JSW Steel kicked off FY27 with robust Q1 performance.

1. **Business Performance:** Crude steel production rose 3% YoY to 6.59mt, with sales up 4% YoY to 6.25mt.

India operations hit 94% capacity utilization.

Flats sales surged 9% YoY, and Value-Added & Special Products (VASP) grew 8% YoY, making up 61% of total sales.

Sales to Auto and Renewables jumped 18% and 24% YoY respectively.

2. **Growth Drivers or Strategy:** The company aims for 50mtpa India capacity by FY31 and 62mtpa by FY32, underpinned by strategic growth, cost leadership, and enhanced VAP.

Digital platform JSW One's GMV grew 51% YoY to ₹5,919 Cr.

3. **Recent Developments:** The JSW JFE JV is now complete after JFE invested its second ₹7,875 Cr tranche, leading to a significant deleveraging of ~₹37,000 Cr.

Vijayanagar BF-3's upgraded 4.5mtpa capacity is ramping up.

Credit ratings were upgraded by Fitch and CARE.

4. **Key Financial Metrics:** Revenue from operations grew 19% YoY to ₹47,364 Cr.

Reported EBITDA stood at ₹9,383 Cr, and Net Profit was ₹4,696 Cr (EPS ₹19.02). Leverage improved sharply with Net Debt/Equity at 0.42x and Net Debt/EBITDA at 1.46x. 5. **Management Commentary / Outlook:** JSW Steel projects FY27 production of 29.75mt and sales of 28.6mt.

Capex for FY27 is estimated at ₹22,000-24,000 Cr, focusing on expansions like Dolvi Phase-III by Sep'27.