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Revenue
₹41,378 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹5,579 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 operational quarter with highest-ever consolidated crude steel production of 7.03 million tons and record domestic sales of 6.71 million tons, up 12% YoY. Revenue from operations stood at ₹41,378 crore, with EBITDA of ₹5,579 crore (margin 13.5%) and PAT of ₹719 crore. The performance was driven by ramp-up of BPSL expansion and JVML facility, cost benefits from lower coking coal prices, and a focus on value-added products (60% of sales). Management expects Q4 to benefit from lower raw material costs, improved product mix, and government CapEx recovery. However, steel price corrections and elevated imports remain headwinds. A key risk is the potential delay in trade safeguard measures, which could keep import pressure high.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to achieve around 98% of the guided production volume of 28.4 million tons for FY25, due to delayed startup of JVML facility.
- Coking coal costs are expected to be lower by about $10-$15 per ton in Q4, aiding margins.
- NMDC's iron ore price reduction of about ₹350 per ton in January will reflect in consumption costs in February and March.
- Management targets about 15 million tons from Karnataka, 12 million tons from Odisha, and 1.3-1.4 million tons from Goa in FY26.
Risks flagged
- India remained a net steel importer with net imports doubling to 3.6 million tons in 9M FY25. Trade safeguard measures are awaited; any delay could keep imports elevated and pressure domestic prices.
- Proposed state-level taxes on mineral rights and land could increase costs. Management expressed concern about sustainability but expects rational outcome.
- US operations reported EBITDA loss of $17.9 million, and Italian operations saw lower EBITDA. These entities are a small drag on cash flows, though improvement is expected in Q4.
- Declining ferrous content in some mines (e.g., Jajang) led to uneconomical operations. While beneficiation technology exists, it requires additional capex.
Key quotes
- We delivered the highest-ever consolidated crude steel production in Q3 at 7.03 million tons, up 2% YoY and 4% quarter-on-quarter.
- Our EBITDA per ton was 8,316 per ton, and the profit after tax was 719 crores.
- We expect coking coal cost to be lower by about $10-$15 during the quarter.
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