JSW Steel Margin Trend — Quarter by Quarter

JSW Steel's EBITDA margin moved from 17.7% in Q2 FY24 to 19.0% in Q4 FY26 across 11 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

Quarter	EBITDA Margin (%)	YoY Change
Q4 FY26	19.0%	—
Q3 FY26	14.4%	—
Q2 FY26	17.4%	—
Q1 FY26	17.6%	—
Q4 FY25	14.2%	—
Q3 FY25	13.5%	—
Q2 FY25	13.7%	—
Q1 FY25	13.0%	—
Q4 FY24	13.2%	—
Q3 FY24	17.1%	—
Q2 FY24	17.7%	—

What management said about ebitda margin

Q3 FY26 · Q4 margins expected to improve

Steel prices have recovered INR 3,500/ton since end-December, offsetting higher coking coal costs ($15-20/ton increase).

Q2 FY26 · Coking coal cost increase of INR 3-5 in Q3

Coking coal costs are expected to rise by INR 3-5 per ton in October-December due to PLV changes.

Q2 FY26 · Iron ore prices expected to decline in Q3

Management expects iron ore prices to decline in Q3, which would be positive for costs.

Q1 FY26 · Coking coal cost benefit of ~$5/ton in Q2

Coking coal costs expected to be marginally lower QoQ by about $5 per ton.

Q4 FY25 · Q1 FY26 coking coal cost reduction of $10-$15/ton

Coking coal costs expected to be lower by $10-$15 per ton in Q1 FY26 compared to Q4 FY25.

Q3 FY25 · Q4 coking coal cost reduction of $10-$15 per ton

Coking coal costs are expected to be lower by about $10-$15 per ton in Q4, aiding margins.

Q3 FY25 · Q4 iron ore cost benefit of ~₹350/ton from NMDC price cut

NMDC's iron ore price reduction of about ₹350 per ton in January will reflect in consumption costs in February and March.

Q2 FY25 · Q3 coking coal cost reduction of $20-25/ton

Coking coal costs expected to decline further in Q3, aiding margin expansion.

Q2 FY25 · Net debt to EBITDA target of 2.5-3x in medium term

CFO committed to reducing leverage, with absolute debt expected to taper in H2 from working capital release.

Q1 FY25 · Q2 raw material cost savings: coking coal down $23-$28/ton, iron ore softer.

Benefits from lower input costs expected to improve steel spreads in Q2.

Q4 FY24 · Coking coal cost to decline $22-27/ton in Q1 FY25

Expectation of lower input costs due to recent fall in coking coal prices, supporting margin improvement.

Q4 FY24 · Return to normative EBITDA per ton in FY25

Management expects EBITDA per ton to improve from Q4 levels, aided by cost savings, stable prices, and lower coking coal costs.