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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
₹44,584 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹7,886 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
JSW Steel reported a strong Q2 FY24 with consolidated revenue of INR 44,584 crore and EBITDA of INR 7,886 crore, yielding an EBITDA margin of 17.7% and EBITDA per ton of INR 12,436. Performance was driven by robust domestic demand (14.8% growth in H1 steel consumption), a 62% share of value-added products, and inventory liquidation of 300,000 tons. The company is on track to reach 37 million tons capacity by FY25 and targets 50 million tons by 2030 via brownfield expansions. However, rising coking coal costs (expected $30/ton higher in Q3) and elevated imports pose near-term margin risks. Management expects Q3 domestic performance to remain stable, with price hikes partially offsetting cost increases.
Colored figures show movement against the previous available record.
Guidance to track
- Management confirmed they are on track to achieve their production and sales guidance for FY24, with better volumes in H2 driven by BPSL capacity expansion and improved utilization.
- JSW Steel is adding 8.5 million tons of capacity to reach 37 million tons by FY25, with brownfield expansions at Vizag (5 million tons) and BPSL (to 5 million tons) on track.
- The company plans a CapEx of INR 52,000 crore until FY26 for growth to 37 million tons and downstream projects, funded mostly through internal accruals.
- Management expects current elevated coking coal prices to moderate, with Q3 costs likely about $30/ton higher than Q2 due to blending benefits, and further moderation thereafter.
Risks flagged
- Coking coal prices have increased sharply, with Q3 costs expected to be about $30/ton higher, partly flowing into Q4 if prices persist, pressuring margins.
- Imports into India rose 23% YoY in H1, with some low-priced imports from trade flows potentially pressuring domestic prices and market share.
- Ohio operations continue to face weaker market conditions, impacting performance, though expected to improve slightly in Q3.
- While expansions are on track, any delays in brownfield projects could impact volume growth and cost efficiency targets.
Key quotes
- We are on track to achieve our guidance, both for production and sales.
- The price increase, which we have taken in August, September and also part in October, will flow into the October-December quarter. That will, you know, partly offset these cost increases.
- We feel the current elevated coking coal prices are not sustainable. They've gone up sharply and is expected to moderate.
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