Financial Performance - Q2 FY27

  • Revenue from Operations: ₹54,486 crore
  • Reported EBITDA: ₹10,120 crore
  • Adjusted EBITDA (excluding FX gains/losses on long-term borrowings): ₹9,941 crore
  • Net Profit: ₹5,359 crore
  • Other Income: ₹441 crore
  • Finance Cost: ₹1,602 crore
  • Depreciation: ₹2,200 crore
  • Share of Profit/(Loss) of Joint Ventures: ₹292 crore
  • Tax Expenses: ₹1,692 crore

Financial Performance - H1 FY27

  • Revenue from Operations: ₹1,01,850 crore
  • Reported EBITDA: ₹19,503 crore
  • Adjusted EBITDA: ₹19,314 crore
  • Other Income: ₹1,165 crore
  • Finance Cost: ₹3,314 crore
  • Depreciation: ₹4,337 crore
  • Share of Profit/(Loss) of Joint Ventures: ₹194 crore
  • Tax Expenses: ₹3,156 crore
  • Profit after Tax: ₹10,055 crore

Operational Performance - Q2 FY27

  • India Capacity Utilization: 88% with BF-3 ramping up to ~90% utilization
  • Highest ever consolidated crude steel production: 7.27 million tonnes (up 5% YoY)
  • Highest ever consolidated steel sales: 7.46 million tonnes (up 13% YoY)
  • Domestic sales contribution: 87%
  • Export sales contribution: 13%

Operational Performance - H1 FY27

  • Consolidated crude steel production: 13.86 million tonnes (up 4% YoY)
  • Consolidated steel sales: 13.71 million tonnes (up 8% YoY)

Volume Guidance for FY27

  • Production guidance: 29.75 million tonnes
  • Sales guidance: 28.6 million tonnes
  • India Operations guidance includes BMM Ispat production of 0.75mt and sales of 0.70mt; excludes JSW JFE Steel JV

Corporate Developments

  • 0.5mtpa Scrap Processing Centre at Khopoli, Maharashtra: Baler commissioned, shredder to be commissioned in Q3
  • New Projects Announced:
  • JSW Utkal Steel, Odisha: Phase-II of 5mtpa
  • Vasind: 1.8mtpa CRM complex
  • JJSL Joint Venture: 5mtpa expansion
  • Mozambique: Capex approved for ~9mt coking coal mine
  • Credit Rating Upgrades:
  • Moody's: Investment Grade - Baa3 (Stable Outlook)
  • Fitch: BB+ (Positive Outlook)
  • CARE, ICRA & Ind-Ra: AA+ (Stable Outlook)
  • JSW One filed DRHP in September 2026 for IPO

JSW JFE Steel Ltd. (JJSL) Joint Venture Impact

  • BPSL steel business de-consolidated from JSW Steel's financials with effect from March 27, 2026
  • JFE invested second tranche of ₹7,875 crore at end of June 2026, completing JV transaction
  • Previous year FY26 presented on Proforma basis excluding BPSL for comparability
  • JSW Steel's share in JJSL earnings reflected in Share of Profit/(Loss) of Joint Ventures line

Balance Sheet and Leverage

  • Net Debt: ₹44,482 crore (excluding leases and revenue acceptances)
  • Net Debt to Equity: 0.39x
  • Net Debt to EBITDA (LTM basis): 1.28x
  • Cash and Cash Equivalents: ₹21,768 crore
  • Undrawn committed credit lines available
  • Early redemption of USD 500 million 3.95% bonds on October 7, 2026, 6 months ahead of schedule

Capex Update

  • Capex carried forward as on April 1, 2026: ₹96,888 crore (including creditors and acceptances)
  • New projects approved since April 2026 totaling ₹62,650 crore
  • Total project capex: ₹159,538 crore
  • Spent during H1 FY27: ₹11,136 crore
  • Balance capex to be spent: ₹148,402 crore

Key Project Updates

  • JVML Vijayanagar – Phase-II 5mtpa expansion: Equipment ordering in progress, commissioning by FY30
  • JSW Utkal, Paradip – Phase-I 5mtpa Greenfield: Two Pellet Plants (8mtpa each) to be commissioned by FY28
  • Dolvi Phase-III expansion from 10 to 15mtpa: Civil work and equipment erection underway, commissioning by September 2027
  • 1mtpa EAF and Structural mill at Kadapa: Civil work underway, commissioning by FY29
  • 30mtpa Slurry Pipeline in Odisha (302km): Progressing well, commissioning by March 2027

Sustainability Initiatives

  • Won 2026 worldsteel Steelie Award for Excellence in Clean Steel Production
  • Dolvi plant received ICC Platinum Award for Occupational Health & Safety Excellence
  • Deployed 134 electric buses and 98 electric cars across operations
  • ~1.1 GW of renewable energy capacity commissioned
  • Targeting Net Neutral by 2050

Retail and Distribution

  • Presence in more than 26,500 retail stores across 1,909 towns in India
  • Distribution channel of 2,710 points (419 distributors and 2,291 Branded Stores)
  • JSW Privilege Club partners enrollment around 153,000
  • 32 Experience Centres across India

JSW One Performance

  • Continued EBITDA profitability in Q2 FY27
  • Significant growth in volumes and GMV in Q2 FY27

Forward Looking Statement

Document contains forward-looking statements subject to risks and uncertainties including fluctuations in earnings, ability to manage growth, intense competition, raw material costs, regulatory measures, and general economic conditions.