JSW STEEL Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 45,991 Crs., 11.15% growth YoY, Total Income is Rs. 46,264 Crs., 11.41% growth YoY, EBITDA is Rs. 6,496 Crs., 16.44% growth YoY, EBITDA Margin is 14.12% Improved by 64 Basis points YoY, PBT Rs. 1,457 Crs, 23.68% growth YoY (which includes 529 Cr. one-time impact of New Labour Code), PAT Rs. 2,410 Crs, 235.19% growth YoY (which includes 1,344 Cr. Deferred Tax reversal). On QoQ basis Op. Revenue is flat to positive by 1.86%, Total Income is flat to positive by 1.82%, But EBITDA is down by 8.7%, PBT is also down by 37.84% (which includes 529 Cr. one-time impact of New Labour Code), But PAT is up by 46.42% (which includes 1,344 Cr. Deferred Tax reversal). Consolidated crude steel production of 7.48mt, up 6% YoY driven by ramp-up of JVML-Vijayanagar. Production was down 5% QoQ due to shutdown of BF-3 in Vijayanagar for expansion. Highest ever consolidated steel sales of 7.64mt, up 14% YoY, up 4% QoQ; Domestic sales up 10% YoY. Highest ever VASP sales, up 16% YoY. Share of VASP sales at 61%, Highest ever Flat and Long Products sales, up 16% and 12% YoY, respectively, Highest ever sales to Auto and Renewables sector, up 15% and 10% YoY, respectively. Management expects Q4 seasonally strong demand and restocking; FY27 demand growth projected 7–9%. Quarter 4 margin should be better” as higher steel prices and stronger demand offset raw material inflation.