JSW Steel (JSWSTEEL) Q4 25/26 earnings summary

Executive summary

• FY26 was transformational, marked by major JVs including a 50:50 JV with JFE Steel for BPSL and a new JV with POSCO for a 6mtpa greenfield plant in Odisha, as well as the acquisition of BMM Ispat and key raw material assets.

• Consolidated crude steel production reached 30.14mt, with saleable steel sales at 29.63mt and revenue from operations at ₹1,85,470 crores.

• Adjusted EBITDA for FY26 was ₹32,048 crores, with normalized PAT at ₹8,698 crores and reported PAT at ₹25,508 crores, reflecting strong operational performance.

• Significant deleveraging achieved, with net debt to equity at 0.51x and net debt to EBITDA at 1.81x.

• Recognized for sustainability, including S&P Global Sustainability Yearbook inclusion and World Steel Association awards.

Financial highlights

• Q4 FY26 revenue reached ₹51,180 crores, with adjusted EBITDA at ₹9,713 crores (19% margin) and normalized PAT at ₹3,475 crores.

• FY26 consolidated crude steel production rose 8% YoY to 30.14mt; steel sales up 12% YoY to 29.63mt.

• Exceptional Q4 gain of ₹17,888 crores (or ₹18,051 crores) from BPSL slump sale.

• Dividend of ₹7.10 per share declared for FY26.

• Net debt reduced to ₹53,870 crores by March 2026.

Outlook and guidance

• FY27 guidance: consolidated crude steel production at 29.75mt and saleable steel sales at 28.60mt, excluding JSW JFE Steel Ltd. JV and including BMM Ispat.

• CapEx for FY27 projected at ₹22,000–24,000 crores; total approved growth CapEx at ₹126,000 crores over 4-5 years.

• Growth strategy targets India capacity of 62mtpa by FY32, with JVs adding up to 16mtpa, totaling 78mtpa in India.

• Additional ₹100,000 crores CapEx expected by FY33 for further expansions and mining investments.

• Domestic steel demand expected to grow 7%-9% in FY27, adding 12-14mt.