Earnings Review
JSW Steel Q1 PAT doubles, beats Street view by wide margin
This story was originally published at 16:26 IST on 17 July 2026
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--JSW Steel Apr-Jun consol net profit INR 46.51 bln
--Analysts saw JSW Steel consol net profit INR 31.80 bln
--JSW Steel Apr-Jun consol revenue INR 473.64 bln
--Analysts saw JSW Steel consol revenue INR 444.71 bln
--JSW Steel Apr-Jun consol net profit INR 46.51 bln vs INR 21.84 bln year ago
--JSW Steel Apr-Jun consol revenue INR 473.64 bln vs INR 431.47 bln year ago
--JSW Steel Q1 consol total expenses INR 418.30 bln vs INR 403.25 bln yr ago
--JSW Steel expects capex spend INR 220 bln-INR 240 bln in FY27
--JSW Steel Apr-Jun capex INR 48.69 bln
--JSW Steel Apr-Jun consol adjusted EBITDA INR 93.73 bln, up 32% on year
--JSW Steel Apr-Jun consol adjusted EBITDA margin 19.8% vs 17.8% yr ago
--JSW Steel Q1 consol adjusted EBITDA/tonne INR 14,990 vs INR 11,783 year ago
--JSW Steel Apr-Jun India ops sales 6.02 mln tn, up 4% YoY, dn 13% QoQ
--JSW Steel Q1 India ops adjusted EBITDA INR 90.96 bln, up 32% on yr
--JSW Steel Q1 India ops operating adjusted EBITDA margin 21.2% vs 18.6%
--JSW Steel: Vijayanagar blast furnace to add incremental volumes from Q2
--JSW Steel Apr-Jun India ops revenue INR 428.94 bln vs INR 372.43 bln
--JSW Steel Ohio unit Apr-Jun EBITDA $4.80 mln
--JSW Steel consol net debt INR 461.57 bln Jun 30, down by INR 77.13 bln QoQ
By Rajesh Gajra
MUMBAI – JSW Steel Ltd. reported better-than-expected earnings for the June quarter on the back of strong revenue growth, higher other income, and lower power and fuel costs, other expenses, and depreciation and amortisation expenses. The steel major's consolidated net profit for the quarter was up 2.1 times on year at INR 46.51 billion, which exceeded analysts' expectations by a wide margin. The consensus estimate of analysts for JSW Steel's net profit was INR 31.8 million.
The consolidated revenue from operations rose 9.8% on year to INR 473.64 billion, also exceeding the Street's view of INR 444.7 billion. The company also reported a doubling of other income to INR 7.24 billion for the quarter. The total expenses of JSW Steel increased by only 3.7% on year to INR 418.30 billion, giving a boost to the bottom-line performance.
Although the biggest operating-cost element, cost of raw materials consumed, jumped up 18% on year to INR 245.86 billion, the power and fuel expenses declined 0.2% to INR 41.16 billion and the other expenses fell 7.3% to INR 66.09 billion. The depreciation and amortisation expenses also fell 16% on year to INR 21.37 billion.
Due to the favourable operating costs scenario, barring raw material expenses, JSW Steel reported a rise of 32% on year in consolidated adjusted earnings before interest, tax, depreciation, and amortisation for the June quarter to INR 93.73 billion. The EBITDA margin in the quarter expanded to 19.8% from 17.8% a year ago. The consolidated EBITDA per tonne was sharply up at INR 14,990 from INR 11,783.
JSW Steel's bottom-line performance for the reporting quarter was partially reined in by a jump of 70% on year in tax expenses to INR 14.64 billion. Sequentially, JSW Steel's consolidated net profit tumbled 72%. The company's net sales fell 7.5% on quarter.
For its India operations, JSW Steel reported a sales volume of 6.02 million tonnes, up 4% on year and down 13% on quarter. Earlier this month, the company had reported an increase of 3% on year in crude steel production in its India operations to 6.35 million tonnes. Sequentially, the company reported a 0.3% increase in the India production volume.
The company's revenues from India operations for the June quarter jumped to INR 428.94 billion from INR 372.43 billion for the year-ago quarter. The adjusted EBITDA for the India operations rose 32% on year to INR 90.96 billion, with the EBITDA margin expanding to 21.2% from 18.6%.
JSW Steel said in an earnings press release Friday that blast furnace 3 at its Vijayanagar factory, which had been shut for several months for capacity upgradation, "was lit up" towards the end of June. This blast furnace, whose capacity was increased to 4.5 million tonnes per annum from 3 million tonnes, "will add incremental volumes" from the September quarter, the company said.
In its operations in Ohio, the US, JSW Steel reported a sales volume of 161,598 net tonnes of slabs and 94,451 net tonnes of hot rolled coil steel in the June quarter. The company reported an EBITDA of $4.80 million for the June quarter for the US subsidiary.
The consolidated net debt of the company declined by INR 77.13 billion on quarter to INR 461.57 billion as on Jun. 30. JSW Steel said in its press release that it is targeting capital expenditure of INR 220 billion-240 billion for the financial year 2026-27 (Apr-Mar). Of this, the company has already spent INR 48.69 billion in the June quarter.
Friday, shares of the company ended at INR 1,237.30 on the National Stock Exchange, up 1.3% from Thursday's close. End
Edited by Rajeev Pai
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