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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UltraTech Cement delivered a strong Q4 FY26, with consolidated sales volumes crossing 44 million tons and PAT of ₹3,000 crore for the quarter.
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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.
UltraTech Cement delivered a strong Q4 FY26, with consolidated sales volumes crossing 44 million tons and PAT of ₹3,000 crore for the quarter. The company achieved 200 million tons of cement production capacity, a full year ahead of target, driven by disciplined organic growth and timely acquisitions. Brand migration for India Cements and Kesam was completed a quarter early, with India Cements' EBITDA per ton improving sequentially to ₹497. Management guided for sustainable volume growth of 7-8% and double-digit growth in FY27, with annual capex of ₹8,000-10,000 crore. Key risks include West Asia conflict-driven cost inflation (bags, fuel, forex) and potential demand slowdown from rising input costs across building materials.
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.
First company outside China to achieve 200M tons in a single country.
Record quarterly volume driven by strong demand and brand migration.
Improved from ₹1,225 in Q4 FY25, driven by cost efficiencies and premiumization.
On track to reach 85% by FY30, reducing exposure to fuel price volatility.
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 sustainable volume growth of 7-8% per annum, with FY27 targeting double-digit growth driven by structural demand.
Management guidance growthCapex will continue at ₹8,000-10,000 crore per year for cement capacity expansion beyond 240 million tons.
Management guidance capexCost improvement capex and price increases will drive India Cements' EBITDA per ton above ₹1,000 by end of FY28.
Management guidance marginsTarget to improve clinker conversion ratio to 1.54x by FY28, enhancing profitability through blended cement.
Management guidance other
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
Rising fuel, bag, and freight costs due to the conflict could pressure margins; management noted a ₹90 crore impact on bags in March alone.
high · management_commentaryRupee devaluation led to a mark-to-market hit of ~₹130-140 per ton on foreign currency borrowings, impacting EBITDA.
medium · analyst_questionSteel, PVC, and other materials have become expensive, potentially affecting overall construction demand, though management sees no slowdown yet.
medium · analyst_questionInherited legal cases may delay full integration of India Cements; management is cautious about risks to UltraTech's balance sheet.
low · analyst_question
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 crossed 200 million tons of cement production capacity in India, a first for any company in a single country outside of China.
The investment phase is now underway... This definitely is going to take us over 1,000 rupees per ton as committed by the end of fiscal 28.
