JSW Steel reported a sharp rise in earnings for Q3 FY26 ended 31 December 2025, supported by higher volumes and lower input costs.
The company posted a consolidated net profit of INR 2,410 crore (USD 262.6 mln), compared with INR 719 crore a year earlier. JSW Steel said the increase reflects the recognition of deferred tax assets related to unabsorbed depreciation at Bhushan Power & Steel Limited (BPSL), which it expects to offset potential capital gains from the planned slump sale of BPSL’s steel business.
Revenue from operations rose 11pct YoY to INR 45,991 crore (USD 5 bln). Adjusted EBITDA increased 22pct, driven by higher sales volumes and lower coking coal and power costs, partly offset by weaker realizations.
Consolidated crude steel production reached 7.48 mln tons, up 6pct YoY, supported by the ramp-up of the JVML-Vijayanagar project. Output, however, fell 5pct quarter on quarter due to the shutdown of Blast Furnace-3 at Vijayanagar from late September for capacity upgrades.
Consolidated sales volumes hit a record 7.64 mln tons, up 14pct YoY, led by strong domestic demand. Domestic sales rose 10pct to 6.59 mln tons, while exports climbed 53pct to 0.84 mln tons, accounting for 11pct of sales from Indian operations during the quarter.
JSW Steel’s consolidated crude steel capacity stands at 35.7 mln tons per annum, including 1.5 mln tons in the U.S., with plans to expand to 43.4 mln tons within three years.
1 USD / 91.7 INR
