Jsw Steel Limited · NSE:JSWSTEEL
Jsw Steel — Q4 FY25 Earnings Presentation
60 slides from Jsw Steel's earnings presentation, May 23, 2025
Slide 1: Exchange filing cover letter for analyst presentation
JSWSL: SECT: MUM: SE: 2025-26/05-11 May 23, 2025 To, 1. National Stock Exchange of India Ltd. 2. BSE Limited Exchange Plaza Corporate Relationship Dept. Plot No. C/1, G Block Phiroze Jeejeebhoy Towers Bandra – Kurla Complex Dalal Street, Mumbai – 400 001. Bandra (E), Mumbai – 400 051 Scrip Code No.5
Slide 2: Q4 & FY25 Results Presentation
Q4 & FY25 Results Presentation 23 May 2025 1
Slide 3: Forward Looking and Cautionary Statement
Forward Looking and Cautionary Statement Certain statements in this report concerning our future growth prospects are forward looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The
Slide 4: Agenda
Agenda Sustainability Business Operational Financial Environment Performance Performance Outlook & Digitalisation at Strategy Appendix Project Updates JSW Steel JSW Steel Q4 FY25 Results Presentation / 3
Slide 5: Key Highlights – Q4 FY25 & FY25
Key Highlights – Q4 FY25 & FY25 • Revenue from Operations: ₹44,819 crore in Q4, ₹1,68,824 crore in FY25 • Operating EBITDA: ₹6,378 crore in Q4, ₹22,904 crore in FY25 • Net Profit: ₹1,501 crore in Q4, ₹3,491 crore in FY25 Financial • Net Debt to Equity: 0.94x and Net Debt to EBITDA1: 3.34x Performanc
Slide 6: Sustainability
Sustainability Business Operational Financial Outlook & Digitalisation Sustainability Strategy Appendix Environment Performance Performance Project Updates at JSW Steel
Slide 7: Sustainability at JSW Steel
Sustainability at JSW Steel Governance & Oversight by Board-level Business Responsibility & Sustainability Committee Climate Change Energy Our Resources Indigenous People Cultural Heritage Business Ethics Water Resources Focus Waste Employee Wellbeing Local Considerations Human Rights Supply Chain W
Slide 8: Environment: Our Targets & Commitments
Environment: Our Targets & Commitments Circularity & Climate Change Water Security Energy Transition Air Emissions Biodiversity • Targeting Net Neutrality • Maintaining zero liquid • Transition from • PM, SOx and NOx • Promoting Circular in carbon emissions by discharge thermal to renewables emissio
Slide 9: Building a Strong Health & Safety Culture
Building a Strong Health & Safety Culture JSW Steel’s Vision 000 Leveraging Digitalisation Safety Highlights to Enhance Safety Effective Leadership Zero Zero Zero major • Group Level Subcommittee meeting held for injury harm Contractor and Process Safety Management incidents • Leadership Boot Camp c
Slide 10: Targeting Net Neutral by 2050: Decarbonization Agenda
Targeting Net Neutral by 2050: Decarbonization Agenda Phase-I Two Phases, Phase-II Progress Update 2030 Two Milestones 2050 • Energy Transition: 2.5GW RE and 320MWh Battery Storage approved; 782MW currently operational and Net Neutral in reaching 1GW by Q1 FY26 1.95tCO2/tcs 42% from base year Carbon
Slide 11: Our Commitment to Society: Benefitting over 2.7mn Lives Annually
Our Commitment to Society: Benefitting over 2.7mn Lives Annually Education Health Skill Development Art, Culture & Heritage Education 19,73,600 19,66,150 52,900 11 Students Benefitted Health Consultations Individuals Trained Projects Supported Sports Water, Environment & Agriculture Waste Management
Slide 12: Our Commitment to Society
Our Commitment to Society Agriculture Health Skill Development Inclusive agri-livelihood model across Mobile Health Units ensuring access to Skill Impact Bond launched in 2021 by value chain (chilli, ground-nut, maize, marginalised people in remote areas. National Skills Development Corporation coco
