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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹45,152 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹7,849 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
JSW Steel reported a strong Q2 FY26 with consolidated revenue of INR 45,152 crore and adjusted EBITDA of INR 7,849 crore (17.4% margin). PAT surged to INR 1,646 crore from INR 404 crore a year ago. The quarter saw record consolidated crude steel production of 7.9 million tons (+17% YoY) and sales of 7.34 million tons (+20% YoY), driven by ramp-up of JVML and BPSL expansions. Domestic sales grew 14% YoY, outpacing India's steel demand growth of 8.9%. Management expects H2 demand to be seasonally stronger with improving steel prices, supported by GST cuts and potential RBI rate cuts. Key risks include elevated imports due to global trade diversion and lumpy capacity additions pressuring realizations. The company maintains its annual CapEx guidance of ~INR 20,000 crore and targets net debt-to-EBITDA below 3x.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects steel prices to rise in Q3 as channel inventories are low and demand picks up seasonally.
- Coking coal costs are expected to rise by INR 3-5 per ton in October-December due to PLV changes.
- Management expects iron ore prices to decline in Q3, which would be positive for costs.
- Total CapEx of INR 69,000 crore over next 3.5 years, with ~INR 20,000 crore per year funded through internal accruals.
Risks flagged
- Imports have increased recently as steel from other countries diverts to India due to global tariff actions, pressuring domestic prices.
- New capacities coming on stream in India have led to a discount to import parity, impacting realizations.
- European CBAM rules are still awaited; while exposure is small, it could affect export strategy and trade flows.
- INR depreciation led to a INR 2,100 crore increase in net debt due to translation of foreign currency debt.
Key quotes
- We have commissioned India's first green hydrogen electrolyzer at a 25 MW facility capable of producing 3,800 tons of green hydrogen per year.
- Our focus on exports over the last few years has moderated due to a strong growth in the domestic market.
- We are reasonably optimistic that the prices should move up in this quarter, maybe November, December.
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