JSW Steel Q2 FY27 Results: Consolidated Net Profit ₹5,359 Crore on Total Income of ₹54,927 Crore
Earnings
Steel
Blacklitt Research3 min read
DDEKK, via Wikimedia Commons (CC0). Illustrative image.
JSW Steel (NSE: JSWSTEEL) reported total income of ₹54,927 crore and net profit of ₹5,359 crore on a consolidated basis for the quarter ended 30 Sep 2026, it said in a filing on 23 Oct 2026. Standalone total income was ₹42,421 crore and standalone net profit ₹3,396 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹54,927 crore, up 20.9% YoY and 14.2% QoQ
Net profit and EPS: ₹5,359 crore, up 225.6% YoY; basic EPS ₹21.63, against ₹6.66 a year earlier
Finance costs: ₹1,602 crore, down 33.6% YoY and 6.4% QoQ
Adjusted EBITDA: ₹9,941 crore, with an EBITDA margin of 18.3%, per the press release
Standalone
The company on its own, without its subsidiaries
Total income: ₹42,421 crore, up 23.0% YoY and 9.1% QoQ
Net profit and EPS: ₹3,396 crore, up 40.5% YoY and down 40.9% QoQ; basic EPS ₹13.55
Other income: ₹413 crore, down 72.2% YoY from ₹1,487 crore
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
54,927
45,436
+20.9%
48,088
+14.2%
Revenue from operations
54,486
45,152
+20.7%
47,364
+15.0%
Other income
441
284
+55.3%
724
-39.1%
5,359
1,646
+225.6%
4,696
+14.1%
Profit before tax
7,051
2,344
+200.8%
6,160
+14.5%
Finance costs
1,602
2,413
-33.6%
1,712
-6.4%
Depreciation
2,200
2,554
-13.9%
2,137
+2.9%
Tax expense
1,692
698
+142.4%
1,464
+15.6%
Net profit margin
9.76%
3.62%
+6.13 pp
9.77%
-0.01 pp
EPS, basic (₹)
21.63
6.66
+224.8%
19.05
+13.5%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit rose 225.6% YoY, faster than total income, which rose 20.9%. Profit before tax rose 200.8% to ₹7,051 crore, while revenue from operations grew 20.7% to ₹54,486 crore. The figures show that the profit gain sits mainly in the operating lines rather than in other income, which is only 0.8% of total income this quarter and 6.3% of profit before tax.
Finance costs of ₹1,602 crore fell 33.6% from ₹2,413 crore a year earlier, and are 2.9% of total income. Depreciation fell 13.9% to ₹2,200 crore. The filing does not explain the reason for the lower finance costs, so the link between that fall and the profit growth is not established by the filing.
Tax expense of ₹1,692 crore is 24.0% of profit before tax, up from ₹698 crore a year earlier. Attributable profit to owners is ₹5,279 crore, against ₹5,359 crore for the period before non-controlling interests. Consolidated net profit margin is 9.84% per the filing, against 3.65% a year earlier on the same basis.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
42,421
34,491
+23.0%
38,898
+9.1%
Revenue from operations
42,008
33,004
+27.3%
35,540
+18.2%
Other income
413
1,487
-72.2%
3,358
-87.7%
3,396
2,417
+40.5%
5,750
-40.9%
Profit before tax
4,560
3,111
+46.6%
6,691
-31.8%
Finance costs
1,646
1,762
-6.6%
1,733
-5.0%
Depreciation
1,568
1,603
-2.2%
1,540
+1.8%
Tax expense
1,164
694
+67.7%
941
+23.7%
Net profit margin
8.01%
7.01%
+1.00 pp
14.78%
-6.78 pp
EPS, basic (₹)
13.55
9.65
+40.4%
22.94
-40.9%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 40.5% YoY, slower than profit before tax, which rose 46.6% to ₹4,560 crore. Tax expense rose 67.7% to ₹1,164 crore, which is 25.5% of profit before tax, so the higher tax charge accounts for part of the gap between profit before tax and net profit growth.
Standalone other income was ₹413 crore, against ₹1,487 crore a year earlier and ₹3,358 crore in the previous quarter. Against Q1 FY27, standalone net profit fell 40.9% while total income rose 9.1%. The filing does not explain the ₹3,358 crore other income in the previous quarter, so the quarter-on-quarter fall in profit is not explained by the filing.
Standalone revenue from operations rose 27.3% YoY to ₹42,008 crore, and standalone net profit margin is 8.08% per the filing. Consolidated net profit of ₹5,359 crore is ₹1,963 crore higher than the standalone figure of ₹3,396 crore.
Inference
The results carry a restatement: comparatives are restated for amalgamations with wholly owned subsidiaries and for Piombino Steel, so year-ago and previous-quarter figures differ from earlier reports. The Piombino Steel amalgamation requires the issue of 65,384,615 equity shares of Re 1 each, which the company is in the process of allotting, with ₹7 crore held as Shares Pending Allotment.
The consolidated capex of ₹6,266 crore in the quarter and an expected FY27 range of ₹22,000-24,000 crore are company expectations. The filing does not state the expected effect of the JFE investment on future consolidated results, nor the timing or amount of the BMM Ispat share issue. The filing does not state whether a dividend has been declared.
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