• Pricing and margins: Steel prices rose 20–25% between January and March from December lows, and despite coking coal costs rising another $12–$15 in Q1 alongside higher iron ore costs, price flow-through is expected to absorb costs and improve margins.
• International business performance: US operations turned profitable at positive $36 million compared to negative $35 million in the prior year, while Italian operations generated over €16 million, with both regions expected to improve further from facility upgrades.
• Debt reduction targets: Total net debt closed at roughly ₹54,000 crore with a net debt-to-EBITDA ratio of 1.81, and the company aims to maintain this leverage ratio below 2.5 as additional joint venture funds and cash flows aid further deleveraging.
• Capacity expansion goals: JSW Steel raised its FY32 domestic capacity target to 62 million tonnes, which alongside 16 million tonnes in combined JFE and Posco joint venture capacities will take total global capacity close to 80 million tonnes.
• Inorganic growth plans: The board approved the acquisition of BMM Ispat, a nearby 1-million-tonne facility with low-cost doubling potential for engineering steel, while management clarified there are no active plans to execute a QIP.