Integrated Filing — IndAS

General information about company
Scrip Code	500228
NSE Symbol	JSWSTEEL
MSEI Symbol	NOTLISTED
ISIN	INE019A01038
Name of company	JSW STEEL LIMITED
Type of company	Main Board
Class of security	Equity
Date of start of financial year	01-Apr-2024
Date of end of financial year	31-Mar-2025
Date of board meeting when results were approved	23-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange	16-May-2025
Description of presentation currency	INR (in Actuals)
Reporting Type	Quarterly
Reporting Quarter	Fourth quarter
Nature of report standalone or consolidated	Standalone
Whether results are audited or unaudited for the quarter ended	Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended	Audited
Segment Reporting	Single segment
Description of single segment	manufacturing of steel
Start date and time of board meeting	23-May-2025   10:00:00
End date and time of board meeting	23-May-2025   15:40:00
Whether cash flow statement is applicable on company	Yes
Type of cash flow statement	Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification	Statement on impact of audit qualification
Whether the company has any related party?	Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure?	Yes
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public	NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure.	NA
Whether the company is a high value debt listed entity according to regulation 15 (1A)?	Yes
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?	Yes
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company?	Yes
Latest Date on which RPT policy is updated	2025-05-23
Indicate Company website link for updated RPT policy of the Company	https://www.jswsteel.in/sites/default/files/assets/industry/steel/IR/Corporate%20Governace/Related_Party_Policy/Related%20Party%20Policy_020622.pdf
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter?	No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity?	No
NA

Financial Results Ind-AS
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Standalone	Standalone
Part I	Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1	Income
	Revenue from operations	324710000000	1277020000000
	Other income	5780000000	18650000000
	Total income	330490000000	1295670000000
2	Expenses
(a)	Cost of materials consumed	159710000000	657790000000
(b)	Purchases of stock-in-trade	5220000000	8730000000
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	4750000000	9160000000
(d)	Employee benefit expense	6120000000	24880000000
(e)	Finance costs	15950000000	64860000000
(f)	Depreciation, depletion and amortisation expense	14900000000	59130000000
(f)	Other Expenses
1	Mining premium and royalties	20240000000	91440000000
2	Power and fuel	31090000000	121360000000
3	Other expenses	46900000000	179850000000
	Total other expenses	98230000000	392650000000
	Total expenses	304880000000	1217200000000
3	Total profit before exceptional items and tax	25610000000	78470000000
4	Exceptional items	-8590000000	-13040000000
5	Total profit before tax	17020000000	65430000000
6	Tax expense
7	Current tax	6910000000	15110000000
8	Deferred tax	-10360000000	-8050000000
9	Total tax expenses	-3450000000	7060000000
10	Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement	0	0
11	Net Profit Loss for the period from continuing operations	20470000000	58370000000
12	Profit (loss) from discontinued operations before tax	0	0
13	Tax expense of discontinued operations	0	0
14	Net profit (loss) from discontinued operation after tax	0	0
15	Share of profit (loss) of associates and joint ventures accounted for using equity method	0	0
16	Total profit (loss) for period	20470000000	58370000000
17	Other comprehensive income net of taxes	-8100000000	3710000000
18	Total Comprehensive Income for the period	12370000000	62080000000
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent
	Total profit or loss, attributable to non-controlling interests
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent
	Total comprehensive income for the period attributable to owners of parent non-controlling interests
21	Details of equity share capital
	Paid-up equity share capital	2440000000	2440000000
	Face value of equity share capital	1	1
27	Details of debt securities
22	Reserves excluding revaluation reserve		795340000000
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	8.39	23.94
	Diluted earnings (loss) per share from continuing operations	8.37	23.87
ii	Earnings per equity share for discontinued operations
	Basic earnings (loss) per share from discontinued operations	0	0
	Diluted earnings (loss) per share from discontinued operations	0	0
ii	Earnings per equity share
	Basic earnings (loss) per share from continuing and discontinued operations	8.39	23.94
	Diluted earnings (loss) per share from continuing and discontinued operations	8.37	23.87
24	Debt equity ratio	0.0082	0.0082
25	Debt service coverage ratio	0.0258	0.0242
26	Interest service coverage ratio	0.0258	0.0321
27	Disclosure of notes on financial results

Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio

Statement of Asset and Liabilities
Particulars		Year ended (dd-mm-yyyy)
Date of start of reporting period		01-Apr-2024
Date of end of reporting period		31-Mar-2025
Whether results are audited or unaudited		Audited
Nature of report standalone or consolidated		Standalone
	Assets
1	Non-current assets
	Property, plant and equipment	733220000000
	Capital work-in-progress	105380000000
	Investment property	0
	Goodwill	4130000000
	Other intangible assets	18430000000
	Intangible assets under development	3770000000
	Biological assets other than bearer plants	0
	Investments accounted for using equity method	284830000000
	Non-current financial assets
	Non-current investments	50400000000
	Trade receivables, non-current	0
	Loans, non-current	97100000000
	Other non-current financial assets	98740000000
	Total non-current financial assets	246240000000
	Deferred tax assets (net)	0
	Other non-current assets	63170000000
	Total non-current assets	1459170000000
2	Current assets
	Inventories	198190000000
	Current financial asset
	Current investments	58160000000
	Trade receivables, current	56720000000
	Cash and cash equivalents	95950000000
	Bank balance other than cash and cash equivalents	6660000000
	Loans, current	0
	Other current financial assets	10500000000
	Total current financial assets	227990000000
	Current tax assets (net)	0
	Other current assets	37260000000
	Total current assets	463440000000
3	Non-current assets classified as held for sale
4	Regulatory deferral account debit balances and related deferred tax Assets
	Total assets	1922610000000
	Equity and liabilities
1	Equity
	Equity attributable to owners of parent
	Equity share capital	3050000000
	Other equity	795340000000
	Total equity attributable to owners of parent	798390000000
	Non controlling interest
	Total equity	798390000000
2	Liabilities
	Non-current liabilities
	Non-current financial liabilities
	Borrowings, non-current	559190000000
	Trade payables, non-current
	(A) Total outstanding dues of micro enterprises and small enterprises	0
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	0
	Total Trade payable	0
	Other non-current financial liabilities	30830000000
	Total non-current financial liabilities	590020000000
	Provisions, non-current	11960000000
	Deferred tax liabilities (net)	85280000000
	Deferred government grants, Non-current	0
	Other non-current liabilities	880000000
	Total non-current liabilities	688140000000
	Current liabilities
	Current financial liabilities
	Borrowings, current	95760000000
	Trade payables, current
	(A) Total outstanding dues of micro enterprises and small enterprises	8540000000
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	226340000000
	Total Trade payable	234880000000
	Other current financial liabilities	61040000000
	Total current financial liabilities	391680000000
	Other current liabilities	40490000000
	Provisions, current	2090000000
	Current tax liabilities (Net)	1820000000
	Deferred government grants, Current	0
	Total current liabilities	436080000000
3	Liabilities directly associated with assets in disposal group classified as held for sale	0
4	Regulatory deferral account credit balances and related deferred tax liability	0
	Total liabilities	1124220000000
	Total equity and liabilites	1922610000000
	Disclosure of notes on assets and liabilities

Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars		3 months/ 6 month ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-Jan-2025	01-Apr-2024
Date of end of reporting period		31-Mar-2025	31-Mar-2025
Whether accounts are audited or unaudited		Audited	Audited
Nature of report standalone or consolidated		Standalone	Standalone
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
	Total Segment Revenue
	Less: Inter segment revenue
	Revenue from operations
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
	Total Profit before tax
	i. Finance cost
	ii. Other Unallocable Expenditure net off Unallocable income
	Profit before tax
3	(Segment Asset - Segment Liabilities)
	Segment Asset
	Total Segment Asset
	Un-allocable Assets	null	null
	Net Segment Asset	null	null
4	Segment Liabilities
	Segment Liabilities
	Total Segment Liabilities
	Un-allocable Liabilities	null	null
	Net Segment Liabilities	null	null
	Disclosure of notes on segments

Other Comprehensive Income
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Standalone	Standalone
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
1	Items that will not be reclassified to profit or loss	-8950000000	800000000
	Total Amount of items that will not be reclassified to profit and loss	-8950000000	800000000
2	Income tax relating to items that will not be reclassified to profit or loss	-1290000000	1240000000
3	Amount of items that will be reclassified to profit and loss
1	Items that will be reclassified to profit or loss	-580000000	5550000000
	Total Amount of items that will be reclassified to profit and loss	-580000000	5550000000
4	Income tax relating to items that will be reclassified to profit or loss	-140000000	1400000000
5	Total Other comprehensive income	-8100000000	3710000000

