• Q1 operational performance: India steel demand grew 8.3%, driving capacity utilization to 94% (excluding BF-3) and lifting sales realization by approximately ₹6,500 quarter-on-quarter due to a strong mix of flat and value-added products.
• Sectoral demand drivers: Momentum was led by robust automotive sales across rural passenger vehicles, two-wheelers, and tractors, alongside a 25% year-on-year volume expansion in the renewable energy segment.
• Raw material outlook: Coking coal costs are expected to increase by $12 to $15 per tonne in Q2, but recent price corrections in coking coal and iron ore should provide margin relief starting in Q3.
• Domestic demand projections: Full-year Indian steel demand is forecast to expand by 7% to 9% to nearly 177 million tonnes, with JSW Steel leveraging added capacity from JVML, Vijayanagar BF-3, and Ohio operations to capture volume growth.
• Leverage and balance sheet: Net debt declined to approximately ₹46,000 crore, improving the net debt-to-EBITDA ratio to 1.46x, which remains well within the company's comfort threshold of 2.5x during ongoing expansions.