JSW Steel Q3 Result: PAT grows over threefold to ₹2,410 crore; adjusted EBITDA rises 22% YoY

It had posted a profit after tax of ₹719 crore in the October-December period of 2024-25, the company said in an exchange filing.

JSW Steel said the "profit after tax for the quarter stood at ₹2,410 crore after recognising deferred tax assets (net) amounting to ₹1,439 crore on the brought forward unabsorbed depreciation in Bhushan Power & Steel Limited (BPSL) as it is probable that carried forward unabsorbed depreciation will be recovered against the likely capital gains on the slump sale of BPSL's steel business undertaking..

The company's total income rose 11.4% year-on-year (YOY) to ₹46,264 crore in the third quarter from ₹41,525 crore logged in the same period a year ago.

Consolidated sales were the highest ever at 7.64 million tonnes, up 14% YoY on the back of healthy domestic demand.

Domestic sales stood at 6.59 million tonnes, up 10% YoY. Exports at 0.84 million tonnes increased by 53% YoY, contributing 11% to the sales from the Indian operations for Q3 FY26. Retail sales volumes were up 12% YoY.

JSW Steel said it registered revenue from operations of ₹45,991 crore and adjusted EBITDA of ₹6,620 crore.

The adjusted EBITDA increased by 22% YoY, driven primarily by higher volumes and lower coking coal and power costs, partly offset by lower realisations.

The company added that adjusted EBITDA excludes unrealised forex gains and losses on long-term borrowings, net of unrealised forex gains and losses on intercompany receivables. “The adjusted Operating EBITDA better reflects our operating performance,” it added.

Performance of subsidiary, Bhushan Power & Steel Ltd (BPSL)

During the quarter, BPSL registered crude steel production of 1.0 million tonnes and sales volume of 0.98 million tonnes. Revenue from operations and adjusted EBITDA for the quarter stood at ₹5,770 crore and 611 crore, respectively.

The adjusted EBITDA declined by 16% QoQ, primarily due to lower realisations and higher coking coal costs. BPSL reported a profit after tax (PAT) of ₹1,578 crore for the quarter.

Update on Projects

• The JVML-Vijayanagar project was fully commissioned, and the plant ramped up to full capacity during Q3. The Blast Furnace-3 in Vijayanagar was shut down at the end of September 2025 for upgradation and expansion from 3.0 MTPA to 4.5 MTPA. The blast furnace will be commissioned by the end of Q4 FY26.

• The Board has approved a 5 MTPA steel plant at our new site in Jagatsinghpur, Odisha. The project will be housed in its subsidiary, JSW Utkal Steel Ltd., and will entail a capex of ₹31,600 crore with commissioning by FY30. This project is the first phase with expansion potential to 13.2 MTPA at this site.

JSW Steel said in its press release that the company's consolidated capex spend during Q3 FY26 was ₹3,482 crore, and ₹10,018 crore during 9M FY26. "We expect to spend ₹15,000-16,000 crore during FY26," it added.

Strategic Joint Venture for BPSL

On December 3, 2025, the company announced a strategic JV with JFE Steel, Japan, for its BPSL steel business. With this transaction, JFE will take a 50% stake in the BPSL Steel business at an equity value of ₹31,500 crore and an enterprise value of ₹53,000 crore.

"This transaction will enable a cash inflow of ₹32,000 crore and a substantial deleveraging of ₹37,000 crore for JSW Steel. This partnership allows us to grow the BPSL business through capacity expansion and JFE Steel's technological strength. It also allows JSW Steel to accelerate growth across its portfolio in a financially prudent manner to meet India's growing steel demand," the company said.