JSW Steel stock: Q2 profit more than triples as expansion advances

JSW Steel reported a sharp rise in consolidated profit for the quarter ended September 30, 2026, as higher volumes, improved realisations and cost management supported its Indian steel operations. Business Standard reported the results on October 23, 2026.

Record volumes lift quarterly earnings

Consolidated net profit attributable to owners rose 225.3 percent year over year to INR 52.79 billion, compared with INR 16.23 billion a year earlier. Revenue increased 20.7 percent to INR 544.86 billion and exceeded the Bloomberg consensus cited by Business Standard.

Crude steel production reached a record 7.27 million tonnes, up 5 percent from the prior-year quarter and 10 percent sequentially. Steel sales also reached a record 7.46 million tonnes, a 13 percent year-over-year increase, supported by higher domestic volumes and value-added products.

Input costs remain a key risk

Adjusted EBITDA was INR 99.41 billion, with an 18.3 percent margin. The company said higher coking coal prices and lower realisations partly offset the benefit from stronger volumes. Raw-material costs rose 12.5 percent, while net debt stood at INR 444.82 billion on September 30, 2026.

JSW Steel recorded quarterly capital expenditure of INR 62.66 billion and expects full-year FY27 capital expenditure of INR 220 billion to INR 240 billion. The investment programme places execution and funding discipline alongside demand and pricing as central factors for investors.

Capacity plans broaden the growth agenda

The board approved a second phase for the JSW Utkal facility in Odisha, adding 5 million tonnes of annual steelmaking capacity at a planned outlay of INR 161.50 billion. It also approved a 5 million tonne expansion and upgrade at Sambalpur through the 50:50 JSW JFE Steel joint venture.

Additional approvals cover an 8 million tonne pellet plant at Vijayanagar and expansion of the MdR coking coal mine in Mozambique to 9 million tonnes. The measures are intended to support capacity growth and reduce exposure to external raw-material supply.

Steel producer serving industrial markets

JSW Steel is an India-based steel producer serving domestic and international customers. Its portfolio includes hot- and cold-rolled coils, coated steel, TMT bars, wire rods and alloy steels used in automotive manufacturing, engineering, machinery, construction and infrastructure. The company is a prominent supplier in the Indian steel market, where it competes with Tata Steel, Steel Authority of India and ArcelorMittal Nippon Steel India across broad and specialised product markets.

Indian equities are tracked through the BSE Sensex.

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