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% sequentially, and highest ever quarterly and annual sales volumes.

• Revenue from operations reached ₹1,68,824 crores for FY25 and ₹44,819 crores for Q4 FY25; operating EBITDA was ₹22,904 crores for FY25 and ₹6,378 crores for Q4 FY25.

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

• 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 amounts paid; company is pursuing legal remedies.

Financial highlights

• Q4 FY25 revenue from operations was ₹44,819 crore, with operating EBITDA at ₹6,378 crore and EBITDA margin at 14.2%; FY25 revenue was ₹1,68,824 crore, EBITDA ₹22,904 crore, and EBITDA margin 13.57%.

• Net profit for Q4 was ₹1,501 crore, up 14% YoY; FY25 net profit dropped 61% YoY to ₹3,491 crore.

• Net debt as of March 2025 was ₹76,563 crore, reduced by ₹4,350 crores in Q4 due to better cash generation and working capital release.

• CapEx spend was ₹3,700 crores for Q4 and nearly ₹15,000 crores for FY25.

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

Outlook and guidance

• FY26 consolidated production guidance is 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.

• Domestic steel demand expected to grow 8%-10% in FY26, supported by government capex, rural recovery, and positive macro fundamentals.

• Cost improvements anticipated from lower coking coal prices, renewable energy integration, and ramp-up of efficient blast furnaces.

• Overseas operations, especially in the U.S. and Italy, expected to contribute positively to EBITDA.