JSW Steel Announces Record Revenue and Profit in Q4 FY26, Boosted by Slump Sale of BPSL Business
JSW Steel Limited has announced its financial results for the Fourth Quarter (Q4) and the Financial Year (FY26) ended March 31, 2026. The results reflect strong operational performance and were significantly bolstered by an exceptional gain recognized from the slump sale of the BPSL steel business.Consolidated Financial Highlights
The Company reported a total revenue from operations of ₹185,470 crores for FY26, marking a 10% year-over-year (YoY) growth compared to ₹168,824 crores in FY25.
For the quarter ended March 31, 2026, the Consolidated Revenue from Operations reached ₹51,180 crores, representing a 14% QoQ increase. Reported EBITDA for Q4 FY26 stood at ₹8,634 crores, with the Adjusted EBITDA reaching ₹9,713 crores.
| Metric | Q4 FY26 (₹ crores) | Q3 FY26 (₹ crores) | YoY Change | FY26 (₹ crores) | FY25 (₹ crores) | YoY Change |
|---|---|---|---|---|---|---|
| Revenue from Operations | 51,180 | 45,991 | 11% | 185,470 | 168,824 | 10% |
| Reported EBITDA | 8,634 | 6,496 | 33% | 29,821 | 22,904 | 30% |
| Adjusted EBITDA* | 9,713 | 6,620 | 47% | 32,048 | 22,964 | 40% |
| Profit after Tax | 719,243 | 649,600 | - | 22,316 | 3,504 | - |
*EBITDA adjustments exclude unrealised FX gains/losses on long-term borrowings net of intercompany receivables.
The profit after tax for the quarter was ₹719,243 crores. This figure incorporated a major exceptional gain of ₹18,051 crores, which included the gain on the slump sale of the BPSL steel undertaking to JSW JFE Steel Ltd.
Operational Performance and Market Trends
At the market level, the Company reported its highest ever quarterly Saleable Steel Sales of 7.97 million tonnes in Q4 FY26, a 6% YoY increase. Similarly, India's crude steel production grew by 10.8% YoY to 44.68 MnT in Q4 FY26, and total crude steel production grew by 11.2% to 169.2 MnT in FY26.
Indian Operations Performance
The Indian Operations registered robust growth, reporting a Revenue from Operations of ₹48,773 crores in Q4 FY26. Adjusted EBITDA for the Indian Operations was ₹9,574 crores, representing a 47% QoQ increase. Indian Operations also achieved its highest ever quarterly Steel Sales volume of 7.84 million tonnes, up 8% QoQ and 12% YoY.
Global and Divisional Updates
- USA - Ohio: The EAF-based steel manufacturing facility reported an EBITDA loss of US$ 7.23 million for the quarter, while the Plate & Pipe Mill in Texas reported an EBITDA of US$ 7.31 million.
- Italy: The Rolled long products manufacturing facility in Italy reported an EBITDA of Euro 4.22 million for the quarter, slightly lower QoQ.
- JVML, Vijayanagar: This subsidiary reported an Adjusted EBITDA of ₹1,530 crores for the quarter, up 66% QoQ.
Strategic Developments and Outlook
The Company announced several key strategic actions. On December 3, 2025, a 50:50 Joint Venture (JV) was announced with JFE Steel, Japan, for the BPSL steel business. The BPSL steel undertaking was transferred via a slump sale to JSW JFE Steel Ltd. on March 27, 2026, leading to significant deleveraging of ₹29,475 crores.
In addition, the Board of Directors approved a Scheme of Amalgamation with BMM Ispat Limited (BMMIL), a related party, to consolidate its operations.
For FY27, the guidance for consolidated volumes is projected as follows:
| Metric | Target (million tonnes) |
|---|---|
| Crude Steel Production | 29.75 |
| Saleable Steel Sales | 28.6 |
The company also highlighted its continued commitment to India-centric growth, planning to grow its India capacity to 62 MTPA by FY32. JSW Steel continues to focus on disciplined capital allocation and technology to ensure sustainable value for stakeholders.
The Board of Directors also recommended a dividend of ₹7.10 per equity share of Re. 1 each for the year ended March 31, 2026, subject to approval at the ensuing Annual General Meeting.
Financial Stability Metrics (Consolidated)
The financial metrics show improved stability in Q4 FY26:
| Ratio | Q4 FY26 | Q3 FY26 | YoY Comparison |
|---|---|---|---|
| Net Debt to Equity | 0.51x | 0.92x | Improvement |
| Net Debt to EBITDA | 1.81x | 2.91x | Improvement |
| Current Ratio (Current Assets/ Current Liabilities) | 1.49 | 1.17 | Improvement |
JSWSTEEL Stock Price Movement
Today, JSW Steel Limited shares edged higher in post-market trading, settling at ₹1296.9 and gaining 1.85%. The strong close saw the equity hit its 52-week high of ₹1306.8, supported by significant volume of 3.29 million shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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