JSW Steel Q2FY26 results: Net profit jumps 269.7% to ₹1,623 crore

The firm's total revenue, on a consolidated basis, increased 13.8 per cent to Rs 45,152 crore from Rs 39,684 crore last year

JSW Steel on Friday reported a 269.7 per cent year-on-year (Y-o-Y) jump in consolidated net profit (attributable to owners of the company) to ₹1,623 crore in the second quarter of 2025-26 (Q2FY26). This was on the back of higher sales volumes, which helped offset the decrease in realisations. In the year-ago period, the company’s net profit stood at ₹439 crore.

 

The firm’s total revenue, on a consolidated basis, increased 13.8 per cent to ₹45,152 crore from ₹39,684 crore last year.

 

The revenue surpassed Bloomberg’s estimate of ₹44,170 crore, but net profit came in below expectations at ₹1,766 crore.

 

 

Sequentially, revenue was up 4.6 per cent while net profit was down 25.7 per cent.

 

The consolidated adjusted Earnings before interest, tax, depreciation, and amortisation (Ebitda)  at ₹7,849 increased by 39 per cent Y-o-Y, driven primarily by higher volumes and lower iron ore, coking coal and power costs, which was partly offset by a decrease in realisations, the company said. Reported Ebitda was ₹7,115 crore during the quarter.

 

The company’s consolidated crude steel production during Q2FY26 was the highest ever at 7.90 million tonnes (mt), up 17 per cent Y-o-Y driven by the Dolvi plant operating at optimum capacity post-planned maintenance shutdown in Q1FY26 and ramp up of JVML (JSW Vijayanagar Metallics Ltd) and BPSL (Bhushan Power & Steel Ltd) expansions.

 

Domestic sales stood at 6.33 mt, an increase of 14 per cent Y-o-Y and 6 per cent Q-o-Q (quarter-on-quarter) as exports and retail sales volumes showed an uptick. Exports increased by

89 per cent Y-o-Y and 56 per cent Q-o-Q, contributing 10 per cent to the sales from the Indian operations for Q2FY26, the company said. Retail sales volumes grew by 26 per cent Y-o-Y and 13 per cent Q-o-Q.

 

The company’s net debt as of September 30, 2025, stood at ₹79,153 crore, down by ₹697 crore compared to the previous quarter.

 

In its statement, JSW said that global growth in 2025 had remained resilient, supported by front-loaded trade flows and consumption ahead of tariff changes.

 

 “However, the outlook for 2026 is more cautious, with continued geopolitical uncertainty and elevated tariffs likely to weigh on momentum, despite some easing following recent trade agreements.”

 

On a positive note, the company noted that the recent peace agreement in West Asia had helped ease some geopolitical risks.

 

In India, the company believes that the economic momentum was broadly positive, with several supportive factors emerging in the second half of FY26.

 

The recent goods and services tax (GST) reforms are expected to provide a significant boost to consumption, particularly in segments such as automobiles and consumer durables, it said. “While Q2 trends were impacted by deferred purchases ahead of the revised GST rates, demand is expected to rebound strongly in H2.”

 

The company’s consolidated capex spend during Q2FY26 was ₹3,135 crore, and ₹6,535 crore during H1FY26. It expects to spend ₹20,000 crore during FY26.

 

The JSW Steel board on Friday approved to consolidate all business operations into a single holding in the US held under JSW Steel (Netherlands) BV, subject to regulatory and other approvals. This was aimed at simplifying the group structure of the Baytown and Ohio business verticals. This restructuring will optimise financial and operational outcomes, the company said. 

 

On the BPSL case, the company mentioned that on September 26, the Supreme Court dismissed appeals filed by the erstwhile promoters of and certain operational creditors and upheld the National Company Law Appellate Tribunal order of 2020 approving JSW Steel's resolution plan for BPSL.

 

The Supreme Court also noted the substantial efforts of JSW Steel in resolving and turning around BPSL as a profit-making company, the company added.

 

For the quarter, BPSL reported a profit after tax of Rs 166 crore. Revenue from operations and adjusted EBITDA for the quarter stood at Rs 5,162 crore and Rs 724 crore, respectively.