Jsw Steel Limited · NSE:JSWSTEEL
Jsw Steel — Q1 FY26 Earnings Presentation
52 slides from Jsw Steel's earnings presentation, Jul 18, 2025
Slide 1: Exchange filing cover letter
JSWSL: SECT: MUM: SE: 2025-26/07/12 July 18, 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.
Slide 2: Q1 FY26 Results Presentation
Q1 FY26 Results Presentation 18 July 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 Project Digitalisation at Strategy Appendix Updates JSW Steel JSW Steel Q1 FY26 Results Presentation / 3
Slide 5: Key Highlights – Q1 FY26
Key Highlights – Q1 FY26 • Revenue from Operations: ₹43,147 crore in Q1 • Operating EBITDA: ₹7,576 crore in Q1 Financial • Net Profit: ₹2,209 crore in Q1 Performance • Net Debt to Equity: 0.95x and Net Debt to EBITDA1: 3.20x • India capacity utilisation2 of 87% in Q1, impacted by planned maintenance
Slide 6: Sustainability
Sustainability Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance 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 to Enhance Safety Safety Highlights Effective Leadership Zero Zero Zero major A first-of-its-kind conversational AI-based kiosk injury harm for employees and contractual workers incidents launched at Dolvi • I
Slide 10: Targeting Net Neutral by 2050: Decarbonization Agenda
Targeting Net Neutral by 2050: Decarbonization Agenda Renewable Energy Phase-I Two Phases, Phase-II • 2.5GW of Renewable Energy and 320MWh of Battery 2030 Two Milestones 2050 Storage capacity approved • On track to achieve 1GW capacity by Q2 FY26 1.95tCO2/tcs Net Neutral in o 250MW Solar 42% from ba
Slide 11: Biodiversity: Committed to “No Net Loss” by 2030
Biodiversity: Committed to “No Net Loss” by 2030 • Biodiversity Management Plan for all steelmaking sites in place • Made significant positive impact in freshwater ecosystem • Created positive biodiversity impact of approx. 4,000 hectares through afforestation carried out with the Karnataka Forest D
Slide 12: 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 20,71,585 52,900 11 Students Benefitted Health Consultations Individuals Trained Projects Supported Sports Water, Environment & Agriculture Waste Management
Slide 13: Sustainability Recognitions
Sustainability Recognitions CDP - Supplier Engagement Assessment FTSE4Good Index Series CDP’s Supplier Engagement Assessment Retained in the FTSE4Good Index Series (SEA) A-list for 2024 disclosure cycle with an improved score Great Place to Work ET Edge SCM Awards Certified as a Great Place to Work
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 2.49 2.50 2.45 2.45 2.43 2.44 2.43 2.41 2.39 5.76 2.36 2.37 2.35 5.66 5.68 5.48 FY21 FY22 FY23 FY24 FY25 Q1FY26 FY21 FY22 FY23 FY24 FY25 Q1FY26 FY21 F
Slide 15: Business Environment
Business Environment Sustainability Business Operational Financial Digitalisation Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 16: Global Economy
Global Economy GDP Growth Forecasts (%YoY) CY25F (Jan 25) CY25F (June 25) CY26F (June 25) • Global: Global growth while affected by tariffs and geopolitics, has been holding up reasonably well. Signing of trade deals to reduce 6.7% 6.5% 6.3% uncertainty and improve outlook; extension of deadline til
Slide 17: Global Steel
Global Steel Crude Steel Production – Jan-May (mt) Finished Steel Demand (mt) China Steel Production and Export (mt) 150 China Crude Steel Production (LHS) 12 Jan-May CY23 Jan-May CY24 Jan-May CY25 CY24 CY25(f) CY26(f) -1.3% Exports (RHS) +0.4% 10 100 8 -1.7% 1,783 1,751 1,744 -0.8% -1.5% +2.2% 6 79
Slide 18: Indian Economy
Indian Economy PMI – Manufacturing & Services E-way Bills (mn) PMI Manufacturing PMI Services • RBI’s growth projection for FY26 maintained at 6.5%, stable vs. last E-way bills (mn) 65 400 year. Benign inflation enabled RBI to front-load rate cuts. CRR cuts 60 350 to support transmission of lower ra
Slide 19: Indian Steel
Indian Steel Production and Consumption (mt) Apparent Steel Consumption (mt) Q1 FY25 Q4 FY25 Q1 FY26 40.12 40.31 +10.4% 40.27 38.34 +7.9% 38.34 36.51 YoY YoY 35.54 35.54 30.83 27.50 25.00 Crude Steel Production Apparent Steel Consumption Q1 FY22 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Finished Steel Imports
