JSW Steel (JSWSTEEL) Q4 24/25 earnings summary

Executive summary

• Achieved record crude steel production of 27.79 million tonnes and saleable steel sales of 26.45 million tonnes for FY25, with Q4 production at 7.63 million tons, up 12% YoY and 9% QoQ, and highest ever quarterly and annual sales volumes driven by strong domestic demand.

• Revenue from operations reached ₹1,68,824 crore for FY25 and ₹44,819 crore for Q4 FY25; operating EBITDA was ₹22,904 crore for FY25 and ₹6,378 crore for Q4 FY25, with Q4 EBITDA margin at 14.2%.

• Net profit after tax stood at ₹3,491 crore for FY25 and ₹1,501 crore for Q4 FY25; dividend of ₹2.80 per share recommended.

• Launched GreenEdge low-emission steel brand and received Responsible Steel Certification for four plants; recognized as 2025 Sustainability Champion by World Steel Association.

• Supreme Court rejected BPSL resolution plan, directing refund of payments; company is pursuing legal remedies and continues BPSL operations.

Financial highlights

• Q4 FY25 revenue from operations was ₹44,819 crore; FY25 revenue was ₹1,68,824 crore; Q4 operating EBITDA at ₹6,378 crore; FY25 EBITDA at ₹22,904 crore.

• Q4 profit after tax at ₹1,501 crore, up 14% YoY; FY25 net profit at ₹3,491 crore, down 61% YoY.

• Net debt as of March 2025 was ₹76,563 crore; net debt to equity at 0.94x and net debt to EBITDA at 3.34x.

• Cash and cash equivalents at ₹19,394 crore as of March 2025.

• Dividend of ₹2.80 per share recommended for FY25.

Outlook and guidance

• FY26 guidance: consolidated crude steel production at 30.5 million tonnes and sales at 29.2 million tonnes, targeting 10% volume growth.

• Capex guidance for FY26 is ₹14,656 crore, with 96% allocated to India operations.

• Focus on deleveraging, operational efficiency, and green steel initiatives; cost competitiveness to improve with efficient blast furnaces and renewable energy.

• Domestic demand expected to remain robust, supported by government capex, rural recovery, and positive macro fundamentals.

• No adverse material impact expected from Supreme Court's BPSL order; legal remedies being evaluated.