JSW Steel Ltd

- JSW Steel has completed a deleveraging of approximately Rs.37,000 crores from the BPSL JV transaction, with Rs.30,000 crores completed by March-end. - The second tranche of equity investment from JFE Steel (JV partner) is expected by end-June, which will further deleverage the company by around Rs.7,900 crores. - The company has revised its maximum gearing cap from 1.75x to 1.25x and leverage cap from 3.75x to 3.00x, aiming to keep leverage below 2.5x. - Capex plans of Rs.1,26,000 crores over the next 4-5 years are expected to be partly funded by operating cash flows from incremental capacities; temporary debt rise possible but no large sustained increase expected. - Equity requirements for JV projects (e.g., BF-6 expansion) will be in the range of Rs.4,000-5,000 crores per project. - For FY27, management expects to remain comfortable on leverage with possible temporary debt increase; no explicit new major debt or equity fundraising announced beyond JFE equity tranche.

- JSW Steel's current capex guidance is Rs.126,000 crores over the next 4-5 years, excluding JV expansions and mining. - An additional ~Rs.1,00,000 crores is expected for capacity expansion to 78.5 million tonnes by FY33, spread over 6-7 years. - Annual capex run rate expected to rise to Rs.20,000-Rs.35,000 crores in coming years as multiple projects pick up pace. - Key projects: - BF-6 blast furnace expansion at Vijayanagar (~Rs.26,000 crores, equity share Rs.8,000-10,000 crores). - Dolvi Phase 3 (expected operational CY27). - New JV greenfield integrated steel plant (6 million tonnes) with POSCO in Odisha. - Scrap processing facilities in western and southern India. - Expansion targets: - JSW Steel capacity to grow to 62 million tonnes by FY32. - JV capacity with JFE and POSCO adding 16 million tonnes. - The capex is aimed at increasing production, downstream facilities, mining, and joint venture projects.

- India’s GDP expected to grow close to 7%, with steel growth elasticity of 1.3x, implying 8%-9% steel market growth next year. - JSW Steel targets 10%-12% growth in sales/market volumes, reflecting confidence in outperforming industry growth. - Sales growth guidance for FY27 is about 10% excluding BPSL, and about 12% when adjusted for BPSL and BMM volumes. - Production growth guidance is higher at approximately 13%, indicating capacity ramp-up. - JSW Steel plans capacity expansion to 62 million tonnes in India by FY32, plus joint venture additions of 16 million tonnes. - Capacity CAGR expected around 12%, allowing JSW to grow roughly 1.5x industry steel demand over the next several years. - Multiple projects and JV expansions will drive accelerated growth, including new facilities coming online through FY27-FY30.

- JSW Steel anticipates steel market growth at about 7-9% in the coming year, with flat steel growing faster at 10-12%, driving company sales growth of around 10-12% (page 20). - Production growth guidance is around 13%, with sales growth at about 10%, excluding BPSL (page 20). - Incremental capacity and operational improvements, including JV expansions and overseas upgrades, are expected to increase volumes and profitability (pages 18, 19). - FY27 EBITDA projected to increase with new capacity, e.g., an 8 million tonne production addition contributing Rs.9,000-12,000 crores EBITDA (page 14). - Normalized PAT excluding exceptional items was ~Rs.8,700 crores in FY26, with expectations of improved profitability as capacity ramps up (page 6). - Management targets a strengthened balance sheet with leverage below 2.5x net debt/EBITDA to support sustainable growth and profitability (pages 19, 20).

The provided transcript from the JSW Steel Q4 FY26 Earnings Call does not explicitly mention details about the current or expected order book or pending orders. The discussion primarily focuses on: - Capacity expansion plans aiming for 62 million tonnes by FY32. - Strategic joint ventures with JFE Steel and POSCO to accelerate growth. - Production and sales volume targets for FY27. - Raw material security and operational improvements. - Pricing outlook and margin expectations. - Export opportunities and fuel mix. There is no specific mention or data related to the current order book or pending orders in the available transcript pages.