JSW Steel approved a ₹16,150 crore expansion in Odisha and separately reported a 225.3% annual profit rise for July-September, when crude steel production and sales both set records.
The unaudited consolidated filing showed profit attributable to owners of ₹5,279 crore, up from ₹1,623 crore a year earlier. Total consolidated profit after tax was ₹5,359 crore. The owner-attributable result exceeded the ₹4,349.6 crore average Bloomberg estimate cited by Mint and Business Standard. Mint reported that 19 analysts were included in the poll.
The board approved a project at the JSW Utkal facility to add five million tonnes of capacity, with commissioning targeted for the first quarter of FY31, according to the company’s results announcement. It also approved an eight-million-tonne pellet plant at JVML-Vijayanagar and an expansion of the MdR coking coal mine in Mozambique to nine million tonnes a year. Mine production is targeted to start in phases from calendar 2028.
JSW reported record crude steel production of 7.27 million tonnes and record saleable steel sales of 7.46 million tonnes. Year-over-year growth was 5% for production and 13% for sales on a comparable basis excluding Bhushan Power and Steel Ltd. Domestic sales totaled a record 6.29 million tonnes. The company said Indian steel consumption rose 7% to 43.4 million tonnes during the quarter.
Revenue from operations was ₹54,486 crore, up 20.7% from the reported year-earlier figure. On a comparable basis that excludes Bhushan Power and Steel, JSW gave year-over-year revenue growth of 31%, using a prior-year base of ₹41,469 crore. The company said the steel business was deconsolidated from its accounts effective March 27, 2026.
JSW reported adjusted EBITDA of ₹9,941 crore, equal to an 18.3% margin. Higher volumes lifted EBITDA from the previous quarter, the company said, while higher coking coal prices and lower realizations partly offset the gain. Adjusted EBITDA per tonne was ₹13,329, down 11% from the June quarter. On the earnings call, Jayant Acharya, joint managing director and CEO, described demand as strong and said he expected a strong second half. He said October price increases would be fully reflected in the October-December quarter.
JSW expects FY27 capital expenditure of ₹22,000 crore to ₹24,000 crore. It did not specify how it would finance the Utkal project. At Sept. 30, net debt totaled ₹44,482 crore, ₹1,675 crore below the June 30 level. Utkal commissioning is targeted for the first quarter of FY31.
