JSW Steel Limited (JSWSTEEL)
₹1,216.30 +1.32% last close, 16 Oct
Q2 FY27 results
📅 Next results: 23 Oct 2026 (board meeting)JSW Steel Limited's board meets on 23 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, JSW Steel's revenue was ₹47,364 Cr (+9.8% year on year, -7.5% on the previous quarter), and net profit ₹4,696 Cr (+112.6% year on year); the operating margin was 19.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹47,364 | +9.8% | -7.5% |
| Operating profit | ₹9,383 | +25.5% | +10.9% |
| Net profit | ₹4,696 | +112.6% | -75.6% |
| EPS (₹) | 19.05 | +113.3% | -71.5% |
| Operating margin | 19.8% | — | — |
JSWSTEEL delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.04% of the JSWSTEEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.7%. That is close to its usual level. In JSWSTEEL futures, open interest fell 0.91% while the futures price rose 1.23%: short covering (shorts closing out).
Delivery in the last 5 sessions: 46.5% · 45.3% · 56.2% · 43.4% · 56.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
JSW Steel has received sanction from the NCLT Mumbai Bench for the Scheme of Amalgamation of Piombino Steel Limited into JSW Steel Limited. The share exchange ratio is fixed at 10 fully paid-up equity shares of Re. 1 each of JSW Steel for every 156 equity shares of Rs. 10 each of Piombino Steel. The amalgamation enables JSW Steel to directly hold its investment in Bhushan Power and Steel Limited (BPSL), eliminating intermediary structures and minority holdings. The scheme will become formally effective once certified NCLT orders are filed with the Registrar of Companies (RoC).
- NCLT Mumbai Bench sanctioned the Scheme of Amalgamation via order pronounced on October 16, 2026.
- Share swap ratio set at 10 equity shares of JSW Steel (face value Re. 1) for every 156 equity shares of Piombino Steel (face value Rs. 10).
- Appointed date for the amalgamation is fixed as January 1, 2026.
- Piombino Steel has an authorized share capital of Rs. 17,000,00,00,000 and paid-up capital of Rs. 5,877,36,40,000.
- Allows JSW Steel to directly hold ownership in Bhushan Power and Steel Limited (BPSL).
JSW Steel Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, KFin Technologies Limited, on October 12, 2026. KFin confirmed that all dematerialization requests received were processed, confirmed, or rejected within the mandated 15-day timeline. This is a standard procedural filing with no operational or financial impact.
- Regulation 74(5) compliance confirmed for the quarter ended September 30, 2026
- RTA KFin Technologies processed all demat requests within the mandated 15 days
- Filing submitted to exchanges on October 12, 2026
JSW Steel reported consolidated crude steel production of 7.27 million tonnes (MnT) for Q2 FY27, registering a growth of 10% QoQ and 5% YoY. Indian operations contributed 7.07 MnT (up 11% QoQ, 5% YoY), while US Ohio operations produced 0.20 MnT. Capacity utilisation across Indian operations averaged 88% for the quarter and reached approximately 90% in September 2026 as Blast Furnace 3 at Vijayanagar ramps up post-upgradation. For H1 FY27, consolidated crude steel production reached 13.86 MnT, an increase of 4% YoY.
- Q2 FY27 consolidated crude steel output stood at 7.27 MnT, growing 10% QoQ and 5% YoY
- Indian operations produced 7.07 MnT, up 11% QoQ and 5% YoY
- Capacity utilisation in India averaged 88% for Q2 FY27 and touched ~90% in September 2026
- H1 FY27 consolidated production totaled 13.86 MnT, up 4% YoY compared to 13.32 MnT in H1 FY26
- Vijayanagar BF3 is ramping up following a shutdown for capacity upgradation
JSW Steel has exercised its early redemption right to fully prepay and redeem US$ 500,000,000 worth of 3.95% unsecured Notes on October 7, 2026. The notes were originally scheduled to mature on April 5, 2027, making this an early payoff of approximately six months. Against the company's total debt of Rs 70,809 Cr, this redemption represents a meaningful deleveraging step of around Rs 4,150-4,200 Cr (~6% of total debt). This move helps eliminate upcoming refinancing risks and interest outflows.
