JSW Steel (JSTL) posted Q4FY20 EBITDA below our estimates by 11% due to lower than expected earnings in domestic subsidiaries and higher intercompany eliminations. Impacted by tepid domestic demand and lower exports, sales volume fell 8% QoQ/14% YoY to 3.7mnt (PLe:3.75mnt). Realisations rose 8% or Rs2,880/t QoQ (down 10% or Rs4,310/t YoY) to Rs40,600 (PLe:Rs40,415). Cost/t remained flat QoQ to Rs32,585 (PLe:Rs32,600)/t. Hence, EBITDA/t came in line with our estimates at Rs8,700 (PLe:Rs8,500), up 45% QoQ/14% YoY. Management guided to maintain volumes in FY21e at 15mnt on expectation...