JSW Steel (JSWSTEEL) Q3 24/25 earnings summary

Executive summary

• Achieved record consolidated crude steel production of 7.03 million tonnes in Q3 FY25, up 2% YoY and 4% QoQ, with saleable steel sales of 6.71 million tonnes and highest-ever domestic sales; recognized among top global steelmakers in DJSI and received National Sustainability Award.

• Net profit after tax was ₹719 crores, reflecting an exceptional charge of ₹103 crores; net debt reduced by ₹1,884 crores sequentially to ₹80,921 crores.

• Indian operations saw highest-ever domestic sales at 5.99 million tonnes, with strong institutional and retail demand; BPSL and JVML expansions ramped up.

Financial highlights

• Consolidated revenue from operations was ₹41,378 crores in Q3 FY25, with operating EBITDA at ₹5,579 crores and EBITDA margin of 13.5%.

• Net profit after tax was ₹719 crores, down from ₹2,450 crores YoY but up from ₹404 crores QoQ.

• Net debt to equity at 1.00x and net debt to EBITDA at 3.57x as of December 31, 2024.

• CapEx spend was ₹3,087 crores for the quarter and ₹10,937 crores for the nine months of FY25.

Outlook and guidance

• Expect to achieve 98% of FY24 volume guidance due to JVML startup delay; anticipate stable steel prices and lower imports in Q4.

• Indian GDP growth projected at 6.4%–6.7% for FY25, with steel demand growth at 10% and recovery expected in Q4, aided by government capex and improved rural consumption.

• Inflation anticipated to ease, potentially allowing RBI to begin monetary policy easing.