Steel Sales Volume (Q4)
8M tons
+12% YoY
Record quarterly sales driven by strong domestic demand and improved product mix.
JSWSTEEL
Manufacturing
28 Apr 2026
JSW Steel Ltd — Q4 FY26
JSW Steel reported a strong Q4 FY26 with consolidated revenue crossing ₹51,100 crore for the first time, adjusted EBITDA of ₹9,713 crore (19% margin), and normalized PAT of ₹3,475 crore (excluding exceptional gain of ₹17,888 crore from BPSL JV).
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
JSW Steel reported a strong Q4 FY26 with consolidated revenue crossing ₹51,100 crore for the first time, adjusted EBITDA of ₹9,713 crore (19% margin), and normalized PAT of ₹3,475 crore (excluding exceptional gain of ₹17,888 crore from BPSL JV). The quarter was driven by record steel sales of ~8 million tons, 96% capacity utilization (ex-BF shutdown), and improved product mix. Management guided FY27 consolidated production of 29.75 million tons (+13% YoY) and sales of 28.6 million tons (+10% YoY), supported by domestic demand growth of 7-9%. Key risks include higher coking coal costs ($12-15/ton QoQ), Middle East conflict impacting gas/LPG supply, and potential safeguard duty withdrawal. The company announced a capex plan of ₹126,000 crore over 4-5 years to reach 62 million tons standalone capacity by FY32.
जेएसडब्ल्यू स्टील ने वित्त वर्ष 2026 की चौथी तिमाही में शानदार प्रदर्शन किया। कंपनी की कुल आय पहली बार ₹51,100 करोड़ पार कर गई। इसका समायोजित EBITDA (कमाई) ₹9,713 करोड़ (19% मार्जिन) और सामान्यीकृत PAT (शुद्ध लाभ) ₹3,475 करोड़ रहा। यह आंकड़ा एक बार के मुनाफे (₹17,888 करोड़) को छोड़कर है। तिमाही में रिकॉर्ड 8 मिलियन टन स्टील बिक्री, 96% क्षमता उपयोग और बेहतर उत्पाद मिश्रण से मदद मिली। कंपनी ने वित्त वर्ष 2027 के लिए 29.75 मिलियन टन उत्पादन और 28.6 मिलियन टन बिक्री का लक्ष्य रखा है। घरेलू मांग 7-9% बढ़ने की उम्मीद है। जोखिमों में कोकिंग कोल की बढ़ती कीमत, मध्य पूर्व संघर्ष और संभावित सुरक्षा शुल्क हटना शामिल है। कंपनी ने 62 मिलियन टन क्षमता तक पहुंचने के लिए ₹126,000 करोड़ के निवेश की योजना बनाई है।
Key Numbers
Capacity Utilization (India, ex-BF shutdown)
96%
+3pp YoY
Reflects efficient asset utilization and digitalization benefits.
Net Debt
₹54,000 crore
-₹37,000 crore YoY
Sharp deleveraging post BPSL JV; leverage ratio improved to 1.81x.
JSW Online GMV (Q4)
₹6,200 crore
+57% YoY
Digital platform turned profitable for first time; steel volumes grew 50% YoY.
Management Guidance
FY27 consolidated production target of 29.75 million tons
Management guided production of 29.75 million tons for FY27, representing ~13% growth on a like-for-like basis (excluding BPSL).
Management guidance growthFY27 sales volume guidance of 28.6 million tons
Sales volume expected at 28.6 million tons, implying ~10% growth YoY, including BMM Ispat acquisition.
Management guidance revenueCapex of ₹22,000-24,000 crore in FY27
Part of the ₹126,000 crore growth capex plan to be spent over 4-5 years; FY27 spend guided at ₹22,000-24,000 crore.
Management guidance capexTarget of 62 million tons standalone capacity by FY32
JSW Steel aims to expand standalone capacity to 62 million tons by FY32, with additional 16 million tons via JVs (JF Steel and POSCO).
Management guidance expansionKey Risks
Coking coal cost inflation
Management expects coking coal costs to rise by $12-15/ton in Q1 FY27, impacting margins.
medium · management_commentaryMiddle East conflict impact on gas/LPG supply
Analyst raised concern about gas shortages; management acknowledged limited exposure (5-6% of production) but noted cost impact and potential disruption if conflict escalates.
medium · analyst_questionPotential withdrawal of safeguard duty
Analyst questioned risk of protection removal; management argued current duties are moderate and prices are aligned with international levels, but did not fully address the risk.
medium · analyst_questionExecution risk on multiple large expansions
Simultaneous projects at Dolvi, Vijayanagar, Utkal, and JVs could strain execution and capital allocation.
medium · data_observationNotable Quotes
FY26 was a transformational year for JSW steel marked by strategic joint ventures with global steel majors, progress on steel making and downstream capacity expansions, enhanced raw material security and significant balance sheet deleveraging.
We have revised our stated maximum cap for gearing from 1.75 to 1.25 and leverage from 3.75 to three. However, our comfort level will be to keep the leverage below 2.5.
We do not foresee any conflict between the JV partners per se. They will have their own strategies for sure because they'll be different legal entities.
Frequently Asked Questions
What was JSW Steel's revenue in Q4 FY26?
JSW Steel reported revenue of ₹51,100 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did JSW Steel management give for FY27?
FY27 consolidated production target of 29.75 million tons: Management guided production of 29.75 million tons for FY27, representing ~13% growth on a like-for-like basis (excluding BPSL). FY27 sales volume guidance of 28.6 million tons: Sales volume expected at 28.6 million tons, implying ~10% growth YoY, including BMM Ispat acquisition. Capex of ₹22,000-24,000 crore in FY27: Part of the ₹126,000 crore growth capex plan to be spent over 4-5 years; FY27 spend guided at ₹22,000-24,000 crore. Target of 62 million tons standalone capacity by FY32: JSW Steel aims to expand standalone capacity to 62 million tons by FY32, with additional 16 million tons via JVs (JF Steel and POSCO).
What are the key risks for JSW Steel in FY27?
Key risks include Coking coal cost inflation — Management expects coking coal costs to rise by $12-15/ton in Q1 FY27, impacting margins.; Middle East conflict impact on gas/LPG supply — Analyst raised concern about gas shortages; management acknowledged limited exposure (5-6% of production) but noted cost impact and potential disruption if conflict escalates.; Potential withdrawal of safeguard duty — Analyst questioned risk of protection removal; management argued current duties are moderate and prices are aligned with international levels, but did not fully address the risk.; Execution risk on multiple large expansions — Simultaneous projects at Dolvi, Vijayanagar, Utkal, and JVs could strain execution and capital allocation..
Did JSW Steel meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full JSW Steel Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.