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Profit before tax stood at Rs 2,344 crore in Q2 FY26, rising 197.08% from Rs 789 crore reported in Q2 FY25.
The company’s reported EBITDA stood at Rs 7,115 crore, marking a 31% increase compared to Rs 5,437 crore in Q2 FY25. The EBITDA margin improved significantly to 17.4% in Q2 FY26, up from 14.2% in the same quarter last year.
Consolidated crude steel production during Q2 FY26 was the highest ever at 7.90 million tonnes, up 17% year-on-year. This growth was driven by the Dolvi plant operating at optimum capacity after a planned maintenance shutdown in Q1 FY26 and the ramp-up of JVML and BPSL expansions. Consolidated sales were 7.34 million tonnes, up 20% year-on-year on higher production volumes.
Domestic sales stood at 6.33 million tonnes, reflecting a 14% increase year-on-year and a 6% rise quarter-on-quarter. Exports surged by 89% year-on-year and 56% quarter-on-quarter, contributing 10% to the sales from Indian operations in Q2 FY26. Retail sales volumes grew by 26% year-on-year and 13% quarter-on-quarter.
The company's net gearing (net debt to equity) stood at 0.93x at the end of the quarter, slightly improved from 0.95x at the end of Q1 FY26. Net debt to EBITDA ratio was 2.97x, compared to 3.20x at the end of Q1 FY26. Net debt as of 30th September 2025 stood at Rs 79,153 crore, reduced by Rs 697 crore versus 30th June 2025.
Crude Steel Production at the Indian Operations for the Quarter was the highest ever, at 7.66 million tonnes, up 16% YoY. Steel Sales for the Quarter were 7.07 million tonnes, higher by 19% YoY.
During the quarter, Bhushan Power & Steel (BPSL), a wholly-owned subsidiary, registered crude steel production of 0.96 million tonnes and sales volume of 0.83 million tonnes. Revenue from operations and adjusted EBITDA for BPSL stood at approximately Rs 5,162 crore and Rs 724 crore, respectively. Adjusted EBITDA declined by 5% QoQ, primarily due to lower realizations, partially offset by reduced costs and higher volumes. BPSL reported a profit after tax of approximately Rs 166 crore for the quarter.
On its outlook, the company stated that global growth in 2025 has remained resilient, supported by front-loaded trade flows and consumption ahead of tariff changes. However, the outlook for 2026 is more cautious, with ongoing geopolitical uncertainty and elevated tariffs likely to weigh on momentum, despite some easing following recent trade agreements.
In the U.S., robust consumer spending and strong investment in aluminum-related sectors are sustaining growth. The Federal Reserve has resumed rate cuts in response to a softening labor market. While the pass-through of tariffs to inflation has been limited so far, it may increase going forward.
Eurozone growth was boosted during the first half of the year by front-loading effects. The underlying trend remains stable, supported by growth in services and a gradual recovery in manufacturing. Past rate cuts by the ECB, along with fiscal easing in select countries, are expected to support modest growth in the near term.
In China, after a relatively strong first half, economic momentum slowed in Q3 CY25, although government measures continue to support consumption. Further policy stimulus is likely, with targeted interventions aimed at avoiding disruptive competition and promoting capacity rationalization across sectors.
India's economic momentum remains broadly positive, with several supportive factors emerging in the second half of FY26. Recent GST reforms are expected to provide a significant boost to consumption, particularly in segments such as automobiles and consumer durables. While Q2 trends were impacted by deferred purchases ahead of the revised GST rates, demand is expected to rebound strongly in H2.
Rural prospects are encouraging, supported by an above-normal monsoon, higher kharif sowing, and healthy volumes in tractors and FMCG, although rainfall distribution has been uneven in certain regions.
On the external front, higher US tariffs on Indian goods remain a headwind for exports, with sentiment in IT and outsourcing sectors affected by ongoing policy uncertainty. Nevertheless, public capital expenditure continues to be robust, with central government capex reaching 38% of the full-year budget during April-August 2025.
Infrastructure and construction-related goods are witnessing strong demand, while renewable energy capacity additions are accelerating. Commercial real estate remains resilient, and although residential sales were soft in key cities during H1, new launches are expected to pick up in the second half.
