JSW Steel Q3FY26 Results: Profit Triples on Strong Volumes and Cost Tailwinds

JSW Steel Ltd posted an impressive set of results for the December quarter of FY26, comfortably surpassing Street expectations on both profitability and revenue. The steel major reported a consolidated net profit of Rs 2,410 crore, significantly higher than market estimates and more than three times the profit recorded in the corresponding quarter last year.

The strong earnings performance was driven by a combination of higher sales volumes, stable steel demand in the domestic market and easing input costs. The company also benefited from the recognition of deferred tax assets linked to Bhushan Power and Steel, which supported the bottom line during the quarter.

Revenue from operations grew 11.1 per cent year on year to Rs 45,991 crore, reflecting sustained demand from infrastructure, construction and manufacturing segments. Consolidated sales volumes reached an all-time high of 7.64 million tonnes, marking a 14 per cent annual growth. Domestic sales remained the primary driver, rising 10 per cent to 6.59 million tonnes, while exports surged 53 per cent to 0.84 million tonnes, accounting for 11 per cent of Indian operations.

Operational performance remained healthy, with EBITDA for the quarter standing at Rs 6,496 crore, registering a year-on-year growth of over 16 per cent. EBITDA margins improved to 14.1 per cent, supported by operating efficiencies and lower raw material costs, even as pricing pressures persisted in certain markets.

JSW Steel continued its aggressive investment strategy during the quarter, incurring consolidated capital expenditure of around Rs 3,482 crore. For FY26, the company has guided for consolidated capex in the range of Rs 15,000 to Rs 16,000 crore, underlining its focus on capacity expansion and long-term growth. Consolidated net debt stood at approximately Rs 80,347 crore at the end of December.

Looking ahead, the company’s board approved the development of a new 5 million tonne per annum integrated steel plant in Odisha, with an estimated investment of Rs 31,600 crore and commissioning targeted by FY30. This expansion is expected to strengthen JSW Steel’s domestic footprint and support future demand growth. The board also cleared the formation of a joint venture for a land development project, signalling value creation beyond core steel operations.