JSW Steel Ltd(JSWSTEEL)

NSE: JSWSTEELBSE: 500228

₹ 1,247.05-0.83%refreshed 27 Oct, 03:28 pm ISTMarket cap: ₹ 3.05 L crWebsite: www.jsw.inUpdated: 27 Oct 2026

About

JSW Steel is India's largest steelmaker, making flat and long steel products at integrated plants in Karnataka, Maharashtra, Odisha and Andhra Pradesh, with operations in the United States and Italy. In FY25 it had domestic capacity of 34.2 MTPA and total installed capacity of 35.7 MTPA across India and overseas. In FY26 it reported consolidated revenue of Rs 1,85,470 crore and sold 29.63mt of steel. It targets India standalone capacity of 62mtpa by FY32, or 78mtpa including its JFE and POSCO joint ventures.^[1][2]

Key operating volumes

Consolidated crude steel production was a record 7.27mt in Q2 FY27, up 5% YoY and 10% QoQ.^[3]
Consolidated steel sales were a record 7.46mt in Q2 FY27, up 13% YoY and 19% QoQ.^[3]
India capacity utilisation was 88% in Q2 FY27. It was 94% in Q1 FY27 (excluding Vijayanagar BF-3, which was shut down).^[3][4]
FY26 full-year consolidated sales were 29.63mt, up 12% YoY. In FY25, production was 27.79 MnT and sales were 26.45 MnT, with India utilisation averaging 91%.^[4][2]
FY27 guidance: consolidated crude steel production of 29.75mt and sales of 28.6mt (including BMM Ispat; excluding the JSW JFE Steel JV).^[4]

Products and value-added mix

Products cover flat steel (hot rolled, cold rolled, galvanised/galvalume, electrical, colour coated, tin plate) and long steel (TMT bars, wires, special alloy steel).^[2]
Value-added and special products (VASP) were 56% of sales in Q2 FY27, down from 61% in Q1 FY27. VASP sales volumes rose 11% YoY in Q2 FY27.^[3]
VASP made up 62% of sales volumes in FY25 and 62% of Indian operations sales in Q4 FY26.^[2][5]
The company aims to keep VASP above 50% of sales.^[3]

Plant operations and capacity

Vijayanagar BF-3 was upgraded from 3.0mtpa to 4.5mtpa and commissioned in June 2026. It reached about 90% utilisation in Q2 FY27.^[4][3]
The JVML-Vijayanagar 5mtpa greenfield expansion reached full capacity in Q3 FY26.^[6]
Ohio (US) sales fell 30% YoY in Q2 FY27, while EBITDA improved to $5.85mn on higher realisations. A vacuum degasser was commissioned at Ohio in Q1 FY27.^[3][4]
The Piombino rail mill in Italy reported EBITDA of EUR7mn in Q1 FY27, against EUR1.33mn in Q1 FY26. A EUR33mn Italian government grant was agreed for modernising the mill.^[4]
1GW of renewable capacity has been commissioned, out of 2.5GW approved. GHG intensity was 2.33 tCO2/tcs in H1 FY27, against a target of 1.95 tCO2e/tcs by FY30.^[5][3]

Raw material integration

The company holds 23 iron ore deposits in India with about 1.6 BnT of resources, of which 12 were operational as of FY25.^[2]
It targets about 50% coking coal self-sufficiency by CY28, from domestic linkages (~20%), Mozambique (~20%) and Australia (~10%).^[4]
The MdR coking coal mine in Mozambique was acquired in March 2026. Its expansion to about 9mtpa was approved in Q2 FY27, together with Indian mine development (Rs 3,150cr).^[5][3]
The Dugda Washery was taken over from BCCL in June 2026. Coking coal from captive mines and linkages is expected to reach 7.5mt within about two years.^[4]

Customers and distribution

Sales to auto customers were a record in Q2 FY27, up 36% YoY.^[3]
Exports were 13% of India sales in Q2 FY27, against 11% in Q2 FY26.^[3]
In Q2 FY27, retail sales rose 6% YoY and branded-product sales 11%. There are 2,291 branded stores, and JSW Shoppe sales grew 21% YoY.^[3]
The JSW One B2B marketplace reported GMV of Rs 6,989cr in Q2 FY27, up 77% YoY, and remained EBITDA-positive.^[3]
In FY25 the company supplied 2.55 MnT of steel to project customers such as the Mumbai-Ahmedabad Bullet Train.^[2]

Expansion and capex

Utkal Phase-II (5mtpa, Rs 16,150cr) was approved in Q2 FY27. The JSW Utkal 5mtpa BF/SMS/HSM-2 is now targeted for Q3 FY30.^[3]
Dolvi Phase-III expansion from 10mtpa to 15mtpa is targeted for commissioning by September 2027.^[4]
JVML Vijayanagar Phase-II 5mtpa (BF-6, Rs 26,000 crore) is targeted by FY30. It would take Vijayanagar to 25mt capacity.^[5]
A 1.8mtpa CRM complex at Vasind (Rs 2,600cr) was approved. The Khopoli scrap shredder is due to be commissioned in Q3 FY27.^[3]
A 1mtpa EAF and structural mill at Kadapa, Andhra Pradesh, broke ground in July 2026, with commissioning targeted by FY29.^[4]
FY27 capex is expected at Rs 22,000-24,000cr. Remaining capex of Rs 1,48,402cr is to be spent over 5-6 years.^[3]

Balance sheet and leverage

Net debt was Rs 44,482cr as of 30 September 2026, against Rs 79,153cr in September 2025, after about Rs 37,000cr of deleveraging linked to the JFE JV.^[3]
Net debt/EBITDA was 1.28x in Q2 FY27, against 2.97x in Q2 FY26. Net debt/equity was 0.39x.^[3]

Recent developments

On 23 October 2026 the board approved a Rs 7,500 crore 5 MTPA expansion and upgrade at Sambalpur by JSW JFE Steel. Work starts in April 2027 and takes about 3.5 years.^[7]
On 23 October 2026 the board approved setting up a wholly-owned subsidiary in the UAE.^[7]
The NCLT approved the scheme of amalgamation of Piombino Steel Limited with JSW Steel on 16 October 2026.^[8]
JSW One filed a DRHP for an IPO in September 2026.^[3]
A POSCO JV was announced for a 6mtpa greenfield integrated steel plant at Dhenkanal, Odisha, to be commissioned by 2031.^[5]

Market Cap

₹3,04,960 Cr

High / Low

₹1,350 / 1,073

Stock P/E

11.7

Price / Book

2.9

Book Value

₹409

EPS

₹91.3

No. of Shares

244.55 Cr

ROCE

10.8%

ROE

24.9%

OPM

11.5%

Debt / Equity

0.95

Sales

₹1,85,470 Cr

Net Profit

₹25,508 Cr

Promoter holding

44.3%

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