Sajjan Jindal-led JSW Steel on Friday reported a 158.5% year-on-year jump in net profit for the June quarter at Rs 2, 184 crore.The surge in profit was driven by lower cost of materials, mining premium and royalties and inventory costs.
The steelmaker beat Bloomberg’s profit after tax (PAT) estimate of Rs 2, 095 crore.
Revenue from operations grew marginally by 0.47% to Rs 43,147 crore during the quarter, also slightly ahead of estimate of Rs 43, 004 crore.
Earnings before interest, taxation, depreciation and amortisation (Ebitda) was up 37% year-on-year at Rs 7, 576 crore, also ahead of estimate of Rs 7, 254 crore. Ebitda margin came in at 17.6% while PAT margin was 5.1%.
Consolidated crude steel production for the quarter stood at 7.26 million tonne, 14% higher than the same quarter last fiscal.
Steel sale volume for Q1 stood at 6.69 million tonne, higher by 9% over Q1 of last fiscal while institutional and retail sales volumes were higher by 12% year-on-year. Domestic sales at 5.96 million tonne increased 12% annually while exports fell 20% and constituted 7% of sales from the Indian operations for Q1.
The company’s net debt to equity stood at 0.95x at the end of the quarter, as against 0.94x at the end of the previous quarter, and net debt to Ebitda stood at 3.2x as against 3.34x at the end of Q4FY25.
Net debt as of June 30 stood at Rs 79,850 crore, higher by Rs 3,287 crore as against March 31, 2025, higher mainly due to investment in working capital, JSW Steel added.
Consolidated capex for Q1 was Rs 3, 400 crore. The steel major said that it expects to deploy Rs 20, 000 crore capex for the full fiscal.
India operations
Revenue from operations for the Indian came in at Rs 40,510 crore and operating Ebitda was Rs 7,496 crore in Q1, up 38% y-o-y. The Ebitda per tonne was Rs 11,658 and margin for the quarter was 18.5%. Indian operations PAT for the first quarter was Rs 2,517 crore, up 118% on-year.
Crude steel production at the Indian Operations in Q1 was 7.02 million tonne, up 15% annually and steel sales were 6.43 million tonne, up 9%.
Capacity utilisation at its Indian operations was 87% during the quarter as compared to 93% in Q4FY25, impacted by planned maintenance shutdowns, the steelmaker said.
The firm’s share price was up 0.1% on the BSE at Rs 1,034.45 on Friday. The results were announced after market hours.
Update on BPSL
The firm said in addition to its review petition in the Supreme Court regarding the May 2 order that rendered JSW Steel’s resolution plan for Bhushan Power and Steel void, the committee of creditors and the resolution professional have also filed similar petitions.
“We, along with our legal advisors, have analysed the matter and are of the view that we have strong grounds to pursue the review petition,” it said.
BPSL registered crude steel production of 0.88 million tonne and sales volume of 0.78 million tonne in Q1. Revenue from operations and operating Ebitda for the quarter stood at Rs 4,998 crore and Rs 760 crore, respectively. Ebitda was up 13% annually, driven by higher volumes and lower coking coal cost. BPSL PAT was Rs 331 crore.