JSW Steel, the country’s second-largest steel producer, on Friday, July 18 reported a consolidated net profit of ₹2,184 crore in the first quarter of the current financial year, up 158% from ₹845 crore in the same period last year. This sharp jump in profits was driven by good capital expenditure by the government in the June quarter and strong domestic steel demand.
JSW Steel’s operating revenue grew 0.5% to ₹43,147 crore in the June quarter as against ₹42,943 crore in the same period a year ago.
The Mumbai-based company reported strong operating performance as its earnings before interest, tax, depreciation and amortization (EBITDA), also known as operating profit, grew 38% to Rs 7,576 crore from Rs 5,510 crore. Its operating profit margin expanded 470 basis points (bps) to 17.56% in the June quarter.
During the quarter, consolidated crude steel production grew 14% year-on-year (YoY) to 72.6 lakh tonnes, while steel sales grew 9% year-on-year to 66.9 lakh tonnes, driven by a 12% year-on-year growth in both institutional and retail sales, the company said in a press release.
Crude steel production from JSW’s domestic operations stood at 70.2 lakh tonnes, up 15% year-on-year, while sales grew 9% to 64.3 lakh tonnes. The company reported that domestic sales stood at 5.96 million tonnes, registering a growth of 12% and accounting for the bulk of the company’s total offtake.
However, exports declined by 20%, accounting for 7% of Indian sales, reflecting lower global demand.
Capacity utilisation at Indian plants stood at 87%, down from 93% in Q4 FY25, due to scheduled maintenance.
JSW Steel also provided an update on the ongoing legal proceedings related to Bhushan Power & Steel. The company filed a review petition before the Supreme Court on June 25, 2025, challenging the Supreme Court’s earlier decision dated May 2, 2025. The committee of creditors and the resolution professional have also filed separate petitions.
As per the interim order of the Supreme Court dated May 26, 2025, status quo has been maintained with respect to the proceedings before the National Company Law Tribunal (NCLT) till the review petitions are decided. JSW Steel, after consultation with its legal advisors, believes that it has solid grounds to pursue the matter.
Shares of JSW Steel closed 0.10% higher at ₹ 1,034 ahead of its earnings announcement.
