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Informist, Friday, Jan. 23, 2026

 

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--JSW Steel Oct-Dec consol net profit INR 21.39 bln
--Analysts saw JSW Steel consol net profit at INR 14.09 bln
--Analysts saw JSW Steel consol revenue at INR 445.11 bln
--JSW Steel Oct-Dec consol net profit INR 21.39 bln vs INR 7.17 bln year ago
--JSW Steel Oct-Dec net profit includes one-time cost INR 5.29 bln
--JSW Steel Oct-Dec consol revenue INR 459.91 bln vs INR 413.78 bln year ago
--JSW Steel Apr-Dec consol net profit INR 59.46 bln vs INR 20.01 bln year ago
--JSW Steel One-time cost INR 5.29 bln due to new labour codes
--JSW Steel Apr-Dec consol revenue INR 1.34 tln vs INR 1.24 tln year ago
--JSW Steel Oct-Dec India ops revenue INR 434.22 bln vs INR 394.40 bln
--JSW Steel Oct-Dec profit excluding exceptional cost INR 26.68 bln
--JSW Steel Oct-Dec consol operating adjusted EBITDA INR 66.20 bln
--JSW Steel Oct-Dec consol operating EBITDA margin 14.12% vs 13.48% year ago
--JSW Steel Oct-Dec sales 7.64 mln tns, up 14% on year, up 4% QoQ
--JSW Steel Oct-Dec India ops sales 7.42 mln tns, up 14% on year, up 5% QoQ
--JSW Steel Oct-Dec consol adjusted EBITDA INR 66.20 bln, up 22% on year
--JSW Steel Oct-Dec India ops operating adj EBITDA INR 65.22 bln, up 19% YoY
--JSW Steel Oct-Dec India ops operating adjusted EBITDA margin 15% vs 13.9%
--JSW Steel Ohio unit Oct-Dec EBITDA $0.20 mln
--JSW Steel incurred consol capex of INR 34.82 bln in Oct-Dec
--JSW Steel expects consol capex of INR 150 bln-INR 160 bln in FY26
--JSW Steel consol net debt INR 803.47 bln on Dec 31
--JSW Steel OKs 5 mtpa steel plant at Odisha at cost of INR 316 bln
--JSW Steel 5 mtpa steel plant at Odisha to be commissioned by FY30

 

By Astha Oriel

 

MUMBAI – Steel major JSW Steel Ltd. reported a sharp year-on-year increase in consolidated bottom line for the December quarter, beating analysts' estimates. The company also registered double-digit year-on-year growth in consolidated top line for the quarter, again doing better than analysts had expected. The increase in the company's top line was because of an increase in volumes for the quarter. Its net profit would have been higher but for a large one-time cost on account of the new labour codes. However, the net profit would have missed analysts' estimates without the recognition of a very large deferred tax asset.

 

The country's largest steel manufacturer reported a net profit of INR 21.39 billion for the December quarter, up over 198% on year and nearly 32% on quarter. Analysts had estimated the net profit at INR 14.09 billion. The net profit includes a one-time cost of INR 5.29 billion for implementation of the new labour codes. Excluding the one-time cost, the company's December quarter net profit would have been INR 26.68 billion.

 

The company also booked a deferred tax asset gain of INR 13.44 billion for the December quarter. This boosted its net profit. Excluding this deferred tax gain and the one-time cost, the company's net profit would have been INR 13.24 billion, lower than the consensus estimate.

 

This is the fourth consecutive quarter of an year-on-year increase in net profit for the steel major. The Mumbai-based company reported a consolidated net revenue of INR 459.91 billion, up over 11% on year and nearly 2% on quarter. Analysts had expected net sales for the quarter to be INR 445.11 billion. This is the third consecutive quarter on an year-on-year increase in the company's net revenue.

 

The company's total expenses for the quarter were INR 441.61 billion, up nearly 10% on year and 3% on quarter, driven largely by a rise in the cost of materials consumed. The cost of materials consumed, which accounts for 53% of the company's total expenses, was INR 235.25 billion, up over 6% on year but down nearly 2% on quarter. 

 

The company's other expenses were at INR 70.80 billion, up nearly 17% on year but down nearly 11% on quarter. The company's power and fuel expense was INR 38.45 billion, down nearly 6% on year and more than 6% on quarter. The employee benefit expenses were INR 13.05 billion, up nearly 14% on year and flat sequentially. The company's spending on mining premium and royalties was INR 17.35 billion, down more than 14% on year but up nearly 20% on quarter.

 

The Mumbai-headquartered company's consolidated adjusted earnings before interest, tax, depreciation, and amortisation for the December quarter were INR 66.20 billion, up 22% on year. Its consolidated operating EBITDA margin was 14.12%, up from 13.48% a year ago.

 

The steel major produced 7.48 million tonnes of crude steel, up 6% on year, driven by a ramping up of its wholly-owned subsidiary's Vijayanagar project. The company's crude steel production, however, declined 5% on quarter due to the shutdown of a blast furnace at its Vijayanagar plant from the end of September for capacity upgradation.

 

The company's total sales for the December quarter were 7.64 million tonnes, up 14% on year and 4% on quarter, driven largely by domestic demand. For its India operations, the company's sales were 7.42 million tonnes, up 14% on year and 5% on quarter. The company's revenue from India operations was INR 434.22 billion, up over 10% on year. Its adjusted EBITDA margin for domestic operations was INR 65.22 billion, up 19% on year. JSW Steel's domestic operating adjusted EBITDA margin was 15%, against 13.9% a year ago.

 

At JSW Steel's operations in Ohio, the US, crude steel production remained largely flat on year and on quarter at O.20 million tonnes. The EBITDA from the company's Ohio operations was $0.20 million.

 

For the nine months ended Dec. 31, the company's consolidated net profit was INR 59.46 billion, up more than 197% on year. The consolidated net revenue for the period was INR 1.34 trillion, up over 8%.

 

The company's Italian facility produced 77,051 tonnes and sold 78,537 tonnes of rolled steel products and grinding balls during the December quarter. It reported an EBITDA of 5.25 million euros, or about INR 566 million, for the quarter, marginally lower sequentially because of the lower sales volume.

 

JSW Steel said it will set up a steel plant with a capacity of 5 million tonnes per annum in Jagatsinghpur, Odisha. It will invest INR 316 billion in the project. The plant is expected to be commissioned by the financial year 2029-30 (Apr-Mar). The company has already begun the work of setting up two pellet plants of 8 million tonnes per annum at Jagatsinghpur and a 30 million-tonnes-per-annum slurry pipeline to transfer iron ore from its mines to the plant. The two pellet plants are expected to be commissioned by FY28.

 

The company will also set up a 200,000 tonnes per annum tinplate and 360,000 tonnes per annum continuous galvanising line at its downstream plant in Punjab.

 

The company incurred a consolidated capital expenditure of INR 34.82 billion in the December quarter. It expects to incur a total consolidated capital expenditure of INR 150 billion–INR 160 billion in FY26. The company's consolidated net debt as on Dec. 31 was INR 803.47 billion. 

 

Shares of JSW Steel closed 1.2% lower Friday at INR 1,170 on the National Stock Exchange. The company detailed its earnings after market hours.  End

 

US$1 = INR 91.95

 

Edited by Rajeev Pai

 

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