JSW Steel Q2 earnings: Net profit jumps nearly four-fold to ₹1,623 crore, EBITDA rises 31%, margins expand by 210 bps

JSW Steel, the country's largest steel maker, on Friday, October 17, reported net profit of ₹1,523 crore in the second quarter of current financial year, marking an increase of 3.7 times from ₹439 crore in the same period last year.

Its revenue from operations advanced 14% to ₹45,152 crore July-September period from ₹39,684 crore in the year-ago period.

JSW Steel reported strong operational performance as its operating profit also known as Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose 31% to ₹7,115 crore and its EBITDA margin improved by 210 basis points to 15.76% from 13.70%.

JSW Steel's production in the second quarter of current financial year jumped 17% to 7.90 million tonnes driven by the Dolvi plant operating at optimum capacity post planned maintenance shutdown in Q1 FY26 and ramp up of JVML and BPSL expansions. Consolidated Sales were 7.34 million tonnes, up 20% YoY on higher production volumes, JSW Steel said in an earnings release.

JSW Steel domestic sales came in at 6.33 million tonnes reflecting an increase of 14% YoY and 6% QoQ. Exports increased by 89% YoY and 56% QoQ, contributing 10% to the sales from the Indian operations for Q2 FY26. Retail sales volumes grew by 26% YoY and 13% QoQ.

Crude Steel Production at the Indian operations for the quarter was the highest ever, at 7.66 million tonnes, up 16% YoY. Steel sales for the quarter were 7.07 million tonnes, higher by 19% YoY, JSW Steel said.

JSW Steel has given a cautious outlook for 2026.

"The outlook for 2026 is more cautious, with continued geopolitical uncertainty and elevated tariffs likely to weigh on momentum, despite some easing following recent trade agreements. On a positive note, the recent peace agreement in the Middle East has helped ease some geopolitical risks," JSW Steel said.

"In the United States, economic activity continues to show resilience, supported by strong consumer spending and robust investment in Al-related sectors. However, the outlook is becoming more cautious due to rising tariff-related costs, a cooling labour market, and policy uncertainty. China's economic momentum has slowed following a relatively strong first half. Further policy stimulus is likely, with targeted interventions aimed at avoiding disruptive competition and promoting capacity rationalisation across sectors," JSW Steel added.

JSW Steel shares traded 0.68% lower at ₹1,165 following its earnings announcement.