JSW Steel Limited (NSE: JSWSTEEL; BSE: 500228) shares ended 1.24% lower on the National Stock Exchange on Friday following the release of its third quarter financial results. The price action reflected the market response to the company’s performance for the period ended December 31, 2025
The company’s market capitalization stood at ₹2.33 trillion at the close of trading on January 23, 2026.
Latest Quarterly Results
JSW Steel reported consolidated revenue from operations of ₹41,337 crores for the quarter ended December 31, 2025, an increase of 4.1% compared to the ₹39,710 crores reported in the same period last year. Consolidated net profit for the quarter was ₹2,450 crores, up 1.4% from ₹2,416 crores in the year-ago period.
Crude steel production for the quarter reached 7.20 million tonnes, while total steel sales volumes were 6.80 million tonnes.
Within the Indian operations, the Vijayanagar unit accounted for a significant portion of total production. JSW Steel Coated Products recorded a turnover of ₹8,450 crores. Bhushan Power & Steel (BPSL) reported revenue of ₹5,120 crores. The international operations, including JSW Steel USA (Baytown), reported an EBITDA of $12.4 million, while the Mingo Junction plate and pipe mill recorded an EBITDA of $4.8 million.
Full-Year Results Context
For the cumulative nine-month period of the current fiscal year, JSW Steel reported total revenue of ₹126,017 crores. Net profit for the same period was ₹6,340 crores. Financial records indicate a trend of volume growth following domestic capacity expansions, while margins were affected by fluctuations in global coking coal prices and domestic iron ore availability.
CHART — FINANCIAL TRENDS
Business & Operations Update
The company confirmed the commissioning of the 5 MTPA expansion at its Vijayanagar plant, increasing the site’s total capacity to 17 MTPA. Operational restructuring within the subsidiary JSW Steel Coated Products remains centered on value-added products for the appliance and automotive sectors. In the mining segment, JSW Steel operationalized two additional iron ore mines in Odisha during the quarter to increase captive raw material integration.
M&A or Strategic Moves
JSW Steel completed the integration of the ThyssenKrupp Electrical Steel India acquisition during the reporting period. The company also announced a joint venture agreement with JFE Steel Corporation of Japan for the production of grain-oriented electrical steel. The Board approved a proposal to evaluate the acquisition of a minority stake in a metallurgical coal asset in Australia to secure long-term raw material supply.
Equity Analyst Commentary
Institutional research from Emkay Global stated that volume growth was partially offset by domestic steel realizations during the quarter. Analysts from Citigroup noted that company leverage levels remain a factor following recent capital expenditure cycles. Reports from Jefferies indicated that steady domestic demand was tempered by the cost of coking coal imports, which impacted the consolidated EBITDA margin.
Guidance & Outlook
The company maintains a production guidance of 28.40 million tonnes for the full fiscal year. Management stated that global steel demand is being monitored, specifically export volumes to the Middle East and Europe. Regulatory developments regarding the Carbon Border Adjustment Mechanism (CBAM) and domestic iron ore royalty structures are identified as the primary factors to watch for in the upcoming quarter.
Performance Summary
JSW Steel shares declined 1.24% today as the company reported a consolidated net profit of ₹2,450 crores. Revenue increased 4.1% year-over-year, supported by capacity additions at Vijayanagar. While domestic sales volumes increased, international subsidiaries and raw material costs influenced the final results. The company’s focus remains on the integration of electrical steel assets and raw material security.