JSW Steel profit rises sharply on stronger sales volumes in Q2 FY27

JSW Steel’s consolidated net profit after tax rose by 226pct YoY to INR 53.59 bln (USD 565 mln) in the July-September quarter of FY2026-27, compared with INR 16.46 bln (USD 173 mln) a year earlier.

Revenue from operations increased by 31pct YoY to INR 544.86 bln (USD 5.74 bln). Reported EBITDA rose by 58pct to INR 101.2 bln (USD 1.07 bln), while adjusted EBITDA increased by 39pct to INR 99.41 bln (USD 1.05 bln).

Compared with the previous quarter, revenue increased by 15pct and adjusted EBITDA by 6pct. Higher sales volumes supported EBITDA growth, partly offset by higher coking coal prices and lower realizations.

Crude steel production reached a record 7.27 mln tons, up 5pct YoY and 10pct QoQ. The ramp-up of Blast Furnace 3 at Vijayanagar, which reached around 90pct utilization after resuming operations in late June, contributed to the increase.

Steel sales reached a record 7.46 mln tons, up 13pct YoY and 19pct QoQ. Domestic sales increased by 12pct YoY to a record 6.29 mln tons. Sales of flat products and value-added and special products rose by 16pct and 11pct, respectively, while sales to the automotive sector increased by 36pct. Institutional sales grew by 15pct to 4.15 mln tons. Exports totalled 980,000 tons, accounting for 13pct of sales from Indian operations.

India’s steel consumption rose by 7pct YoY to 43.4 mln tons in Q2 FY27, supported by steady domestic demand and healthy exports of engineering goods, according to the company. Consumption increased by 7.5pct in the first half of FY27. JSW Steel noted that India remained a net importer of finished steel during the first half, although total steel exports and imports, including semi-finished products, were broadly balanced.

JSW Steel said work on the expansion of its Dolvi plant from 10 mln to 15 mln tons per year was progressing, with completion targeted for September 2027. The company also approved additional investments in steelmaking, downstream facilities and raw material security. These include a further 5 mln tons per year steelmaking phase at JSW Utkal in Odisha and an expansion of its coking coal mine in Mozambique.

JSW Steel's combined crude steel production capacity currently stands at 37.9 mln tons per year, including 4.5 mln tons through its JSW-JFE Steel joint venture. The company plans to increase total capacity to 54.8 mln tons per year over the next four years.

1 USD / 94.9 INR