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JSW Steel
JSW Steel (JSWSTEEL) investor relations material
JSW Steel Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary23 Jan, 2026
Executive summary
Announced a strategic 50:50 JV with JFE Steel for BPSL, enabling up to ₹32,000 crore cash inflow and ₹37,000 crore deleveraging, with future capacity expansion planned.
Board approved a 5-million-ton steel plant in Odisha with ₹31,600 crore CapEx, commissioning by FY 2030.
Consolidated crude steel production reached 7.48 million tonnes, up 6% YoY, with record sales of 7.64 million tonnes, up 14% YoY, driven by JVML ramp-up.
Net profit after tax for Q3 FY26 stood at ₹2,410 crore, supported by recognition of ₹1,439 crore deferred tax asset from the BPSL transaction.
Achieved #1 global steel sector rank in S&P Global CSA and received multiple sustainability and energy efficiency awards.
Financial highlights
Consolidated revenue at ₹45,991 crore, up 11% YoY; adjusted EBITDA at ₹6,620 crore, margin 14.4%.
Indian operations adjusted EBITDA at ₹6,522 crore, margin 15%.
Net debt at ₹80,347 crore; net debt/EBITDA at 2.91x; net debt/equity at 0.92x.
Diluted EPS for Q3 FY26 was ₹8.75, up from ₹2.93 YoY.
Weighted average interest cost improved to 6.51%, down 60 bps YoY.
Outlook and guidance
FY26 consolidated volume guidance: production at 30.5mt and sales at 29.2mt.
Q4 margins expected to improve with higher steel prices and strong demand.
FY27 steel demand projected to grow 7%-9%; Indian GDP growth estimated at 7.4% for FY26.
Capex spend of ₹15,000–16,000 crore expected during FY26, with major projects underway including Odisha, Dolvi, and Kadapa.
BPSL JV expected to complete by Q3 FY27, enabling further deleveraging and growth.
BPSL JV: Cash inflow and deleveraging impact
Jagatsinghpur plant: Capex, capacity, timeline
Labour Codes: Consolidated financial impact
Odisha plant CapEx efficiency drivers?
Iron ore import strategy for blending?
CBAM impact on Europe export strategy?
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Next JSW Steel earnings date
Q4 25/2622 May, 2026
JSW Steel
Next JSW Steel earnings date
Q4 25/2622 May, 2026
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Frequently asked questions
JSW Steel Limited engages in the manufacture and sale of iron and steel products. The company produces flat steel products and special steel products, as well as export oriented rolled products. It offers products that serve automobile and consumer durable markets; aerospace, defense, mining and marine; construction, engineering, electrical appliances and gas distribution markets; transmission towers and wind turbine power industry; farm machinery industry; consumer durables; components for the automobile industry, such as steering gears, suspensions and engine shafts; iron rods and pipes for construction applications, such as galvanized or MS pipes to industries including iron & steel castings, refinery equipment, HVAC&R equipment, food processing equipment and power generation plant applications. JSW Steel Limited is based in Mumbai, India.
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