)
Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
JSW Steel
JSW Steel (JSWSTEEL) investor relations material
JSW Steel Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary17 Oct, 2025
Executive summary
Achieved record consolidated crude steel production of 7.90 million tonnes in Q2 FY26, up 17% YoY, with sales at 7.34 million tonnes, up 20% YoY, driven by ramp-up at Dolvi, JVML, and BPSL expansions.
Revenue from operations reached ₹45,152 crores, up 14% YoY; adjusted EBITDA rose 39% YoY to ₹7,849 crores (margin 17.4%), and net profit after tax was ₹1,646 crores, up 307% YoY.
Domestic sales rose 14% YoY, exports surged 89% YoY, retail sales grew 26% YoY, and capacity utilization improved to 92%.
Major project milestones included the Supreme Court upholding the BPSL resolution plan, expansion of electrical steel capacity, and commissioning of India's first 25MW green hydrogen electrolyser.
Digital transformation, AI integration, and sustainability initiatives advanced, with 885 MW of renewable power capacity operational.
Financial highlights
Consolidated revenue from operations: ₹45,152 crores (up 14% YoY); adjusted EBITDA: ₹7,849 crores (up 39% YoY, margin 17.4%); net profit after tax: ₹1,646 crores (up 307% YoY).
Indian operations posted revenue of ₹42,149 crores, adjusted EBITDA of ₹7,614 crores (margin 18.1%), and PAT of ₹1,778 crores.
Net debt as of 30 Sep 2025: ₹79,153 crores, reduced by ₹697 crores QoQ; net debt to equity: 0.93x; net debt to EBITDA: 2.97x.
Adjusted EBITDA per tonne was ₹10,701, up 16% YoY; standalone revenue was ₹32,859 crores, standalone PAT ₹1,493 crores.
Interest cost up 13% YoY due to capitalisation of new capacities and FX impact.
Outlook and guidance
India’s GDP growth forecast revised up to 6.8% for FY26, with strong domestic demand and GST reforms expected to boost consumption.
Steel demand in India expected to rebound in H2 FY26, supported by infrastructure, rural growth, and accommodative monetary policy.
FY26 consolidated production guidance: 30.5mt; sales guidance: 29.2mt.
Global growth in 2025 remains resilient, but 2026 outlook is cautious due to geopolitical uncertainty and tariffs.
Net debt to EBITDA ratio targeted to remain below 3, with leverage closely monitored.
Prioritize FY26 capex allocation
How will US ops reorganization optimize outcomes?
What is the financial impact of green initiatives?
Kadapa EAF: What drives this new tech choice?
Why are domestic prices discounted vs. imports?
How will CapEx plans impact debt ratios?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next JSW Steel earnings date
Q3 25/2623 Jan, 2026
JSW Steel
Next JSW Steel earnings date
Q3 25/2623 Jan, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
JSW Steel Limited engages in the manufacture and sale of iron and steel products. The company produces flat steel products and special steel products, as well as export oriented rolled products. It offers products that serve automobile and consumer durable markets; aerospace, defense, mining and marine; construction, engineering, electrical appliances and gas distribution markets; transmission towers and wind turbine power industry; farm machinery industry; consumer durables; components for the automobile industry, such as steering gears, suspensions and engine shafts; iron rods and pipes for construction applications, such as galvanized or MS pipes to industries including iron & steel castings, refinery equipment, HVAC&R equipment, food processing equipment and power generation plant applications. JSW Steel Limited is based in Mumbai, India.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage