JSW Steel Limited (JSWSTEEL) share price
₹1265.00 on NSE as of 2026-09-11. -2.99% on the day. market cap ₹309,350 Cr. P/E 12.5. 52-week range ₹1073.10 to ₹1341.00. Metals & Mining.
What the company does
JSW Steel Ltd. (JSW), a part of the O.P. Jindal Group, manufactures iron and steel products. Its product portfolio includes hot- rolled steel strips, sheets/plates, mild steel (MS) cold -rolled coils/sheets, MS galvanised plain, corrugated and colour -coated coils/sheets, steel billets, bars and rods. With an installed crude steel capacity (including JVs) of 37.9 mtpa as of June 20 26, JSW is the largest domestic steel producer. JSW’s capacity is spread across Karnataka, Maharashtra, Tamil Nadu, Odisha, and Chhattisgarh. Supplementing JSW’s main facilities are downstream rolling, coating, galvanizing and finishing units. JSW’s international operations comprise 1.2 million net tonnes of plates and 0.55 million net tonnes of pipe mill in Texas; a 3.0 million net tonnes hot rolling mill and a 1.5 million net tonnes electric arc furnace in Ohio; and a 1.3 mtpa special long steel facility in Piombino, Italy comprising a rail mill (0.32 mtpa), bar mill (0.4 mtpa), and a wire rod mill (0.6 mtpa).
Filed by ICRA, page 9.
JSW Steel Q1 FY27: Revenue at ₹47,364 Cr, PAT at ₹4,696 Cr, and a ₹18,489 Cr Ghost from Last Quarter
At a glance
JSW Steel opened FY27 with consolidated revenue of ₹47,364 crore for the June quarter, up about 9.8% over the ₹43,147 crore of a year earlier and down 7.5% from the ₹51,180 crore of the March quarter. Operating profit came in at ₹9,285 crore, the highest in the ten quarters on record here, lifting operating margin to 20% from 17% a year ago. Profit after tax was ₹4,696 crore, more than double the ₹2,209 crore of Q1 FY26 — a 113% jump that looks dramatic until you notice it is being measured against a genuinely weak base quarter.
The quarter also carries the long shadow of the one before it. In Q4 FY26, JSW booked a ₹18,051 crore gain on transferring Bhushan Power and Steel's business into a joint venture with Japan's JFE Steel, which is why that quarter's PAT read ₹19,243 crore and its Other Income read ₹18,229 crore. Strip the accounting fireworks away and this June quarter is the first "clean" read of the post-BPSL company.
CARE Ratings upgraded the company to AA+ (Stable) from AA on 7 July 2026, citing the cash from that JV transaction and the deleveraging it funded. What the ₹9,285 crore operating profit says about the actual steel business is the thread worth pulling.
Introduction
JSW Steel is the flagship of the roughly US$25 billion JSW Group, a conglomerate that has decided its brand belongs on energy, infrastructure, cement, paints, realty, mobility, defence, sports, and venture capital — steel being merely the part that funds the collection. The company manufactures and sells iron and steel products, and at ₹3,07,157 crore of market capitalisation it is the largest domestic steelmaker by that measure.
The defining corporate event of the past year is the BPSL joint venture with JFE. BPSL's steel business was transferred to JSW JFE Steel Ltd. on 27 March 2026 via a slump sale valued at ₹29,475 crore. JFE brought in two equity tranches of ₹7,875 crore each — the first in end-March, the second on 30 June 2026 — taking it to a 50:50 partner and completing the transaction. BPSL was de-consolidated from JSW's books from 27 March, which is why the company now presents prior-year comparatives on a "proforma" basis excluding BPSL, and why the reported and proforma columns of its results no longer agree.
Alongside this, the June quarter saw the group commission the expanded BF-3 blast furnace at Vijayanagar (3.0 to 4.5 MTPA) in June 2026, break ground on a 1 MTPA electric-arc-furnace project at Kadapa on 3 July, and receive an NCLT order on 2 July sanctioning the merger of three wholly-owned subsidiaries into JSW Steel. Steady, capital-intensive, and rarely boring.
Business model
They melt iron ore and coking coal into steel, then sell it to whoever is building something. That "whoever," per FY26 domestic mix, splits into Retail at 37%, Construction & Infrastructure at 33%, Industrial at 16%, and Auto at 14% — a customer list that is essentially "the Indian economy, itemised."
The product portfolio is a spelling test: hot-rolled, cold-rolled, galvannealed, galvanized, galvalume, pre-painted, tinplate, electrical steel, TMT bars, wire rods. The more profitable end of that list — value-added and special products (VASP) — reached 61% of FY26 sales per CARE, up from 35% a decade earlier, which is the company's answer to the eternal steelmaker problem of selling a commodity and hoping the price behaves.
Distribution is where a metals company quietly turns retail: 2,741 distribution points, roughly 24,000 stores across 1,909 towns, and a branded network split into 689 urban "JSW Shoppe" outlets and 1,645 semi-urban "JSW Shoppe Connect" ones. There is a loyalty programme, JSW Privilege Club, whose enrollment crossed 1.42 lakh — a frequent-flyer scheme for people buying TMT bars, which is either brilliant or the most Indian thing steel has ever done.
Then there is capacity, the number the group cannot stop enlarging. India capacity sits at 31.9 MT, with a growth pipeline that management maps to 62 MT by FY32, and 78 MT including JVs. The capex pipeline to get there is ₹1,26,161 crore over four to five years, with a further ~₹1,00,000 crore that management flagged out to FY33. This is a business model that treats "finished" as a hypothetical.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for JSW Steel Limited.
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