JSW Steel Plans Rs 20,000 Crore Capex In FY26

JSW Steel Ltd. is looking at spending up to Rs 20,000 crore as capital expenditure in fiscal year 2026, according to an exchange filing on Friday.

The steelmaker also informed the bourses that it has already spent around Rs 3,400 crore in the first quarter of the financial year. During the same period, the company's net profit surged 45% to Rs 2,184 crore, from Rs 1,503 crore in the preceding quarter.

JSW Steel, however, reported a 3.7% decline in revenue to Rs 43,147 crore as against Rs 44,819 crore in the previous quarter.

Earnings before interest tax depreciation and amortisation was up 19% to Rs 7,576 crore versus Rs 6,378 crore. Margin expanded to 17.6% versus 14.2% in the previous quarter.

The steel giant also announced that it is acquiring 100% stake in Saffron Resources Pvt., as per an exchange filing.

Shares of JSW Steel closed 1% higher at Rs 1,044.8 apiece on the NSE, compared to a 0.57% decline in the benchmark Nifty 50. The scrip rose in the last couple of minutes of the trade, following the release of Q1 results.

Notably, the stock is up around 15.3% on a year-to-date basis, and by 12.1% over the past 12 months.

Among 34 analysts tracking the stock, 18 have a 'buy' rating, six recommend 'hold' and 10 suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 11.4%.