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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 7.9 million tonnes in Q2 FY26, up 17% year-over-year, with sales at 7.34 million tonnes, up 20%, driven by capacity ramp-up and strong domestic demand.
Revenue from operations rose 14% year-over-year to ₹45,152 crores, with adjusted EBITDA up 39% to ₹7,849 crores and net profit at ₹1,646 crores, up 307% year-over-year.
Major project milestones included commissioning India's first 25MW green hydrogen electrolyser, expansion of renewable energy and electrical steel capacity, and the Supreme Court upholding the BPSL resolution plan.
Board approved significant projects, including a 1 MTPA EAF in Andhra Pradesh and a 1 MTPA section mill at Raigarh.
Capacity utilisation in India reached 92%, with domestic sales growth outpacing the market.
Financial highlights
Consolidated revenue from operations at ₹45,152 crores; adjusted operating EBITDA at ₹7,849 crores, with EBITDA margin of 17.4%.
Net profit after tax was ₹1,646 crores, up from ₹404 crores year-over-year; net debt at ₹79,153 crores, reduced by ₹697 crores sequentially.
CapEx spend of ₹3,135 crores in Q2 and ₹6,535 crores in H1 FY26; FY26 guidance at ₹20,000 crores.
JSW1 digital marketplace GMV at ₹3,950 crores in Q2, up 43% year-over-year.
Diluted EPS: ₹6.64, up from ₹1.80 in Q2 FY25.
Outlook and guidance
FY26 consolidated production guidance: 30.5mt; sales guidance: 29.2mt.
India expected to remain the fastest-growing major economy, with RBI projecting FY26 GDP growth at 6.8%.
Domestic steel demand projected to grow 8–9% in FY26, with H2 expected to be seasonally stronger and prices likely to improve as inventories normalize.
Coking coal costs may rise by $3–$5 in Q3; iron ore prices expected to decline, benefiting costs.
Net debt to EBITDA ratio targeted to remain below 3.
Prioritize FY26 capex allocation
How will US ops reorganization optimize outcomes?
What is the financial impact of green initiatives?
Karappa plant: What drives location & EAF choice?
CapEx funding beyond FY27; impact on debt ratios?
Mitigate import surge from global tariff actions?
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Next JSW Steel earnings date
Q3 25/2623 Jan, 2026
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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.
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