Indian steelmaker JSW Steel reported a 225% annual increase in profit attributable to owners for July-September, with production and sales at records and Indian steel consumption also higher.
Profit attributable to owners totaled ₹5,279 crore, compared with ₹1,623 crore in Q2 FY26. Consolidated profit after tax was ₹5,359 crore. Revenue from operations reached ₹54,486 crore, a 20.7% increase from ₹45,152 crore in the year-earlier quarter.
The company’s results presentation also showed a 31% increase in revenue on a comparable basis. That calculation used ₹41,469 crore as the prior-year figure, excluding Bhushan Power and Steel Ltd. (BPSL), whose steel business JSW Steel said was deconsolidated effective March 27, 2026. The reported and comparable growth rates therefore use different Q2 FY26 bases.
Consolidated crude steel production reached 7.27 million tonnes, while steel sales were 7.46 million tonnes. JSW Steel described both as records; on a comparable basis, production rose 5% and sales 13% year over year. At Vijayanagar, the BF-3 furnace, lit in late June, reached about 90% utilization during the quarter.
Adjusted EBITDA came to ₹9,941 crore, a 39% increase on the company’s comparable year-over-year basis. The adjusted EBITDA margin was 18.3%, against 17.2% on a comparable basis in Q2 FY26. Separately, JSW Steel said EBITDA increased 6% quarter over quarter, with higher volumes contributing to the gain while higher coking coal prices and lower realizations partly offset it.
The company said Indian steel consumption rose 7% year over year to 43.4 million tonnes. Net debt was ₹44,482 crore on Sept. 30, down ₹1,675 crore from June 30; net debt to EBITDA fell to 1.28x from 1.46x at the end of Q1 FY27.
JSW Steel spent a record ₹6,266 crore on capital expenditure in the quarter and expects to spend ₹22,000 crore to ₹24,000 crore in FY27.
