JSW Steel (JSW) reported highest ever EBITDA (in line with our estimate) of Rs104 bn (+1.4x YoY) in Q2FY22. The key positives were: 1) share of value added products remained high at 60% (61% in Q1FY22, 51% in Q2FY21) driven by increased domestic sales to automotive, solar and appliance segments and 2) there was higher usage of...