- Fully redeemed US$ 500,000,000 aggregate principal amount of Notes
- Notes carried a fixed interest coupon of 3.95%
- Early redemption executed on October 7, 2026 ahead of the original April 5, 2027 maturity date
- Notes were originally allotted on September 23, 2021
JSW Steel announced that its B2B e-commerce platform arm, JSW One Platforms Limited, has filed a Draft Red Herring Prospectus (DRHP) dated September 24, 2026, with SEBI, BSE, and NSE for an Initial Public Offering (IPO). The public issue details, such as issue size and offer-for-sale portions, were not disclosed in the intimation. The IPO remains subject to necessary regulatory approvals and prevailing market conditions. This marks a formal step toward price discovery and potential value unlocking for JSW Steel's digital B2B marketplace venture.
- JSW One Platforms Limited filed DRHP dated September 24, 2026, with SEBI, BSE, and NSE
- Filing follows an earlier intimation submitted on July 17, 2026
- Issue size, valuation, and dilution quantum are not disclosed in the disclosure
- Listing remains subject to SEBI regulatory approval and market conditions
JSW Steel Limited has notified the exchanges regarding scheduled Analyst/Institutional Investor meetings in New York, USA. The meetings are set to occur on September 21st and 22nd, 2026, comprising 1x1 and group interactions. This is a routine regulatory intimation under Regulation 30(6) of SEBI LODR Regulations, with no material financial transactions or business updates announced.
- Institutional investor meetings scheduled for 21st - 22nd September 2026
- Format includes 1x1 and group meetings
- Location of meetings confirmed as New York, USA
- Filing submitted under Regulation 30(6) of SEBI LODR Regulations
JSW Steel reported consolidated crude steel production of 24.65 lakh tonnes for August 2026, registering a 3% YoY growth over 23.82 lakh tonnes in August 2025. Growth was driven by Indian operations, which increased output by 4% YoY to 23.87 lakh tonnes with an 88% capacity utilisation rate. Meanwhile, production at JSW Steel USA (Ohio) declined 11% YoY to 0.78 lakh tonnes. Historical figures reflect adjustments for the slump sale of the BPSL steel undertaking to the JSW-JFE Steel JV in March 2026.
- Consolidated crude steel production stood at 24.65 lakh tonnes in August 2026, up 3% YoY
- Indian operations produced 23.87 lakh tonnes (+4% YoY) with capacity utilisation at 88%
- JSW Steel USA (Ohio) production declined 11% YoY to 0.78 lakh tonnes
- Company currently operates 37.9 MTPA combined crude steel capacity, targeting 54.8 MTPA in 4 years
India Ratings & Research (Ind-Ra) has upgraded JSW Steel Limited's issuer rating and its Non-Convertible Debentures (NCDs) to 'IND AA+' from 'IND AA' with a Stable outlook, resolving the earlier Rating Watch with Positive Implications. The upgrade is driven by substantial cash inflows of around INR 374 billion (~Rs 37,400 Cr) received in March and June 2026 from the BPSL slump sale into a 50:50 JV with JFE Steel Corporation. Consequently, consolidated net debt dropped to INR 722 billion as of June 30, 2026, and consolidated net adjusted leverage improved to 1.93x in 1QFY27 compared to 4.45x in FY25. The agency expects JSW Steel to self-fund its INR 1,305 billion capex planned over the next 4-5 years largely through internal accruals.
- Credit rating upgraded to 'IND AA+' with Stable outlook from 'IND AA' (off Rating Watch with Positive Implications).
- Net debt reduced to INR 722 billion as of June 30, 2026 (down from INR 1,018 billion at FYE25) post INR 374 billion transaction proceeds.
- Consolidated net adjusted leverage improved to 1.93x in 1QFY27 vs 2.65x in FY26 and 4.45x in FY25.
