JSW Steel has a strong medium-to-long-term outlook

1. Steel prices are supportive: Indian HRC prices rose around ₹4,000/tonne from August to early September, reaching a four-year high. Post-monsoon infrastructure and auto demand could support another increase, although imports remain a risk. 2. Capacity expansion: JSW is targeting significant capacity growth, with the broader roadmap taking capacity toward 62 MT in the current plan and further expansion under consideration. 3. Rayalaseema project: JSW has started development of a 2 MTPA integrated steel plant in Andhra Pradesh. Phase 1 involves ₹4,500 crore investment for 1 MTPA, with total project investment potentially reaching ₹16,350 crore. 4. Cost reduction: The company is pursuing projects such as the Odisha slurry pipeline, which management expects can generate significant logistics/raw-material savings. Deleveraging is also progressing, with India Ratings upgrading JSW Steel to IND AA+, Stable in September.