JSW Steel on Friday reported a more than three-fold rise in consolidated profit after tax for the December quarter, supported by higher sales volumes and lower input costs, according to a regulatory filing by the company.
The steelmaker posted a consolidated profit after tax of Rs 2,410 crore for the quarter ended December 31, 2025, compared with Rs 719 crore in the corresponding period of the previous year.
Profit, Income and EBITDA Performance
The company said the profit for the quarter included recognition of deferred tax assets amounting to Rs 1,439 crore related to brought forward unabsorbed depreciation in Bhushan Power & Steel Limited (BPSL), which is expected to be recovered against likely capital gains from the slump sale of BPSL’s steel business.
Total income for the quarter rose to Rs 46,264 crore from Rs 41,525 crore in the year-ago period. Revenue from operations stood at Rs 45,991 crore during the quarter. The company reported adjusted EBITDA of Rs 6,620 crore, while reported EBITDA stood at Rs 6,496 crore.
Adjusted EBITDA for the quarter increased 22 per cent year-on-year, driven mainly by higher sales volumes and lower coking coal and power costs, partly offset by lower realisations. The adjusted EBITDA margin for the quarter was 14.4 per cent.
Sales Volumes and Market Performance
JSW Steel recorded its highest-ever quarterly consolidated sales volume at 7.64 million tonnes in Q3 FY26, registering a growth of 14 per cent year-on-year. Domestic sales stood at 6.59 million tonnes, up 10 per cent from the year-ago period, supported by healthy domestic demand.
Export volumes rose 53 per cent year-on-year to 0.84 million tonnes, contributing 11 per cent to sales from Indian operations during the quarter. Retail sales volumes increased 12 per cent year-on-year.
Production and Capacity Utilisation
Consolidated crude steel production during the quarter stood at 7.48 million tonnes, up 6 per cent year-on-year, driven by the ramp-up of the JSW Vijayanagar Metallics Limited (JVML) project. On a quarter-on-quarter basis, production declined 5 per cent due to the shutdown of Blast Furnace-3 at Vijayanagar from the end of September 2025 for capacity upgradation.
At Indian operations, crude steel production for the quarter was 7.28 million tonnes, up 7 per cent year-on-year. Capacity utilisation stood at around 93 per cent excluding Blast Furnace-3 capacity, and 85 per cent including the shut furnace.
Steel sales from Indian operations were the highest ever at 7.42 million tonnes, up 14 per cent year-on-year. During the quarter, the company reduced steel product inventories by around 0.3 million tonnes.
Debt Position and Standalone Performance
The company said its net debt-to-equity ratio stood at 0.92 times at the end of the quarter, compared with 0.93 times at the end of Q2 FY26. Net debt-to-EBITDA ratio improved to 2.91 times from 2.97 times in the previous quarter. Net debt as of December 31, 2025, stood at Rs 80,347 crore.
Indian operations reported revenue from operations of Rs 43,422 crore during the quarter. Adjusted operating EBITDA stood at Rs 6,522 crore, up 19 per cent year-on-year, with an EBITDA margin of 15 per cent. Profit after tax for Indian operations was Rs 2,668 crore for the quarter.
On a standalone basis, JSW Steel reported crude steel production of 5.08 million tonnes, lower by 11 per cent year-on-year. Steel sales stood at 5.55 million tonnes, down 1 per cent year-on-year. Revenue from operations rose 1 per cent year-on-year to Rs 32,127 crore, while adjusted EBITDA declined 3 per cent year-on-year to Rs 4,227 crore. Standalone EBITDA margin stood at 13.2 per cent.
Subsidiaries and Expansion Plans
Among subsidiaries, Bhushan Power & Steel Limited reported crude steel production of 1.0 million tonnes and sales volume of 0.98 million tonnes during the quarter. Revenue from operations stood at Rs 5,770 crore, while adjusted EBITDA was Rs 1,011 crore. BPSL reported a profit after tax of around Rs 1,578 crore for the quarter.
JSW Vijayanagar Metallics Limited reported crude steel production of 1.18 million tonnes during the quarter, reaching rated capacity. Sales volume stood at 1.23 million tonnes. Revenue from operations was Rs 6,099 crore, and adjusted EBITDA was Rs 921 crore.
The company said it continues to progress on its expansion projects. The Dolvi Phase-III expansion from 10 MTPA to 15 MTPA is targeted for completion by September 2027.
The board has approved a 5 MTPA steel plant at Jagatsinghpur, Odisha, with commissioning planned by FY30. The consolidated capital expenditure during Q3 FY26 stood at Rs 3,482 crore, while capex for the first nine months of FY26 amounted to Rs 10,018 crore.
JSW Steel said it expects to spend Rs 15,000–16,000 crore in capital expenditure during FY26.
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