- Consolidated EBITDA per tonne expanded 49% YoY to INR 15,013 in 1QFY27, supported by a 61% share of value-added and special products.
- Planned medium-term capex stands at INR 1,305 billion, with FY27 outlay projected at INR 220 billion to INR 240 billion.
JSW Steel Limited has disclosed its schedule for upcoming analyst and institutional investor conferences in September 2026. The company will participate in the UBS India Summit 2026 on September 10, 2026, in Mumbai, followed by the Jefferies 5th India Forum on September 18, 2026, in Gurgaon. Both events will feature 1x1 and group interaction formats. This is a standard statutory disclosure under SEBI LODR Regulation 30(6).
- UBS India Summit 2026 scheduled for 10th September 2026 in Mumbai
- Jefferies 5th India Forum scheduled for 18th September 2026 in Gurgaon
- Meetings will comprise both 1x1 and Group interaction formats
- Intimation filed pursuant to Regulation 30(6) of SEBI LODR Regulations, 2015
JSW Steel held an NCLT-convened meeting of equity shareholders on August 21, 2026, to vote on the Scheme of Amalgamation of Piombino Steel Limited with JSW Steel Limited. The company reported that the resolution was approved by shareholders with the requisite majority. A total of 117 members attended the meeting, along with authorisations from 31 bodies corporate representing 43.66% (aggregating to Rs 106.76 crore) of paid-up equity capital. The final detailed voting results and Scrutinizer report will be submitted within two working days.
- Shareholders approved the Scheme of Amalgamation of Piombino Steel Limited with JSW Steel Limited with requisite majority.
- Authorisations received from 31 bodies corporate holding 43.66% of paid-up equity share capital, aggregating to Rs 106.76 Crores.
- A total of 117 members attended the NCLT-convened virtual meeting held on August 21, 2026.
- Remote e-voting was conducted from August 18, 2026 to August 20, 2026, based on the cut-off date of August 14, 2026.
JSW Steel Limited held an NCLT-convened meeting of equity shareholders on August 21, 2026, to consider the Scheme of Amalgamation of Piombino Steel Limited with the company. The resolution to approve the merger was passed with the requisite majority by shareholders. Authorizations were received from 31 bodies corporate representing 43.66% of paid-up equity share capital (Rs 106.76 Cr), with 117 members attending the meeting.
- Shareholders approved the Scheme of Amalgamation of Piombino Steel Limited with JSW Steel Limited with requisite majority.
- Authorizations received from 31 corporate bodies representing 43.66% paid-up equity share capital (Rs 106.76 Crores).
- A total of 117 members attended the NCLT-convened virtual meeting on August 21, 2026.
- Detailed voting results and Scrutinizer's Report to be submitted within two working days.
JSW Steel has released its updated investor presentation, reaffirming its long-term strategy to reach 50 MTPA capacity in India by FY 2031. The company maintains a strong operational profile with 92% capacity utilization in India and a 17% YoY growth in crude steel production to 7.90 MT in the recent quarter. A key strategic highlight is the Rs 24,483 Cr slump sale of BPSL to a JV, representing approximately 14% of TTM revenue. Despite volume growth, the company faces pricing pressure with lower Net Sales Realization (NSR) reported in Q2 FY26.
- Targeting 50 MTPA steel-making capacity in India by FY 2031
- Strategic slump sale of BPSL to a JV for Rs 24,483 Cr
- India capacity utilization reached 92% in Q2 FY26
- JSW One B2B platform steel volumes grew 53% YoY
- BPSL capacity recently enhanced from 2.75 MTPA to 4.5 MTPA
JSW Steel has announced a schedule for meetings with analysts and institutional investors in Singapore and Hong Kong from August 17 to August 19, 2026. The meetings will be conducted in both 1x1 and group formats. This is a routine investor relations activity for a company with a market capitalization of Rs 3,58,247 Cr and TTM revenue of Rs 1,73,936 Cr. Such engagements are standard for large-cap entities to maintain communication with global institutional stakeholders.
- Investor meetings scheduled across a 3-day window from August 17th to 19th, 2026.
