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View Promises →JSW Steel Limited — Q4 FY25
JSW Steel reported a strong Q4 FY25 with consolidated revenue of INR 44,819 crore and EBITDA of INR 6,378 crore (14.2% margin).
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JSW Steel reported a strong Q4 FY25 with consolidated revenue of INR 44,819 crore and EBITDA of INR 6,378 crore (14.2% margin). PAT doubled QoQ to INR 1,501 crore. Record quarterly crude steel production of 7.63 million tons (+12% YoY) and sales of 7.49 million tons (+11% YoY) were driven by ramp-up of the 5 MTPA JVML expansion and strong domestic demand. Domestic sales hit a record 6.72 million tons (+30% YoY), with value-added products at 60% of sales. Management guided FY26 production of 30.5 million tons and sales of 29.2 million tons (+10% YoY), supported by cost improvements from larger blast furnaces, lower coking coal costs, and renewable energy. Key risk: the Supreme Court ruling on BPSL could disrupt operations or require refunds, though management believes it has strong legal grounds.
जेएसडब्ल्यू स्टील ने वित्त वर्ष 2025 की चौथी तिमाही में मजबूत प्रदर्शन किया। कंपनी की कुल आय 44,819 करोड़ रुपये रही और परिचालन लाभ (EBITDA) 6,378 करोड़ रुपये (14.2% मार्जिन) हुआ। शुद्ध लाभ (PAT) पिछली तिमाही से दोगुना होकर 1,501 करोड़ रुपये हो गया। कंपनी ने रिकॉर्ड 7.63 मिलियन टन कच्चा इस्पात उत्पादन किया, जो पिछले साल से 12% अधिक है। बिक्री 7.49 मिलियन टन रही, जो 11% बढ़ी। घरेलू बिक्री रिकॉर्ड 6.72 मिलियन टन (+30%) रही, जिसमें 60% वैल्यू-एडेड उत्पाद थे। कंपनी ने अगले वित्त वर्ष में 30.5 मिलियन टन उत्पादन और 29.2 मिलियन टन बिक्री का लक्ष्य रखा है। लागत कम करने के लिए बड़े ब्लास्ट फर्नेस, सस्ता कोकिंग कोल और नवीकरणीय ऊर्जा का उपयोग किया जाएगा। जोखिम: सुप्रीम कोर्ट के BPSL मामले में फैसले से परिचालन प्रभावित हो सकता है, लेकिन कंपनी को कानूनी रूप से मजबूत स्थिति में माना जाता है।
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BPSL Supreme Court ruling
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Crude Steel Production (Q4)
7.63M tons
+12% YoY
Highest ever quarterly crude steel production, driven by JVML ramp-up and strong operations.
Domestic Sales (Q4)
6.72M tons
+30% YoY
Record domestic sales, reflecting robust demand and market share gains.
Value-Added Products Share (FY25)
62%
flat YoY
Value-added and special products comprised 62% of total sales for the full year.
JSW One Platform GMV (FY25)
INR 12,500 Cr
+140% YoY
Digital marketplace GMV grew 2.4x year-over-year, scaling rapidly.
What Changed vs Last Quarter
NEW
FY26 production guidance of 30.5 million tons
Consolidated crude steel production expected at 30.5 million tons, implying ~10% growth over FY25.
NEW
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.
NEW
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.
UPDATED
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.
DROPPED
FY25 volume guidance at ~98% of 28.4M tons production target
Management expects to achieve around 98% of the guided production volume of 28.4 million tons for FY25, due to delayed startup of JVML facility.
DROPPED
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.
DROPPED
FY26 iron ore production target of ~28M tons from captive mines
Management targets about 15 million tons from Karnataka, 12 million tons from Odisha, and 1.3-1.4 million tons from Goa in FY26.
NEW RISK
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.
NEW RISK
Import surge from FTA countries
Countries like Vietnam, Japan, and Korea with FTAs continue to pose import risks despite safeguard duties; management noted vigilance.
NEW RISK
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.
RISK GONE
Steel import pressure and trade measures delay
India remained a net steel importer with net imports doubling to 3.6 million tons in 9M FY25. Trade safeguard measures are awaited; any delay could keep imports elevated and pressure domestic prices.
RISK GONE
Karnataka mining taxation impact
Proposed state-level taxes on mineral rights and land could increase costs. Management expressed concern about sustainability but expects rational outcome.
RISK GONE
Overseas operations drag on cash flows
US operations reported EBITDA loss of $17.9 million, and Italian operations saw lower EBITDA. These entities are a small drag on cash flows, though improvement is expected in Q4.
RISK GONE
Iron ore grade deterioration and cost inflation
Declining ferrous content in some mines (e.g., Jajang) led to uneconomical operations. While beneficiation technology exists, it requires additional capex.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY24, Q2 FY25, Q3 FY24, Q4 FY24
Reduction due to slurry pipeline transfer to JSW Infrastructure and BF3 shutdown deferral to FY26.
Mentioned in Q1 FY25, Q2 FY25, Q4 FY24
India's Q2 imports jumped 43% YoY to 3.18M tons, driven by Chinese exports, pressuring domestic prices and market share.
Mentioned in Q1 FY24, Q2 FY25
Net debt rose ~INR 4,900 crore to ~INR 85,000 crore due to CapEx, acquisition, and working capital build; CFO expects release of INR 1,500-2,000 crore in H2.
Mentioned in Q1 FY24, Q2 FY25
NMDC increased iron ore prices twice recently, which management deemed unwarranted, potentially squeezing spreads despite coking coal savings.
Mentioned in Q1 FY24, Q2 FY24
JSW Steel is adding 8.5 million tons of capacity to reach 37 million tons by FY25, with brownfield expansions at Vizag (5 million tons) and BPSL (to 5 million tons) on track.
Fast read
Guidance and risk preview
Consolidated crude steel production expected at 30.5 million tons, implying ~10% growth over FY25.
Supreme Court rejected JSW Steel's resolution plan for BPSL and directed refunds; management is pursuing legal remedies but outcome uncertain.
View Risks →