JSW Steel Limited (“JSW Steel” or the “Company”) reported its financial results for the Fourth Quarter and the Financial Year ended 31st March 2025 (“Q4 FY25” or the “Quarter” and “FY25” or the “Year”).
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Key Highlights - Consolidated Performance |
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FY25: |
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Q4 FY25: |
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1: Including 0.33 Mnt from Trial run 2: Including 0.04 Mnt from Trial run 3: Including 0.21 Mnt Prod from Trial run |
The global economy has been navigating a dynamic phase, marked by tariff escalations and geopolitical developments. Amidst this uncertainty, the IMF has revised its 2025 growth forecast lower by 50bps to 2.8% compared to its earlier estimates in January. However, there have been positive steps towards tariff de-escalation recently, and there is potential upside to the growth estimates.
In the U.S., the outlook for the Fed’s rates trajectory remains uncertain following 100bps of rate cuts in 2024, due to a slowing economy and inflationary effects from tariffs. In China, the property sector is showing signs of bottoming out, while investment activity ex-real estate has been recovering. The recent de-escalation of tariffs is a positive.
The RBI projects growth of 6.5% for India in FY26, steady compared to its FY25 estimate. Despite global trade uncertainties, India remains a bright spot supported by favourable macros. The RBI has shifted its stance from Neutral to Accommodative and cut rates by 50bps in 2025. Benign inflation trends enabling further monetary easing will be supportive for capex and consumption.
India’s crude steel production rose by 6.8% YoY to 40.12MnT in Q4 FY25, and by 5.3% to 152MnT in FY25. Steel consumption grew by 11.2% YoY to 40.27MnT in Q4, while it was up 11.5% to 152MnT for FY25. This was the fourth consecutive year of double-digit steel demand growth in India. The government’s continued capex push should drive domestic demand in FY26 as well. Steel imports increased by 9.2% YoY to 10.5MnT in FY25 while steel exports fell by 26.7% to 6.26MnT. Consequently, India remained a net importer of steel for the second consecutive year. Following an investigation and recommendation by the Directorate General of Trade Remedies, the government has imposed a 12% provisional safeguard duty on 21st April 2025 to provide a level playing field to the domestic steel industry.
Production and Sales Summary
| Particulars (million tonnes) |
Q4 FY25 |
FY25 |
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Crude Steel Production |
Sales |
Crude Steel Production |
Sales |
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Consolidated India Operations |
7.401 |
7.27 |
26.981 |
25.672 |
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USA – Ohio Operations |
0.23 |
0.22 |
0.81 |
0.78 |
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JSW Steel Consolidated Operations |
7.63 |
7.49 |
27.79 |
26.45 |
1: Including trial run Production 0.21Mnt for Q4 & 0.33Mnt for FY25 2: Including trial run Sales 0.04Mnt
The Company achieved consolidated annual Production of 27.79 million tonnes and Sales of 26.45 million tonnes, meeting the revised volume guidance announced in Q3 FY25.
Consolidated Crude Steel Production for the quarter stood at 7.63 million tonnes, higher by 9% QoQ and 12% YoY. Capacity utilization at the Indian operations was 93% during the quarter vs. 91% in Q3 FY25. Steel Sales for the quarter stood at 7.49 million tonnes, higher by 12% QoQ and 11% YoY. Domestic sales at 6.72 million tonnes were higher by 12% QoQ and 30% YoY. The Institutional sales volumes increased 11% QoQ and 33% YoY while Retail sales increased 15% QoQ and 25% YoY. Exports were stable QoQ at 8% of sales from the Indian operations.
The Company registered Revenue from Operations of ₹44,819 crores and Operating EBITDA of ₹6,378 crores, with an EBITDA margin of 14.2% during the quarter. The EBITDA increased by 14% QoQ, driven by higher sales volumes and lower coking coal cost.
The Profit after Tax for the quarter was ₹1,501 crores after considering an exceptional charge of ₹44 crores.
The Company’s Net Gearing (Net Debt to Equity) stood at 0.94x at the end of the quarter, as against 1.00x at the end of Q3 FY25, and Net Debt to EBITDA stood at 3.34x, as against 3.57x at the end of Q3 FY25. Net Debt as of 31st March 2025 stood at ₹76,563 crores, lower by ₹4,358 crores vs. 31st December 2024 due to healthy cash generation, release of working capital and calibrated capex.
Indian operations sales growth was driven by strong domestic sales at 6.72 Million tonnes, up by 30% YoY and 12% QoQ. The Indian operatrions registered Revenue from Operations of ₹42,679 crores and Operating EBITDA of ₹6,436 crores, with an EBITDA margin of 15.1% during the quarter. The EBITDA increased by 16% QoQ and 9% YoY.
