JSW Steel Q4 results: Net profit rises 16%, EBITDA advances 4%; company to raise ₹14,000 crore

JSW Steel, the country's largest steel maker, on Friday, May 23, announced net profit of ₹1,503 crore in January-March quarter, marking an increase of 16% from ₹1,209 crore in the same period last year.

JSW Steel's total revenue from operations declined 3% to ₹44,819 crore as against ₹46,269 crore in the year-ago period.

Operationally the company recorded stable performance in fourth quarter of financial year 2024-25 as its earnings before interest, taxes, depreciation, and amortisation (EBITDA) also known as operating profit rose 4% to ₹6,378 crore as against ₹6,124 crore in the corresponding period last year.

Its EBITDA margin improved by 100 basis points to 14.23%.

Operational performance

Billionaire Sajjan Jindal-backed company posted strong performance in Q4. Its India operations reported 93% capacity utilisation in Q4 and 91% for FY25, demonstrating strong demand and efficient operations. The newly commissioned JVML blast furnace operated at over 90% utilisation in March 2025.

Consolidated crude steel output reached 7.63 million tonnes (mt) in Q4, up 12% year-on-year (YoY), and 27.79 mt in FY25, staging 5% YoY growth.

Steel sales were 7.49 mt in Q4 (up 11% YoY) and 26.45 mt in FY25 (up 7% YoY). Notably, the company achieved its highest-ever quarterly and annual domestic sales, with domestic volumes rising 30% in Q4 and 15% in FY25.

The company maintained net debt to equity ratio of 0.94x and a net debt to EBITDA ratio of 3.34x, reflecting a stable financial position, JSW Steel said.

Global overview by JSW Steel

United States: Q1 growth was affected by early imports. Inflation and weak consumer sentiment are risks, though ongoing tariff discussions offer a positive outlook. The US Fed remains in wait-and-watch mode following last year's 100 basis points of rate cuts, the steel maker said.

Eurozone: Near-term uncertainty persists, but softer inflation may lead to more rate cuts. Long-term prospects are supported by increased defence and infrastructure spending, JSW Steel said.

China: Economic activity picked up in late 2024 and early 2025. Signs of recovery are visible outside real estate, with fiscal and monetary support continuing.

Japan: Domestic consumption is expected to be supported by steady wage growth, though strong yen and potential tariffs pose headwinds after a strong Q1 export performance, the Mumbai-based steel maker added.

Fund raising and dividend

After the conclusion of board meeting, JSW Steel informed exchanges that its board has approved raising ₹14,000 crore by way of debt and equity.

The company will raise ₹7,000 crore by issuing non-convertible debentures (NCDs) and another ₹7,000 crore will be raised by issuing shares by way of qualified institutional placement (QIP).

The company's board also approved final dividend of ₹2.80 per share.

JSW Steel shares ended 0.23% higher at ₹1,007.90 ahead of its earnings announcement.