JINDALSAW

Q4 2025

reported a mixed set of earnings for Q4FY25 and FY25, with pressure on quarterly performance while maintaining relative stability on a full-year basis. **Q4FY25 Financial Highlights (YoY):** * **Total Income**: ₹50,675 million vs ₹54,937 million – down 8%, indicating a decline in volumes or realizations. * **EBITDA**: ₹7,571 million vs ₹9,888 million – down 23%; margins under pressure likely due to input costs or lower capacity utilization. * **PBT**: ₹4,657 million vs ₹6,658 million – down 30%. * **PAT**: ₹869 million vs ₹4,804 million – down 82%, primarily due to a one-off, higher depreciation, tax impact, or reduced other income. **FY25 Financial Highlights (YoY):** * **Total Income**: ₹2,09,478 million vs ₹2,11,259 million – marginal decline of 1%. * **EBITDA**: ₹35,482 million vs ₹34,892 million – up 2%, showing cost efficiencies despite flat revenue. * **PBT**: ₹23,226 million vs ₹22,165 million – up 5%. * **PAT**: ₹14,580 million vs ₹15,929 million – down 8%, possibly due to higher tax or interest costs. **Overall Assessment:** While FY25 was largely stable with slight gains in operating and pre-tax profit, the sharp dip in Q4 profits suggests some challenges in the final quarter, possibly due to operational disruptions or cyclical softness. Full-year EBITDA growth despite revenue softness shows internal efficiencies, but PAT drop indicates room for improvement in net profitability.