ABOUT THE REPORT
Welcome to JSW Steel’s 8th Integrated Annual Report, which aims to transparently communicate its ability to create value over the short, medium and long term. This report provides a detailed review of JSW Steel’s capacity and capabilities, operating context, strategy, risk management and mitigation, financial as well as non-financial performance, among others, while upholding the highest standards of corporate governance. There are no restatements of information in this report compared to our previous report.

Reporting cycle

01
April 2024
31
March 2025

Financial reporting

Companies Act, 2013 (and the rules made thereunder), Indian Accounting Standards, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, Secretarial Standards issued by the Institute of Company Secretaries of India.

Frameworks, guidelines and standards

IR Framework Logo
International <IR> framework
GRI Logo
GRI Standards 2021
UN SDG Logo
United Nations Sustainable Development Goals (UN SDGs)
worldsteel Logo
worldsteel guidelines
GHG Protocol Logo
GHG Protocol
UNGC Logo
United Nations Global Compact (UNGC)
NGRBC Logo
National Guidelines on Responsible Business Conduct (NGRBC)
CDP Logo
CDP disclosure
  • Climate change
  • Water security
CDP Logo
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, including compliance to the Business Responsibility and Sustainability Report (BRSR) framework

Scope and boundary

Strategic
disclosures
Financial
disclosures
Non-financial
disclosures
Disclosures
published separately
  • JSW Steel Vijayanagar
  • JSW Steel Dolvi
  • JSW Steel Salem
  • JSW Steel Raigarh
  • JSW Steel Anjar
  • JSW Steel mining operations at Karnataka and Odisha
  • JSW Vijayanagar Metallics Ltd.
  • Bhushan Power and Steel Limited
  • JSW Steel Coated Products Ltd.
  • Amba River Coke Ltd.
  • Mivaan Steels Limited
  • JSW Industrial Gases Ltd.
  • Neotrex Steel Ltd.
  • National Steel & Agro Industries Ltd.#
  • NSL Green Steel Recycling Ltd.
  • JSW Utkal Steel Ltd.
  • JSW Green Steel Ltd.§
  • JSW Steel USA Baytown
  • JSW Steel USA Ohio
  • JSW Steel Italy
  • JSW Steel Vijayanagar
  • JSW Steel Dolvi
  • JSW Steel Salem
  • JSW Steel Raigarh
  • JSW Steel Anjar
  • JSW Vijayanagar Metallics Ltd.
  • Bhushan Power and Steel Limited
  • JSW Steel Coated Products Ltd.
  • Amba River Coke Ltd.
  • Mivaan Steels Limited
  • JSW Industrial Gases Ltd.
  • Neotrex Steel Ltd.
  • National Steel & Agro Industries Ltd.#
  • NSL Green Steel Recycling Ltd.
  • JSW Utkal Steel Ltd.
  • JSW Green Steel Ltd.$
  • JSW Steel USA Baytown
  • JSW Steel USA Ohio
  • JSW Steel Italy
  • JSW Steel Vijayanagar
  • JSW Steel Dolvi
  • JSW Steel Salem
  • JSW Raigarh
  • Bhushan Power and Steel Limited
  • JSW Steel Coated Products Ltd.
  • Amba River Coke Ltd.
  • JSW Industrial Gases Ltd.
  • JSW Mining Operations
  • JSW Green Steel Ltd.$
  • JSW Steel USA Baytown
  • JSW Steel USA Ohio
  • JSW Steel Italy
The operations/subsidiaries covered under non-financial disclosures in the IR contribute to >90% of the revenue generated.
# Merged with JSW Steel Coated Products Limited vide NCLT order dated October 03, 2024.
$ The non-financial disclosures in the IR for JSW Green Steel Limited to be referred as erstwhile JSW Salav Works of JSW Steel Limited.

Precautionary principle

We follow a precautionary approach towards minimising our negative impact on the environment. We consistently undertake efforts to reduce our Company's overall environment footprint.

Our approach to value creation, preservation and erosion

The application and management of our capitals as part of our strategy execution directly influence value creation, preservation and erosion. These impacts are reflected in the changes in our capitals over time, our financial performance, and the outputs and outcomes for all stakeholders. Our processes for value creation and preservation are deeply rooted in our purpose (Read more), outlined in our business model (Read more), and integrated into our decision-making processes.

Responsibility statement

The integrity of the information presented in this report has been assured by our Company’s Board and Management, as Those Charged with Governance (TCWG).

Assurance

The non-financial information is assured by Bureau Veritas India Private Limited as third-party assurance provider. The financial information is audited by SRBC & Co. LLP.

Forward looking statements

Certain statements in this report concerning our future growth prospects are forward looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition within the steel industry, including those factors that may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed price, fixed time frame contracts, our ability to commission mines within contemplated time and costs, our ability to raise the finance within time and cost, client concentration, restrictions on immigration, our ability to manage our internal operations, reduced demand for steel, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which our Company has made strategic investments, withdrawal of fiscal/ governmental incentives, impact of regulatory measures, political instability, legal restrictions on raising capital or acquiring companies outside India, unauthorised use of our intellectual property and general economic conditions affecting our industry. Our Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of our Company.