JSW Steel Limited Q2 FY26 Concall Decoded: – Global chaos, steel prices soft, JSW still printing tonnes

1. Opening Hook

Global geopolitics is messy, tariffs are flying, China is exporting steel like it’s Black Friday, and Indian steel prices are sulking below import parity.
Perfect setup for a bad quarter, right?

JSW Steel politely ignored the script.
They produced more steel than ever, sold more steel than ever for a Q2, talked green hydrogen, AI, EAFs, capex running till FY29, and still sounded relaxed about debt.

Steel prices dipped, forex played spoilsport, but volumes, margins and long-term ambition stayed stubbornly intact.
Management sounded less worried about the next quarter and more focused on the next decade.

If you’re expecting panic, you won’t find it here.
Read on — the real story is how JSW plans to outgrow volatility rather than forecast it.

2. At a Glance

Revenue ₹45,152 Cr – Prices dipped, tonnes did the heavy lifting.
EBITDA ₹7,849 Cr (17.4%) – Cost control + mix saved the day.
EBITDA/tonne ₹10,701 – Soft prices, solid execution.
PAT ₹1,646 Cr – Forex played villain, profits survived.
Crude steel 7.9 MT (+17% YoY) – Capacity finally flexing.
Net debt ₹79,153 Cr – FX bloated it, leverage stayed calm.

3. Management’s Key Commentary

“Global growth remains resilient despite geopolitical and trade challenges.”
(Translation: The world is on fire, but demand hasn’t left the building 😏)

“India continues to be the fastest-growing major economy.”
(Steel executives’ favourite sentence, still valid)

“Domestic steel demand grew 8.9% YoY.”
(Infrastructure spends doing their thing 🏗️)

“We commissioned India’s first 25 MW green hydrogen electrolyser.”
(Not ESG PowerPoint — actual hydrogen flowing)

“Our consolidated crude steel production was the highest ever.”
(Volume is the new confidence)

“Net debt-to-EBITDA remains below 3x.”
(Relax, lenders aren’t knocking 🚪)

“Our capex plan of ₹69,000 crores will be funded largely by internal accruals.”
(Growth without begging banks)

4. Numbers Decoded

Source table

Metric	Q2 FY26	What It Signals
Crude Steel Production	7.9 MT	New capacities delivering
Steel Sales	7.34 MT	Demand absorbing supply
Domestic Sales	6.33 MT	India still the hero
VASP Share	64%	Mix cushioning price pain
EBITDA Margin	17.4%	Operational discipline
Coking Coal Cost	↓ USD6	Small mercy from markets
Forex Impact	-₹734 Cr	Accounting pain, not cash

One-liner: Prices fell, but JSW compensated with scale, mix and efficiency.

5. Analyst Questions (Decoded)

Q: Why are domestic prices below import parity?
A: Weak quarter + lumpy capacities + import spillovers.
Q: When do prices improve?

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