JSW Steel Financial Breakdown: Revenue, Profit & Ratios
JSW Steel is India's largest private steelmaker by capacity and the flagship of the JSW Group. The stock has been in the news this month after the company reported Q2 FY27 consolidated crude steel production of 7.27 million tonnes, up 10% quarter-on-quarter, even as domestic steel prices sit near multi-year highs. This article breaks down JSW Steel's financials — revenue trend, profitability, balance sheet strength, key ratios, shareholding, dividend history and how it stacks up against Tata Steel, SAIL and other peers. All figures are consolidated unless stated otherwise, and every number is sourced from company filings and financial data portals.
Business Overview
JSW Steel is an integrated steel manufacturer — it makes and sells the full range of steel products including hot-rolled, cold-rolled, galvanised, galvalume, pre-painted steel, TMT rebars, wire rods and special steel bars, serving automotive, construction, infrastructure, engineering, white goods and electrical steel segments. Sajjan Jindal is the Chairman & Managing Director.
- Combined crude steel capacity: 37.9 MTPA (million tonnes per annum), including 4.5 MTPA through the JSW-JFE Steel joint venture with Japan's JFE Steel.
- India capacity (consolidated): 33.4 MTPA — Vijayanagar (Karnataka) 19.5 MTPA, Dolvi (Maharashtra) 10.0 MTPA, Salem 1.2 MTPA, Raigarh 0.95 MTPA, Raipur 0.25 MTPA.
- US capacity: 1.5 MTPA at the Ohio facility.
- Expansion plan: combined capacity to rise to 54.8 MTPA by FY30; the Vijayanagar plant is being expanded to ~25 MTPA, which would make it the world's largest single-location steel plant.
- Strategic shift: in March 2026 the steel business of subsidiary Bhushan Power and Steel Ltd (BPSL) was transferred via slump sale to the JSW-JFE joint venture; prior-year production figures have been restated to exclude BPSL for comparability.
- Corporate actions (Oct 2026): on 7 October 2026 the company fully redeemed its US$500 million 3.95% notes due 2027.
Revenue Trend: FY22 to FY26
Consolidated revenue (net sales) has grown from ₹1.46 lakh crore in FY22 to ₹1.85 lakh crore in FY26, with TTM (trailing twelve months) revenue at ₹1.90 lakh crore.
| Year | Revenue (₹ crore) | YoY Growth | Operating Profit (₹ crore) | OPM (%) |
|---|---|---|---|---|
| FY22 | 1,46,371 | — | 39,114 | 27% |
| FY23 | 1,65,960 | +13.4% | 18,470 | 11% |
| FY24 | 1,75,006 | +5.5% | 28,157 | 16% |
| FY25 | 1,68,824 | −3.5% | 22,725 | 13% |
| FY26 | 1,85,470 | +9.9% | 29,464 | 16% |
| TTM | 1,89,687 | — | 31,155 | 16% |
The revenue dip in FY25 reflects the weak steel realisations that hit the whole industry that year. FY26's 9.9% revenue growth came alongside better volumes — FY26 steel sales reached 29.6 million tonnes, up 12% YoY, with Q4 FY26 logging the company's highest-ever quarterly steel sales at 7.97 million tonnes.
Profitability: PAT and Margins
JSW Steel's profits are highly cyclical — FY22's record ₹20,938 crore PAT (27% operating margin) came on the back of peak steel prices, while FY23–FY25 saw much leaner numbers. FY26 reported PAT jumped to ₹25,508 crore, but this includes a large one-time/exceptional component: other income of ₹18,489 crore (linked mainly to the BPSL slump sale to the JSW-JFE joint venture). Adjusted for the exceptional gain, FY26's core PAT was around ₹8,700 crore — still more than double FY25's ₹3,491 crore.
| Year | Net Profit (₹ crore) | EPS (₹) | Net Margin | ROE |
|---|---|---|---|---|
| FY22 | 20,938 | 85.49 | ~14% | 37.3% |
| FY23 | 4,139 | 17.14 | ~2% | 6.3% |
| FY24 | 8,973 | 36.03 | ~5% | 12.6% |
| FY25 | 3,491 | 14.33 | ~2% | 4.5% |
| FY26 | 25,508 | 91.26 | ~14% | 10.2% |
| TTM | 27,995 | 101.35 | ~15% | — |
Operating margin recovered to 20% in Q1 FY27 from 17% in the year-ago quarter, helped by lower finance costs (interest down 22.8% YoY in Q1 FY27 to ₹1,712 crore).
Latest Update: Q1 FY27 Results and Q2 FY27 Production
- Q1 FY27 (announced July 2026): consolidated revenue ₹47,364 crore, up 9.8% YoY; net profit ₹4,696 crore, up 112.6% YoY; operating margin 20%; EPS ₹19.02.
- Q2 FY27 production (announced 8 Oct 2026): consolidated crude steel production 7.27 million tonnes, up 10% QoQ; Indian operations drove the growth while the Ohio plant in the US contributed as well. Prior-year figures were restated to exclude the BPSL undertaking transferred to the JSW-JFE JV.
- Q2 FY27 financial results are scheduled for 23 October 2026.
- Steel price backdrop (Oct 2026): domestic long steel prices have rallied over 30% from mid-July lows and flat steel prices have rebounded to around ₹61,100 per tonne — a supportive backdrop for Q2 FY27 realisations.
