Pursuing All Legal Remedies With Respect To Bhushan Power & Steel: JSW Steel | CNBC TV18
📅 May 25, 2025CNBC-TV188 MIN896 VIEWS27 SEGMENTS · 3 SPEAKERS
#4QWithCNBCTV18 | ‘We are pursuing all legal remedies with respect to Bhushan Power & Steel. Believe we will be eligible for participating if the asset comes up for bidding again’, Jayant Acharya discusses course of action on Bhushan Power & Steel. Says JSW Steel is confident of getting a full refund of its dues if the asset goes for liquidiation. Adds that steel demand looks strong & profitability will improve in FY26.
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Questions asked in this interview
11
0:07Well, let's start off with focus on the domestic front. How is demand on ground?
1:50How much lower will coking coal cost in quarter four and how much lower will the BC be in the coming quarter, quarter one FY26?
2:24What is the outlook on your overseas operations?
3:35Acharya, but will US and Italian operations turn into the green in this quarter, first quarter of FY26?
3:50What's the outlook on capex and debt in this financial year, FY26?
4:30You've taken a couple of enabling resolutions, but will you raise some money?
4:56What is the course of action you all are taking with regard to that particular asset?
Welcome back. As promised, let's get chatting with the management of JSW Steel. The numbers were in line and the performance should improve from year on. We're joined by Mr. Jayant Acharya, the Joint MD and CEO at JSW Steel. Hi, Mr. Acharya. Thanks a lot for joining in here on CNBC TV18. Well, let's start off with focus on the domestic front. How is demand on ground? And also tell us how much higher are prices today if I compare it with the past quarter.
JSW Steel has delivered a very strong operational performance as you rightly said on the back of a very strong India demand. Last year the demand in India grew by about 11.5%, incrementally 16 million tons of steel. The pricing improved towards the later part of last quarter, and I think the benefit of that we will see in the quarter one of this year. So we see an improved pricing environment giving us a positive flip side on the price realizations in the quarter one FY26. It will also be driven by higher volumes from our JVML capacities at Vijayanagar, which has ramped up to about over 90% utilization in March. That will further improve in terms of volume as well as with stabilized operation it will be more cost effective than all our other operations in our hot coil business.
All right, got that. Let's focus on the other aspect, that's on the cost side. How much lower will coking coal cost in quarter four and how much lower will the BC be in the coming quarter, quarter one FY26?
So last quarter as we had guided, our coking coal prices were lower in the blend by about $15, and we expect about $10 to $15 in this quarter one as well on the back of better sourcing and blend.
Yeah. So overseas operations have improved over quarter three and quarter four. I think especially on the back of a better pricing environment in the United States, we will see improved operational performance in quarter one versus quarter four. Italian operations there was a delay with the uptake of some orders from the rail system, and we also faced a congestion in terms of evacuation of the rails from our plant. So due to which the volumes were lower and that resulted in a lower EBITDA. On an outlook basis I would say both US operations and Italian operations will deliver positively to the EBITDA in the current year, and the bilateral order from the Italian rail is in the process of getting signed. So we would see improved offtake this year from the Italian operations.
Yeah. So we have a plan of spending about 20,000 crores in this financial year, FY26, and as you have seen our debts have gone up by about 4,350 crores in the last quarter ending March 25. Going forward I think rather than a debt number, I would like to say that our ratios, net debt to EBITDA, which have improved from quarter three to quarter four, will continue to progressively improve during this financial year.
All right. Sir, I want to question you on the fundraising plans. Any such plans? You've taken a couple of enabling resolutions, but will you raise some money?
14 more exchanges in this transcript
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Acharya, J. (2025, May 25). Pursuing All Legal Remedies With Respect To Bhushan Power & Steel: JSW Steel | CNBC TV18 [Interview transcript]. CNBC-TV18. CEOInterviews.AI. https://ceointerviews.ai/interview/1041736/
MLA
Jayant Acharya. "Pursuing All Legal Remedies With Respect To Bhushan Power & Steel: JSW Steel | CNBC TV18." CNBC-TV18, 25 May. 2025. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/1041736/.
BibTeX
@misc{acharya2025_1041736,
author = {Jayant Acharya},
title = {Pursuing All Legal Remedies With Respect To Bhushan Power \& Steel: JSW Steel | CNBC TV18},
howpublished = {Interview transcript, CNBC-TV18. CEOInterviews.AI},
year = {2025},
month = {may},
url = {https://ceointerviews.ai/interview/1041736/},
note = {Speaker-attributed transcript with timestamps}
}
