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JSW Steel Ltd on Friday (October 24) reported a consolidated net profit of ₹5,359 crore for the September quarter, up 225.5% year-on-year (YoY) from ₹1,646 crore in the year-ago period, beating the CNBC-TV18 poll estimate of ₹4,752 crore.
Revenue rose 20.7% year-on-year (YoY) to ₹54,486 crore from ₹45,152 crore, against the CNBC-TV18 poll estimate of ₹54,110 crore.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 42.2% YoY to ₹10,120 crore from ₹7,115 crore. The figure was above the CNBC-TV18 poll estimate of ₹9,845 crore.
EBITDA margin expanded to 18.6% in the September quarter from 15.8% in the year-ago period, an improvement of 280 basis points. The margin was also above the CNBC-TV18 poll estimate of 18.2%.
JSW Steel's adjusted EBITDA was ₹9,941 crore. EBITDA increased 6% QoQ, driven by higher volumes, partly offset by higher coking coal prices and lower realisations.
JSW Steel reported its highest-ever consolidated crude steel production of 7.27 million tonnes in the September quarter of FY27, up 5% year-on-year (YoY) and 10% quarter-on-quarter (QoQ).
Consolidated steel sales also touched a record 7.46 million tonnes, rising 13% YoY and 19% QoQ. The production increase came as Vijayanagar Blast Furnace 3 ramped up following its light-up in late June, reaching around 90% utilisation.
Sales of flat steel and value-added and special products (VASP) were at record levels, increasing 16% and 11% YoY, respectively. Domestic sales stood at a record 6.29 million tonnes, up 12% YoY and 18% QoQ, while institutional sales volumes rose 15% YoY to 4.15 million tonnes.
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Sales to the automobile sector reached an all-time high, increasing 36% YoY. Exports stood at 0.98 million tonnes, contributing 13% of sales from India operations in Q2 FY27.
The company's net gearing, measured as net debt to equity, stood at 0.39 times at the end of the September quarter, compared with 0.42 times at the end of Q1 FY27. Leverage, measured as net debt to EBITDA, stood at 1.28 times against 1.46 times at the end of the previous quarter. Net debt as of September 30, 2026, stood at approximately ₹44,482 crore, lower by around ₹1,675 crore compared with June 30, 2026.
In India operations, crude steel production reached a record 7.07 million tonnes, up 5% YoY and 11% QoQ. Capacity utilisation for India operations stood at 88%. Steel sales also touched a record 7.27 million tonnes, rising 14% YoY and 21% QoQ.
India operations reported revenue from operations of ₹50,188 crore and adjusted EBITDA of ₹9,636 crore, with an EBITDA margin of 19.2% during the quarter.
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Separately, the company's board approved a 5 million tonnes per annum (MTPA) expansion project and an upgrade of existing plant facilities at Sambalpur, Odisha, by JSW JFE Steel Ltd (JJSL), a 50:50 joint venture between JSW Steel and Japan's JFE Steel Corporation.
JJSL operates a 4.5 MTPA integrated steel plant at Sambalpur and two downstream facilities in Chandigarh and Kolkata. The integrated plant at Sambalpur is operating at near-full capacity.
The equity requirement for the expansion project is estimated at ₹7,500 crore, to be contributed equally by JSW Steel and JFE Steel, with each investing ₹3,750 crore. Project implementation is expected to commence in April 2027, subject to the receipt of the required statutory and environmental approvals, and is targeted for completion over approximately 3.5 years.
The project is expected to strengthen JJSL's market position, improve economies of scale, expand value-added product offerings and enhance export opportunities. The board also approved the incorporation of a wholly owned subsidiary of JSW Steel in the United Arab Emirates.
