Board Meeting Details
The Board of Directors meeting was held on July 17, 2026, commencing at 10:00 AM and concluding at 2:35 PM. The results were reviewed by the Audit Committee on July 16, 2026.
Consolidated Financial Results (Q1 FY27)
- Revenue from Operations: ₹47,364 crores (Gross sales: ₹46,662 crores, Other operating income: ₹702 crores)
- Other Income: ₹724 crores
- Total Income: ₹48,088 crores
- Total Expenses: ₹41,830 crores
- Cost of materials consumed: ₹24,586 crores
- Purchases of stock-in-trade: ₹1,814 crores
- Changes in inventories: (₹2,285) crores
- Mining premium and royalties: ₹1,835 crores
- Employee benefits expense: ₹1,306 crores
- Finance costs: ₹1,712 crores
- Depreciation and amortization: ₹2,137 crores
- Power and fuel: ₹4,116 crores
- Other expenses: ₹6,609 crores
- Profit before share of profit/(loss) of JVs and associates: ₹6,258 crores
- Share of profit/(loss) of joint ventures and associates: (₹98) crores
- Profit before exceptional items and tax: ₹6,160 crores
- Exceptional items: Nil (compared to ₹17,888 crores gain in Q4 FY26)
- Profit before tax: ₹6,160 crores
- Tax expense: ₹1,464 crores (Current tax: ₹1,265 crores, Deferred tax: ₹199 crores)
- Net Profit for the period: ₹4,696 crores
- Other Comprehensive Income: ₹818 crores
- Total Comprehensive Income: ₹5,514 crores
- Earnings per share (EPS): Basic ₹19.05, Diluted ₹19.02
Standalone Financial Results (Q1 FY27)
- Revenue from Operations: ₹35,539 crores (Gross sales: ₹34,702 crores, Other operating income: ₹837 crores)
- Other Income: ₹382 crores
- Total Income: ₹35,921 crores
- Total Expenses: ₹32,129 crores
- Profit before exceptional items and tax: ₹3,792 crores
- Exceptional items: Nil
- Profit before tax: ₹3,792 crores
- Tax expense: ₹966 crores (Current tax: ₹885 crores, Deferred tax: ₹81 crores)
- Net Profit for the period: ₹2,826 crores
- Other Comprehensive Income: ₹696 crores
- Total Comprehensive Income: ₹3,522 crores
- Earnings per share (EPS): Basic ₹11.58, Diluted ₹11.56
Key Financial Ratios (Consolidated)
- Debt Equity Ratio: 0.61 (vs 0.91 in Mar 2026)
- Current Ratio: 1.15 (vs 1.49 in Mar 2026)
- Operating EBITDA Margin: 19.81%
- Net Profit Margin: 9.91%
- Trade Receivable Turnover: 23 days
- Inventory Turnover: 95 days
Operational Highlights
- Crude Steel Production: 6.59 million tonnes (up 3% YoY)
- Saleable Steel Sales: 6.25 million tonnes (up 4% YoY)
- Reported EBITDA: ₹9,383 crores
- Adjusted EBITDA: ₹9,373 crores (excluding FX gains/losses)
- Net Debt: ₹46,157 crores (reduced by ₹7,713 crores from Mar 2026)
- Net Debt to Equity: 0.42x
- Net Debt to EBITDA: 1.46x
Subsidiary Performance
- JSW Vijayanagar Metallics Ltd.: Production 1.12 million tonnes, Revenue ₹7,032 crores, EBITDA ₹1,821 crores, PAT ₹1,223 crores
- JSW Steel Coated Products: Production 1.15 million tonnes, Revenue ₹9,991 crores, EBITDA ₹498 crores, PAT ₹354 crores
- USA-Ohio Operations: EBITDA US$4.80 million
- USA Plate & Pipe Mill: EBITDA US$11.07 million
- Italy Operations: EBITDA EUR 7.05 million
Projects Update
- Vijayanagar BF-3 expansion: Completed from 3.0 MTPA to 4.5 MTPA, lit up in June 2026, ramped to >80% capacity
- Dolvi Phase-III expansion: From 10 MTPA to 15 MTPA, targeting completion by September 2027
- JSW Utkal project: 2 pellet plants (8 MTPA each) by FY28, 5 MTPA steel capacity by FY30
- JVML-Vijayanagar expansion: 5 MTPA brownfield expansion, commissioning by FY30
- Kadapa EAF project: 1 MTPA, groundbreaking July 3, 2026, targeting FY29 commissioning
Corporate Actions
- BMM Ispat Limited amalgamation: Scheme filed with stock exchanges for approval, awaiting CCI clearance, expected completion Q4 FY27
- Piombino Steel Limited amalgamation: Scheme filed with regulatory authorities, NCLT directions received July 2, 2026
- Amba River Coke, Monnet Cement, JSW Retail amalgamation: NCLT approved July 2, 2026, prior periods restated
Entities Included
Consolidated results include 45 subsidiaries, 13 joint ventures, and 5 associates as listed in Annexure I.