The significant increase in profit was largely driven by a one-time gain, through the slump sale of its subsidiary Bhushan Power and Steel steel operations to a joint venture firm, JSW JFE Steel, with the Japanese firm JFE Steel.

Total revenue from operations rose 14.19% year-on-year to Rs 51,180 crore in the quarter ended 31 March 2026.

Profit before tax surged to Rs 22,377 crore in Q4 FY26, compared with Rs 1,730 crore reported in the corresponding quarter last year.

The company's reported EBITDA stood at Rs 8,634 crore in Q4 FY26, marking a 35% increase compared to Rs 6,378 crore in Q4 FY25. The EBITDA margin improved significantly to 19% in Q4 FY26, up from 14.5% in the same quarter last year.

Consolidated production for the quarter stood at 7.49 million tonnes, down 2% YoY.

Steel sales for the quarter hit a record high of 7.97 million tonnes, rising 6% YoY. Domestic sales also reached an all-time high of 7.09 million tonnes, up 6% YoY.

Institutional sales volumes increased 5% YoY, while retail sales rose 3% YoY. Exports stood at 0.75 million tonnes, up 36% YoY, contributing 10% of sales from Indian operations during Q4 FY26.

Indian operations production for the quarter stood at 7.34 million tonnes, down 1% YoY. Steel sales hit a record high of 7.84 million tonnes, rising 8% YoY.

Blast Furnace-3 (BF-3) at Vijayanagar has remained shut since the end of September 2025 for capacity expansion, impacting crude steel production and capacity utilisation at the company's Indian operations during FY26.

Capacity utilisation for the combined Indian operations stood at around 92% for the year excluding BF-3 capacity, and 87% including BF-3 capacity.

During the quarter, Bhushan Power & Steel (BPSL) reported crude steel production of 0.95 million tonnes and sales volume of 1.01 million tonnes.

Revenue from operations stood at Rs 6,285 crore, while adjusted EBITDA came in at Rs 1,074 crore, driven by higher sales volumes and realizations, partly offset by elevated coking coal prices.

BPSL posted a profit after tax of Rs 12,244 crore for the quarter, boosted by an exceptional gain on the slump sale of its steel business to JSW JFE Steel Ltd. on March 27, 2026.

During the quarter, JSW Vijayanagar Metallics (JVML), Vijayanagar reported crude steel production of 1.21 million tonnes and sales volume of 1.23 million tonnes.

Revenue from operations stood at Rs 6,631 crore, while adjusted EBITDA came in at Rs 1,530 crore, driven by higher realizations partly offset by elevated coking coal prices. The company reported a profit after tax of Rs 736 crore for the quarter.

JSW Steel Coated Products reported production of 1.21 million tonnes (GI/GL, Tin, CRCA and other saleable products) and sales volume of 1.25 million tonnes during the quarter.

Revenue from operations stood at Rs 9,986 crore, while adjusted EBITDA came in at Rs 749 crore, supported by higher sales volumes and realizations, partly offset by higher raw material costs. The subsidiary reported a net profit of Rs 351 crore for the quarter.

On its outlook, the global economy continues to operate in an environment of elevated uncertainty, driven by geopolitical developments, particularly in the Middle East, which have led to supply disruptions, higher inflationary pressures'especially in energy markets'and added pressure on interest rates. Despite these challenges, the global growth outlook remains resilient, with the IMF projecting global GDP growth at 3.1% in 2026 and 3.2% in 2027.

Growth continues to be supported by buoyancy in technology investments and potential productivity gains, along with supportive fiscal policies, the impact of past rate cuts, and the temporary easing of US tariffs. Over time, reconstruction-led demand is expected to emerge once geopolitical conditions stabilise. In the US, economic growth remains supported by tax incentives, strong private investment and resilient consumer spending. However, the scope for further monetary easing is narrowing amid inflationary risks.

China has maintained a stable growth trajectory, with GDP expanding by around 5% in Q1, supported by strong export performance, resilient industrial output and improving fixed asset investment. While the property sector remains weak, policy focus continues on anti-involution measures and targeted pro-growth initiatives.

In the Eurozone, manufacturing activity has shown signs of improvement, even as services activity has moderated. Energy prices and associated inflation risks remain key areas of concern.

Despite global headwinds, India continues to demonstrate strong growth momentum and resilience. The RBI's FY27 growth projection of 6.9% reflects robust domestic fundamentals, supported by healthy demand conditions. Economic activity strengthened in the second half of FY26, aided by GST-led reforms.

The outlook is further supported by a strong central government capex pipeline, with the FY27 Budget allocating Rs 12.2 trillion towards capital expenditure, marking an 11.5% YoY increase. Higher allocations towards housing and defence are expected to provide sustained support to infrastructure and manufacturing-led growth.

While the risk of a below-normal monsoon remains, strong rural indicators, robust credit growth and improving capacity utilisation support sustained economic momentum. Broad-based sectoral traction further reinforces the outlook, although prolonged supply chain disruptions and inflationary pressures stemming from the Middle East crisis remain key risks to growth.

The company said on updates on projects: The Salem unit upgraded one caster in January 2026, followed by commissioning of a Ladle Furnace and Vacuum Degasser in February 2026, which raised capacity from 1.0 MTPA to 1.2 MTPA effective March 2026.

At Vijayanagar, Blast Furnace-3 (3.0 to 4.5 MTPA expansion) is under testing and commissioning, while the Coke Oven project comprising four 0.75 MTPA batteries has been completed with the final battery commissioned in Q4 FY26.

Dolvi Phase-III (10 to 15 MTPA) is under execution with completion targeted for September 2027. The Kadapa 1 MTPA EAF and structural mill project is in the equipment ordering stage, with commissioning expected by FY29.

In Odisha, JSW Utkal's two 8 MTPA pellet plants are expected by FY28, while the 30 MTPA slurry pipeline being developed by JSW Infrastructure is targeted for FY27. The 5 MTPA Phase-I integrated steel plant is planned for FY30.

The Board has approved a 5 MTPA brownfield expansion at JVML'Vijayanagar with a capex of Rs 26,000 crore, which will take total capacity to around 25 MTPA, with commissioning targeted by FY30. Consolidated capex stood at Rs 4,612 crore in Q4 FY26 and Rs 15,595 crore for FY26, with FY27 guidance of Rs 22,000'24,000 crore.

Strategic developments include the demerger of the BPSL steel business into a 50:50 JV with JFE Steel for Rs 29,475 crore, resulting in net debt reduction to Rs 53,870 crore as of March 2026, with further deleveraging of Rs 7,875 crore expected by June 2026. The company also announced a 50:50 JV with POSCO to set up a 6 MTPA integrated steel plant in Odisha focused on high-grade flat steel for automotive applications. In addition, the Board approved the amalgamation of BMM Ispat (1 MTPA) at an enterprise value of around Rs 6,400 crore, expected to be completed by end-FY27, adding capacity and operational synergies.

The board has recommended a dividend of Rs 7.10 per equity share of face value Rs 1 each on 244,54,53,966 equity shares for the year ended March 31, 2026, subject to approval of shareholders at the ensuing Annual General Meeting (AGM). The total dividend outgo will be Rs 1,736 crore.

JSW Steel is primarily engaged in the business of manufacture and sale of Iron and Steel Products. It is the flagship business of the diversified, US$ 23 billion JSW Group.The Group has interests in energy, infrastructure, cement, paints, sports, and venture capital.

Shares of JSW Steel rose 1.74% to end at Rs 1,297.05 on the BSE.

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