JSW Steel Limited — Q2FY27 earnings call summary

Filed 29 October 2026 · Official transcript

Domestic steel demand expected to grow 7-8% in FY27; strong recovery in Q2 with 13% consolidated sales growth
Capex guidance Rs.22,000-24,000 Cr for FY27; total capex plan Rs.1.48 lakh Cr over 5-6 years
Coking coal cost expected to rise $25 in Q3; iron ore costs marginally higher; cost inflation to be offset by price recovery
Multiple analyst queries on capex execution and raw material integration; management confident on balance sheet strength and project execution
Q2 FY27 consolidated revenue Rs.54,486 Cr; adjusted EBITDA Rs.9,941 Cr; EBITDA margin 18%; PAT Rs.5,359 Cr
Net debt to EBITDA expected to remain manageable; ring-fencing of JV liabilities maintained
Expansion projects approved: Utkal Phase-2 (5 mn t by Q1 FY31), JVML pellet plant (8 mn t), downstream expansions
Focus on raw material security with captive mines and washeries; net debt Rs.44,482 Cr; leverage 1.28x