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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
₹44,819 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹6,378 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 a strong Q4 FY25 with consolidated revenue of INR 44,819 crore and EBITDA of INR 6,378 crore (14.2% margin). PAT doubled QoQ to INR 1,501 crore. Record quarterly crude steel production of 7.63 million tons (+12% YoY) and sales of 7.49 million tons (+11% YoY) were driven by ramp-up of the 5 MTPA JVML expansion and strong domestic demand. Domestic sales hit a record 6.72 million tons (+30% YoY), with value-added products at 60% of sales. Management guided FY26 production of 30.5 million tons and sales of 29.2 million tons (+10% YoY), supported by cost improvements from larger blast furnaces, lower coking coal costs, and renewable energy. Key risk: the Supreme Court ruling on BPSL could disrupt operations or require refunds, though management believes it has strong legal grounds.
Colored figures show movement against the previous available record.
Guidance to track
- Consolidated crude steel production expected at 30.5 million tons, implying ~10% growth over FY25.
- Steel sales guided at 29.2 million tons, also ~10% growth, in line with domestic demand growth.
- Coking coal costs expected to be lower by $10-$15 per ton in Q1 FY26 compared to Q4 FY25.
- Realizations expected to improve by INR 3,200-3,250 per ton in Q1 FY26 vs Q4 FY25 due to price hikes in March-April.
Risks flagged
- Supreme Court rejected JSW Steel's resolution plan for BPSL and directed refunds; management is pursuing legal remedies but outcome uncertain.
- Countries like Vietnam, Japan, and Korea with FTAs continue to pose import risks despite safeguard duties; management noted vigilance.
- Captive iron ore usage fell to 32% in Q4 due to Jajang mine surrender and new capacity; guided 40% for FY26, but execution risk remains.
Key quotes
- The new 5 million ton operation post-stabilization will have significantly lower conversion costs compared to our existing operations by around INR 2,500 per ton of hot rolled coil.
- We have implemented the resolution plan in full compliance with the laws, and that is reflected in the status of the assets as you see today.
- Our journey of diversification from multiple sources started long back. It is not the recent one.
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