JSW Steel Q2 FY27 results: Net profit jumps three-fold to ₹5,279 crore YoY; board approves capacity expansion for Sambalpur unit

The firm’s revenue from operations increased 21% year-on-year (YoY) to ₹54,486 crore in the September quarter of FY27, as against ₹45,152 crore registered in the year-ago period.

The operating profit, also known as earnings before interest, taxes, depreciation, and amortisation (EBITDA), jumped 42% to ₹10,120 crore as compared to ₹7,115 crore in the corresponding quarter of the previous fiscal year.

Its EBITDA margin expanded to 18.57% in the reporting quarter from 15.76% in Q2 FY26, driven by higher volumes, partly offset by higher coking coal prices and lower realisations.

Along with the earnings, JSW Steel said its 50:50 joint venture firm JSW JFE Steel Limited (JJSL) with JFE has a 4.5 MTPA integrated steel plant at Sambalpur, Odisha and two downstream facilities at Chandigarh & Kolkata. The integrated steel plant at Sambalpur is operating at near full capacity.

Considering the increasing domestic steel demand and JJSL’s long-term growth strategy, the board of directors of the JSW Steel at its meeting have approved a 5 MTPA expansion project and upgradation of existing plant facilities at Sambalpur by JJSL.

The equity requirement for the project is estimated at ₹7,500 crore to be contributed equally by the JSW Steel and JFE, i.e., ₹3,750 crore each.

“The project implementation is expected to commence from April 2027, subject to receipt of requisite statutory and environmental approvals, and is targeted to be completed over approximately 3.5 years. The project will strengthen JJSL's market position, improve economies of scale, expand value-added product offerings, and enhance export opportunities,” JSW Steel said in a regulatory filing.

JSW Steel’s consolidated production for the quarter was highest ever at 7.27 million tonnes, higher by 5% YoY and 10% QoQ as Vijayanagar BF-3 has ramped up well following light-up in end-June, reaching ~go% utilisation. Steel Sales for Q2 FY27 were highest ever at 7.46 million tonnes, up 13% YoY and 19% QoQ.

The company reported its highest ever quarterly consolidated capex spend of ₹6,266 crore in Q2 FY27. Capex for H1 FY27 stood at ₹11,136 crore. Capital expenditure for FY27 is expected to be in the range of ₹22,000-24,000 crore.

Incorporation of wholly-owned subsidiary

JSW Steel’s board of directors has also approved incorporation of a wholly-owned subsidiary of the company in the UAE. The company will subscribe to the ordinary shares of the proposed entity for an aggregate cash consideration of AED 100,000.

Following the earnings, JSW Steel shares were trading at ₹1,187.60 apiece on the National Stock Exchange, falling 2.66%. As of October 23, 2026, the company has a total market capitalisation of ₹2.90 lakh crore.