JSW Steel

JSW Steel (JSWSTEEL) investor relations material

JSW Steel Q4 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.

Q4 25/26 earnings summary14 May, 2026

Executive summary

Revenue from operations reached ₹1,85,470 crore in FY26, with Q4 FY26 revenue at ₹51,180 crore and net profit at ₹25,508 crore for the year.
Adjusted EBITDA was ₹32,048 crore in FY26 and ₹9,713 crore in Q4, reflecting strong operational performance.
Consolidated crude steel production reached 30.14mt in FY26, with saleable steel sales at 29.63mt.
Significant deleveraging achieved: Net Debt to Equity reduced to 0.51x and Net Debt to EBITDA to 1.81x.
Major JV transactions: BPSL steel business transferred to JSW JFE Steel Ltd., and a 50:50 JV with POSCO announced for a 6mtpa plant in Odisha.

Financial highlights

Q4 FY26 revenue up 14% YoY and 11% QoQ; total sales volumes up 6% YoY and 4% QoQ.
Adjusted EBITDA margin for Q4 FY26 was 19.0%, with adjusted EBITDA per ton at ₹12,264.
Normalised net profit (excluding exceptionals) was ₹3,475 crore in Q4 and ₹8,698 crore in FY26.
Dividend declared at ₹7.1 per share, totaling an outflow of ₹1,736 crore.
Net gearing reduced from 0.92x in Q3 FY26 to 0.51x in Q4 FY26, with net debt at ₹53,870 crore.

Outlook and guidance

FY27 guidance: consolidated crude steel production at 29.75mt and sales at 28.60mt.
Capex spend for FY27 expected at ₹22,000–24,000 crore, with major projects in pipeline.
Growth strategy targets India capacity of 62 MTPA by FY32 and combined India capacity of 78 MTPA including JVs.
India operations guidance includes BMM Ispat production and sales; excludes JSW JFE Steel Ltd. JV.
Global and Indian economic outlook remains resilient despite geopolitical risks, with IMF projecting global GDP growth at 3.1% in 2026.

Impact of BPSL slump sale on net debt and leverage

Details of the greenfield JV with POSCO in Odisha

FY26 reported vs normalized PAT gap drivers

Impact of revised ND/Equity & ND/EBITDA caps

Funding strategy for 1.26L Cr capex plan

Progress on FY30 CO2 reduction target

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Next JSW Steel earnings date

Q1 26/2717 Jul, 2026

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Next JSW Steel earnings date

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