India · Delayed Price · Currency is INR JSW Steel Earnings Call Transcripts
Fiscal Year 2026
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JV with JFE Steel and new Odisha plant drive capacity growth and deleveraging. Q3 saw record sales and strong operational performance despite margin pressures, with guidance maintained for FY 2026. Steel prices and margins are expected to improve in Q4.
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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 steel production and sales achieved, with strong domestic demand and improved margins. Major expansions and cost efficiencies underway, while legal uncertainty persists over BPSL. FY 2026 guidance targets 10% volume growth and further margin improvement.
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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 steel sales growth and improved product mix, but revenues and EBITDA declined QoQ due to plant shutdowns and weaker overseas markets. Lower raw material costs and new capacity ramp-ups are expected to support margins and volumes in Q2.