• Volume and margin outlook: JSW Steel expects an additional 3 to 3.5 million tons of volume this financial year, supported by the JVML ramp-up and the Vijayanagar Blast Furnace 3 expansion. Full realization of steel price hikes from the fourth quarter is expected to keep first-quarter margins incrementally higher despite input cost pressures.
• Deleveraging and debt targets: Net debt closed at approximately 54,000 crore rupees as of March 31, with an additional ~7,900 crore rupee inflow from JFE expected by end-June to drive further debt reduction. Consequently, the company revised its net debt-to-EBITDA cap down from 3.75x to 3.0x, aiming for a comfort level below 2.5x.
• Long-term capacity roadmap: The company raised its FY32 domestic capacity target to 62 million tons, alongside an incremental 16 million tons from its JFE and POSCO joint ventures. This will lift total capacity to 78 million tons in India and 79.5 million tons globally, including US operations.
• Near-term asset expansion: JSW Steel acquired the 1-million-ton BMM Ispat plant, which includes 2,400 acres of usable land to expand engineering steel production at low specific investment costs. Excluding JVs and US assets, domestic capacity is slated to exit FY27 at around 32 million tons.