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Total, revenue from operations rose 11.14% year-on-year to Rs 45,991 crore in the quarter ended 31 December 2025.
Profit before tax stood at Rs 1,457 crore in Q3 FY26, rising 23.68% from Rs 1,178 crore reported in Q3 FY25.
The company’s reported EBITDA stood at Rs 6,496 crore in Q3 FY26, marking a 16% increase compared to Rs 5,579 crore in Q3 FY25. The EBITDA margin improved significantly to 14.4% in Q3 FY26, up from 13.1% in the same quarter last year.
Consolidated crude steel production stood at 7.48 million tonnes in Q3 FY26, up 6% year-on-year, driven by the ramp-up of the JVML–Vijayanagar project. However, production declined 5% quarter-on-quarter due to the shutdown of Blast Furnace-3 (BF-3) at Vijayanagar from End-September 2025 for capacity upgradation.
Consolidated sales hit an all-time high of 7.64 million tonnes, marking a 14% YoY increase, supported by strong domestic demand. Domestic sales rose 10% YoY to 6.59 million tonnes, while exports jumped 53% YoY to 0.84 million tonnes, accounting for 11% of Indian operations’ sales in Q3 FY26. Retail sales volumes increased 12% YoY.
Crude steel production at Indian operations stood at 7.28 million tonnes in the quarter, up 7% year-on-year. Capacity utilisation was around 93%, excluding Blast Furnace-3 (BF-3) at Vijayanagar, which is under shutdown, and 85% including BF-3 capacity.
Steel sales during the quarter touched a record high of 7.42 million tonnes, marking a 14% YoY increase. The company also reduced steel product inventories by around 0.3 million tonnes during the period.
During the quarter, Bhushan Power & Steel (BPSL) recorded crude steel production of 1.0 million tonnes and sales volume of 0.98 million tonnes. Revenue from operations stood at Rs 5,770 crore, while adjusted EBITDA was Rs 1,011 crore. Adjusted EBITDA declined 16% quarter-on-quarter, primarily due to lower realisations and higher coking coal costs. The company reported a profit after tax of around Rs 1,578 crore for the quarter.
During the quarter, JSW Vijayanagar Metallics (JVML) reported crude steel production of 1.18 million tonnes, achieving rated capacity following the commissioning of all balance facilities in Q2 FY26. Sales volume stood at 1.23 million tonnes. Revenue from operations was Rs 6,099 crore, while adjusted EBITDA came in at Rs 921 crore. Adjusted EBITDA rose 47% quarter-on-quarter, driven primarily by higher volumes. The company reported a profit after tax of Rs 382 crore for the quarter.
On its outlook, the global economy remains resilient, with the IMF marginally raising its 2026 growth forecast to 3.3%, in line with 2025. Growth continues to be supported by investments in AI and technology, particularly in North America and Asia, despite trade policy uncertainty and geopolitical risks. Supportive policies, easy financial conditions and rapid private-sector adaptation are aiding momentum.
In the US, growth remains firm heading into CY26, driven by strong tech investments and resilient consumer spending, even as the labour market shows signs of cooling. Following 75 bps of rate cuts in 2025, further policy easing is expected, while the impact of tariffs on growth and inflation remains limited so far.
The Eurozone is witnessing modest expansion led by services, while manufacturing remains weak. Policy rates are on hold, inflation is near target and growth expectations have been revised upward, with expansionary fiscal policies expected to support medium-term growth.
China’s growth momentum softened in H2CY25 due to weak fixed asset investment and continued stress in real estate, though manufacturing and exports provided some support. Fiscal and monetary policy are expected to remain growth-supportive in 2026.
India’s outlook remains strong, supported by GST rationalisation, accommodative monetary policy, benign inflation and sustained government capex. The NSO has projected FY26 GDP growth at 7.4%, with upward revisions by the RBI and IMF. Domestic demand remains healthy, aided by strong auto sales, firm rural indicators and improving private capex conditions.
Recent progress on economic reforms and trade agreements is expected to strengthen India’s medium-term growth prospects and enhance resilience amid global uncertainties.
JSW Steel said its board has approved the formation of a joint venture company for a land development project in Mumbai. The JV will be set up through Peddar Realty Ltd (PRL), a wholly owned subsidiary of JSW Steel, which will hold a 51% stake, along with JSW Realty Pvt Ltd (JSWRPL) and other partners.
The proposed transaction qualifies as a related-party transaction and will be undertaken on an arm’s-length basis. JSWRPL, a promoter group entity, will have an interest in the JV to the extent of its shareholding.
The JV will participate in a formal tender process to acquire an identified land parcel in Mumbai for the development of office and commercial spaces. The company said the project aligns with its expansion plans and will help meet future captive office and commercial space requirements.
