About the company:
JSW Steel Limited is one of India’s largest integrated steel manufacturers and a flagship company of the JSW Group. Headquartered in Mumbai, India, it operates in both domestic and international markets, with a significant presence in the USA, Europe, and Africa. The company has a crude steel capacity of over 30 million tonnes per annum (MTPA) and produces a wide range of flat and long steel products used in automotive, infrastructure, construction, and energy sectors. JSW Steel is known for its technological innovation, sustainability initiatives, and expansion strategies, making it a key player in the global steel industry. It is listed on the BSE and NSE in India.
Production & Sales Performance
Highest-ever crude steel production: 7.03 million tonnes (+2% YoY, +4% QoQ)
Steel Sales: 6.71 million tonnes (+12% YoY, +10% QoQ)
Record domestic sales & value-added products: 3.9 million tonnes (60% of total sales)
Growth in auto, renewable energy, and tinplate segments
Key Business Developments
BPSL Expansion (1 MTPA) fully ramped up
JVML Vijayanagar (5 MTPA) ramping up, key facilities commissioned
Thyssen Electrical Steel India (JV with JFE) acquisition expected to close soon
Raw Material & Cost Dynamics
Coking coal cost fell by ~$34, further reduction expected in Q4
Iron ore cost increased, but offset by higher captive usage (39%)
Odisha mine operations optimized, leading to cost savings
Global & Domestic Steel Market Outlook
India’s crude steel production in Q3: +3.5% YoY (37.38 MT)
Steel consumption growth: +6.8% YoY (38.46 MT), slower than H1
India remains a net steel importer, though imports declined in Q3
Government CAPEX recovery expected in Q4, boosting steel demand
International Business
US Operations (Ohio & Texas): EBITDA loss of $17.9 million, utilization improving
Italy Operations: Positive EBITDA of €1.9 million, expect better Q4 performance
Future Outlook
FY25 Guidance: Close to 98% of 28.4 MT production & 27 MT sales target
Lower steel imports & potential trade measures to support prices
Cost reduction initiatives in Q4: Lower coking coal & iron ore costs, efficiency gains
Continued focus on sustainability: Electric vehicles for logistics, LNG-powered trucks
Here’s a comparison of JSW Steel’s financial performance over the last three quarters (Q3, Q2, and Q1 of FY25):
| Financial Metric | Q3 FY25 (Dec 2024) | Q2 FY25 (Sep 2024) | Q1 FY25 (Jun 2024) |
|---|---|---|---|
| Revenue | ₹41,378 crore | ₹44,584 crore | ₹42,213 crore |
| Operating EBITDA | ₹5,579 crore | ₹6,367 crore | ₹6,085 crore |
| EBITDA Margin | 13.5% | 14.3% | 14.4% |
| EBITDA per Tonne | ₹8,316 | ₹9,456 | ₹9,162 |
| Profit After Tax (PAT) | ₹719 crore | ₹2,276 crore | ₹1,749 crore |
| Crude Steel Production | 7.03 MT | 6.77 MT | 6.65 MT |
| Steel Sales | 6.71 MT | 6.08 MT | 6.17 MT |
| Net Debt Reduction (QoQ) | ₹1,884 crore | ₹850 crore | ₹745 crore |
| CAPEX Spend | ₹3,087 crore | ₹3,816 crore | ₹4,097 crore |
Recent updates:
Highlights from last con call:
Key Financial Highlights
Revenue: ₹41,378 crore
Operating EBITDA: ₹5,579 crore (13.5% margin)
EBITDA per tonne: ₹8,316 per tonne
Profit After Tax (PAT): ₹719 crore
Net Debt Reduction: ₹1,884 crore QoQ
CAPEX Spend: ₹3,087 crore in Q3, total ₹11,000 crore in 9M FY25