Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
JSW Steel reported a strong Q4 FY26 with consolidated revenue crossing ₹51,100 crore for the first time, adjusted EBITDA of ₹9,713 crore (19% margin), and normalized PAT of ₹3,475 crore (excluding exceptional gain of ₹17,888 crore from BPSL JV).
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Ambuja Cements reported a disappointing Q4 FY26 with cost per ton surging to ₹4,500, well above the earlier target of ₹4,100, driven by higher freight, packing costs from the West Asia crisis, and elevated repairs at acquired assets (Sanghi, Penna).
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JSW Steel reported a strong Q4 FY26 with consolidated revenue crossing ₹51,100 crore for the first time, adjusted EBITDA of ₹9,713 crore (19% margin), and normalized PAT of ₹3,475 crore (excluding exceptional gain of ₹17,888 crore from BPSL JV). The quarter was driven by record steel sales of ~8 million tons, 96% capacity utilization (ex-BF shutdown), and improved product mix. Management guided FY27 consolidated production of 29.75 million tons (+13% YoY) and sales of 28.6 million tons (+10% YoY), supported by domestic demand growth of 7-9%. Key risks include higher coking coal costs ($12-15/ton QoQ), Middle East conflict impacting gas/LPG supply, and potential safeguard duty withdrawal. The company announced a capex plan of ₹126,000 crore over 4-5 years to reach 62 million tons standalone capacity by FY32.
Ambuja Cements reported a disappointing Q4 FY26 with cost per ton surging to ₹4,500, well above the earlier target of ₹4,100, driven by higher freight, packing costs from the West Asia crisis, and elevated repairs at acquired assets (Sanghi, Penna). Annual sales volume hit a record 73.7 million tons (+16% YoY), but EBITDA per ton at ₹887 missed expectations. Management admitted to execution failures, resetting capacity expansion timelines and guiding for only 8% volume growth in FY27 to ~80 million tons, below industry growth of 5-5.5%. Cost reduction of ₹250/ton is targeted for FY27, but Q1 is expected to remain flat at elevated levels. The key risk is that pricing power remains weak, with only ₹10/bag improvement, and cost inflation may persist if global energy prices stay high.
Record quarterly sales driven by strong domestic demand and improved product mix.
Reflects efficient asset utilization and digitalization benefits.
Sharp deleveraging post BPSL JV; leverage ratio improved to 1.81x.
Digital platform turned profitable for first time; steel volumes grew 50% YoY.
Highest ever annual volume, growing ahead of industry.
Normalized EBITDA/ton improved but missed internal targets.
Premium mix sustained at 36% in Q4, supporting realizations.
Green power share increased to 32% in Q4 from 26% last year.
Management guided production of 29.75 million tons for FY27, representing ~13% growth on a like-for-like basis (excluding BPSL).
Management guidance growthSales volume expected at 28.6 million tons, implying ~10% growth YoY, including BMM Ispat acquisition.
Management guidance revenuePart of the ₹126,000 crore growth capex plan to be spent over 4-5 years; FY27 spend guided at ₹22,000-24,000 crore.
Management guidance capexJSW Steel aims to expand standalone capacity to 62 million tons by FY32, with additional 16 million tons via JVs (JF Steel and POSCO).
Management guidance expansion
Management expects 8% volume growth to ~80 million tons in FY27, driven by stabilization of acquired assets and new capacities.
Management guidance growthTargeting ₹250/ton reduction in average cost from Q4 FY26 exit of ₹4,500/ton, reaching ~₹4,250/ton for FY27.
Management guidance marginsCapital expenditure for FY27 estimated at ₹6,000-6,500 crore, focused on completing ongoing projects and debottlenecking.
Management guidance capexCement capacity expected to increase to 119 million tons by end of FY27, including 10 million tons of new grinding units.
Management guidance expansion
Management expects coking coal costs to rise by $12-15/ton in Q1 FY27, impacting margins.
medium · management_commentaryAnalyst raised concern about gas shortages; management acknowledged limited exposure (5-6% of production) but noted cost impact and potential disruption if conflict escalates.
medium · analyst_questionAnalyst questioned risk of protection removal; management argued current duties are moderate and prices are aligned with international levels, but did not fully address the risk.
medium · analyst_questionSimultaneous projects at Dolvi, Vijayanagar, Utkal, and JVs could strain execution and capital allocation.
medium · data_observation
Packing bag costs and fuel prices surged in March due to geopolitical tensions, adding ~₹250/ton to costs. Further escalation could delay cost reduction targets.
high · management_commentaryDespite cost inflation, cement prices have only increased by ₹10-15/bag in select pockets. Management expects subdued demand in April-May, limiting ability to pass on costs.
high · analyst_questionProjects have been delayed due to contractor issues, incomplete engineering, and lack of team bandwidth. Management has reset timelines, but further slippages could impact volume growth.
medium · management_commentarySanghi and Penna plants have lower utilization (57% and 46% respectively) and higher maintenance costs. Turnaround has taken longer than anticipated, weighing on overall margins.
medium · data_observation
FY26 was a transformational year for JSW steel marked by strategic joint ventures with global steel majors, progress on steel making and downstream capacity expansions, enhanced raw material security and significant balance sheet deleveraging.
We have revised our stated maximum cap for gearing from 1.75 to 1.25 and leverage from 3.75 to three. However, our comfort level will be to keep the leverage below 2.5.
We are not moving away from the target, yes we are moving away from the timeline.
4500 is the peak and this 250 reduction is from here.
