India’s JSW Steel reported higher revenue and profit for the first quarter of fiscal year 2026-27, supported by record first-quarter steel sales, improved realizations and stronger operating margins.
Revenue from operations rose 19pct YoY to INR 47,364 crore (USD 4.92 bln), while net profit more than doubled to INR 4,696 crore (USD 488 mln) from INR 2,209 crore a year earlier. Adjusted EBITDA climbed 32pct YoY to INR 9,373 crore (USD 974 mln), with the EBITDA margin improving to 19.8pct.
The company produced 6.59 mln tons of crude steel during the quarter ended June 30, up 3pct YoY, while saleable steel sales reached a record 6.25 mln tons for a first quarter, an increase of 4pct.
Domestic steel sales totaled 5.34 mln tons, supported by strong demand from the infrastructure, automotive, renewable energy and appliances sectors, while exports increased 46pct YoY to 0.68 mln tons, accounting for 11pct of sales from Indian operations. Improved steel realizations helped offset higher coking coal and other input costs during the quarter.
On the expansion front, JSW Steel completed the upgrade of Blast Furnace No. 3 at its Vijayanagar plant, increasing capacity from 3 mln tons per year to 4.5 mln tons per year, with the unit expected to contribute additional volumes from the second quarter. Construction is also progressing on the 15 mln tons per year Phase III expansion at Dolvi, while projects at Utkal, Kadapa and downstream facilities remain on schedule.
Looking ahead, JSW Steel expects global growth to remain supported by AI-led investment in the US and resilient consumer spending, while further policy measures in China could support manufacturing despite continued weakness in the property sector. In Europe, easing energy prices and fiscal stimulus are expected to support economic activity following recent inflationary pressures. The company remains positive on India’s steel demand outlook, citing strong public infrastructure spending, resilient industrial activity and healthy demand from the automotive, energy, commercial real estate, data centre, defence and maritime sectors. However, it said geopolitical developments, energy prices and weather-related risks remain key factors to monitor.
JSW Steel’s consolidated crude steel capacity stands at 35.9 mln tons per year, including 1.5 mln tons in the US. The company plans to increase its domestic capacity to 50 mln tons per year and total consolidated capacity to 51.5 mln tons per year by FY2030-31.
1 USD / 96.2 INR