) reported a consolidated net loss of ₹339.4 crore for Q4FY25, a sharp contrast to the ₹935.4 crore profit in the same period last year, driven by an exceptional loss of ₹1,229.5 crore from its overseas subsidiaries, including impairments and credit losses. Despite the weak quarterly performance, Nuvama has upgraded its outlook on JSPL, citing significant capacity additions expected in FY26. The brokerage expects a 4.6 mtpa blast furnace to be commissioned by early Q2FY26, followed by a 3 mtpa Basic Oxygen Furnace (BoF) by the end of the quarter, which will boost volume growth and drive EBITDA higher. The company is also set to benefit from lower iron ore and coal prices, improved product mix, and stable steel prices amid the 12% safeguard duty on flat products. Nuvama forecasts margins of ₹14,000/tonne in H1FY26 and near-doubling of EBITDA by FY27 as production ramps up and costs decline. While recent results have weighed on the stock, the upcoming capacity expansion and cost tailwinds suggest a turnaround is on the horizon, making JSPL a potential outperformer in the medium term.

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