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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 tons in Q2 FY26, up 17% YoY, with sales up 20% YoY, driven by expansions at Dolvi, JVML, and BPSL.
Revenue from operations rose 14% YoY to ₹45,152 crore, with adjusted EBITDA up 39% YoY to ₹7,849 crore and net profit at ₹1,646 crore, up from ₹404 crore YoY.
Expansion projects at Vijayanagar, Dolvi, and new EAF and section mill facilities are progressing, with further growth plans outlined.
Sustainability initiatives advanced, including commissioning of India's first 25MW green hydrogen electrolyser and significant renewable energy capacity.
Supreme Court upheld the BPSL resolution plan, ending legal uncertainty and supporting turnaround.
Financial highlights
Consolidated revenue from operations at ₹45,152 crore; adjusted operating EBITDA at ₹7,849 crore (margin 17.4%).
Net profit after tax was ₹1,646 crore, up 307% YoY; net debt at ₹79,153 crore, reduced by ₹697 crore sequentially.
Indian operations EBITDA at ₹7,614 crore, margin per ton ₹10,768, operating margin 18.1%.
Overseas operations: US EBITDA $12.18 million, Italy EBITDA €5.61 million, both improved QoQ.
Net debt to equity at 0.93x; net debt to EBITDA at 2.97x.
Outlook and guidance
FY26 consolidated production guidance: 30.5mt; sales guidance: 29.2mt.
India projected to remain the fastest-growing major economy, with RBI forecasting FY26 GDP growth at 6.8%.
Domestic steel demand expected to rebound in H2 FY26, supported by GST reforms and infrastructure spending.
Iron ore prices anticipated to decline in Q3, coking coal costs to see a minor increase.
Net debt to EBITDA ratio targeted to remain below 3, with leverage closely monitored.
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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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