JSW Steel's Q3FY26 performance was above our estimates. Revenue increased by 2% QoQ, driven by 4% volume growth as Dolvi, JVML and BPSL capacities ramped up. NSR decreased 3% QoQ, owing to a decline in steel prices. EBITDA decreased by 9% QoQ to Rs65bn, while EBITDA per tonne fell by 12% QoQ to Rs 8,503/t, driven by lower realization, $5/t increase in coking coal costs, partially offset by savings in power costs. Management expects HRC prices to improve further driven by strong seasonal demand. JSW announced a 5MTPA steel plant in Odisha with a capex of Rs316bn with commissioning expected by FY30 and...