JSW Steel (JSWSTEEL) Q4 25/26 earnings summary

Executive summary

• FY26 was transformational, marked by major JVs with JFE Steel (BPSL) and POSCO, significant deleveraging, and capacity expansions, including the acquisition of BMM Ispat and progress on Kadapa and Utkal projects.

• Revenue from operations reached ₹1,85,470 crore for FY26, with Q4 revenue at ₹51,180 crore; net profit for FY26 was ₹25,508 crore, and normalized PAT at ₹8,698 crore.

• Adjusted EBITDA for FY26 was ₹32,048 crore, with Q4 adjusted EBITDA at ₹9,713 crore (19% margin).

• Recognized for sustainability, included in S&P Global Sustainability Yearbook and awarded by World Steel Association.

• Net debt reduced to ₹53,870 crore by March 2026, with net debt to equity at 0.51x and net debt to EBITDA at 1.81x.

Financial highlights

• FY26 consolidated crude steel production was 30.14 million tonnes, with steel sales at 29.63 million tonnes.

• Q4 FY26 revenue was ₹51,180 crore, up 14% YoY; adjusted EBITDA margin for Q4 was 19.0%.

• Normalized PAT for Q4 FY26 (excluding exceptionals) was ₹3,475 crore; exceptional Q4 gain of ₹17,888 crore from BPSL slump sale.

• Dividend of ₹7.10 per share declared for FY26.

• Diluted EPS for FY26 at ₹91.25.

Outlook and guidance

• FY27 guidance: consolidated crude steel production at 29.75 million tonnes, sales at 28.60 million tonnes, including BMM Ispat but excluding JFE JV.

• Capex for FY27 projected at ₹22,000–24,000 crore; total capex plan of ₹1,26,000 crore over 4–5 years, with an additional ₹1,00,000 crore by FY33.

• Growth strategy targets India steel capacity of 62 MTPA by FY32, with JVs adding up to 78 MTPA.

• Domestic steel demand expected to grow 7%-9% in FY27; coking coal costs expected to rise by $12-$15/ton in Q1 FY27.

• Global and Indian economic outlook remains resilient despite geopolitical risks.