JSW Steel's Q1FY26 performance was broadly in line with our expectations. Revenue declined 4% QoQ due to 11% QoQ decline in volumes, driven by planned shutdown and seasonality. NSR increased 7% QoQ, led by higher steel prices. EBITDA increased by (19%/37%) QoQ/YoY to Rs75bn, while EBITDA per tonne rose by (33%/26%) QoQ/YoY to Rs 11,324/t, driven by higher steel prices and lower input costs, despite a drag of Rs3.43bn on account of MTM forex loss on euro currency loans. Management expects a recovery in volumes and EBITDA in Q2, backed by higher capacity utilizations, improved demand, and absence of...