Cash flow statement, indirect
Particulars				Year ended (dd-mm-yyyy)
A	Date of start of reporting period			2024-04-01
B	Date of end of reporting period			2025-03-31
C	Whether results are audited or unaudited			Audited
D	Nature of report standalone or consolidated			Standalone
Part I	Blue color marked fields are non-mandatory.
	Statement of cash flows
	Cash flows from used in operating activities
	Profit before tax			65430000000
	Adjustments for reconcile profit (loss)
	Adjustments for finance costs			61990000000
	Adjustments for decrease (increase) in inventories			31440000000
	Adjustments for decrease (increase) in trade receivables, current			8180000000
	Adjustments for decrease (increase) in trade receivables, non-current			0
	Adjustments for decrease (increase) in other current assets			-9650000000
	Adjustments for decrease (increase) in other non-current assets			0
	Adjustments for other financial assets, non-current			0
	Adjustments for other financial assets, current			0
	Adjustments for other bank balances			0
	Adjustments for increase (decrease) in trade payables, current			-35860000000
	Adjustments for increase (decrease) in trade payables, non-current			0
	Adjustments for increase (decrease) in other current liabilities			5270000000
	Adjustments for increase (decrease) in other non-current liabilities			0
	Adjustments for depreciation and amortisation expense			59130000000
	Adjustments for impairment loss reversal of impairment loss recognised in profit or loss			0
	Adjustments for provisions, current			-1360000000
	Adjustments for provisions, non-current			0
	Adjustments for other financial liabilities, current			0
	Adjustments for other financial liabilities, non-current			0
	Adjustments for unrealised foreign exchange losses gains			0
	Adjustments for dividend income			1070000000
	Adjustments for interest income			16840000000
	Adjustments for share-based payments			1690000000
	Adjustments for fair value losses (gains)			-520000000
	Adjustments for undistributed profits of associates			0
	Other adjustments for which cash effects are investing or financing cash flow			0
	Other adjustments to reconcile profit (loss)			14270000000
	Other adjustments for non-cash items			3820000000
	Share of profit and loss from partnership firm or association of persons or limited liability partnerships			0
	Total adjustments for reconcile profit (loss)			120490000000
	Net cash flows from (used in) operations			185920000000
	Dividends received			0
	Interest paid			0
	Interest received			0
	Income taxes paid (refund)			17010000000
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) operating activities			168910000000
	Cash flows from used in investing activities
	Cash flows from losing control of subsidiaries or other businesses			0
	Cash flows used in obtaining control of subsidiaries or other businesses			35270000000
	Other cash receipts from sales of equity or debt instruments of other entities			62730000000
	Other cash payments to acquire equity or debt instruments of other entities			120490000000
	Other cash receipts from sales of interests in joint ventures			0
	Other cash payments to acquire interests in joint ventures			0
	Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships			0
	Cash payment for investment in partnership firm or association of persons or limited liability partnerships			0
	Proceeds from sales of property, plant and equipment			22390000000
	Purchase of property, plant and equipment			66540000000
	Proceeds from sales of investment property			0
	Purchase of investment property			0
	Proceeds from sales of intangible assets			0
	Purchase of intangible assets			0
	Proceeds from sales of intangible assets under development			0
	Purchase of intangible assets under development			0
	Proceeds from sales of goodwill			0
	Purchase of goodwill			0
	Proceeds from biological assets other than bearer plants			0
	Purchase of biological assets other than bearer plants			0
	Proceeds from government grants			0
	Proceeds from sales of other long-term assets			0
	Purchase of other long-term assets			0
	Cash advances and loans made to other parties			0
	Cash receipts from repayment of advances and loans made to other parties			0
	Cash payments for future contracts, forward contracts, option contracts and swap contracts			0
	Cash receipts from future contracts, forward contracts, option contracts and swap contracts			0
	Dividends received			1070000000
	Interest received			11940000000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			24380000000
	Net cash flows from (used in) investing activities	-99790000000
	Cash flows from used in financing activities
	Proceeds from changes in ownership interests in subsidiaries			0
	Payments from changes in ownership interests in subsidiaries			0
	Proceeds from issuing shares			0
	Proceeds from issuing other equity instruments			0
	Payments to acquire or redeem entity's shares			0
	Payments of other equity instruments			0
	Proceeds from exercise of stock options			0
	Proceeds from issuing debentures notes bonds etc			0
	Proceeds from borrowings			201680000000
	Repayments of borrowings			139510000000
	Payments of lease liabilities			4040000000
	Dividends paid			17850000000
	Interest paid			62540000000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			-440000000
	Net cash flows from (used in) financing activities			-22700000000
	Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes			46420000000
	Effect of exchange rate changes on cash and cash equivalents
	Effect of exchange rate changes on cash and cash equivalents			0
	Net increase (decrease) in cash and cash equivalents			46420000000
	Cash and cash equivalents cash flow statement at beginning of period			49530000000
	Cash and cash equivalents cash flow statement at end of period			95950000000