Slide 20: Operational Performance
Operational Performance Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 21: Q1 FY26 Volumes – JSW Steel Consolidated
Q1 FY26 Volumes – JSW Steel Consolidated Crude Steel Production (mt) Steel Sales (mt) +14% +9% Capacity utilisation at 87%, -11% YoY -5% impacted by maintenance YoY QoQ 1 QoQ shutdown 7.63 7.26 7.49 6.35 6.69 6.12 Q1 FY25 Q4 FY25 Q1 FY26 Q1 FY25 Q4 FY25 Q1 FY26 million tonnes Q1 FY25 Q4 FY25 Q1 FY26
Slide 22: Q1 FY26 Sales: JSW Steel Consolidated – Indian Operations
Q1 FY26 Sales: JSW Steel Consolidated – Indian Operations Domestic Sales by Customer Segment Value-Added and Special Products (mt) 5.31mt 6.72mt 5.96mt +12% YoY % of Total 64% 60%1 64%1 -11% QoQ Sales 4.11 3.81 3.91 36% 37% 36% Retail 13% 12% 14% Auto 18% 18% 17% Industrial 33% 33% 34% Construction
Slide 23: Retail Segment & Branded Stores
Retail Segment & Branded Stores: JSW Steel Consolidated – Indian Operations Retail Sales (in kt) Branded Stores (number of outlets) +12% YoY -15% 44 new branded 2,412 stores added in QoQ 74 new towns and 2,490 30 in existing 2,126 1,664 towns 1,896 64 1,363 1,091 970 2,338 748 10 1,600 926 1,128 1,0
Slide 24: Q1 FY26 Production & Sales
Q1 FY26 Production & Sales In million metric tonnes Crude Steel Production Sales Q1 FY25 Q1 FY26 YoY Q1 FY25 Q1 FY26 YoY Consolidated India Operations 6.12 7.02 15% 5.90 6.43 9% USA – Ohio Operations 0.23 0.24 2% 0.22 0.26 18% JSW Steel Consolidated Operations 6.35 7.26 14% 6.12 6.69 9% Guidance of
Slide 25: 11 Grades/Products Approved in Q1 FY26
11 Grades/Products Approved in Q1 FY26 Launching Gantry Bus Body (to lift and support bridge segments (GPL Grade (YS 350 Max) – Coated) or girders) (S550MC – HR) Switchgear Panels Crown Wheel for Automotive (DX51D 2mm, AZ150GSM – Coated) (SAE4124_M – Long & Special Alloy) Pipes for Oil & Gas Pipelin
Slide 26: JSW One: One-stop Digital Marketplace for MSMEs
JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs YoY GMV growth of 54%1 ₹3,919cr GMV1 JSW One • Offers a range of industrial and building material products, logistics, Superior customer and credit solutions via its tech platform. Operates through two Fastest growing B2B
Slide 27: JSW One: Customer traction and GMV growth
JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs Customer traction and customer base Significant growth in Volumes & GMV in Q1 Steel Cement Credit 120,000+ Visits on platform in Q1 5,48,578 60,074 ₹1,208 Cr tonnes tonnes Up 55% Up 61% Up 95% YoY YoY YoY 3,000+ Transacte
Slide 28: Financial Performance
Financial Performance Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 29: Financials – Consolidated
Financials – Consolidated ₹ crore Particulars Q1 FY26 Q1 FY25 Q4 FY25 FY25 Revenue from operations 43,147 42,943 44,819 1,68,824 Operating EBITDA 7,576 5,510 6,378 22,904 Other Income 350 164 230 694 Finance Cost 2,217 2,073 2,094 8,412 Depreciation 2,537 2,209 2,497 9,309 Share of Profit/ (Loss) of
Slide 30: Q1 FY26 Consolidated Results – Drivers of Performance
Q1 FY26 Consolidated Results – Drivers of Performance • Consolidated crude steel production of 7.26mt, up 14% YoY driven by ramp-up of new capacities at BPSL and JVML- Vijayanagar; but down 5% QoQ due to capacity utilisation of 87% at Indian operations, impacted by planned Volumes maintenance shutdo
Slide 31: Consolidated EBITDA Movement – Q1 FY26 vs. Q4 FY25
Consolidated EBITDA Movement – Q1 FY26 vs. Q4 FY25 ₹ crore 2,116 198 7,576 6,378 314 61 741 EBITDA Volume NSR Cost Overseas Consol Adj. EBITDA Q4 FY25 subsidiaries Q1 FY26 30 30 JSW Steel Q1 FY26 Results Presentation /
Slide 32: Financials – Indian Operations
Financials – Indian Operations ₹ crore JSW Steel – Indian Operations Q1 FY26 Q1 FY25 Q4 FY25 FY25 Crude Steel Production1 (mt) 7.02 6.12 7.40 26.98 Steel Sales2 (mt) 6.43 5.90 7.27 25.67 Revenue from Operations 40,510 40,537 42,679 1,60,153 Operating EBITDA 7,496 5,417 6,436 22,908 Profit/(Loss) aft
Slide 33: Consolidated Net Debt Movement
