Sajjan Jindal-led JSW Steel reported a 989.2% year-on-year jump in net profit for the fiscal fourth quarter, driven mainly by one-time gains on account of the slump sale in Bhushan Power and Steel Limited (BPSL), and supported by lower cost of materials, lower mining premium and royalties, and reduced power and fuel costs.
Net profit attributable to the promoters of the company came in at Rs 16,370 crore (Q4FY25: Rs 1,503 crore), beating Bloomberg estimates of Rs 1,503 crore. The firm benefitted from a one-off gain of Rs 17,888 crore due to the BPSL slump sale.
Excluding exceptional items, consolidated net profit for the March 2026 quarter stood at Rs 1,355 crore, down 53.9% on QoQ basis and down 12.3% on YoY basis.
Revenue from operations grew 14.2% to Rs 51,180 crore during the quarter, ahead of Bloomberg estimates of Rs 49,872 crore.
Reported earnings before interest, taxation, depreciation and amortisation (EBITDA) was up 16.4% year on year at Rs 8,634 crore, marginally beating Bloomberg estimates of Rs 8,526 crore. EBITDA margin was 16.9% while PAT margin was 32%.
Adjusted EBITDA (excludes unrealised forex gains and losses on long-term borrowings, net of unrealised forex gains and losses on intercompany receivables) for the quarter was Rs 9,713 crore, with a margin of 19%. The Adjusted EBITDA increased by 50% YoY, and 47% on-quarter driven by higher sales realization partly offset by higher coking coal prices, the steelmaker said.
Consolidated EBITDA/tonne at Rs 12,264 was up 42% both sequentially, and annually.
Consolidated crude steel production for the quarter stood at 7.49 million tonne, 2% lower than the same quarter last fiscal. However, production rose marginally (0.1%).
Consolidated steel sale volume for Q4FY26 stood at 7.97 million tonnes, higher by 6% over Q4FY25. Domestic sales at 7.09 million tonnes increased 6% annually. JSW Steel said that it achieved the highest ever consolidated and domestic sales ever during the fiscal fourth quarter.
Exports at 0.75 million tonne increased by 36% YoY, contributing 10% to the sales from the Indian operations for Q4FY26. Retail sales volumes grew by 3% year-on-year while institutional sales volumes increased 7% sequentially and 5% year on year.
The company’s net gearing (net debt to equity) stood at 0.51x in the fourth quarter, as compared to 0.92x at the end of the previous quarter and net debt to EBITDA stood at 1.81x as against 2.91x at the end of Q3FY26.
Net Debt as of March 31 stood at Rs 53,870 crore lower by Rs 26,477 crores compared to December 31, 2025 due to deleveraging from the slump sale of the BPSL steel business, healthy cash generation and release of working capital, the company said.
Deleveraging and Financial Health
“Further to this significant deleveraging, we have reduced our stated maximum caps for Leverage (Net Debt to EBITDA) from 3.75x to 3.00x and for Net Gearing (Net Debt to Equity) from 1.75x to 1.25x,” JSW Steel said in its earnings release.
Consolidated capex for Q4 was Rs 4,612 crore and Rs 15,595 crore during the full fiscal in line with its FY26 guidance of Rs 15,000-16,000 crore. its capex outlook for FY27 is Rs 22,000 crore to Rs 24,000 crore.
“On 20th April 2026, the Company announced a strategic 50:50 JV with POSCO at the India-Korea Business Forum in New Delhi. The JV will setup a greenfield 6mtpa integrated steel plant in Dhenkanal, Odisha. The facility will comprise steelmaking, hot rolling, and cold rolling/coating processes producing high-grade flat steel for diverse applications including for the automotive sector. The JV will also aim to synergise with POSCO’s 1.8 MTPA downstream unit in Maharashtra,” JSW Steel said in a statement.
The firm is in the process of increasing its steelmaking capacity from 31.9 MTPA currently to 48.8 MTPA by FY30. Along with 4.5 MTPA capacity at the JSW JFE joint venture, the company’s combined India capacity will reach 53.3 MTPA by FY30, it said.
“Further, the Company plans to grow its India capacity to 62 MTPA by FY32, and capacity through joint ventures will grow to 16 MTPA, taking the combined India capacity to 78 MTPA,” it said.
India operations
Revenue from operations for the Indian came in at Rs 48,773 crore; up 14% annually. Adjusted EBITDA was Rs 9,574 crore in Q4, up 47% y-o-y and margin was 19.6%. Adjusted EBITDA per tonne for the quarter was Rs 12,290 up 38% on-year. Reported EBITDA came in at Rs 8,463 crore.
Crude steel production at the Indian Operations in Q4 was 7.34 million tonne down 1% annually and steel sales were 7.84 million tonnes up 31%.
The company said that Blast Furnace-3 (BF‑3) at Vijayanagar has been under shutdown for capacity upgradation since the end of September 2025, which impacted crude steel production and capacity utilisation at the Company’s Indian operations during FY26.
The capacity utilisation for the combined Indian operations for the year stood at approximately 92% excluding BF‑3 capacity, and 87% including BF‑3 capacity.
The firm’s share price was up 1.74% on the Bombay Stock Exchange at Rs 1297.05 on Thursday. The results were announced towards the end of trading hours.