on Thursday reported a sharp rise in fourth-quarter earnings, aided by record steel sales, higher realisations and an exceptional gain from the transfer of its Bhushan Power & Steel Ltd (BPSL) steel business to a joint venture with Japan’s JFE Steel.
Consolidated profit after tax for the quarter ended March 31, 2026, surged to ₹16,370 crore from ₹1,503 year ago due to an exceptional gain of ₹17,888 crore arising mainly from the slump sale of the BPSL steel undertaking. Normalised net profit, excluding the exceptional item was at Rs 3475 crore.
Revenue from operations rose 14 per cent year-on-year to a record ₹51,180 crore.
Adjusted EBITDA for the quarter increased 50 per cent year-on-year to ₹9,713 crore, while EBITDA margin improved to 19 per cent from 14.5 per cent a year earlier. Reported EBITDA stood at ₹8,634 crore.
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Steel sales during the quarter hit an all-time high of 7.97 million tonnes, up 6 per cent year-on-year, while domestic sales also touched a record 7.09 million tonnes. Exports rose 36 per cent year-on-year and accounted for 10 per cent of Indian operations sales. Crude steel production stood at 7.49 million tonnes.
For FY26, the company posted revenue of ₹1.85 lakh crore and reported EBITDA of ₹29,821 crore. Annual crude steel production stood at 30.14 million tonnes while sales rose 12 per cent to 29.63 million tonnes.
The company said net debt fell sharply to ₹53,870 crore at the end of March 2026 from ₹80,347 crore in December 2025, aided by deleveraging following the BPSL transaction and healthy cash generation. Net debt-to-equity improved to 0.51x from 0.92x in the previous quarter.
JSW Steel said it plans to increase steelmaking capacity from 31.9 MTPA to 48.8 MTPA by FY30, while also pursuing joint ventures with JFE Steel and POSCO to expand its footprint in India.
The company said the blast Furnace-3 at Vijayanagar has been under shutdown for capacity upgradation since the end of September 2025, which impacted crude steel production and capacity utilisation of the Indian operations during FY26.
The capacity utilisation for the combined Indian operations for the year stood at approximately 92 per cent excluding BF‑3 capacity, and 87 per cent including BF‑3 capacity.