JSW Steel Q2 FY27 results: net profit ₹5,359 crore vs ₹1,646 crore, revenue up 20.7%

How did JSW Steel perform in Q2 FY27?

JSW Steel reported consolidated revenue from operations of ₹54,486 crore in Q2 FY27, up 20.7% from ₹45,152 crore in Q2 FY26 and 15.0% from ₹47,364 crore in Q1 FY27. EBITDA was ₹10,120 crore, up 42.2% year on year and 7.9% sequentially, while the margin rose 2.8 percentage points to 18.6% from Q2 FY26.

Net profit was ₹5,359 crore in Q2 FY27, compared with ₹1,646 crore in Q2 FY26 and ₹4,696 crore in Q1 FY27. Basic EPS rose to ₹21.63 from ₹6.66 a year ago and ₹19.05 in the previous quarter. On the standalone basis, revenue was ₹42,008 crore and net profit was ₹3,396 crore.

What changed in JSW Steel's costs and profit?

Total expenses increased 12.0% to ₹48,168 crore from ₹43,004 crore in Q2 FY26, below the 20.7% rise in revenue. Cost of materials consumed was ₹26,917 crore, up ₹2,996 crore, while employee cost was ₹1,339 crore, up ₹32 crore. Finance costs fell by ₹811 crore to ₹1,602 crore, depreciation declined by ₹354 crore to ₹2,200 crore, and other expenses fell by ₹600 crore to ₹12,850 crore.

Other income increased by ₹157 crore to ₹441 crore from ₹284 crore in Q2 FY26, while there was no exceptional item in either quarter. Tax expense rose by ₹994 crore to ₹1,692 crore. The filing does not state a reason for the year-on-year movements in these cost lines.

How did the first half of FY27 go?

In H1 FY27, consolidated revenue was ₹101,850 crore, up 15.3% from ₹88,299 crore in H1 FY26, while total income rose 15.8% to ₹103,015 crore from ₹88,933 crore. Profit before tax increased 132.3% to ₹13,017 crore from ₹5,604 crore.

Net profit for H1 FY27 rose 160.8% to ₹10,055 crore from ₹3,855 crore in H1 FY26, and basic EPS increased to ₹40.68 from ₹15.60. The result included no exceptional item in the quarter, while the first-half figures presented do not specify one.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets stood at ₹252,634 crore, lower than ₹269,676 crore at 31 March 2026. Total equity increased to ₹113,475 crore from ₹105,475 crore, while borrowings fell to ₹66,251 crore from ₹95,532 crore. Cash declined to ₹6,658 crore from ₹39,256 crore.

Inventories increased to ₹36,056 crore from ₹32,765 crore, trade receivables rose to ₹12,343 crore from ₹11,260 crore, and trade payables increased to ₹17,212 crore from ₹14,666 crore. In H1 FY27, operating cash flow was ₹17,672 crore, compared with ₹11,992 crore in H1 FY26, while investing cash flow was negative ₹14,678 crore against negative ₹7,937 crore and financing cash flow was negative ₹35,379 crore against negative ₹5,598 crore.

How has JSW Steel done over the last 8 quarters?

Revenue reached its highest level in Q2 FY27 at ₹54,486 crore, after rising from ₹51,180 crore in Q4 FY26. Profit also moved higher, reaching ₹5,359 crore from ₹4,696 crore in Q1 FY27, although it remained below the ₹19,243 crore recorded in Q4 FY26. Revenue rose year on year in each of the last six quarters, while profit rose year on year in each of the last seven.

The EBITDA margin peaked at 19.8% in Q1 FY27 and eased to 18.6% in Q2 FY27. It was 15.8% in Q2 FY26 and reached its lowest level in the supplied quarterly series at 13.5% in Q3 FY25.

What else did the company announce?

The board approved a 5 MTPA expansion and upgradation of existing plant facilities at Sambalpur by JSW JFE Steel Limited, its 50:50 joint venture with JFE Steel Corporation. The equity requirement is estimated at ₹7,500 crore, with JSW Steel and JFE contributing ₹3,750 crore each. The company said implementation is expected to commence from April 2027, subject to approvals, and is targeted for completion over approximately 3.5 years.

The board also approved the incorporation of a wholly owned UAE subsidiary to act as an overseas investment, trading and business-development entity. JSW Steel will hold 100% of the proposed entity and subscribe its ordinary shares for an aggregate cash consideration of AED 100,000, subject to applicable regulatory approvals in the UAE. No dividend or fund-raising announcement was included in the same-day filings.

What did the auditors point out?

The auditor’s review report included an Emphasis of Matter drawing attention to the restatement of comparative information for schemes of amalgamation involving Amba River Coke Limited, Monnet Cement Limited, JSW Retail & Distribution Limited and Piombino Steel Limited. The schemes were approved by the National Company Law Tribunal through orders dated 2 July 2026 and 16 October 2026. The auditor said its conclusion was not modified in respect of these matters and stated that nothing had come to its attention indicating that the required disclosures were absent or that the statement contained a material misstatement.

What did JSW Steel's management say?

Management’s disclosed priorities were mainstreaming sustainability, strategic growth with efficient capital allocation, cost leadership through resource optimisation and improved raw-material security, expanding the value-added product portfolio through innovation and research, technology-led transformation and digitalisation, and maintaining a strong financial profile and credit ratings. The company said these priorities were intended to create shared and sustainable value, but the filing did not provide numerical guidance for the quarter or the year.

The earnings-call filing contained a link to the transcript and audio recording but included no quoted management commentary, guidance, risks or analyst questions. Its cautionary statement listed risks including earnings fluctuations, competition, wage increases, project delays and cost overruns, reduced steel demand, regulatory measures, political instability and general economic conditions. Management said the company does not undertake to update forward-looking statements.

How did JSW Steel shares react?

After the filing appeared, JSW Steel was up 0.1% after five minutes, down 0.2% after 15 minutes and down 0.6% after 30 minutes. On the reaction day, the stock closed 2.8% lower from its pre-results close. By the next day’s close, it was up 1.9% from that pre-results close, and by the fifth session it was up 2.1%.

The Iron & Steel sector’s median stock fell 3.2% on the reaction day, against a 0.7% decline for the Nifty 100, making JSW Steel’s excess sector move 0.4 percentage points. By the next day’s close, the sector median was down 2.3% and JSW Steel’s excess sector move was 4.2 percentage points; by the fifth session, the figures were negative 3.9% and 6.0 percentage points, respectively. Earlier reaction-day moves were positive 5.0% on 23 January 2026, positive 1.7% on 14 May 2026 and negative 0.6% on 17 October 2025.

How did other Iron & Steel companies do?

Five other Iron & Steel companies that had filed for the quarter had a median revenue growth of 19.8%, compared with JSW Steel’s 20.7% growth. Of these peers, three grew more slowly than JSW Steel and two grew faster. Four of the five peers reported higher profit.