JSW Steel reported a stronger-than-expected performance for the September quarter of FY27, with consolidated net profit rising 13.5% sequentially to Rs 5,279 crore and revenue climbing 15% to Rs 54,486 crore.
The company also announced fresh capacity expansion plans as it looks to strengthen its manufacturing footprint and secure raw material supplies.
Consolidated net profit exceeded the estimate of Rs 4,350 crore, while revenue surpassed the projected Rs 52,768 crore. EBITDA stood at Rs 10,120 crore, against estimates of Rs 9,611 crore.
The EBITDA margin came in at 18.6%, above the expected 18.2%, although it narrowed from 19.8% in the June quarter.
The company's operating performance benefited from record production and sales. Crude steel production reached an all-time quarterly high of 7.07 million tonnes, up 5% year-on-year and 11% sequentially.
Steel sales also hit a record 7.27 million tonnes, increasing 14% year-on-year and 21% quarter-on-quarter. India operations reported revenue of Rs 50,188 crore and adjusted EBITDA of Rs 9,636 crore, with an adjusted EBITDA margin of 19.2%.
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JSW Steel Announces New Capacity Expansion Plans
The board approved additional investments across steelmaking, downstream operations, mining and joint ventures. These include a 5 million tonnes per annum (MTPA) second phase at JSW Utkal in Odisha, involving capital expenditure of around Rs 16,150 crore, with commissioning targeted for the first quarter of FY31.
The company also approved an 8 MTPA pellet plant at Vijayanagar and additional facilities at Dolvi to improve rolling mill utilisation. At Vasind, it plans a 1.8 MTPA cold-rolling complex alongside a 1.2 MTPA metal-coating facility, targeted for commissioning by Q2 FY30.
Separately, JSW Steel and joint venture partner JFE Steel approved a 5 MTPA expansion at JSW JFE Steel, taking the plant's total capacity to 9.5 MTPA. The project is scheduled for commissioning by FY31.
Investment In Raw Material Security
JSW Steel also approved an expansion of its MdR coking coal mine in Mozambique to 9 MTPA, with production expected to begin in phases from calendar year 2028. The company is additionally investing in captive iron ore and coking coal mines and washeries in India.
Its capital expenditure reached a quarterly record of Rs 6,266 crore in Q2 FY27, taking first-half spending to Rs 11,136 crore. The company expects FY27 capex to range between Rs 22,000 crore and Rs 24,000 crore.
Domestic Steel Demand Remains Firm
India's steel consumption increased 7% year-on-year to 43.4 million tonnes in Q2 FY27, supported by domestic demand and engineering goods exports. For the first half of FY27, consumption rose 7.5%, according to the company's release.
In contrast, China's steel production and consumption declined during January-September 2026, falling 2.9% and 3.9%, respectively. JSW Steel said India remained a net importer of finished steel despite broadly balanced total steel exports and imports during the first half.
The expansion programme and record quarterly volumes position JSW Steel for further capacity growth, while input costs, margins and global steel demand remain important factors for its earnings outlook.
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