JSW Steel Q2 profit rises multifold to Rs 1,646 cr on improved sales

New Delhi: JSW Steel on Friday posted fourfold jump in consolidated net profit to Rs 1,646 crore for September quarter FY26, as improved sales led to rise in revenues.

It had clocked a net profit of Rs 404 crore in the second quarter of preceding 2024-25 financial year, the JSW Group entity said in an exchange filing.

The consolidated capex spend during Q2 FY26 was Rs 3,135 crore, and Rs 6,535 crore during H1 FY26. JSW Steel said it expects to spend Rs 20,000 crore during FY26.

In July-September, the company registered a 14 per cent year-on-year rise in revenues from operations to Rs 45,152 crore from Rs 39,684 crore in the year-ago period.

JSW Steel posted sales of 7.34 million tonne (MT), up 20 per cent from 6.13 MT in the same period a year ago.

Production of crude steel was at 7.90 MT, higher 17 per cent over 6.77 MT in Q2 FY25, driven by the Dolvi plant operating at optimum capacity post planned maintenance shutdown in Q1 FY26 and ramp up of JVML (JSW Vijayanagar Metallics Limited) and BPSL (Bhushan Power and Steel Ltd) expansions.

The adjusted EBITDA increased by 39 per cent YoY, driven primarily by higher volumes and lower iron ore, coking coal and power costs, partly offset by a decrease in realisations. Reported EBITDA was Rs 7,115 crore during the quarter.

On BPSL acquisition, JSW Steel said the Supreme Court, in its judgement dated September 26, 2025, dismissed the appeals filed by the erstwhile promoters and certain operational creditors, and upheld the National Company Law Appellate Tribunal order of 2020 approving its resolution plan for the asset.

The Supreme Court also noted the substantial efforts of JSW Steel in resolving and turning around BPSL as a profit-making company.

During the quarter, BPSL registered a crude steel production of 0.96 million tonne and sales volume of 0.83 million tonne. Revenue from Operations and adjusted EBITDA for the quarter stood at Rs 5,162 crore and Rs 724 crore, respectively. BPSL reported a Profit after Tax of Rs 166 crore for the quarter.

In the US, The EAF-based steel manufacturing facility in Ohio, USA, produced 266,519 net tonne of slabs during the quarter. Capacity utilization was 74 per cent.

The Plate & Pipe Mill based in Texas, USA produced 142,767 net tonne of plates and 18,851 net tonne of pipes, reporting a capacity utilization of 55 per cent and 14 per cent, respectively, during the quarter.

Italy-based long products manufacturing facility produced 72,082 tonne and sold 79,214 tonne of rolled products and grinding balls during the quarter. It reported an EBITDA of 5.61 million euros for the quarter, higher QoQ mainly due to higher sales volume of rail products.

Sharing updates on its ongoing projects, the company said the JVML project has been fully commissioned, and is ramping up, while the 30 MTPA slurry pipeline in Odisha, now transferred to JSW Infrastructure Ltd, is progressing well and expected to be commissioned in FY27.

At the Dolvi Phase-Ill expansion from 10 MTPA to 15 MTPA, long lead time items have been ordered and letters of credit established. The project will be completed by September 2027.

The Board has now approved a project to establish a 1 MTPA EAF in Kadapa, Andhra Pradesh, targeted for completion by end-FY29.

The plant will include a section mill to produce structural steel, widely used in the construction and infrastructure sectors, supporting the transition from concrete to steel-intensive buildings. The site also offers potential for future expansion The board has also approved a 1 MTPA section mill at the Raigarh plant for structural steel production, and facilities at Salem for bearings and high-end niche grade steel.