JSW Steel Q2 Results: Net Profit Surges 225% YoY to ₹5,359 Crore on Record Sales

Key numbers

PE Ratio (TTM)	11.8Sector 17.17
Market Capitalization	₹2,92,476 CrMetals & Mining
RSI	46.5Neutral Zone
1-Year Return	3.77%Price Performance

Key highlights

• Net profit increased by 225.6% YoY to ₹5,359 crore, up from ₹1,646 crore in the year-ago period
• Consolidated revenue from operations grew to ₹54,486 crore, a 20.7% increase over Q2-26
• Crude steel production reached an all-time high of 7.27 million tonnes, growing 5% year-on-year
• Saleable steel sales hit a record 7.46 million tonnes, driven by a 36% growth in automotive sector volumes
• Net gearing improved significantly to 0.39x as net debt was reduced by ₹1,675 crore during the quarter

Record Production and Sales Volumes Drive Growth

JSW Steel achieved its highest-ever consolidated crude steel production of 7.27 million tonnes during the second quarter of FY27, representing a 5% increase year-on-year. This performance was bolstered by the successful ramp-up of Blast Furnace-3 at the Vijayanagar facility, which reached approximately 90% utilisation following its light-up in late June. Saleable steel sales also hit a record high of 7.46 million tonnes, a 13% rise compared to the same period last year.

Domestic sales volumes reached a record 6.29 million tonnes, while sales to the automotive sector saw a significant 36% year-on-year growth, contributing to the overall revenue jump to ₹54,486 crore.

Board Approves ₹16,150 Crore Expansion in Odisha

• Approved ₹16,150 crore outlay for Phase-II at JSW Utkal, adding 5 MTPA capacity by Q1 FY31
• Targeted expansion at Vasind for a 1.8 MTPA Cold Rolling Mill complex by Q2 FY30
• Approved expansion of MdR coking coal mine in Mozambique to 9 MTPA capacity by CY28
• Quarterly consolidated capex spend reached a record ₹6,266 crore in Q2 FY27
• Total FY27 capital expenditure guidance maintained between ₹22,000 crore and ₹24,000 crore

Management Outlook on Domestic Demand Resilience

India remains a bright spot in the global economy, with growth being driven by resilient domestic demand, a robust investment cycle and improving industrial activity. Reflecting confidence in the economy's underlying strength, the RBI has raised its FY27 GDP growth forecast to 7.1% from 6.7% earlier.

Debt Reduction and Financial Health Improvements

The company demonstrated strengthened financial discipline during the quarter, reducing its net debt by ₹1,675 crore to finish the period at ₹44,482 crore. Net Gearing, measured as Net Debt to Equity, improved to 0.39x from 0.42x at the end of the previous quarter. Furthermore, the Leverage ratio of Net Debt to EBITDA stood at 1.28x, down from 1.46x in Q1 FY27.

This financial strengthening comes despite the massive capital expenditure program, as the company targets a total combined steel production capacity of 43.5 MTPA by FY27 and 64.8 MTPA within the next five years.

What to watch next

• Commissioning of Phase-I 5 MTPA steel capacity at JSW Utkal in Odisha by Q3 FY30
• Completion of 1.8 MTPA Cold Rolling Mill complex at Vasind by Q2 FY30
• Commencement of production from Mozambique coking coal mine expansion by CY28
• Full-year capital expenditure execution towards the ₹22,000-24,000 crore guidance

“The Company registered quarterly Revenue from Operations of ₹54,486 crores and Adjusted EBITDA of ₹9,941 crores, with an EBITDA margin of 18.3% during the Quarter.”

JSW Steel · financial snapshot

Share price	₹1196
Market capitalisation	₹2.92L Cr
Revenue (annual)	₹1.85L Cr
Net profit (annual)	₹22,316.00 Cr
Revenue (latest quarter)	₹47,364.00 Cr-7.46% vs previous quarter
Net profit (latest quarter)	₹4,651.00 Cr-71.59% vs previous quarter
P/E (TTM)	11.8×Sector 17.17×
Promoter holding	44.3%+0.01% QoQ
FII holding	26.23%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.