Meanwhile, the company’s board of directors has approved a strategic reorganization of the company’s U.S. operations as part of ongoing efforts to consolidate and simplify the overall group structure. The plan is expected to reduce the number of legal entities, simplify compliances, and create a unified holding structure for the U.S. business.
This restructuring and consolidation exercise does not involve any sale of the company’s overseas investments. The company will continue to hold the same economic interests in the Netherlands Co. and its U.S. operations. Currently, JSW Ohio is held by JSW Steel through 100% subsidiary Acero. Post restructuring, Acero will cease to exist, and JSW Ohio and other U.S. operating entities will be held through a single U.S. holding company, which in turn will be held by JSW Steel through JSW Netherlands.
Furthermore, the board has also approved the scheme of amalgamation of its wholly-owned subsidiaries, Amba River Coke, Monnet Cement and JSW Retail and Distribution, with the company.
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.
The scrip shed 0.77% to Rs 1,162.80 on the BSE.
JSW Steel reported consolidated Crude Steel production for Q2 FY26 at 7.90 million tonnes. The Crude Steel production was higher by 17% YoY and 9% QoQ.
Capacity utilisation at Indian Operations stood at 92% for Q2 FY26.
The break-up of production is as below: (Mnt)
Particulars
Q2 FY26
Q1 FY26
Q2 FY25
QoQ
YoY
Indian Operations
7.66
7.02
6.63
9%
16%
JSW Steel USA - Ohio
0.24
0.14
Consolidated Production
7.9
7.26
6.77
17%
JVML, a wholly owned subsidiary of the Company, commissioned the second converter on 30th August 2025 making the overall Indian operations crude steel capacity at 34.2 MTPA fully operational. The integrated 5 MTPA operations at JVML has ramped up well and operated at 88% capacity utilisation in September 2025.
The shutdown of Blast Furnace 3 at Vijayanagar for 150 days has been taken towards the end of September 2025 to upgrade hot metal capacity from 3 MTPA to 4.5 MTPA.
The production volume for the H1 FY26 is as follows: (Mnt)
H1 FY2026
H1 FY2025
% Change
14.69
12.75
15%
0.48
0.37
15.17
13.12
Steel production at JSW Steel USA – Ohio rose 71.41% YoY to 0.24 million tonnes during the quarter under review.
The company stated that JVML, a wholly owned subsidiary, commissioned its second converter on 30 August 2025, making the overall crude steel capacity of its Indian operations — 34.2 MTPA — fully operational. The integrated 5 MTPA operations at JVML ramped up well, achieving 88% capacity utilisation in September 2025.
The company also commenced a planned 150-day shutdown of Blast Furnace 3 at Vijayanagar towards the end of September 2025. The upgrade aims to enhance hot metal capacity from 3 MTPA to 4.5 MTPA.
On a half-yearly basis, the company’s consolidated steel production increased 16% YoY to 15.16 million tonnes in H1 FY26.
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.
The company reported a 158.46% year-on-year (YoY) increase in consolidated net profit to Rs 2,209 crore for the quarter ended 30 June 2025, compared to Rs 867 crore in the corresponding period last year. Revenue from operation rose 0.47% year on year to Rs 43,147 crore in the quarter ended 30 June 2025.
The scrip slipped 1.07% to Rs 1,163.45 on the BSE.
JSW Steel Ltd is up for a third straight session today. The stock is quoting at Rs 1167.8, up 1.89% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.04% on the day, quoting at 24825.3. The Sensex is at 80967.53, down 0.02%. JSW Steel Ltd has gained around 8.9% in last one month.
Meanwhile, Nifty Metal index of which JSW Steel Ltd is a constituent, has gained around 7.44% in last one month and is currently quoting at 10092.95, up 2.37% on the day. The volume in the stock stood at 12.58 lakh shares today, compared to the daily average of 15.29 lakh shares in last one month.
The benchmark October futures contract for the stock is quoting at Rs 1171.6, up 1.53% on the day. JSW Steel Ltd is up 12.97% in last one year as compared to a 0.76% slide in NIFTY and a 2.16% slide in the Nifty Metal index.
The PE of the stock is 36.55 based on TTM earnings ending June 25.