- International locations targeted include Singapore and Hong Kong.
- Meeting formats specified as both 1x1 and Group sessions.
- Company maintains a significant TTM revenue base of Rs 1,73,936 Cr.
- Promoter holding remains stable at 44.29% as of June 2026.
JSW Steel reported a 3% YoY increase in consolidated crude steel production to 24.02 lakh tonnes for July 2026. Indian operations drove the growth with a 4% increase to 23.39 lakh tonnes, while the USA-Ohio unit saw a 13% decline to 0.63 lakh tonnes. Capacity utilization for Indian operations stood at 87%, aided by the Vijayanagar BF3 unit which is now operating at over 80% capacity post-restart. The figures are adjusted for the March 2026 slump sale of BPSL to the JFE JV for comparison purposes.
- Consolidated crude steel production reached 24.02 lakh tonnes in July 2026, up 3% YoY.
- Indian operations capacity utilization recorded at 87% for the month.
- Vijayanagar BF3 unit is currently operating at above 80% of its rated capacity after restarting on June 23, 2026.
- JSW Steel USA – Ohio production declined by 13% YoY to 0.63 lakh tonnes.
- Current combined crude steel capacity stands at 37.9 MTPA, with a target of 54.8 MTPA in four years.
JSW Steel has announced a restructuring of its senior management effective August 7, 2026. Mr. P P Varma (39 years experience) and Mr. S M Kumar (35 years experience) have been promoted to Senior Management as Plant Heads for the Dolvi and Salem units, respectively. This follows the resignation of Mr. Ashish Chandra, President of Dolvi Works, for personal reasons. Additionally, Mr. B N S Prakash Rao has transitioned to lead the new Centre of Excellence for Alloy Steel, indicating a focus on high-value product segments.
- Mr. P P Varma, an IIT BHU alumnus with 39 years of experience, appointed as Plant Head for Dolvi, Salav, and Anjar.
- Mr. S M Kumar, an IIT Madras alumnus with 35 years of experience, appointed as Plant Head for the Salem unit.
- Mr. Ashish Chandra resigned as President of Dolvi Works and will be relieved by August 31, 2026.
- Mr. B N S Prakash Rao transitioned from Salem Plant Head to Head of the Centre of Excellence for Alloy Steel.
- Internal promotions involve leaders who have been with JSW Steel since 2004 and 2006, respectively.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations reached INR 45,152 Cr in Q2 FY26, representing a 14% YoY growth from INR 39,684 Cr. Standalone revenue grew 6.7% YoY to INR 32,859 Cr. JSW One (digital segment) reported a GMV of INR 3,952 Cr, up 43% YoY.
Geographic Revenue Split
Indian operations contributed the majority of revenue with steel sales of 7.07 mt (96% of consolidated volumes). US Ohio operations reported revenue of USD 194.02 million, while US Plate and Pipe Mill revenue was not explicitly totaled but reported sales of 129,124 net tonnes of plate.
Profitability Margins
Consolidated Net Profit (PAT) stood at INR 1,646 Cr for Q2 FY26, a 307% increase from INR 404 Cr in Q2 FY25, resulting in a net margin of 3.6%. Standalone Profit Before Tax was INR 2,016 Cr, up 27% YoY.
EBITDA Margin
Consolidated Adjusted EBITDA margin was 17.4% (INR 7,849 Cr) in Q2 FY26, compared to 14.2% (INR 5,644 Cr) in Q2 FY25. Standalone Adjusted EBITDA margin was 16.6% (INR 5,457 Cr).
Capital Expenditure
The company is pursuing a target to reach 50 mtpa capacity by FY 2031. While specific quarterly capex spend was not totaled, the BPSL transaction will provide INR 32,000 Cr in cash proceeds to fund future growth and deleveraging.
Credit Rating & Borrowing
Long-term ratings are [ICRA]AA and [CARE]AA, both placed on 'Watch with Positive Implications' following the JFE deal. Short-term rating is [ICRA]A1+. Net Debt to EBITDA stood at 2.97x in Q2 FY26, expected to improve to 2.1-2.2x by FY2027-28.