Slide 13: Sustainability Initiatives & Recognitions
Sustainability Initiatives & Recognitions Product Sustainability Responsible Steel Certification JSW Steel received Responsible SteelTM certification for four plants covering ~80% of our primary steel production JSW Steel has launched GreenEdge, a ‘Low Emission Steel’ brand that cares for the enviro
Slide 14: Environmental Performance
Environmental Performance Specific Energy Consumption (Gcal/tcs) GHG Emission Intensity (tCO2/tcs) Specific Freshwater Consumption (m3/tcs) 6.38 6.04 2.45 2.45 2.49 2.50 2.44 2.41 5.68 2.36 2.37 5.66 2.39 5.48 2.35 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Dust Emiss
Slide 15: Business Environment
Business Environment Sustainability Business Operational Financial Outlook & Digitalisation Strategy Appendix Environment Performance Performance Project Updates at JSW Steel
Slide 16: Global Economy
Global Economy GDP Growth Forecasts (%YoY) • Global: Recent de-escalation of tariffs is a positive. IMF revised CY25F (Jan 25) CY25F (April 25) CY26F (April 25) growth forecasts lower in April; there may be upside from continued tariff dilution. Geopolitics remains a monitorable 6.5% 6.3% 6.2% 4.6%
Slide 17: Global Steel
Global Steel Crude Steel Production – Jan-Mar (mt) Finished Steel Demand1 (mt) China Steel Production and Export (mt) Jan-Mar CY23 Jan-Mar CY24 Jan-Mar CY25 CY23 CY24 CY25F (May 25) 150 China Crude Steel Production (LHS) 12 -0.4% -0.4% Exports (RHS) 10 100 8 +0.6% 1,819 1,795 +0.7% 1,788 -1.6% -1.6%
Slide 18: Indian Economy
Indian Economy PMI – Manufacturing & Services Mfg. Capacity Utilisation % (4 quarter MA) PMI Manufacturing PMI Services Avg. (FY16-20) • RBI projects GDP growth at 6.5% in FY26, steady vs. FY25 65 76.0 estimate 60 75.0 • Consumption to be supported by easing food inflation, personal 55 74.0 income t
Slide 19: Indian Steel – Quarterly and Annual Trend
Indian Steel – Quarterly and Annual Trend Production and Consumption (mt) Steel Imports (mt) Steel Exports (mt) Q4 FY24 Q4 FY25 Finished Semis Finished Semis Quarterly Trend +6.8% +11.2% 40.12 40.27 -11.1% -45.0% 37.58 36.22 2.61 3.05 2.32 0.34 0.34 0.20 1.68 2.27 2.71 0.42 2.13 1.26 Crude Steel Pro
Slide 20: Operational Performance
Operational Performance Business Operational Financial Outlook & Digitalisation Sustainability Strategy Appendix Environment Performance Performance Project Updates at JSW Steel
Slide 21: Q4 FY25 Volumes – JSW Steel Consolidated
Q4 FY25 Volumes – JSW Steel Consolidated Crude Steel Production (mt) Steel Sales (mt) +12% 11% YoY YoY 12% +9% QoQ QoQ 1 7.63 1 7.49 6.79 7.03 6.73 2 6.71 Q4 FY24 Q3 FY25 Q4 FY25 Q4 FY24 Q3 FY25 Q4 FY25 million tonnes Q4 FY24 Q3 FY25 Q4 FY25 million tonnes Q4 FY24 Q3 FY25 Q4 FY25 Indian Operations 6
Slide 22: Q4 FY25 Sales: JSW Steel Consolidated – Indian Operations
Q4 FY25 Sales: JSW Steel Consolidated – Indian Operations Domestic Sales by Customer Segment Value-Added and Special Products (mt) 5.16mt 5.99mt1 +30% YoY % of Total 62% 60% 60%2 6.72mt Sales +12% QoQ 4.03 4.11 3.90 39% 36% 37% Retail 12% 12% Auto 13% 17% 17% 18% Industrial 32% 34% 33% Construction
Slide 23: FY25 Volumes – JSW Steel Consolidated
FY25 Volumes – JSW Steel Consolidated Crude Steel Production (mt) Steel Sales (mt) +5% +7% YoY YoY 1 27.79 26.43 2 24.78 26.45 FY24 FY25 FY24 FY25 million tonnes FY24 FY25 million tonnes FY24 FY25 Indian Operations 25.55 26.981 Indian Operations 23.96 25.672 Flat 19.25 19.67 Domestic 86% 92% Long 4.
