JSW Steel delivered a strong performance in the first quarter of FY26, with its consolidated net profit more than doubling to ₹2,209 crore, compared to ₹867 crore in the same period last year. The robust earnings were supported by the government’s imposition of a 12 per cent safeguard duty on select steel imports in April 2025. This move curtailed the inflow of cheaper foreign steel and helped improve domestic realisations, allowing JSW to price its products more competitively in the local market.
The company’s revenue saw a modest rise of 0.3 per cent year-on-year, reaching ₹43,147 crore. However, the key driver of improved profitability was a notable reduction in raw material costs, particularly for iron ore and coking coal. This led to a 3.3 per cent decline in total expenses, pushing EBITDA margins to approximately 17.6 per cent, up from 12.8 per cent in the previous year. The operational performance was also solid, with crude steel production increasing by 14 per cent year-on-year to 7.26 million tonnes, and sales volumes rising 9 per cent to 6.69 million tonnes.
JSW Steel’s management highlighted the role of safeguard duties in stabilising the domestic steel market and called for their continuation, citing ongoing pressure from low-cost imports. The company also reiterated its commitment to growth through capital investment. It has allocated ₹20,000 crore for capex in FY26, of which ₹3,400 crore was spent in the first quarter. The company’s net debt stood at ₹79,850 crore, with a comfortable net-debt-to-equity ratio of 0.95.
Looking ahead, JSW Steel remains cautiously optimistic, expecting stable volumes and further cost moderation. However, the company acknowledged potential headwinds such as seasonal weakness during the monsoon and global price volatility. Despite these challenges, the Q1 results mark a strong start to the fiscal year.
