Steel major JSW Steel opened the 2026-27 financial year on a powerful note, with its consolidated net profit after tax more than doubling to Rs 4,696 crore in the first quarter. Net revenue from operations rose 10% to Rs 47,364 crore over the same period, as stronger sales realisations and record shipments powered the numbers.
For the quarter, the company's consolidated revenue from operations came in at Rs 47,364 crore, while adjusted EBITDA touched Rs 9,373 crore, translating into an EBITDA margin of 19.8%. On the balance sheet side, the net debt to equity ratio stood at 0.42x and net debt to EBITDA at 1.46x, underlining the strength of the company's financial position.
Shares Climb, Market Cap Tops Rs 3 Lakh Crore
The stock reflected the upbeat mood on Friday, closing 1.43% higher at Rs 1,238.45 per share on the BSE. During the session it swung between an intraday high of Rs 1,242.90 and a low of Rs 1,217.70. With that close, the company's market capitalisation stood at Rs 3,02,832.79 crore.
What Drove the EBITDA
On a sequential basis, EBITDA rose 8%. The gain was led mainly by higher sales realisations, though the benefit was partly eaten into by coking coal prices and other input costs. The company's reported EBITDA for the quarter stood at Rs 9,383 crore.
Record Production and Sales
Consolidated production for the quarter reached 6.59 million tonnes, 3% higher than the preceding quarter. Stripping out the BF-3 unit, which was shut for upgradation, volumes jumped 15% year on year. Steel sales were the best ever for a first quarter at 6.25 million tonnes, up 4% year on year. The company also logged its highest ever steel sales to the institutional, auto, renewable and appliances sectors during the quarter.
How the Subsidiaries Fared
The JVML arm reported crude steel production of 1.12 million tonnes, with revenue from operations of Rs 7,032 crore and adjusted EBITDA of Rs 1,821 crore. Notably, adjusted EBITDA at this subsidiary surged 138% year on year. JSW Steel Coated Products, meanwhile, posted revenue from operations of Rs 9,991 crore and adjusted EBITDA of Rs 698 crore.
US Operations Expand
Among the US-based subsidiaries, the Vacuum Tank Degasser project was commissioned during the quarter at the Ohio operations. The move is set to speed up production of higher grade steel, especially API grades. Slab production at the facility stood at 2,66,418 net tonnes for the period. Separately, the Plate & Pipe Mill in Texas turned out 1,47,827 net tonnes of plates and 18,575 net tonnes of pipes.
Taken together, the first-quarter numbers show a company that has begun the year with real momentum, riding on record volumes, firmer prices and steady strength across both its domestic and overseas operations.
