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Revenue
₹39,684 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹5,437 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 Q2 FY25 consolidated revenue of INR 39,684 crore, down 8% QoQ, with EBITDA of INR 5,437 crore (margin 13.7%) and PAT of INR 404 crore. Despite a sharp INR 3,000/ton sequential drop in domestic NSR and weak export realizations, cost savings from lower coking coal ($27/ton) and iron ore costs helped cushion margins. Domestic sales hit a record high, but overall sales fell 3% YoY due to a 30% drop in exports amid Chinese steel dumping. Management retained FY25 volume guidance of 27 million tons sales and 28.4 million tons production, with H2 volumes expected to ramp up from new capacities at BPSL and JVML. Q3 outlook is cautiously optimistic: coking coal costs to fall another $20-25/ton, domestic prices have bottomed and increased in October, and government CapEx recovery should boost demand. However, elevated imports and China's export surge remain key risks. The company also revised FY25 CapEx down to INR 16,000-17,000 crore due to project deferrals.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed full-year sales and production targets despite H1 headwinds, expecting H2 ramp-up from new capacities.
- Coking coal costs expected to decline further in Q3, aiding margin expansion.
- Reduction due to slurry pipeline transfer to JSW Infrastructure and BF3 shutdown deferral to FY26.
- CFO committed to reducing leverage, with absolute debt expected to taper in H2 from working capital release.
Risks flagged
- India's Q2 imports jumped 43% YoY to 3.18M tons, driven by Chinese exports, pressuring domestic prices and market share.
- NMDC increased iron ore prices twice recently, which management deemed unwarranted, potentially squeezing spreads despite coking coal savings.
- Ohio and Texas combined posted an EBITDA loss of $11 million due to price drops and unplanned maintenance shutdown, with uncertain recovery timing.
- Net debt rose ~INR 4,900 crore to ~INR 85,000 crore due to CapEx, acquisition, and working capital build; CFO expects release of INR 1,500-2,000 crore in H2.
Key quotes
- Our captive use in this quarter has gone up slightly, even on an increased volume of production. Our captive use was 41% versus 38%, last quarter.
- We are retaining our volume guidance of 28.4 million tons for production and 27 million tons of sales for FY 2025.
- The prices from the beginning of this April to September closing has fallen quite sharply. So today, the price levels at which most of the steel companies have been operating is not really sustainable.
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