JSW Steel Q4 Margins Steady as India Demand Supports Met Coal Consumption

JSW Steel’s Q4 FY25 results reflect steady margins and robust domestic demand, signaling cautious optimism for the met coal market. Consolidated EBITDA rose 14% QoQ to ₹6,378 crore, with steel sales up 11% to 7.49mt. However, EBITDA per ton edged up only 2.7% to ₹8,514/t (~$103), highlighting margin pressure from lower realizations despite cost relief from cheaper coking coal and energy. Indian operations remained the earnings driver, benefiting from sourcing efficiency and strong end-user demand, especially in auto, construction, and renewables. Meanwhile, overseas units (U.S. and Italy) underperformed. JSW’s FY26 guidance of 30.5mt production suggests continued high met coal intake, but the rising use of scrap and green steel initiatives implies a slow structural shift in raw material mix. For now, stable Indian blast furnace operations and muted export exposure support met coal demand, but margin sensitivity to coal costs remains a key watchpoint for the second half of 2025.