Balance Sheet Strength
As of March 2026, JSW Steel carried borrowings of ₹99,310 crore against shareholder funds of about ₹1,00,053 crore (equity capital ₹305 crore + reserves ₹99,748 crore), giving a debt-to-equity ratio of roughly 0.96–1.0x — reasonable for a capital-intensive steel producer mid-expansion. FY26 operating cash flow was ₹25,152 crore, with net cash flow of ₹27,601 crore, and free cash flow around ₹10,610 crore.
Key Ratios Snapshot
| Ratio | FY26 | FY25 |
|---|---|---|
| Operating margin | 16% | 13% |
| Net margin (TTM) | ~13.75% | — |
| Return on equity (ROE) | 10.2% | — |
| Return on capital employed (ROCE) | 11.0% | 8% |
| Debt-to-equity | ~0.96x | 1.21x |
| P/E (current) | ~23.8x (reported basis) | — |
| P/BV | ~2.87x | — |
| Book value per share | ~₹409 | — |
| Dividend yield | ~0.60% | — |
Note: the current P/E of ~23.8x is on reported TTM earnings, which include FY26's exceptional gain — the core-earnings P/E would be higher. The company's compounded sales growth over 5 years is 18% and 10-year stock price CAGR is about 21%.
Shareholding Pattern
Promoters (the Jindal family) hold a stable ~44% stake; FIIs own ~26% and DIIs ~11.5% as of June 2026. Total shareholders: ~6.1 lakh.
| Shareholder | Jun 2026 | Mar 2026 | Mar 2025 |
|---|---|---|---|
| Promoters | 44.29% | 45.31% | 44.84% |
| FIIs | 25.92% | 25.38% | 25.78% |
| DIIs | 11.49% | 11.16% | 10.52% |
| Public | 17.62% | 17.47% | 18.16% |
Dividend History
JSW Steel has a long record of annual final dividends. For FY26 the board recommended a final dividend of ₹7.10 per share (710% on face value ₹1), with a record date of 7 July 2026. Previous dividends: FY25 ₹2.80, FY24 ₹7.30, FY23 ₹3.40, FY22 ₹17.35 (pre-split adjusted comparability varies), FY21 ₹6.50 per share. The FY26 payout ratio was about 10% on reported earnings.
Peer Comparison
Among Indian steelmakers, JSW Steel carries the highest market capitalisation at ~₹2.86 lakh crore (share price ₹1,169 as of 9 Oct 2026; 52-week range ₹1,073–₹1,351).
| Company | Market Cap | P/E | ROE | Net Margin |
|---|---|---|---|---|
| JSW Steel | ~₹2.87 lakh cr | ~15.4x | 18.6% | 9.8% |
| Tata Steel | ~₹2.15 lakh cr | ~23.1x | ~9.1% | 3.8% |
| Jindal Steel | ~₹1.03 lakh cr | ~30.4x | 6.6% | 5.5% |
| SAIL | ~₹68,670 cr | ~10.4x | 10.9% | 6.3% |
| Jindal Stainless | ~₹58,148 cr | ~18.9x | 15.5% | 6.8% |
On these peer-snapshot metrics, JSW Steel scores the strongest combination of ROE and net margin in the Indian steel pack, while SAIL trades at the lowest P/E. Peer metrics are as of early October 2026 and can move with quarterly results.
Key Risks to Watch
- Steel price cyclicality: FY22–FY25 show how sharply earnings swing with global steel prices; the FY23 crash cut PAT by 80%.
- Raw material costs: coking coal price spikes compress the EBITDA spread per tonne.
- Capex-led leverage: the ~54.8 MTPA expansion by FY30 needs heavy capex; net debt and interest costs bear watching.
- US operations: the Ohio plant is small (1.5 MTPA) and exposed to US market conditions and tariffs.
- Exceptional gains don't repeat: FY26's reported PAT is flattered by the BPSL slump-sale gain — core profitability is the better yardstick.
FAQs
What is JSW Steel's revenue in FY26?
JSW Steel reported consolidated revenue of ₹1,85,470 crore in FY26, up 9.9% YoY, with TTM revenue of ₹1,89,687 crore.
What was JSW Steel's net profit in FY26?
Reported consolidated PAT was ₹25,508 crore (EPS ₹91.26), but this included a large one-time gain from the BPSL slump sale to the JSW-JFE joint venture; core adjusted PAT was around ₹8,700 crore.
What is JSW Steel's current capacity?
Combined crude steel capacity is 37.9 MTPA, including 4.5 MTPA through the JSW-JFE joint venture, with expansion to 54.8 MTPA planned by FY30.
When will JSW Steel announce Q2 FY27 results?
JSW Steel is scheduled to announce its Q2 FY27 financial results on 23 October 2026. The company has already reported Q2 FY27 crude steel production of 7.27 MT (+10% QoQ).
Who owns JSW Steel?
The Jindal family (promoters) holds ~44.3% as of June 2026, FIIs hold ~25.9% and DIIs ~11.5%.
Conclusion
JSW Steel enters the second half of FY27 with volume momentum — 7.27 MT of crude steel in Q2, up 10% QoQ — and a supportive steel-price backdrop. FY26's headline PAT of ₹25,508 crore needs to be read with the exceptional BPSL gain in mind, but the underlying trend is healthy: revenue growth of ~10%, operating margins back at 16%, debt-to-equity under 1x, and the strongest ROE/net-margin profile among Indian steel majors. With capacity set to grow from 37.9 MTPA to 54.8 MTPA by FY30, execution on the Vijayanagar and Dolvi expansions — alongside the Q2 FY27 results on 23 October — will be the key things to track.
Disclaimer: This article is for educational purposes only and is not investment advice. Steel earnings are cyclical; investors should do their own research or consult a registered financial advisor before making investment decisions.