JSWSTEEL · Metals & Mining
JSW Steel Ltd. reported revenue of ₹54,486 cr for July to September 2026, +20.7% on the year and +15.0% on the quarter. That is faster than this quarter has grown in recent years (+1.4% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹1.99 lakh cr, +14.1% on the four before.
Operating profit (EBITDA) was ₹10,120 cr, a margin of 18.6%, +301 bps on the year and −103 bps on the quarter. Over the last 8 quarters the margin has ranged from 13.5% to 19.6%, averaging 16.1%. Operating costs grew +16.4% against revenue growth of +20.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹5,359 cr, +225.6% on the year and +14.1% on the quarter, with earnings per share of ₹21.59. Profit before other income, one-offs and tax grew 206.7%, so 19 points of the headline growth came from outside the core business. The tax rate was 24% against an average of 28% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹31,708 cr, +421.9% on the four before.
Of the 13 companies in Metals and mining that have reported Q2 FY27 so far, JSW Steel Ltd. ranks 10th on revenue growth; the sector median is +40.8%. Its margin moved +301 bps on the year against a sector median of +1 bps.
JSW Steel Ltd. is a Nifty 50 company. Of the 47 Nifty 50 companies reported so far, the median profit growth is +21.2%; JSW Steel Ltd.'s +225.6% puts it above that.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹116.30 over the last four quarters, the stock at ₹1,347.00 trades at 11.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Depreciation fell while the business grew. Were asset lives changed?
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹41,940 cr | ₹46,269 cr | ₹42,943 cr | ₹39,684 cr | ₹41,378 cr | ₹44,819 cr | ₹43,147 cr | ₹45,152 cr | ₹45,991 cr | ₹51,180 cr | ₹47,364 cr | ₹54,486 cr |
| YoY | — | — | +2% | −11% | −1% | −3% | +0% | +14% | +11% | +14% | +10% | +21% |
| EBITDA margin | 17.1% | 13.0% | 12.8% | 13.5% | 13.5% | 13.7% | 17.3% | 15.6% | 13.9% | 16.5% | 19.6% | 18.6% |
| Other income, % of PBT | 6% | 12% | 12% | −24% | 4% | 11% | 11% | 12% | −18% | 81% | 12% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 34% | 37% | 49% | 39% | 13% | 28% | 30% | — | 14% | 24% | 24% |
| Net profit | ₹2,450 cr | ₹1,322 cr | ₹867 cr | ₹404 cr | ₹719 cr | ₹1,501 cr | ₹2,209 cr | ₹1,646 cr | ₹2,410 cr | ₹19,243 cr | ₹4,696 cr | ₹5,359 cr |
| YoY | — | — | −64% | −85% | −71% | +14% | +155% | +307% | +235% | +1,182% | +113% | +226% |
| Core profit YoY | — | — | −61% | −74% | −64% | −13% | +124% | +111% | +52% | +169% | +100% | +207% |
| EPS | ₹9.88 | ₹5.31 | ₹3.46 | ₹1.80 | ₹2.93 | ₹6.15 | ₹8.93 | ₹6.64 | ₹8.75 | ₹66.94 | ₹19.02 | ₹21.59 |
| Flags | · | · | 1 | 1 | 1 | 2 | 1 | 1 | 2 | 3 | 1 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
JSW Steel Ltd. reported revenue of ₹54,486 cr (+20.7% on the year) and net profit of ₹5,359 cr (+225.6% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +206.7% on the year, against +225.6% for reported profit.
2 checks raised a question: Depreciation fell while the business grew. Were asset lives changed?
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