Slide 24: FY25 Sales: JSW Steel Consolidated – Indian Operations
FY25 Sales: JSW Steel Consolidated – Indian Operations Domestic Sales by Customer Segment Value-Added and Special Products (mt) % of Total 61% 62%2 20.57mt 23.58mt1 +15% YoY Sales 14.65 15.40 37% 36% Retail 13% 13% Auto 16% 18% Industrial 33% 34% Construction & Infra FY24 FY25 FY24 FY25 • Highest ev
Slide 25: Retail Segment & Branded Stores: JSW Steel Consolidated – Indian Operations
Retail Segment & Branded Stores: JSW Steel Consolidated – Indian Operations Retail Sales (in kt) Branded Stores (number of outlets) +25% +10% YoY 2,339 154 new +15% 8,462 branded stores QoQ 7,681 280 added in new 2,490 towns and 126 2,168 4,425 1,600 in existing towns 1,993 4,146 241 1,363 1,043 1,1
Slide 26: Q4 & FY25 Production & Sales
Q4 & FY25 Production & Sales In million metric tonnes Particulars Crude Steel Production Sales Q4 FY24 Q4 FY25 YoY Q4 FY24 Q4 FY25 YoY Domestic sales up 30% YoY, while Exports fell Consolidated India Operations 6.54 7.401 13% 6.48 7.27 12% 58% YoY in Q4 FY25 USA – Ohio Operations 0.25 0.23 -10% 0.25
Slide 27: Grades/Products Approved in Q4 FY25
22 Grades/Products Approved in Q4 FY25 Bullet Train Station Roof & Wall Grain Storage Silos (IS-15961-YS550 PVDF & RMP Paint (CRGI-YS350 – Coated) System – Coated) Fasteners for Automotive Power Plant Roofing & Cladding (10B21 – Long & Special Alloy) (PPGL SDP – Coated) All Terrain Defence Vehicle C
Slide 28: Grades/Products Approved in FY25
100 Grades/Products Approved in FY25 Tubes for 2W Frames Transmission Gear & Shaft (ISC44OW – CR) (SAE_8620H – Long & Special Alloy) Crash Parts: Front Bumper & B-pillar Perforated Disc for Gear Couplings (SPFC780DP – CR) (18CrNiMo7-6 – Long & Special Alloy) HR Plates for Wind Tower Flanges (Oil & G
Slide 29: JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs
JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs YoY GMV ₹12,567cr JSW One growth 2.4x FY25 GMV • PAN India Delivery with 13 dedicated Service Centers in 6 states; 8 Facilities for private brand segment as on March 2025 • Increased acceptance of JSW One TMT rebar (priva
Slide 30: JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs
JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs Customer traction and customer base Significant growth in Volumes & GMV in Q4 Steel Cement Credit 151,000+ Visits on platform in Q4 5,81,650 71,192 ₹1,269 Cr tonnes tonnes Up 73% Up 20% Up 21% QoQ QoQ QoQ 2,600+ Transacte
Slide 31: Financial Performance
Financial Performance Business Operational Financial Outlook & Digitalisation Sustainability Strategy Appendix Environment Performance Performance Project Updates at JSW Steel
Slide 32: Financials – Consolidated
Financials – Consolidated ₹ crore Particulars Q4 FY25 Q4 FY24 Q3 FY25 FY25 FY24 Revenue from operations 44,819 46,269 41,378 1,68,824 1,75,006 Operating EBITDA 6,378 6,124 5,579 22,904 28,236 Other Income 230 242 147 694 1,004 Finance Cost 2,094 2,062 2,115 8,412 8,105 Depreciation 2,497 2,194 2,336
Slide 33: Q4 FY25 Consolidated Results – Drivers of Performance
Q4 FY25 Consolidated Results – Drivers of Performance • Consolidated crude steel production of 7.63mt1, up 12% YoY and 9% QoQ driven by ramp-up of new capacities at Volumes BPSL and JVML, Vijayanagar. Capacity utilization of 93% at Indian operations • Total sales volumes at 7.49mt, higher by 11% YoY
Slide 34: Consolidated EBITDA Movement – Q4 FY25 vs. Q3 FY25
Consolidated EBITDA Movement – Q4 FY25 vs. Q3 FY25 ₹ crore 697 6,378 624 5,579 52 20 450 EBITDA Volume NSR Cost Overseas Consol Adj. EBITDA Q3 FY25 subsidiaries Q4 FY25 33 33 JSW Steel Q4 FY25 Results Presentation /
Slide 35: Consolidated EBITDA Movement – FY25 vs. FY24
Consolidated EBITDA Movement – FY25 vs. FY24 ₹ crore 1,879 28,236 5,684 13 22,904 1,246 11,663 EBITDA Volume NSR Cost Overseas Consol Adj. EBITDA FY24 subsidiaries FY25 34 34 JSW Steel Q4 FY25 Results Presentation /
