We will largely maintain our estimates and recommendations (NEUTRAL with a TP of Rs 236 based on 7x June 19 EBITDA). JSW Steels (JSTL) standalone numbers missed estimates (EBITDA/t: Rs 5,917/t, -33.8% YoY, -15.0% QoQ, Est 6,728) on weaker sales volumes (3.5 mT, 4.8% YoY, -11.6% QoQ, Est 3.9 mT). Realisations beat estimates (Rs 39,171, 21.1% YoY, flat QoQ, Es Rs 38,100), driven by lower exports (23% vs est 30%) in the mix (Export prices fell more than domestic). Subsidiaries delivered strong numbers (Coated products EBITDA up 30.3/27.0% YoY/QoQ, US/Chile +ve EBITDA from losses earlier), and this drove a smaller miss on consolidated EBITDA (Rs 26.2bn, -20.0% YoY, -17.3% QoQ, Est Rs 27.8bn).