JSW Steel Q4 Results: JSW Steel on Thursday, 14 May, reported its results for the fourth quarter ended March 2026, posting 989% year-on-year (YoY) surge in its consolidated profit after tax (PAT) attributable to the owner of the company at ₹16,370 crore, up from ₹1,503 crore, supported by an extraordinary gain, while its revenue from operations recorded a 14% YoY growth.
The revenue from operations stood at ₹51,180 crore in Q4FY26, up from ₹44,819 crore posted in the year-ago period.
The company announced their consolidated profit after tax of ₹19,243 crore, supported by an extraordinary gain of ₹17,888 crore. This total included an ₹18,051 crore gain from the slump sale of the BPSL steel operation, offset by an exceptional charge of ₹163 crore related to employee liabilities arising from the introduction of the new labour code.
People also ask
AI powered insights from this story
•5 QUESTIONS
JSW Steel reported a consolidated profit after tax of ₹19,243 crore for Q4 FY26. This figure includes an extraordinary gain of ₹17,888 crore from the slump sale of BPSL steel operations.
JSW Steel’s revenue from operations increased by 14% year-on-year in Q4 FY26, reaching ₹51,180 crore, up from ₹44,819 crore in the corresponding period of the previous year.
The board of JSW Steel has recommended a dividend of ₹7.1 per equity share for the financial year ended March 31, 2026. This recommendation is subject to shareholder approval at the upcoming Annual General Meeting.
JSW Steel intends to increase its steel production capacity from 31.9 MTPA to 48.8 MTPA by FY30, following board approval. Including the JSW JFE joint venture capacity, India’s total capacity is expected to reach 53.3 MTPA.
JSW Steel’s Net Gearing decreased to 0.51x at the end of Q4 FY26, down from 0.92x at the end of Q3 FY26. Leverage also reduced to 1.81x from 2.91x during the same period.
When excluding exceptional items, the normalised PAT was ₹3,475 crore for the quarter and ₹8,698 crore for FY26.
In an exchange filing, the company announced that it achieved its highest quarterly revenue from operations at ₹51,180 crore, accompanied by an adjusted EBITDA of ₹9,713 crore, which results in an EBITDA margin of 19% for the quarter.
The EBITDA increased by 47% compared to the previous quarter, fueled by better sales realisations, although this was somewhat countered by the rise in coking coal costs. The reported EBITDA amounted to ₹8,634 crore.
The company’s Net Gearing (Net Debt to Equity) was 0.51x at the end of the quarter, down from 0.92x at the end of Q3 FY26, while Leverage (Net Debt to EBITDA) was 1.81x, down from 2.91x at the end of Q3 FY26.
As of 31 March 2026, Net Debt amounted to 53,870 crores, a decrease of 26,477 crores from 31 December 2025, driven by deleveraging from the slump sale of the BPSL steel business, strong cash generation, and the release of working capital, as per the exchange filing.
Indian Operations Production
The company, in its exchange filings, stated that its Indian operations produced 7.34 million tonnes in the quarter, up 0.7% QoQ but down 1% YoY. Steel sales hit a record 7.84 million tonnes, rising 6% QoQ and 8% YoY.
Production was impacted by the shutdown of Blast Furnace-3 at Vijayanagar for capacity expansion since September 2025. Capacity utilisation stood at 92% excluding BF-3 and 87% including it for FY26.
Indian operations posted revenue of ₹48,773 crore and adjusted EBITDA of ₹9,574 crore, with an EBITDA margin of 19.6% for the quarter.
Growth Strategy
The company announced in a filing that it intends to increase its steel production capacity from 31.9 MTPA to 48.8 MTPA by FY30, following board approval. Including the 4.5 MTPA capacity from the JSW JFE joint venture, India’s total capacity will reach 53.3 MTPA. Additionally, the company plans to raise its standalone capacity to 62 MTPA by FY32, while the joint venture capacity is projected to grow to 16 MTPA, resulting in a combined capacity of 78 MTPA.
Dividend
The board has recommended a dividend of ₹7.1 per equity share (face value Re 1) for the year ended March 31, 2026, subject to shareholder approval at the upcoming AGM. The total dividend payout is estimated at ₹1,736 crore.
Amalgamation of BMM Ispat Limited (BMMIL)
The company said in an exchange filing that its board has approved the amalgamation of BMM Ispat Ltd, a related party, under Sections 230–232 of the Companies Act, at an enterprise value of around ₹6,400 crore. BMM Ispat operates a ~1 MTPA integrated steel facility focused on long products, located approximately 50 km from the Vijayanagar plant. The deal offers expansion potential to 1.8 MTPA and synergies, subject to approvals by FY27-end.
Guidance for FY27
The company has guided for FY27 crude steel production of 29.75 million tonnes and saleable steel sales of 28.60 million tonnes on a consolidated basis. India operations are expected to contribute the bulk, with 28.75 million tonnes of production and 27.60 million tonnes of sales, while the Ohio operations in the US are projected at 1 million tonnes each.
JSW Steel share price today
JSW Steel share price today closed 1.66% higher at ₹1,296 apiece on the BSE. The stock touched an intraday high of ₹1,305.60 and a low of ₹1,282.60.
Ruchit Jain, Head – Equity Technical Research, Wealth Management, Motilal Oswal Financial Services, said that metal sector stocks have shown sustained momentum in recent times. This stock too seems to be in an uptrend and has formed a bullish flag pattern on the daily charts. This indicates the probability of a continuation of its recent uptrend, with support around ₹1240. The stock has the potential to rally up to ₹1,380 in the near term.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
