Mumbai: JSW Steel reported a sharp improvement in its consolidated financial performance for the quarter ended June 30, 2026, with net profit more than doubling year-on-year to Rs 4,696 crore from Rs 2,209 crore. Revenue from operations increased to Rs 47,364 crore from Rs 43,147 crore a year earlier.
Compared with the March 2026 quarter, reported profit declined from Rs 19,243 crore due to the absence of a large exceptional gain recognised in the preceding quarter, while operating performance remained stronger on a comparable basis.
Opening Performance Summary
The steelmaker posted total income of Rs 48,088 crore during the quarter against Rs 43,497 crore in the corresponding quarter last year. Total expenses stood at Rs 41,830 crore compared with Rs 40,325 crore a year ago, resulting in profit before tax and exceptional items of Rs 6,160 crore, up from Rs 3,072 crore in Q1 FY26.
Sequential Performance
On a quarter-on-quarter basis, revenue from operations moderated from Rs 51,180 crore in Q4 FY26 to Rs 47,364 crore. Reported net profit fell from Rs 19,243 crore to Rs 4,696 crore.
However, the March quarter included an exceptional gain of Rs 17,888 crore related primarily to the loss of control over the steel business undertaking of Bhushan Power and Steel Ltd., making the comparison non-comparable. Excluding exceptional items, profit before tax improved to Rs 6,160 crore from Rs 4,489 crore in the preceding quarter.
Key Drivers
The company reported tax expense of Rs 1,464 crore during the quarter, comprising current tax of Rs 1,265 crore and deferred tax of Rs 199 crore.
Total comprehensive income stood at Rs 5,514 crore. Basic and diluted earnings per share were Rs 19.05 and Rs 19.02, respectively. Other income for the quarter came in at Rs 724 crore.
Additional Developments
During the quarter, JSW Steel said JFE Steel Corporation completed the acquisition of an additional 25% stake in JSW JFE Kalinga Steel Ltd., making the venture a 50:50 joint venture.
Separately, the company stated that the proposed amalgamation of BMM Ispat Ltd. with JSW Steel remains subject to regulatory and other approvals, with no financial impact recognised in the quarter's results.
Disclaimer: This report is based on unaudited financial results filed by the company and does not constitute investment advice.
