Key Financial Figures - Standalone (₹ Crores)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹42,008
  • Total Income: ₹42,421
  • Profit before tax: ₹4,560
  • Net Profit: ₹3,396
  • Earnings per share (Basic): ₹13.55
  • Earnings per share (Diluted): ₹13.53

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹77,548
  • Total Income: ₹81,319
  • Profit before tax: ₹11,251
  • Net Profit: ₹9,146
  • Earnings per share (Basic): ₹36.49
  • Earnings per share (Diluted): ₹36.43

Comparative Performance (YoY):

  • Q2 Revenue growth: 27.3% (from ₹33,004 crores in Q2 FY26)
  • Q2 Net Profit growth: 40.5% (from ₹2,417 crores in Q2 FY26)
  • H1 Revenue growth: 19.6% (from ₹64,824 crores in H1 FY26)
  • H1 Net Profit growth: 95.3% (from ₹4,682 crores in H1 FY26)

Key Financial Figures - Consolidated (₹ Crores)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹54,486
  • Total Income: ₹54,927
  • Profit before tax: ₹7,051
  • Net Profit: ₹5,359
  • Earnings per share (Basic): ₹21.63
  • Earnings per share (Diluted): ₹21.59

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹101,850
  • Total Income: ₹103,015
  • Profit before tax: ₹13,211
  • Net Profit: ₹10,055
  • Earnings per share (Basic): ₹40.68
  • Earnings per share (Diluted): ₹40.61

Operational Highlights

Production and Sales Metrics:

  • Highest ever Crude Steel Production: 7.27 million tonnes (consolidated)
  • Highest ever Saleable Steel Sales: 7.46 million tonnes (consolidated)
  • India Operations Production: 7.07 million tonnes
  • India Operations Sales: 7.27 million tonnes
  • Domestic sales: 6.29 million tonnes (record)
  • Exports: 0.98 million tonnes (13% of India operations sales)

Subsidiary Performance:

  • JSW Vijayanagar Metallics Ltd.: Production 1.24 million tonnes, Revenue ₹7,582 crores, EBITDA ₹1,630 crores
  • JSW Steel Coated Products: Production 1.19 million tonnes, Revenue ₹11,344 crores, EBITDA ₹708 crores
  • USA-Ohio: Slab production 224,933 net tonnes, EBITDA US$5.85 million
  • USA-Plate & Pipe Mill: Plate production 109,953 net tonnes, EBITDA US$13.06 million
  • Italy Operations: Production 70,079 tonnes, EBITDA EUR 6.98 million

Amalgamation Impacts

The financial results incorporate two major amalgamations approved by the National Company Law Tribunal (NCLT):

1. Amalgamation with wholly-owned subsidiaries (Amba River Coke Limited, Monnet Cement Limited, JSW Retail and Distribution Limited) approved by NCLT on July 2, 2026

2. Amalgamation with Piombino Steel Limited approved by NCLT on October 16, 2026. This required:

  • Issue of 65,384,615 equity shares of ₹1 each to Piombino Steel shareholders
  • Recognition of ₹7 crores as 'Shares Pending Allotment' under Other Equity
  • Capital reserve recognition of ₹168 crores
  • Piombino Steel contributed assets of ₹36,709 crores as at September 30, 2026

Restatement Impact on Comparative Figures (₹ Crores):

| Period | Parameter | Reported | Restated | Change |

| Q2 FY26 | Revenue | 32,859 | 33,004 | +145 |

| Q2 FY26 | PBT | 2,016 | 3,111 | +1,095 |

| Q2 FY26 | PAT | 1,493 | 2,417 | +924 |

| H1 FY26 | Revenue | 64,472 | 64,824 | +352 |

| H1 FY26 | PBT | 4,941 | 6,153 | +1,212 |

| H1 FY26 | PAT | 3,671 | 4,682 | +1,011 |

| FY26 | Revenue | 132,847 | 133,408 | +561 |

| FY26 | PBT | 8,807 | 12,565 | +3,758 |

| FY26 | PAT | 6,522 | 13,149 | +6,627 |

Capital Structure and Financial Position

Standalone (as of September 30, 2026):

  • Total Assets: ₹246,742 crores (vs ₹234,057 crores as of March 31, 2026)
  • Total Equity: ₹120,807 crores (vs ₹113,602 crores as of March 31, 2026)
  • Total Borrowings: ₹69,184 crores (including lease liabilities)
  • Net Debt to Equity: 0.39x
  • Net Debt to EBITDA: 1.28x
  • Current Ratio: 0.86

Consolidated (as of September 30, 2026):

  • Total Assets: ₹252,634 crores (vs ₹269,676 crores as of March 31, 2026)
  • Total Equity: ₹113,475 crores (vs ₹105,475 crores as of March 31, 2026)
  • Total Borrowings: ₹69,269 crores (including lease liabilities)

Board Approvals and Project Updates

The Board approved several expansion projects:

1. JSW Utkal Phase-II: 5 MTPA expansion with capital outlay of ₹16,150 crores, targeted commissioning by Q1 FY31

2. JVML-Vijayanagar: 8 MTPA pellet plant and additional converter/caster for Phase-II expansion

3. Dolvi Phase-III: Additional caster strand and plate processing facility

4. Vasind Expansion: 1.8 MTPA Cold Rolling Mill complex with 1.2 MTPA metal coating facility, targeted commissioning by Q2 FY30

5. Mozambique Mining: Expansion of MdR coking coal mine to 9 MTPA capacity, production targeted from CY28

6. JSW JFE Steel Expansion: 5 MTPA expansion to reach 9.5 MTPA total capacity, planned commissioning by FY31

Capex and Investments

  • Q2 FY27 consolidated capex: ₹6,266 crores (highest ever quarterly spend)
  • H1 FY27 consolidated capex: ₹11,136 crores
  • FY27 expected capex: ₹22,000-24,000 crores

Forward-Looking Statements

The document contains cautionary statements regarding forward-looking information, noting risks including fluctuations in earnings, growth management, intense competition, cost advantages, wage increases, skilled professional retention, contract overruns, client concentration, immigration restrictions, reduced steel demand, acquisition integration, contractual liabilities, strategic investments, withdrawal of government incentives, political instability, capital raising restrictions, intellectual property protection, and general economic conditions.