JSWSTEEL · Metals & Mining
JSW Steel Ltd. reported revenue of ₹43,147 cr for April to June 2025, +0.5% on the year and −3.7% on the quarter. Over the last four quarters revenue comes to ₹1.69 lakh cr, −3.8% on the four before.
Operating profit (EBITDA) was ₹7,476 cr, a margin of 17.3%, +452 bps on the year and +364 bps on the quarter. Over the last 8 quarters the margin has ranged from 12.8% to 17.6%, averaging 14.8%. Operating costs grew −4.7% against revenue growth of +0.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹2,209 cr, +154.8% on the year and +47.2% on the quarter, with earnings per share of ₹8.93. Profit before other income, one-offs and tax grew 123.8%, so 31 points of the headline growth came from outside the core business. The tax rate was 28% against an average of 34% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹4,833 cr, −34.8% on the four before.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹19.81 over the last four quarters, the stock at ₹1,214.50 trades at 61.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +154.8% on the year; profit before other income, exceptional items and tax +123.8%.
Source: Quarterly statements
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
EBITDA margin 17.3%, +452 bps on the year (+364 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹44,584 cr | ₹41,940 cr | ₹46,269 cr | ₹42,943 cr | ₹39,684 cr | ₹41,378 cr | ₹44,819 cr | ₹43,147 cr | ₹45,152 cr | ₹45,991 cr | ₹51,180 cr | ₹47,364 cr |
| YoY | — | — | — | +2% | −11% | −1% | −3% | +0% | +14% | +11% | +14% | +10% |
| EBITDA margin | 17.6% | 17.1% | 13.0% | 12.8% | 13.5% | 13.5% | 13.7% | 17.3% | 15.6% | 13.9% | 16.5% | 19.6% |
| Other income, % of PBT | 18% | 6% | 12% | 12% | −24% | 4% | 11% | 11% | 12% | −18% | 81% | 12% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 40% | 26% | 34% | 37% | 49% | 39% | 13% | 28% | 30% | — | 14% | 24% |
| Net profit | ₹2,773 cr | ₹2,450 cr | ₹1,322 cr | ₹867 cr | ₹404 cr | ₹719 cr | ₹1,501 cr | ₹2,209 cr | ₹1,646 cr | ₹2,410 cr | ₹19,243 cr | ₹4,696 cr |
| YoY | — | — | — | −64% | −85% | −71% | +14% | +155% | +307% | +235% | +1,182% | +113% |
| Core profit YoY | — | — | — | −61% | −74% | −64% | −13% | +124% | +111% | +52% | +169% | +100% |
| EPS | ₹11.29 | ₹9.88 | ₹5.31 | ₹3.46 | ₹1.80 | ₹2.93 | ₹6.15 | ₹8.93 | ₹6.64 | ₹8.75 | ₹66.94 | ₹19.02 |
| Flags | · | · | · | 1 | 1 | 1 | 2 | 1 | 1 | 2 | 3 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
JSW Steel Ltd. reported revenue of ₹43,147 cr (+0.5% on the year) and net profit of ₹2,209 cr (+154.8% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved +123.8% on the year, against +154.8% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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