Please find enclosed.
Awaiting price reaction for this filing.
JSW Steel reported Q4 FY25 consolidated revenue of ₹44,819 crore and Operating EBITDA of ₹6,378 crore, with FY25 revenue at ₹1,68,824 crore and EBITDA at ₹22,904 crore (down from ₹28,236 crore in FY24). Net profit for FY25 was ₹3,491 crore vs ₹8,973 crore last year, hit by higher costs and exceptional items. Consolidated crude steel production rose 12% YoY to 7.63mt in Q4 and 5% YoY to 27.79mt in FY25, with India capacity utilisation at 93%. The company declared a dividend of ₹2.80 per share. Net Debt/EBITDA rose to 3.34x (from 2.58x). A major overhang: the Supreme Court on 2 May 2025 rejected JSW's BPSL resolution plan and ordered refund of amounts paid to creditors and equity contribution. The company guided FY26 production of 30.5mt and sales of 29.2mt, achieving 98% of FY25 targets, and outlined a growth path to 50mt capacity by FY27 with ₹61,863 crore planned capex through FY28.
Negative near-term sentiment from the BPSL Supreme Court order requiring refunds and the sharp YoY drop in full-year profit. However, record domestic sales volumes and a clear multi-year capacity expansion roadmap (to ~50mt by FY27) and FY26 guidance should support the longer-term growth story. Investors should watch debt levels as Net Debt/EBITDA has risen to 3.34x.