JSW Steel has uploaded a new investor presentation on its website, providing stakeholders with updated insights into its operations. The disclosure was made pursuant to Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing ensures that market participants have access to material information that may influence investment decisions.

The presentation was submitted to the National Stock Exchange of India Ltd. and BSE Limited. The communication was addressed to the Listing Departments of both exchanges, referencing the NSE symbol JSWSTEEL and the BSE company code 500228. The filing was authenticated by Manoj Prasad Singh, Company Secretary, in the interim capacity.

Accessing the Presentation

The investor presentation is available for immediate access through the official link provided in the regulatory filing. This document serves as a primary source of financial and operational data for analysts and investors.

The presentation was uploaded on June 4, 2026. Market participants can review the document to assess the company's performance and strategic outlook.

JSW Steel has received a reaffirmed Overweight rating from Morgan Stanley, with the global investment bank maintaining a target price of ₹1,330 on the stock. The rating reflects confidence in the company's long-term strategic positioning, underpinned by a robust capacity expansion roadmap, strengthened raw material security, and a disciplined financial framework.

Capacity Expansion and Growth Strategy

Morgan Stanley's positive stance is anchored in JSW Steel's ambitious plan to scale domestic steel capacity to 50MT by 2030. This expansion trajectory signals the company's intent to consolidate its position as a leading domestic steel producer and capitalize on India's growing infrastructure and industrial demand.

Raw Material Security Initiatives

A key highlight cited by Morgan Stanley is the significant improvement in JSW Steel's raw material security. The brokerage points to multiple initiatives that collectively strengthen the company's supply chain resilience:

• Ilwara supply: Enhanced raw material sourcing through the Ilwara supply arrangement
• Mozambique commissioning: Operationalization of mining assets in Mozambique
• Domestic mining: Ongoing domestic mining operations covering approximately 50% of coking coal requirements

These combined measures are expected to reduce the company's exposure to global coking coal price volatility and improve cost predictability over the medium term.

Financial Performance Metrics

Morgan Stanley's assessment also incorporates JSW Steel's financial guidance and balance sheet discipline. The key metrics highlighted by the brokerage are summarized below:

The stable EBITDA/ton guidance of ₹11–12k reflects management's confidence in sustaining operational profitability, while the commitment to keeping net debt/EBITDA below 3x underscores a disciplined approach to balance sheet management amid the ongoing capital expenditure cycle.

Balance Sheet Discipline

Morgan Stanley specifically acknowledges JSW Steel's strategy of maintaining net debt/EBITDA below 3x as a key positive. This financial discipline is particularly noteworthy given the scale of the company's capacity expansion plans, suggesting that growth ambitions are being pursued within a structured and manageable leverage framework.