India · Delayed Price · Currency is INR JSW Steel Earnings Call Transcripts
Fiscal Year 2027
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Q1 FY 2027 saw strong financial and operational performance, with revenue at INR 47,364 crore, EBITDA margin at 20%, and net debt reduced to INR 45,750 crore. Steel demand in India remains robust, though imports surged and input costs rose due to geopolitical factors.
Fiscal Year 2026
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FY 2026 saw transformational growth with major JVs, capacity expansions, and strong deleveraging. Revenue and EBITDA hit record highs, with robust guidance for FY 2027 and a focus on disciplined capital allocation. India’s steel demand outlook remains strong, supporting accelerated growth plans.
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JV with JFE Steel and new Odisha plant drive capacity growth and deleveraging. Q3 saw record sales, improved margins, and strong value-added product mix. FY26 guidance on track, with robust demand outlook and prudent capital allocation supporting future expansions.
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Record steel production and sales drove strong Q2 results, with robust domestic demand and ongoing capacity expansions. Margins remained healthy despite softer prices, and CapEx plans are on track, supported by internal accruals. Steel prices and demand are expected to improve in H2.
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Q1 saw strong YoY growth in steel production and sales, improved product mix, and higher EBITDA margins, despite global uncertainties and forex losses. Major expansion projects and sustainability initiatives are on track, with demand and volumes expected to rise in Q2.
Fiscal Year 2025
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Record quarterly and annual steel production and sales were achieved, with strong domestic demand and improved profitability. Expansion projects and cost efficiencies are expected to drive 10% volume growth in FY 2026, while legal uncertainties around BPSL persist.
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Q3 FY25 delivered record steel production and sales, with strong growth in value-added segments and improved margins. Lower costs, ramp-up of new capacities, and supportive government CapEx are expected to drive performance in Q4, despite ongoing regulatory and market risks.
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Q2 FY25 saw resilient performance amid weak global markets, with revenue at INR 39,684 crore and EBITDA margin improving to 13.7%. Capacity expansion, cost reductions, and strong domestic demand are expected to drive H2 growth, with volume guidance maintained at 28.4 million tons production and 27 million tons sales.
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Q1 FY25 saw strong domestic sales growth and record value-added product share, despite lower production due to plant shutdowns and weaker exports. Lower raw material costs and new capacity ramp-ups are expected to support margins and volume growth in Q2.