Consolidated Net Debt Movement ₹ crore 7,730 2,822 79,850 76,563 449 7,714 Net Debt New Repayments Forex Impact Movement Net Debt Mar'25 Loans Taken in Cash Jun'25 Particulars 30.06.2025 31.03.2025 30.06.2024 Net Debt (₹ Cr) 79,850 76,563 80,199 Cash & Cash Equivalents (₹ Cr) 16,572 19,394 9,217 Net
Slide 34: 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 0.95x 2.56x 3.34x 3.20x 0.87x 3.13x 2.58x INR debt, debentures, 0.77x Foreign 43% 29% 1.35x
Slide 35: Project Updates
Project Updates Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 36: JSW Steel Consolidated Capex Update
JSW Steel Consolidated Capex Update Particulars ₹ Cr Capex carried forward as on 1st April 47,7981 (including Creditors and Acceptances) New Projects: Dolvi: Sinter Plant, CPP capacity increase, etc. 3,151 New approval Mining and Cost Saving projects 4,208 of CRNO project of ₹4,600cr at Value Added
Slide 37: 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 5m
Slide 38: 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 Dolvi Plant Other Projects 0.6mtpa CRM and Zero Spangle line in Khopoli • Equipment ordering in progress. Commissioning
Slide 39: Digitalisation at JSW Steel
Digitalisation at JSW Steel Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 40: 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 41: Digital Transformation in HR Processes
Digital Transformation in HR Processes Integrated technology platform offering a seamless experience across the Hire to Retire (H2R) lifecycle H2R Initiatives Implemented 40% Hiring & Onboarding Manager Enablement Improved productivity Learning & • Persona-based Digitalised Operational Metrics Devel
Slide 42: Strategy
Strategy Business Operational Financial Digitalisation Strategy Sustainability Project Updates Appendix Environment Performance Performance at JSW Steel
Slide 43: 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 44: 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 45: Appendix
Appendix Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 46: Quarterly Volumes – Standalone
Quarterly Volumes – Standalone Crude Steel Production (mt) Steel Sales (mt) +3% +1% YoY YoY -6% -9% QoQ QoQ 5.70 5.77 5.30 5.34 5.26 5.09 Q1 FY25 Q4 FY25 Q1 FY26 Q1 FY25 Q4 FY25 Q1 FY26 JSW Steel Q1 FY26 Results Presentation / 45
Slide 47: Financials – Standalone
Financials – Standalone ₹ crore Particulars Q1 FY26 Q1 FY25 Q4 FY25 FY25 Revenue from Operations 31,613 32,654 32,471 1,27,702 Operating EBITDA 5,585 4,275 5,068 18,381 Other Income 497 396 578 1,865 Finance Cost 1,601 1,590 1,595 6,486 Depreciation 1,556 1,460 1,490 5,913 Exceptional Items - - (859
Slide 48: Financials – BPSL and JVML-Vijayanagar
Financials – BPSL and JVML-Vijayanagar BPSL Q1 FY26 Q1 FY25 Q4 FY25 FY25 Crude Steel Production (mt) 0.88 0.78 0.98 3.54 Steel Sales (mt) 0.78 0.75 0.94 3.31 Revenue from Operations (₹ crore) 4,998 5,564 5,635 21,440 Operating EBITDA (₹ crore) 760 670 570 2,212 Profit/(Loss) after Tax (₹ crore) 331
Slide 49: Financials – JSW Steel Coated Products
Financials – JSW Steel Coated Products JSW Steel Coated Products1 Q1 FY26 Q1 FY25 Q4 FY25 FY25 Production (mt) 1.13 1.15 1.20 4.58 Sales (mt) 1.10 1.14 1.22 4.51 Revenue from Operations (₹ crore) 8,637 9,161 9,035 34,491 Operating EBITDA (₹ crore) 559 369 575 1,781 Profit/(Loss) after Tax (₹ crore)
Slide 50: Financials – US Operations
Financials – US Operations USA – Ohio Operations Q1 FY26 Q1 FY25 Q4 FY25 FY25 Production - Crude Steel (mn net tonnes) 0.26 0.25 0.25 0.89 Sales - Slab (mn net tonnes) 0.22 0.19 0.18 0.63 HRC (mn net tonnes) 0.06 0.05 0.06 0.23 Revenue from Operations (US$ mn) 216.29 166.23 170.00 588.36 Operating E
Slide 51: Financials – Piombino, Italy
Financials – Piombino, Italy Piombino, Italy Q1 FY26 Q1 FY25 Q4 FY25 FY25 Production – Rolled Products (mn tonnes) 0.06 0.07 0.06 0.27 Grinding Balls (mn tonnes) 0.01 0.01 0.01 0.04 Sales – Rolled Products (Bars, Wire Rod & Rails) (mn tonnes) 0.07 0.06 0.05 0.24 Grinding Balls (mn tonnes) 0.01 0.01
Slide 52: Thank You
THANK YOU Investor Relations Contact: ir.jswsteel@jsw.in JSW Steel Q1 FY26 Results Presentation / 51