JSW Steel Q2 Results, October 23, 2026: Profit Triples to ₹5,359 Crore

JSW Steel Q2 results came out on October 23, 2026, and this is the kind of quarter steel investors have been waiting a while for. Consolidated net profit was ₹5,359 crore, against ₹1,662 crore in the same quarter last year on a comparable basis. That is a little over three times the year-ago figure. All numbers below come from the Q2 FY27 results presentation JSW Steel filed with NSE.

One caveat. JSW Steel de-consolidated the BPSL steel business from March 27, 2026, so the company shows last year’s numbers on a pro forma basis that excludes BPSL. On the old reported basis, last year’s Q2 profit was ₹1,646 crore, so the picture barely changes.

JSW Steel Q2 results in numbers

• Revenue from operations: ₹54,486 crore, up 31% from ₹41,469 crore a year ago and up 15% from ₹47,364 crore in Q1.
• Adjusted EBITDA: ₹9,941 crore, up about 39% from ₹7,129 crore a year ago and about 6% from ₹9,373 crore in Q1. Reported EBITDA was ₹10,120 crore.
• Net profit: ₹5,359 crore, up about 14% from ₹4,696 crore in the June quarter.
• Diluted EPS: ₹21.59 for the quarter, not annualised.
• Finance cost: ₹1,602 crore, down from ₹2,255 crore a year ago, a fall of 29%.

Record volumes, with a new furnace doing the heavy lifting

Consolidated crude steel production was 7.27 million tonnes, the highest ever for the company, up 5% year-on-year and 10% from Q1. Steel sales were even stronger at 7.46 million tonnes, up 13% on the year and 19% on the quarter. India capacity utilisation was 88%, and the company says its new blast furnace, BF-3, ramped up to around 90% utilisation during the quarter.

The demand mix is worth a look. Sales to the auto sector rose 36% year-on-year, and appliances were up 28%. For the full year, JSW Steel is guiding for consolidated production of 29.75 million tonnes and sales of 28.6 million tonnes.

Not everything went its way. The presentation says costs at India operations rose quarter-on-quarter, mainly because of higher coking coal and other input prices, and realisations were lower than in Q1. Volume growth is what carried the quarter.

The balance sheet story

Net debt stood at ₹44,482 crore on September 30, 2026, down from ₹46,157 crore in June and ₹79,153 crore a year earlier. Net debt to equity is now 0.39x, compared with 0.93x a year ago, and net debt to EBITDA is 1.28x against 2.97x.

Rating agencies have noticed. During the quarter Moody’s upgraded JSW Steel to investment grade at Baa3 with a stable outlook, Fitch moved it to BB+ with a positive outlook, and CARE, ICRA and India Ratings raised it to AA+. JSW Steel also redeemed USD 500 million of 3.95% bonds on October 7, 2026, six months before they were due.

What the board approved

Alongside the results, the board meeting outcome filed with the exchanges carried two decisions:

• A 5 MTPA expansion and upgrade at Sambalpur, Odisha, by JSW JFE Steel, the 50:50 joint venture with Japan’s JFE Steel. The equity needed is estimated at ₹7,500 crore, split ₹3,750 crore each. Work is expected to start from April 2027, subject to approvals, and take about 3.5 years.
• Setting up a wholly-owned subsidiary in the UAE for overseas investment, trading and business development, with an initial subscription of AED 100,000.

What we’d watch next

A tripling of profit sounds dramatic, but a big part of it is lower interest costs and a weak base. The thing to track now is margin per tonne as coking coal costs move, and whether the company can hit its 28.6 million tonne sales guidance without leaning on discounts. JSW Steel has had other news recently too, including the Orissa High Court relief on a mining demand. Our guide on how to analyse quarterly results shows how to read a deck like this. The full filings are also on the JSW Steel investor page.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making investment decisions.