JSW Steel Q3 PAT zooms 198% YoY to Rs 2,139 cr

JSW Steel's consolidated net profit zoomed 198.32% to Rs 2,139 crore in Q3 FY26, compared with Rs 717 crore in the corresponding period last year.

Total, revenue from operations rose 11.14% year-on-year to Rs 45,991 crore in the quarter ended 31 December 2025.

Profit before tax stood at Rs 1,457 crore in Q3 FY26, rising 23.68% from Rs 1,178 crore reported in Q3 FY25.

The companys reported EBITDA stood at Rs 6,496 crore in Q3 FY26, marking a 16% increase compared to Rs 5,579 crore in Q3 FY25. The EBITDA margin improved significantly to 14.4% in Q3 FY26, up from 13.1% in the same quarter last year.

Consolidated crude steel production stood at 7.48 million tonnes in Q3 FY26, up 6% year-on-year, driven by the ramp-up of the JVMLVijayanagar project. However, production declined 5% quarter-on-quarter due to the shutdown of Blast Furnace-3 (BF-3) at Vijayanagar from End-September 2025 for capacity upgradation.

Consolidated sales hit an all-time high of 7.64 million tonnes, marking a 14% YoY increase, supported by strong domestic demand. Domestic sales rose 10% YoY to 6.59 million tonnes, while exports jumped 53% YoY to 0.84 million tonnes, accounting for 11% of Indian operations sales in Q3 FY26. Retail sales volumes increased 12% YoY.

Crude steel production at Indian operations stood at 7.28 million tonnes in the quarter, up 7% year-on-year. Capacity utilisation was around 93%, excluding Blast Furnace-3 (BF-3) at Vijayanagar, which is under shutdown, and 85% including BF-3 capacity.

Steel sales during the quarter touched a record high of 7.42 million tonnes, marking a 14% YoY increase. The company also reduced steel product inventories by around 0.3 million tonnes during the period.

During the quarter, Bhushan Power & Steel (BPSL) recorded crude steel production of 1.0 million tonnes and sales volume of 0.98 million tonnes. Revenue from operations stood at Rs 5,770 crore, while adjusted EBITDA was Rs 1,011 crore. Adjusted EBITDA declined 16% quarter-on-quarter, primarily due to lower realisations and higher coking coal costs. The company reported a profit after tax of around Rs 1,578 crore for the quarter.

During the quarter, JSW Vijayanagar Metallics (JVML) reported crude steel production of 1.18 million tonnes, achieving rated capacity following the commissioning of all balance facilities in Q2 FY26. Sales volume stood at 1.23 million tonnes. Revenue from operations was Rs 6,099 crore, while adjusted EBITDA came in at Rs 921 crore. Adjusted EBITDA rose 47% quarter-on-quarter, driven primarily by higher volumes. The company reported a profit after tax of Rs 382 crore for the quarter.

On its outlook, the global economy remains resilient, with the IMF marginally raising its 2026 growth forecast to 3.3%, in line with 2025. Growth continues to be supported by investments in AI and technology, particularly in North America and Asia, despite trade policy uncertainty and geopolitical risks. Supportive policies, easy financial conditions and rapid private-sector adaptation are aiding momentum.

In the US, growth remains firm heading into CY26, driven by strong tech investments and resilient consumer spending, even as the labour market shows signs of cooling. Following 75 bps of rate cuts in 2025, further policy easing is expected, while the impact of tariffs on growth and inflation remains limited so far.

The Eurozone is witnessing modest expansion led by services, while manufacturing remains weak. Policy rates are on hold, inflation is near target and growth expectations have been revised upward, with expansionary fiscal policies expected to support medium-term growth.

Chinas growth momentum softened in H2CY25 due to weak fixed asset investment and continued stress in real estate, though manufacturing and exports provided some support. Fiscal and monetary policy are expected to remain growth-supportive in 2026.

Indias outlook remains strong, supported by GST rationalisation, accommodative monetary policy, benign inflation and sustained government capex. The NSO has projected FY26 GDP growth at 7.4%, with upward revisions by the RBI and IMF. Domestic demand remains healthy, aided by strong auto sales, firm rural indicators and improving private capex conditions.

Recent progress on economic reforms and trade agreements is expected to strengthen Indias medium-term growth prospects and enhance resilience amid global uncertainties.

JSW Steel said its board has approved the formation of a joint venture company for a land development project in Mumbai. The JV will be set up through Peddar Realty Ltd (PRL), a wholly owned subsidiary of JSW Steel, which will hold a 51% stake, along with JSW Realty Pvt Ltd (JSWRPL) and other partners.

The proposed transaction qualifies as a related-party transaction and will be undertaken on an arms-length basis. JSWRPL, a promoter group entity, will have an interest in the JV to the extent of its shareholding.

The JV will participate in a formal tender process to acquire an identified land parcel in Mumbai for the development of office and commercial spaces. The company said the project aligns with its expansion plans and will help meet future captive office and commercial space requirements.

PRL will invest up to Rs 51 crore in the JV through cash consideration, acquiring a 51% controlling stake. The acquisition is expected to be completed on or before March 31, 2026, subject to mutual extension by JV partners. No governmental or regulatory approvals are required. The JV company will be incorporated in due course and will operate in the real estate sector.

JSW Steel is the flagship business of the diversified, US$ 23 billion JSW Group. As one of Indias leading business houses, JSW Group also has interests in energy, infrastructure, cement, paints, realty, e-platforms, mobility, defence, sports, and venture capital.

Shares of JSW Steel fell 1.31% to end at Rs 1,169.35 on the BSE.

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