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).
Read JSW Steel analysis →Hyundai Motor India reported Q4 FY26 revenue of ₹18,916 crore, up 5.4% YoY, driven by record domestic volumes (166,578 units, +8.5% YoY) and export growth of 9.4%.
Read Hyundai Motor India analysis →
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.
Hyundai Motor India reported Q4 FY26 revenue of ₹18,916 crore, up 5.4% YoY, driven by record domestic volumes (166,578 units, +8.5% YoY) and export growth of 9.4%. However, EBITDA margin contracted 370 bps YoY to 10.4% due to elevated commodity costs, capacity addition expenses, and unfavorable mix. PAT fell 22% to ₹1,256 crore. Management guided for FY27 domestic and export volume growth of 8-10% each, supported by two new SUV launches (one EV, one ICE) and a record capex of ₹7,500 crore. Margins are expected to remain within the 11-14% range, aided by price hikes, cost optimization, and improved Chennai plant utilization. Key risk: sustained geopolitical disruptions in the Middle East could pressure export volumes.
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 quarterly domestic sales for the company.
Full-year export growth significantly outperformed initial guidance of 7-8%.
All-time high rural penetration, up from 22.6% in Q1 FY26.
Steady increase from 13% in Q4 FY25, reflecting shift to eco-friendly powertrains.
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 expansionManagement expects domestic sales to grow 8-10% year-on-year, outpacing industry growth of 4-6%.
Management guidance growthDespite geopolitical uncertainties, export volumes are guided to grow 8-10% in FY27.
Management guidance growthManagement reiterated its margin guidance of 11-14% for FY27, supported by volume growth, price hikes, and cost optimization.
Management guidance marginsRecord capital expenditure planned, with 45-50% for new products and ~30% for plant expansion and upgrades.
Management guidance capex
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_observationExport volumes to the Middle East have been impacted by the ongoing war, and further escalation could hinder export growth targets.
high · management_commentaryElevated commodity prices caused a 120 bps sequential margin impact in Q4, and near-term headwinds are expected to persist.
medium · management_commentaryThe upcoming dedicated EV may have lower margins than ICE models, and its success in a high-volume segment is unproven.
medium · analyst_questionThe Pune plant is currently operating at two shifts; adding a third shift or ramping up volumes may be needed to absorb fixed costs.
low · 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 very confident that we will be able to outpace the industry in this fiscal and gain market share.
The upcoming EV will mark our entry into a new segment while the ICE SUV will further reinforce our position in the mid SUV category.
