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JSW Steel has reported a sharp 130% year-on-year jump in net profit for Q1 FY26, driven by strong margin expansion and lower input costs. The steel major posted a net profit of ₹2,428 crore, far exceeding analysts' estimates. This marks a significant recovery from the same period last year, underscoring the company's operational resilience and market positioning.
Revenue for the quarter grew modestly by 4% YoY, supported by a 3% rise in steel volumes. However, sequential volumes dipped slightly due to planned maintenance at the Dolvi plant. Despite this, EBITDA margins improved sharply, with EBITDA per tonne reaching ₹11,000—up 33% year-on-year—helped by a fall in coking coal and iron ore prices.
JSW's total crude steel production for the quarter stood at 7.26 million tonnes, reflecting stable operational output. Analysts remain optimistic about the company’s long-term trajectory, citing expansion plans and expected improvement in domestic demand. Motilal Oswal recently maintained a "Buy" rating on JSW Steel, with a target price of ₹1,180.
| Revenue down 3.7% to Rs 43,147 crore versus Rs 44,819 crore. |
| Net profit up 45% to Rs 2,184 crore versus Rs 1,503 crore. |
| Ebitda up 19% to Rs 7,576 crore versus Rs 6,378 crore. |
| Margin at 17.6% versus 14.2%. |
Looking ahead, management remains confident in the steel demand outlook, even as monsoon-related demand softness and global trade uncertainties persist. With large-scale capex underway and green steel initiatives on the horizon, JSW Steel is positioning itself as a future-ready player in India's growing steel sector.
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