JSW Steel, a part of the diversified JSW Group, has been on a roll. In the just-concluded fiscal (FY18), the company reported a 76% year-on-year rise in net profit to Rs.61 billion on the back of 18% growth in turnover to Rs.715 billion. In fact, operating margins rose to nine‐year high level of Rs.11,100/tonne and analysts expect the momentum to sustain given the structural withdrawal of Chinese supplies, following a clampdown on pollution in the Asian region. Importantly, the company’s net debt fell by Rs.35.29 billion during the year, resulting in a D/E of 1.27x, even as i