JSW Steel Q2 FY26 Earnings Results

Company Overview

JSW Steel Ltd is a leading Indian steel manufacturer engaged in the production and sale of Iron and Steel products. It is the flagship business of the diversified US$ 23 billion JSW Group, with interests spanning energy, infrastructure, cement, paints, sports, and venture capital. Presenting below its Q2 FY26 Earnings Results.

Q2 FY26 Earnings Results

JSW Steel Ltd reported revenues of ₹43,147 crore for Q2 FY26, a marginal year-on-year increase of 0.5%, compared to ₹42,943 crore in the corresponding quarter last year. Total expenses decreased 3.3% YoY to ₹40,325 crore. The company posted a consolidated net profit of ₹2,209 crore, marking a sharp 158% rise from ₹845 crore in Q1 FY25. Earnings per share (EPS) rose to ₹8.95 from ₹3.50 YoY.

Operational & Strategic Update

• Crude steel production grew 14% YoY to 7.26 million tonnes, reflecting strong operational efficiency. Capacity utilization stood at 87%, impacted by planned maintenance.
• Steel sales increased by 9% YoY to 6.69 million tonnes, driven by both institutional and retail demand with 12% annual growth. However, exports declined 20% YoY, accounting for 7% of total sales.
• Improved steel realizations and lower raw material costs contributed to an expanded EBITDA per tonne, which Kotak Institutional Equities valued at approximately ₹11,127, up 33% YoY.
• The company recorded a profit before tax (PBT) of ₹3,172 crore, an increase of 128% YoY, and maintained a strong balance sheet with net debt to equity ratio of 0.95x.

Outlook

JSW Steel is poised for sustained growth backed by robust demand recovery, enhanced margin realization, and operational efficiency. Investments in capacity expansion, digital transformation, and value-added steel products position the company well to capitalize on the evolving domestic and global steel markets.

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