JSW Steel Ltd.Strategic JV & Capacity Expansion Drive Growth

JSW Steel delivered record sales volumes in Q3 FY26, posting consolidated revenue of ₹45,991 crore with adjusted EBITDA of ₹6,620 crore at 14.4% margin.

Production reached 7.48 million tonnes, up 6% year-on-year, with value-added product sales hitting an all-time high of 4.54 million tonnes. Consolidated profit surged 235% to ₹2,410 crore, aided by deferred tax recognition from the BPSL transaction. The landmark JFE-BPSL joint venture will unlock ₹32,000 crore cash flow and deliver ₹37,000 crore deleveraging, strengthening the balance sheet significantly. The board approved a new 5 million tonne greenfield plant in Odisha with ₹31,600 crore capex, expandable to 13.2 million tonnes.

Management upgraded capacity targets to 56 million tonnes by FY31 from earlier 50 million tonnes, accelerating expansion plans. With 74% of FY26 guidance achieved in nine months, the company expects to meet full-year targets of 30.5 million tonnes production. Q4 margins are projected to improve on steel price recovery despite higher coking coal costs, supported by strong seasonal demand.