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JSW Steel Ltd — Q4 FY26
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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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.
जेएसडब्ल्यू स्टील ने वित्त वर्ष 2026 की चौथी तिमाही में शानदार प्रदर्शन किया। कंपनी की कुल आय पहली बार ₹51,100 करोड़ पार कर गई। इसका समायोजित EBITDA (कमाई) ₹9,713 करोड़ (19% मार्जिन) और सामान्यीकृत PAT (शुद्ध लाभ) ₹3,475 करोड़ रहा। यह आंकड़ा एक बार के मुनाफे (₹17,888 करोड़) को छोड़कर है। तिमाही में रिकॉर्ड 8 मिलियन टन स्टील बिक्री, 96% क्षमता उपयोग और बेहतर उत्पाद मिश्रण से मदद मिली। कंपनी ने वित्त वर्ष 2027 के लिए 29.75 मिलियन टन उत्पादन और 28.6 मिलियन टन बिक्री का लक्ष्य रखा है। घरेलू मांग 7-9% बढ़ने की उम्मीद है। जोखिमों में कोकिंग कोल की बढ़ती कीमत, मध्य पूर्व संघर्ष और संभावित सुरक्षा शुल्क हटना शामिल है। कंपनी ने 62 मिलियन टन क्षमता तक पहुंचने के लिए ₹126,000 करोड़ के निवेश की योजना बनाई है।
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Coking coal cost inflation
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Steel Sales Volume (Q4)
8M tons
+12% YoY
Record quarterly sales driven by strong domestic demand and improved product mix.
Capacity Utilization (India, ex-BF shutdown)
96%
+3pp YoY
Reflects efficient asset utilization and digitalization benefits.
Net Debt
₹54,000 crore
-₹37,000 crore YoY
Sharp deleveraging post BPSL JV; leverage ratio improved to 1.81x.
JSW Online GMV (Q4)
₹6,200 crore
+57% YoY
Digital platform turned profitable for first time; steel volumes grew 50% YoY.
What Changed vs Last Quarter
NEW
FY27 consolidated production target of 29.75 million tons
Management guided production of 29.75 million tons for FY27, representing ~13% growth on a like-for-like basis (excluding BPSL).
NEW
FY27 sales volume guidance of 28.6 million tons
Sales volume expected at 28.6 million tons, implying ~10% growth YoY, including BMM Ispat acquisition.
NEW
Capex of ₹22,000-24,000 crore in FY27
Part of the ₹126,000 crore growth capex plan to be spent over 4-5 years; FY27 spend guided at ₹22,000-24,000 crore.
NEW
Target of 62 million tons standalone capacity by FY32
JSW Steel aims to expand standalone capacity to 62 million tons by FY32, with additional 16 million tons via JVs (JF Steel and POSCO).
DROPPED
FY26 volume guidance maintained: production 30.5M tons, sales 29.2M tons
Management expects to broadly achieve full-year guidance for production and sales, with Q4 volumes similar to Q3.
DROPPED
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).
DROPPED
FY27 India steel demand growth 7-9%
Management projects India steel demand growth of 7-9% for FY2027.
DROPPED
FY26 capex guidance INR 15,000-16,000 crore
Total capex for FY26 expected in the range of INR 15,000-16,000 crore.
NEW RISK
Coking coal cost inflation
Management expects coking coal costs to rise by $12-15/ton in Q1 FY27, impacting margins.
NEW RISK
Middle East conflict impact on gas/LPG supply
Analyst raised concern about gas shortages; management acknowledged limited exposure (5-6% of production) but noted cost impact and potential disruption if conflict escalates.
NEW RISK
Potential withdrawal of safeguard duty
Analyst 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.
NEW RISK
Execution risk on multiple large expansions
Simultaneous projects at Dolvi, Vijayanagar, Utkal, and JVs could strain execution and capital allocation.
RISK GONE
Chinese steel export surge may keep Asian prices subdued
Chinese steel exports surged 14% to 133.5M tons in CY2025, pressuring regional prices. Anti-involution measures may take time to have effect.
RISK GONE
CBAM impact on European exports
CBAM regulations could increase costs for exports to Europe (1.2-1.3M tons annually). Management has not yet quantified the impact and is awaiting clarity.
RISK GONE
Iron ore availability and cost
Despite captive mines, 50% of iron ore requirement will be from market. Any supply disruption or price increase could impact costs.
RISK GONE
High capex may strain balance sheet
INR 100,000 crore capex over 4-5 years could increase net debt, though BPSL cash inflow provides some cushion.
🤫 Topics management stopped discussing
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 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 Q1 FY26, Q3 FY26
Management projects India steel demand growth of 7-9% for FY2027.
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.
Mentioned in Q2 FY26, Q3 FY26
Steel prices have recovered INR 3,500/ton since end-December, offsetting higher coking coal costs ($15-20/ton increase).
Fast read
Guidance and risk preview
Management guided production of 29.75 million tons for FY27, representing ~13% growth on a like-for-like basis (excluding BPSL).
Management expects coking coal costs to rise by $12-15/ton in Q1 FY27, impacting margins.
View Risks →