Slide 36: Financials – Indian Operations
Financials – Indian Operations ₹ crore JSW Steel – Indian Operations Q4 FY25 Q4 FY24 Q3 FY25 FY25 FY24 Crude Steel Production1 (mt) 7.40 6.54 6.82 26.98 25.55 Steel Sales2 (mt) 7.27 6.48 6.54 25.67 23.96 Revenue from Operations 42,679 43,158 39,440 1,60,153 1,63,409 Operating EBITDA 6,436 5,889 5,56
Slide 37: Consolidated Net Debt Movement
Consolidated Net Debt Movement ₹ crore 80,921 7,547 214 76,563 4,694 7,425 Net Debt New Repayments Forex Impact Movement Net Debt Dec'24 Loans Taken in Cash Mar'25 Particulars 31.03.2025 31.12.2024 31.03.2024 Net Debt (₹ Cr) 76,563 80,921 72,985 Cash & Cash Equivalents (₹ Cr) 19,394 11,969 12,590 Ne
Slide 38: Debt Profile and Credit Ratings
Debt Profile and Credit Ratings Net Gearing (ND1/Equity) within Leverage (ND1/EBITDA) within the stated cap of 1.75x the stated cap of 3.75x Diversified Funding Sources 1.75x 3.75x 1.15x Bonds and 0.91x 0.94x 2.56x 3.34x 0.87x 3.13x 2.58x Foreign debentures, 0.77x currency debt, INR debt, 33% 1.35x
Slide 39: Outlook & Project Updates
Outlook & Project Updates Business Operational Financial Outlook & Digitalisation Sustainability Strategy Appendix Environment Performance Performance Project Updates at JSW Steel
Slide 40: JSW Steel Consolidated Capex Update
JSW Steel Consolidated Capex Update Particulars ₹ Cr Capex carried forward (including Creditors and Acceptances) 47,7981 New Approvals: Dolvi: Sinter Plant, CPP capacity increase, etc. 3,151 Mining and Cost Saving projects 4,208 Value Added Product facilities 2,700 Sustenance Capex 4,006 Total 61,86
Slide 41: Key Project Updates – Vijayanagar
Key Project Updates – Vijayanagar 5mtpa Expansion at JVML-Vijayanagar ramping up well • RMHS, Sinter Plant, BF and one SMS unit commissioned • SMS converter-2 expected to be commissioned in Q2 FY26 • HSM commercial production and sales had commenced in March 2024 • Overall project ramping up well SM
Slide 42: Key Project Updates – Dolvi & Others
Key Project Updates – Dolvi & Others Dolvi Phase-III Expansion from 10 to 15 MTPA • Long lead-time items ordered, Letters of Credit established • Project to be completed by Sep’27 Other Projects 0.12 MTPA Color Coating line in Jammu & Kashmir: • Commissioned in Q4FY25 Color Coating line in Jammu & K
Slide 43: FY26 Guidance
FY26 Guidance All fig. in million metric tonnes FY26 Crude Steel Particulars Sales Production Consolidated India Operations 29.50 28.20 USA – Ohio Operations 1.00 1.00 JSW Steel Consolidated Operations 30.50 29.20 JSW Steel Q4 FY25 Results Presentation / 42
Slide 44: Digitalisation at JSW Steel
Digitalisation at JSW Steel Business Operational Financial Outlook & Digitalisation Sustainability Strategy Appendix Environment Performance Performance Project Updates at JSW Steel
Slide 45: Digitalisation at JSW Steel
Digitalisation at JSW Steel Increased Sales Manufacturing Manufacturing Manufacturing Supply Chain ADDITIONAL FOCUS Supply Chain Cost Optimisation ANTICIPATED IMPACT Safety, Security, Governance Asset Availability Primary Primary Mining Sustainability Finance Finance Mining Focus Focus led R&D Emiss
Slide 46: Digitalisation Driving End-to-End Transformation
Digitalisation Driving End-to-End Transformation Grow Revenue Reduce Cost & Improve Throughput Digital Sales & Marketing Digital Mining Ops Smart Factory Digital Supply Chain & Logistics Artificial Intelligence Process Automation • AI enabled optimisation models for process efficiency • Advance Plan
Slide 47: Digitalisation for Sustainability
Digitalisation for Sustainability Evaluate ESG maturity of suppliers • Evaluate sustainability of the supply chain A 12 B 6 Months • Prevent operational and reputational risks C Validity Certification • AI-powered customised action plans generated for Upload Of The Suppliers 2 D each vendor - contin
