JSW Steel Q2 results: Metals major JSW Steel reported a consolidated net profit of ₹1,623 crore for the quarter ending September 30, 2025, significantly higher by 270% year-on-year. However, sequentially the net profit slumped 25% from ₹2,184 crore in Q1FY26.
The consolidated revenue increased 13.8% year-on-year to ₹45,152 crore from ₹39,684 crore in Q2FY25. Sequentially, also the revenue jumped by 4.6% from ₹43,147 crore in Q1FY25.
The firm disclosed in an exchange filing that the Adjusted EBITDA rose by 39% year-on-year, mainly due to increased volumes and reduced costs for iron ore, coking coal, and power, although this was somewhat offset by a decline in realizations.
The reported EBITDA for the quarter was 7,115 crores. At the end of the quarter, the company’s net gearing (Net Debt to Equity) was 0.93x, compared to 0.95x at the end of Q1 FY26, while net debt to EBITDA was 2.97x, down from 3.20x at the conclusion of Q1 FY26.
As of September 30, 2025, net debt stood at 79,153 crores, a decrease of 697 crores compared to June 30, 2025.
The company announced that its consolidated Crude Steel Production for Q2 FY26 reached an all-time high of 7.90 million tonnes, marking a 17% increase compared to the previous year.
This growth was supported by the Dolvi plant functioning at full capacity after a planned maintenance shutdown in Q1 FY26, alongside the ramp-up of expansions at JVML and BPSL. Consolidated sales totaled 7.34 million tonnes, reflecting a 20% rise year-over-year due to higher production levels.
Domestic sales amounted to 6.33 million tonnes, which represents a 14% year-over-year increase and a 6% rise quarter-over-quarter.
Exports saw an impressive growth of 89% year-over-year and 56% quarter-over-quarter, accounting for 10% of the sales from Indian operations in Q2 FY26. Retail sales volumes experienced a growth of 26% year-over-year and 13% quarter-over-quarter.
In addressing the Bhushan Power & Steel Ltd (BPSL) case, the company stated, “The Hon’ble Supreme Court, in its ruling on 26th September 2025, rejected the appeals made by the former promoters and some operational creditors, and affirmed the National Company Law Appellate Tribunal’s 2020 decision approving JSW Steel’s resolution plan for BPSL. The Hon’ble Supreme Court also acknowledged JSW Steel’s significant efforts in resolving and revitalizing BPSL into a profit-generating entity.”
As part of its energy transition plan, JSW Steel has announced the successful launch of India’s first 25 MW Green Hydrogen Electrolyser, which can produce 3,800 tonnes of green hydrogen each year. This hydrogen will be utilized in operations at the Vijayanagar DRI facility, aiding in a decrease in greenhouse gas emissions.
Furthermore, the company has obtained board approval to develop 2.5 GW of renewable energy and 320 MWh of battery storage capacity. By the end of Q2 FY26, 885 MW of renewable power capacity has already been brought online.
JSW Steel share price today closed 0.43% lower at ₹1,166.80 apiece on the BSE.
Outlook
“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 continued geopolitical uncertainty and elevated tariffs likely to weigh on momentum, despite some easing following recent trade agreements,” JSW Steel stated in its press release while commenting on the outlook.
From a geographical perspective, India’s economic forecast appears encouraging for the second half of FY26. Recent reforms in the GST are anticipated to boost consumption in sectors such as automobiles and consumer durables. Improved rural demand can be attributed to favorable monsoons and an increase in kharif sowing.
Nonetheless, the firm pointed out that elevated U.S. tariffs continue to pose challenges for Indian exports, particularly in the IT and outsourcing sectors. Nevertheless, public capital expenditure remains strong, with the government utilizing 38% of its annual budget by August 2025.
The demand for infrastructure is robust, there is a rise in renewable energy additions, and the commercial real estate sector remains stable. The firm projected an increase in new residential launches during the second half of the fiscal year.
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