JSWSTEEL

Q1 FY2026 Result Analysis

reported strong Q1FY26 results, with consolidated crude steel production rising 14% year-on-year to 7.26 million tonnes. Capacity utilization in its Indian operations stood at 87%, slightly lower than 93% in Q4FY25 due to planned maintenance shutdowns. Steel sales grew 9% YoY to 6.69 million tonnes, driven by a 12% rise in both institutional and retail volumes, while domestic sales surged 12% to 5.96 million tonnes. However, exports dropped 20% and accounted for just 7% of Indian sales. The company posted revenue of ₹43,147 crore and operating EBITDA of ₹7,576 crore, with margins improving to 17.6%, aided by higher volumes and lower coking coal costs. Profit after tax came in at ₹2,209 crore. Net gearing rose slightly to 0.95x, while net debt to EBITDA improved to 3.20x from 3.34x in the previous quarter. As of June 30, 2025, net debt stood at ₹79,850 crore, up ₹3,287 crore from March, mainly due to higher working capital investments. Ask ChatGPT