JSW Steel
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JSW Steel (JSWSTEEL) investor relations material

JSW Steel Q2 26/27 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 26/27 earnings summary23 Oct, 2026

Executive summary

  • Record consolidated Q2 crude steel production of 7.27 Mt, up 5% YoY, and sales of 7.46 Mt, up 13% YoY.

  • Revenue reached ₹54,486 crore, adjusted EBITDA ₹9,941 crore and net profit ₹5,359 crore.

  • India operations recorded production of 7.07 Mt and sales of 7.27 Mt; domestic sales hit 6.29 Mt, up 12% YoY.

  • Capacity plans include a 78 Mt India target by 2032 and a 62 Mtpa long-term target including JVs by FY32.

Financial highlights

  • Revenue was ₹54,486 crore, up 31% YoY and 15% QoQ; reported EBITDA was ₹10,120 crore and adjusted EBITDA ₹9,941 crore.

  • Adjusted EBITDA rose 39% YoY; adjusted margin was 18.3% versus 19.8% QoQ, and adjusted EBITDA per tonne was ₹13,329, down 11% QoQ.

  • Net profit was ₹5,359 crore; diluted EPS was ₹21.59.

  • Higher coking coal and other input costs and lower realizations weighed on Q2 profitability QoQ.

  • Q2 capex was ₹6,266 crore and H1 capex ₹11,136 crore; quarterly cash generation reduced debt despite high investment.

Outlook and guidance

  • FY27 consolidated production guidance is 29.75 Mt and sales guidance 28.6 Mt; India guidance includes BMM Ispat and excludes the JSW JFE JV.

  • FY27 capex guidance remains ₹22,000–24,000 crore; the expanded ₹1.48 lakh crore capex program is planned over five to six years, largely funded by internal accruals.

  • Q3 volumes are expected to rise with full production from Vijayanagar BF-3 and JVML; FY27 production and sales guidance remains on track.

  • FY27 domestic steel demand is expected to grow 7%–8%; Q3 coking coal costs are forecast to rise ~$25/t, with iron ore costs marginally higher.

  • October price increases and Q2 price recovery are expected to offset cost inflation and add incrementally to margins over Q2.

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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.