JSW Steel (JSWSTEEL) Q3 25/26 earnings summary

Executive summary

• Achieved highest ever quarterly saleable steel sales at 7.64 million tonnes, up 14% YoY, with consolidated crude steel production at 7.48 million tonnes, up 6% YoY, driven by strong domestic demand and export growth.

• Revenue from operations for Q3 FY26 was ₹45,991 crore, up 11% YoY, with adjusted EBITDA at ₹6,620 crore, up 22% YoY, and a margin of 14.4%.

• Net profit after tax for the quarter stood at ₹2,410 crore, supported by recognition of deferred tax assets related to the BPSL transaction.

• Announced a strategic 50:50 JV with JFE Steel for BPSL, enabling up to ₹37,000 crore deleveraging and future capacity expansion.

• Achieved #1 global steel sector rank in S&P Global CSA and received multiple sustainability and energy efficiency awards.

Financial highlights

• Adjusted EBITDA for Q3 FY26 was ₹6,620 crore, up from ₹5,414 crore YoY, with a margin of 14.4%; consolidated PAT at ₹2,410 crore, up from ₹719 crore YoY.

• Net debt at ₹80,347 crore; net debt/EBITDA at 2.91x; net debt/equity at 0.92x.

• Diluted EPS for Q3 FY26 was ₹8.75, up from ₹2.93 YoY.

• JSW One platform GMV up 36% YoY to ₹4,544 crore in Q3.

• Weighted average interest cost improved to 6.51%, down 60 bps YoY.

Outlook and guidance

• FY26 consolidated volume guidance: production at 30.5mt and sales at 29.2mt; capex for FY26 expected at ₹15,000–16,000 crore.

• Q4 margins expected to improve due to higher steel prices and strong demand, despite higher coking coal costs.

• India’s GDP growth for FY26 is estimated at 7.4%, with steel demand projected to grow 7%-9%.

• BPSL JV expected to complete by Q3 FY27, enabling further deleveraging and growth.

• Major projects underway include Odisha, Dolvi, Kadapa, and Mozambique coal mine.