Operational Drivers
Raw Materials
Key raw materials include Coking Coal and Iron Ore. The company noted lower consumption of both iron ore and coking coal on a per-tonne basis in Q2 FY26.
Import Sources
Not disclosed in available documents, though coking coal is typically imported to India for steel production.
Capacity Expansion
Current India capacity utilization is 92%. The company aims to achieve 50 mtpa steel-making capacity in India by FY 2031. BPSL capacity was recently enhanced from 2.75 mtpa to 4.5 mtpa.
Raw Material Costs
Indian operations benefited from lower coking coal prices during Q2 FY26. Specific percentage of revenue for raw materials was not disclosed, but cost improvements were a key driver for the INR 1,090 Cr positive EBITDA movement QoQ.
Manufacturing Efficiency
India capacity utilization reached 92% in Q2 FY26. Crude steel production grew 17% YoY to 7.90 mt due to ramp-up at BPSL and Vijayanagar.
Strategic Growth
Expected Growth Rate
8-9%
Growth Strategy
Growth will be achieved by expanding Indian capacity to 50 mtpa by 2031, monetizing assets through the JFE JV (INR 24,483 Cr slump sale), and scaling the JSW One B2B platform which saw 53% YoY growth in steel volumes.
Products & Services
Crude steel, steel slabs, Hot Rolled Coils (HRC), steel plates, steel pipes, and value-added special steel products for automotive and electrical applications.
Brand Portfolio
JSW Steel, JSW One, JSW One Finance, JSW Kalinga Steel, JSW Sambalpur Steel.
New Products/Services
Value-added steel products including non-oriented and grain-oriented electrical steel sheets through JFE collaboration.
Market Expansion
Targeting the Indian domestic market which is projected to grow 8-9% in FY26; also maintains operations in the USA (Ohio, Texas).
Market Share & Ranking
JSW Steel is the flagship business of the USD 23 billion JSW Group and a leading integrated steel producer in India.
Strategic Alliances
50:50 Strategic Joint Venture with JFE Steel Corporation, Japan for the BPSL business undertaking; JFE to invest INR 15,750 Cr.
External Factors
Industry Trends
India is the fastest-growing major steel market; recent GST cuts are expected to boost consumer sentiment and demand.
Competitive Landscape
Intense competition within the steel industry is cited as a primary risk factor.
Macro Economic Sensitivity
Steel demand is highly sensitive to GDP, with a projected 8-9% growth for the current fiscal year supported by government and private capex.
Consumer Behavior
Shift toward digital procurement via platforms like JSW One (135,000+ visits in Q2) and increased demand for value-added steel in automotive/appliances.
Geopolitical Risks
Global export trends are noted as a challenge that requires close monitoring.
Regulatory & Governance
Industry Regulations
Compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) 2015; transaction requires shareholder and regulatory approvals (6-9 month timeline).
Environmental Compliance
Recognized as Steel Sustainability Champion for 7 consecutive years; Leadership Rating (A-) in CDP climate change disclosure.
Taxation Policy Impact
Consolidated tax expenses were INR 698 Cr in Q2 FY26. Recent GST cuts are viewed as a positive driver for demand.
Legal Contingencies
The Supreme Court dismissed appeals regarding BPSL on September 26, 2025, providing legal clarity for the transaction.
Risk Analysis
Key Uncertainties
Fluctuations in earnings, ability to manage rapid growth to 50 mtpa, and global steel market volatility.
Geographic Concentration Risk
Heavy concentration in India (92% utilization), with secondary exposure to US markets (Ohio and Plate/Pipe mills).
Third Party Dependencies
Strategic dependency on JFE Steel Corporation for technological expertise in value-added products.
Technology Obsolescence Risk
Mitigated by 'Digitalisation at JSW Steel' initiatives and JFE technological partnership.
Credit & Counterparty Risk
JSW One Finance registered 12+ banks and NBFCs as lenders to manage MSME credit risk.