Audit qualification
Sr.	Details of Audit Qualification	Type of Audit Qualification	Frequency of qualification	For Audit Qualification(s) where the impact is quantified by the auditor	For Audit Qualification(s) where the impact is not quantified by the auditor
				Management's Views	(i) Management's estimation on the impact of audit qualification	(ii) If management is unable to estimate the impact, reasons for the same	Auditors' Comments on (i) or (ii) above
1	Textual Information(1)	Qualified opinion	Whether appeared first time	Textual Information(2)	Textual Information(3)	Textual Information(4)	Textual Information(5)

Text Block
Textual Information(1)	As stated in note 2 to the standalone financial results the Company is in process of evaluating the possible legal remedies pursuant to the Honble Supreme Courts rejection of the Companys Resolution Plan for acquisition of Bhushan Power and Steel Limited BPSL and believes there is no adverse material impact on the standalone financial results. Pending the outcomes of the legal remedies being evaluated by the Company as stated in the said note and the final outcome of regulatory actions and given the uncertainties involved in this regard we are unable to assess the possible consequential effects thereof on these standalone financial results. n nThe Honble Supreme Court pronounced the judgment dated 2 May 2025 rejecting Companys resolution plan for Bhushan Power and Steel Limited BPSL a subsidiary of the Company and directing the refund to the Company of amounts paid to financial creditors operational creditors of BPSL and equity contribution made in BPSL basis the Honble Supreme Court Order dated 6 March 2020. The Honble Supreme Court also directed that liquidation proceedings be initiated by National Company Law Tribunal NCLT for BPSL under Section 33 1 of Insolvency Bankruptcy Code IBC. n nThe Company through its subsidiary Piombino Steel Limited PSL had invested in BPSL and the carrying amount of its investments in and loans given to PSL aggregates to Rs. 9215 crores as at 31 March 2025. Further the Company has carried out a recoverability assessment considering the Honble Supreme Court Order dated 6 March 2020 and the judgement dated 2 March 2025 the ESCROW Agreement with erstwhile lenders of Committee of Creditors and legal opinion obtained by the Company and concluded that the recoverable amount is sufficient enough to cover the carrying values in the books and hence no provision is required to be made for the investments in and loans given to PSL as on 31 March 2025. The Company in consultation with its legal advisors is in the process of evaluating all options to finalise the legal remedies including Review of judgement dated 2 May 2025 of the Honble Supreme Court. Pending the outcome of such actions no adjustments have been made since the Company believes that there is no adverse material impact on the Standalone Financial Results as on and for the year ended 31 March 2025.
Textual Information(2)	NA
Textual Information(3)	The Honble Supreme Court pronounced the judgment dated 2 May 2025 rejecting Companys resolution plan for Bhushan Power and Steel Limited BPSL a subsidiary of the Company and directing the refund to the Company of amounts paid to financial creditors operational creditors of BPSL and equity contribution made in BPSL basis the Honble Supreme Court Order dated 6 March 2020. The Honble Supreme Court also directed that liquidation proceedings be initiated by National Company Law Tribunal NCLT for BPSL under Section 33 1 of Insolvency Bankruptcy Code IBC. The Company through its subsidiary Piombino Steel Limited PSL had invested in BPSL and the carrying amount of its investments in and loans given to PSL aggregates to Rs. 9215 crores as at 31 March 2025. Further the Company has carried out a recoverability assessment considering the Honble Supreme Court Order dated 6 March 2020 and the judgement dated 2 March 2025 the ESCROW Agreement with erstwhile lenders of Committee of Creditors and legal opinion obtained by the Company and concluded that the recoverable amount is sufficient enough to cover the carrying values in the books and hence no provision is required to be made for the investments in and loans given to PSL as on 31 March 2025. The Company in consultation with its legal advisors is in the process of evaluating all options to finalise the legal remedies including Review of judgement dated 2 May 2025 of the Honble Supreme Court. Pending the outcome of such actions no adjustments have been made since the Company believes that there is no adverse material impact on the Standalone Financial Results as on and for the year ended 31 March 2025.
Textual Information(4)	NA
Textual Information(5)	Pending the outcomes of the legal remedies being evaluated by the Company as stated in nthe note 2 of standalone financial results and the final outcome of regulatory actions; and ngiven the uncertainties involved in this regard, we are unable to assess the possible nconsequential effects thereof on these standalone financial results.