JSW Steel Q1 FY27: Deleveraging Done, Capacity Build-Out Continues

Revenue from operations was Rs 47,364 crore, adjusted EBITDA was Rs 9,373 crore, and profit after tax was Rs 4,696 crore (presentation).

As of 30 June 2026, net debt was Rs 46,157 crore, net debt/equity was 0.42x and net debt/EBITDA was 1.46x on an LTM basis (presentation).

Management guided FY27 consolidated volumes of production 29.75 mt and sales 28.6 mt; India operations guidance includes BMM Ispat volumes and excludes the JSW JFE JV (presentation).

FY27 capex spend is expected at Rs 22,000 to 24,000 crore; the approved capex pipeline shown totals Rs 1,30,528 crore to be spent over 4 to 5 years (presentation).

BF-3 at Vijayanagar was commissioned in June 2026; Dolvi Phase III is targeted by Sep 2027; Utkal pellet plants by FY28 and integrated units by FY30; Kadapa EAF targeted by FY29; slurry pipeline targeted for March 2027 (presentation and concall).

VASP was 61% of total sales in Q1 FY27 (up from 59% in prior comparable quarters), while flats sales were up 9% YoY as the company focused on flats due to better demand and pricing (presentation).

Management guided FY27 domestic demand growth of 7% to 9%, but noted India turned a net importer in Q1 with higher imports and that antidumping investigations were initiated (presentation and concall).