JSW Steel Limited
7,575words
5turns
0analyst exchanges
0executives
Key numbers — 40 extracted
₹51,180 crore
₹1,85,470 crore
₹8,634 crore
₹29,821 crore
₹9,713 crore
₹32,048 crore
₹19,243 crore
₹25,508 crore
₹3,475 crore
₹8,698 crore
₹7.1
0.51x
Guidance — 20 items
Japanese Ratings
opening
“India Production growth likely to lag Consumption The other developed markets to see muted growth JSW Steel Q4 FY26 Results Presentation / Source: WSD, NSP, Market Intelligence 60% 45% 30% 15% 0% 8 JSW Steel: Growth Path India JVs BMM Acquisition Dolvi Kadapa Utkal Vijayanagar U.S.A.”
Japanese Ratings
opening
“Growth Options in the Portfolio 37.9 54.8 USA JVs India 4.5 31.9 1.5 0.9 5.0 1.5 4.5 48.8 1.0 5.0 5.0 38.8 79.5 16.0 62.0 Current 1 FY27 Sep'27E FY29E FY30E FY30E FY32E Approved Growth Future Potential Maintain FY31 India target of 50mtpa (+JV’s).”
Karnataka Model School Programme
opening
“Energy inflation a key risk JSW Steel Q4 FY26 Results Presentation / Source: IMF: World Economic Outlook April’26; Bloomberg.”
Karnataka Model School Programme
opening
“Note: US CPI-Inflation not released for Oct’25, hence the gap in the graph Note: India’s GDP forecast pertains to fiscal year.”
Karnataka Model School Programme
opening
“(RHS) HCC CFR China (RHS) HRC Prices US$/t Raw Material Prices (US$/t) 1,400 1,000 600 200 600 550 500 450 400 Apr-24 Oct-24 Apr-25 Oct-25 Apr-26 200 175 150 125 100 75 Apr-24 Oct-24 Apr-25 Oct-25 Improvement in steel spreads on better global steel balance, partially offset by inflationary pressures JSW Steel Q4 FY26 Results Presentation / Source: World Steel Association (WSA), WSA Apr’26 SRO; Bloomberg, Platts Note: Some numbers may not foot due to rounding.”
Karnataka Model School Programme
opening
“However, above figures for Q4 FY26 include 0.06mt of production and 0.05mt of sales for BPSL steel business pertaining to 27-31 Mar’26.”
Karnataka Model School Programme
opening
“JSW Steel Q4 FY26 Results Presentation / Domestic-Export split pertains to Indian Operations.”
Karnataka Model School Programme
opening
“1: Includes trial run production of 0.21mt in Q4 FY25.”
Karnataka Model School Programme
opening
“27 27 Q4 FY26 Sales: JSW Steel Consolidated – Indian Operations Domestic Sales by Customer Segment Value-Added and Special Products (mt) 6.72mt 6.59mt 7.09mt +6% YoY +8% QoQ % of Total Sales 37% 12% 18% 33% 37% 13% 16% 34% 37% 14% 16% 33% Retail Auto Industrial Construction & Infra 60%1 4.11 61%2 4.54 62%2 4.82 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 • Highest ever quarterly domestic sales, up 6% YoY • Highest ever VASP sales, up 17% YoY.”
Karnataka Model School Programme
opening
“Share of VASP sales at 62% • Highest ever sales across: o o Alloy Long (+22%) and HR (+15%) products Auto (+27%), Renewables (+24%) and Appliance (+15%) sectors JSW Steel Q4 FY26 Results Presentation / Value-added products include HRPO, CRFH, CRCA, Elec.”
Risks & concerns — 2 flagged
Potential (particularly energy), and pressure on interest resolution will enable gradual normalisation Buoyant tech investments and potential productivity gains, supportive fiscal policies, past rate cuts and temporary dilution of US tariffs to support growth.
— Karnataka Model School Programme
Energy inflation a key risk JSW Steel Q4 FY26 Results Presentation / Source: IMF: World Economic Outlook April’26; Bloomberg.
— Karnataka Model School Programme
Speaking time
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Opening remarks
Japanese Ratings
A- (Stable) One notch above India Sovereign Rating JSW Steel India Capacity (mt) Existing Growth Pipeline 78.0 50.0 15.8 34.2 62.0 30.1 1 31.9 Domestic Ratings ICRA AA (Stable) IndRa AA (Rating watch) ICRA AA (Positive) IndRa AA (Positive) JSW Steel As of Mar’25 JSW Steel Current Balance Sheet Strengthened, JVs with Global Majors, Growth Plans Upgraded Continued Focus on Shareholder Returns 16.0 11.5 4.5 JVs JSW Steel Q4 FY26 Results Presentation / 1: BF-3 expansion at Vijayanagar from 3.0mtpa to 4.5mtpa under testing and commissioning 7 India to be Key Steel Market Over Next Decade Steel Consumption as % of World India EU + UK US Japan China (RHS) 40% 30% 20% 10% 0% • • • • 2000 2005 2010 2015 2020 2025 2030e 2035e China Steel Production and Consumption as % of World peaked out in 2020, to see gradual decline India going through Nation-Building Phase: Long runway of Steel Demand Growth outpacing Real GDP Growth India as #2 Steel producer and consumer will continue to increase as % of
Karnataka Model School Programme
Teacher capacity building, planning, and digital and physical infrastructure Impact since launch in FY24 • 100 schools • 25,000 students • 1,000 teachers and 200 government officials trained High-performance sports ecosystem nurturing present and future Olympic champions through structured athlete development Impact in FY26 • 394 medals across competitions • 950 athletes supported across IIS feeder centres • 16,000 children trained in swimming Integrated water resource management focused on safe drinking water and watershed development Impact since launch • 41bn liters water recharged • 150 water conservation structures • 60,000 households JSW Steel Q4 FY26 Results Presentation / 18 Awards and Recognitions World Steel Association 2026 Sustainability Champion FICCI Platinum Award Recognised as Sustainability Champion for 8th consecutive year FICCI Platinum Award for Sustainable Industrial Practices 2026 S&P Global Sustainability Yearbook Champions of Circular Revolution by ET Edge Inclu
Steelmaking
JVML Phase-2 capacity expansion of 5mtpa Sustenance Capex Total ₹ Cr 96,8881 26,000 3,272 1,26,161 Note: The above capex will be spent over 4-5 years. Capex spent during FY26 was ₹15,595 crore. Capex spend for FY27 expected at ₹22,000-24,000 crores Capex Breakup (₹1,26,161) Sustenance and Other Capex, 12% Steelmaking Capacity Growth, 65% Mining and Cost Saving Projects , 12% Value Added Product Facilities, 11% JSW Steel Q4 FY26 Results Presentation / 1: Reduced by ₹678 cr following transfer of balance capex pertaining to JSW JFE Steel Ltd 47 Key Project Updates – Steelmaking Projects JSW Utkal - 5mtpa Greenfield project • Two Pellet Plants (8mtpa each): scheduled to be commissioned by FY28 • 5mtpa Blast Furnace, 6mtpa SMS and 6mtpa HSM-2: scheduled to be commissioned by FY30 Dolvi Phase-III - Expansion from 10 to 15mtpa • Civil work and equipment erection underway • Project to be completed by Sep’27 1mtpa EAF and Structural mill at Kadapa • Equipment ordering in progress • To be commis