PRL will invest up to Rs 51 crore in the JV through cash consideration, acquiring a 51% controlling stake. The acquisition is expected to be completed on or before March 31, 2026, subject to mutual extension by JV partners. No governmental or regulatory approvals are required. The JV company will be incorporated in due course and will operate in the real estate sector.
JSW Steel is the flagship business of the diversified, US$ 23 billion JSW Group. As one of India’s leading business houses, JSW Group also has interests in energy, infrastructure, cement, paints, realty, e-platforms, mobility, defence, sports, and venture capital.
Shares of JSW Steel fell 1.31% to end at Rs 1,169.35 on the BSE.
JSW Steel reported consolidated Crude Steel production for Q3 FY26 at 7.48 million tonnes. The Crude Steel production was higher by 6% YoY.
Blast Furnace 3 (BF3) at Vijayanagar is under shutdown for upgradation of capacity from end of September 2025 and is expected to be commissioned by end of Q4 FY26. Consequently, this affected the capacity utilisation at Indian operations for Q3 FY26. The capacity utilisation for Indian operations for the quarter excluding BF3 capacity was at ~93% and including BF3 capacity was at 85%.
The break-up of production is as below: (MT)
Particulars
Q3 FY26
Q2 FY26
Q3 FY25
QoQ
YoY
Indian Operations
7.28
7.66
6.82*
-5%
7%
JSW Steel USA - Ohio
0.2
0.24
0.21
Consolidated Production
7.48
7.9
7.03
6%
*Including Trial run production of 0.12 MT
Indian operations produced 7.28 million tonnes of steel during the quarter, reflecting a 7% YoY growth. Meanwhile, steel production at JSW Steel USA–Ohio declined 4.76% YoY to 0.20 million tonnes in Q3 FY26.
The company said that Blast Furnace 3 (BF3) at Vijayanagar has been under shutdown for capacity upgradation since the end of September 2025 and is expected to be commissioned by the end of Q4 FY26. As a result, capacity utilisation at Indian operations was impacted during the quarter. Capacity utilisation excluding BF3 stood at around 93%, while including BF3 capacity, it was 85% for Q3 FY26.
On a nine-month basis, JSW Steel’s consolidated steel production rose 12% YoY to 22.65 million tonnes in 9M FY26.
JSW Steel reported a massive 269.7% surge in consolidated net profit to Rs 1,623 crore in Q2 FY26, compared to Rs 439 crore in the corresponding period last year. Revenue from operations rose 13.77% year-on-year to Rs 45,152 crore in the quarter ended 30 September 2025.
The counter rose 0.65% to Rs 1,162.85 on the BSE.
JSW Steel Ltd gained for a fifth straight session today. The stock is quoting at Rs 1187.7, up 0.59% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.02% on the day, quoting at 26333.05. The Sensex is at 85709.92, down 0.06%. JSW Steel Ltd has risen around 6.13% in last one month.
Meanwhile, Nifty Metal index of which JSW Steel Ltd is a constituent, has risen around 13.22% in last one month and is currently quoting at 11421.85, up 0.53% on the day. The volume in the stock stood at 6.14 lakh shares today, compared to the daily average of 15.95 lakh shares in last one month.
The benchmark January futures contract for the stock is quoting at Rs 1192.6, up 0.64% on the day. JSW Steel Ltd is up 31.83% in last one year as compared to a 11.5% spurt in NIFTY and a 35.79% spurt in the Nifty Metal index.
The PE of the stock is 38 based on TTM earnings ending September 25.
Jindal Steel Ltd rose 3.78% today to trade at Rs 1059.55. The BSE Metal index is up 0.95% to quote at 36607.9. The index is up 6.72 % over last one month. Among the other constituents of the index, JSW Steel Ltd increased 3.34% and Steel Authority of India Ltd added 2.73% on the day. The BSE Metal index went up 26.71 % over last one year compared to the 8.52% surge in benchmark SENSEX.
Jindal Steel Ltd has added 1.11% over last one month compared to 6.72% gain in BSE Metal index and 0.99% drop in the SENSEX. On the BSE, 18645 shares were traded in the counter so far compared with average daily volumes of 22887 shares in the past one month. The stock hit a record high of Rs 1098.3 on 13 Nov 2025. The stock hit a 52-week low of Rs 723.95 on 31 Jan 2025.
The duty on select non-alloy and alloy steel products will be set at 12% in the first year, before being reduced to 11.5% in the second year and further to 11% in the third year. Imports from certain developing countries are exempt, while shipments from China, Vietnam and Nepal will be subject to the levy. Specialty steel products, including stainless steel, are excluded.
The safeguard measure is expected to support domestic steel prices and protect margins at a time when global steel prices remain subdued.