JSW Steel To Raise Rs 14,000 Crore Via Bonds, Equity To Fund Capex

JSW Steel Ltd. on Friday approved plans to raise up to Rs 14,000 crore via debt and equity.

The board cleared a proposal to raise Rs 7,000 crore via qualified institutional placement and Rs 7,000 crore through non-convertible debentures with warrants that are convertible into equity shares, according to a stock exchange filing.

Moreover, the board approved the issuance of NCDs up to Rs 5,000 crore, by way of private placement or public issuance, in one or more tranches to replace short-maturity loans, meet long-term working capital requirements, capital expenditure and for general corporate purposes.

The company did a capex of Rs 14,656 crore in FY25, as per an investor presentation. It plans to spend Rs 20,000 crore in FY26, Rs 21,000 crore in FY27, and Rs 20,863 in FY28. Nearly 96% of capex is for India operations.

The plans involve the Sinter plant capacity increase in Maharashtra's Dolvi, mining and cost-saving projects, value-added product facilities and sustenance capex.

JSW Steel has guided for 30.5 million tonnes of crude steel production for FY26 and 29.2 million tonnes in sales.

The net debt as of March 2025 stood at Rs 76,563 crore, with net debt to equity at 0.94 times and net debt-to-Ebitda at 3.34 times.