JSW Steel's reported Q1FY27 earnings above our estimates. Revenue declined by 8% QoQ, as a 13% QoQ fall in sales volume due to seasonal weakness was partly offset by a 6% QoQ increase in NSR driven by higher steel prices. EBITDA increased 9% QoQ to Rs94bn, while EBITDA/t improved by 23% QoQ to Rs 15,013/t, supported by higher realisation and lower iron ore costs partly offset by higher coking coal costs. JSW completed BF3 expansion from 3MTPA to 4.5MTPA in Jun'26 and expects volumes to recover in Q2FY27...