5 per ton.
- Dolvi expansion from 10 to 15 MTPA progressing well, on schedule for completion by September 2027.
- CRISIL forecast of demand growth in the range of 8.5%-9.5% for the financial year, supported by government capex and monetary easing.
Risks flagged
- Cheaper imports finding way into India, impacting domestic sentiment and realizations.
- Supreme Court review petition pending; status quo ordered. Could impact 0.5 MTPA expansion if unfavorable.
- HRC prices moderated by ~INR 1,500/ton in June and further softness in July, partly seasonal but also due to global uncertainties.
- Analyst noted cash tax rate spiked to 34% in FY25 vs 17% average; management did not provide clear explanation, deferring to offline discussion.
Key quotes
- Our domestic sales grew by 12% YoY, which was much higher than the industry growth of around 8% during the quarter.
- We also reported the highest-ever sales in the alloy-long products business, which grew 19% YoY, and our sales to the appliance segment grew by 27% YoY.
- The headwind is, as I said, in terms of price. So the prices are something which have softened. But we have these cushions to be able to, you know, mitigate some part of the cost, part of the profit realization.
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