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View Promises →JSW Steel Limited — Q1 FY26
JSW Steel reported Q1 FY26 consolidated revenue of INR 43,147 crore and EBITDA of INR 7,576 crore (margin 17.6%).
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JSW Steel reported Q1 FY26 consolidated revenue of INR 43,147 crore and EBITDA of INR 7,576 crore (margin 17.6%). PAT stood at INR 2,209 crore. Domestic sales grew 12% YoY, outpacing industry growth of ~8%, driven by strong auto (+20% YoY) and appliance (+27% YoY) demand. Value-added product share improved to 64%. EBITDA was impacted by INR 343 crore forex loss and ~INR 200 crore shutdown costs. Management expects Q2 volumes to improve as shutdowns end and JVML ramps up, but steel prices have softened by ~INR 1,500/ton in June-July. Cost tailwinds from lower coking coal ($5/ton benefit) and iron ore should partially offset price headwinds. Key risk: sustained low-priced imports from Russia and China could pressure domestic realizations further.
जेएसडब्ल्यू स्टील ने पहली तिमाही में 43,147 करोड़ रुपये की कमाई और 7,576 करोड़ रुपये का मुनाफा (कमाई का 17.6%) दर्ज किया। कुल मुनाफा 2,209 करोड़ रुपये रहा। देश में बिक्री पिछले साल से 12% बढ़ी, जो उद्योग की 8% बढ़त से ज्यादा है। इसकी वजह कारों (+20%) और घरेलू उपकरणों (+27%) की मजबूत मांग है। कंपनी ने 64% बेहतर उत्पाद बेचे। मुनाफे पर 343 करोड़ रुपये का विदेशी मुद्रा घाटा और 200 करोड़ रुपये का फैक्ट्री बंदी का खर्च पड़ा। अब फैक्ट्री खुलने और नई इकाई के चालू होने से अगली तिमाही में बिक्री बढ़ने की उम्मीद है, लेकिन जून-जुलाई में स्टील के दाम 1,500 रुपये प्रति टन गिरे हैं। कोयले और लोहे की लागत कम होने से कुछ राहत मिलेगी। खतरा: रूस और चीन से सस्ते आयात से दाम और गिर सकते हैं।
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Low-priced imports from Russia and China
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Read Transcript →Quarter Snapshot
Crude steel production
7.26M tons
+14% YoY
Consolidated crude steel production grew 14% YoY to 7.26 million tons in Q1 FY26.
Domestic steel sales growth
12% YoY
+12% YoY
Domestic sales grew 12% YoY, significantly higher than the industry growth of ~8%.
Value-added product share
64%
+4pp QoQ
Share of value-added and special products improved to 64% from 60% in the previous quarter.
JSW One GMV
INR 3,919 crore
+50% YoY
JSW One platform GMV grew 1.5x YoY to INR 3,919 crore in Q1 FY26.
What Changed vs Last Quarter
NEW
Q2 volumes expected to increase sequentially
Management expects higher volumes in Q2 as shutdowns are behind and JVML second converter starts.
NEW
Dolvi Phase III expansion on track for Sep 2027
Dolvi expansion from 10 to 15 MTPA progressing well, on schedule for completion by September 2027.
NEW
India steel demand growth 8.5%-9.5% for FY26
CRISIL forecast of demand growth in the range of 8.5%-9.5% for the financial year, supported by government capex and monetary easing.
UPDATED
Coking coal cost benefit of ~$5/ton in Q2
Coking coal costs expected to be marginally lower QoQ by about $5 per ton.
DROPPED
FY26 production guidance of 30.5 million tons
Consolidated crude steel production expected at 30.5 million tons, implying ~10% growth over FY25.
DROPPED
FY26 sales guidance of 29.2 million tons
Steel sales guided at 29.2 million tons, also ~10% growth, in line with domestic demand growth.
DROPPED
Q1 FY26 price improvement of INR 3,200-3,250/ton
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.
NEW RISK
Low-priced imports from Russia and China
Cheaper imports finding way into India, impacting domestic sentiment and realizations.
NEW RISK
BPSL legal uncertainty
Supreme Court review petition pending; status quo ordered. Could impact 0.5 MTPA expansion if unfavorable.
NEW RISK
Steel price moderation in Q2
HRC prices moderated by ~INR 1,500/ton in June and further softness in July, partly seasonal but also due to global uncertainties.
NEW RISK
Cash tax rate volatility
Analyst noted cash tax rate spiked to 34% in FY25 vs 17% average; management did not provide clear explanation, deferring to offline discussion.
RISK GONE
BPSL Supreme Court ruling
Supreme Court rejected JSW Steel's resolution plan for BPSL and directed refunds; management is pursuing legal remedies but outcome uncertain.
RISK GONE
Import surge from FTA countries
Countries like Vietnam, Japan, and Korea with FTAs continue to pose import risks despite safeguard duties; management noted vigilance.
RISK GONE
Iron ore captive mix decline
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.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY25, Q3 FY25, Q4 FY25
Consolidated crude steel production expected at 30.5 million tons, implying ~10% growth over FY25.
Mentioned in Q1 FY25, Q2 FY25, Q4 FY25
Countries like Vietnam, Japan, and Korea with FTAs continue to pose import risks despite safeguard duties; management noted vigilance.
Mentioned in Q1 FY25, Q2 FY25
Reduction due to slurry pipeline transfer to JSW Infrastructure and BF3 shutdown deferral to FY26.
Mentioned in Q3 FY25, Q4 FY25
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.
Mentioned in Q2 FY25, Q3 FY25
NMDC's iron ore price reduction of about ₹350 per ton in January will reflect in consumption costs in February and March.
Fast read
Guidance and risk preview
Management expects higher volumes in Q2 as shutdowns are behind and JVML second converter starts.
Cheaper imports finding way into India, impacting domestic sentiment and realizations.
View Risks →