Slide 48: Strategy
Strategy Business Operational Financial Outlook & Digitalisation Strategy Sustainability Appendix Environment Performance Performance Project Updates at JSW Steel
Slide 49: Strategic Priorities to Create Shared and Sustainable Value
Strategic Priorities to Create Shared and Sustainable Value Cost leadership Being future Enhance value- Mainstreaming through ready through Strategic growth added product Strong financial sustainability resource technology-led with efficient portfolio with profile and across the optimisation and tra
Slide 50: JSW Steel: Growth Path
JSW Steel: Growth Path India Capacity U.S. Capacity Vijayanagar Salem Dolvi BPSL 35.7 43.4 51.5 1.5 2 8.1 50.0 0.5 1.5 0.2 5.0 41.9 1.5 Growth Options in the Portfolio 2.0 36.5 34.2 Organic • Brownfield growth potential of ~5mt at each of Vijayanagar and BPSL • 4mt brownfield Green Steel in 2 phases
Slide 51: Appendix
Appendix Business Operational Financial Outlook & Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 52: Quarterly Volumes – Standalone
Quarterly Volumes – Standalone Crude Steel Production (mt) Steel Sales (mt) +1% 0.3% YoY YoY 0.0% +3% QoQ QoQ 5.69 5.70 5.70 5.69 5.77 5.59 Q4 FY24 Q3 FY25 Q4 FY25 Q4 FY24 Q3 FY25 Q4 FY25 JSW Steel Q4 FY25 Results Presentation / 51
Slide 53: Annual Volumes – Standalone
Annual Volumes – Standalone Crude Steel Production (mt) Steel Sales (mt) +2% 1% YoY YoY 22.26 22.47 21.22 21.74 FY24 FY25 FY24 FY25 JSW Steel Q4 FY25 Results Presentation / 52
Slide 54: Financials – Standalone
Financials – Standalone ₹ crore Particulars Q4 FY25 Q4 FY24 Q3 FY25 FY25 FY24 Revenue from Operations 32,471 35,341 31,799 1,27,702 1,35,180 Operating EBITDA 5,068 4,442 4,397 18,381 21,980 Other Income 578 451 452 1,865 1,704 Finance Cost 1,595 1,569 1,633 6,486 6,108 Depreciation 1,490 1,460 1,475
Slide 55: Financials – BPSL and JSW Steel Coated Products
Financials – BPSL and JSW Steel Coated Products BPSL Q4 FY25 Q4 FY24 Q3 FY25 FY25 FY24 Crude Steel Production (mt) 0.98 0.81 0.96 3.54 3.18 Steel Sales (mt) 0.94 0.78 0.88 3.31 2.96 Revenue from Operations (₹ crore) 5,635 5572 5,340 21,440 21,893 Operating EBITDA (₹ crore) 570 536 541 2,212 2,765 Pr
Slide 56: Financials – US Operations
Financials – US Operations USA – Ohio Operations Q4 FY25 Q4 FY24 Q3 FY25 FY25 FY24 Production - Crude Steel (net tonnes) 2,49,003 2,75,822 2,31,872 8,90,182 9,62,697 Sales - Slab (net tonnes) 1,81,867 2,03,733 1,28,394 6,31,763 6,47,371 HRC (net tonnes) 60,534 67,801 63,817 2,30,897 2,58,492 Revenue
Slide 57: Financials – Piombino, Italy
Financials – Piombino, Italy Piombino, Italy Q4 FY25 Q4 FY24 Q3 FY25 FY25 FY24 Production – Rolled Products (tonnes) 63,398 65,918 60,237 2,66,305 3,21,242 Grinding Balls (tonnes) 8,634 8,558 8,672 35,069 28,856 Sales – Rolled Products (Bars, Wire Rod & Rails) (tonnes) 48,624 71,476 55,084 2,35,753
Slide 58: Our Steel is Helping Build Key Infrastructure in India
Our Steel is Helping Build Key Infrastructure in India High Speed Rail Project (Mumbai-Ahmedabad Bullet Train) Metro Projects: 51 km of Metro project lines 892 km of Railway Freight Corridors (Surat-JNPT (Mumbai, Delhi, Chennai, Pune, Bengaluru, and Mumbai-Haryana WDFC) Ahmedabad, Kochi, Nagpur, Bho
Slide 59: Our Steel is Helping Build Key Infrastructure in India
Our Steel is Helping Build Key Infrastructure in India 2.1 GW Solar Projects Nuclear Power Plants: 763 MW for Kudankulam, 1.3 GW Wind Projects Tarapur, Kakrapar Power Projects Mumbai Coastal Road Expressways and Highways: 864 Km Roads & 222 Km Bridges across major projects Airports: International Gr
Slide 60: Thank You
THANK YOU Investor Relations Contact: ir.jswsteel@jsw.in JSW Steel Q4 FY25 Results Presentation / 59