JSW Steel

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• DebtHigh safetyRated AA+ by 2 agencies.
• ResultsGrowingIn the Sep 2026 quarter, sales rose 21% and profit rose 226% from a year earlier.
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersPromoters sellingThe promoters (founders or parent) own 44%, down from 45% in Sep 2025.
• ValuationCheap vs its pastThe share trades at 18.5 times its yearly earnings (P/E), cheaper than 79% of the time in the last 5 years. Its usual P/E is about 14.

JSW Steel against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)18.5 against a typical 14.1: pricier than most peers (1st = cheapest).12th of 15
• Sales growth+20.7% against a typical +16.3% from a year earlier.6th of 14
• Profit growth+225.6% against a typical +25.7% from a year earlier.2nd of 12
• Share price, 3 months−1.9% against a typical −8.5%.5th of 15
• Size₹ 2,90,275.4 Cr. market value against a typical ₹ 8,906.7 Cr. (1st = largest).1st of 14

Exchange filings and their impact on the company.

• 23 Oct 2026Outcome of Board MeetingMedium impactPositivePrice −2.8% that day
  JSW Steel approved 5 MTPA expansion of its Sambalpur JV with Rs 3,750 cr equity commitment starting FY28.

  JSW Steel's board approved a 5 MTPA expansion and upgrade of its 50:50 joint venture JSW JFE Steel's Sambalpur plant, which is currently operating at near full capacity at 4.5 MTPA. The project needs Rs 7,500 crore of equity, with JSW Steel and JFE contributing Rs 3,750 crore each, and will start in April 2027 subject to approvals for completion in about 3.5 years. The board also approved a small wholly-owned subsidiary in the UAE for investment and trading with capital of AED 100,000.

  Full analysisFiling
• 23 Oct 2026Outcome of Board MeetingHigh impactVery positivePrice −2.8% that day
  Record Q2 volumes and profit with sharply lower leverage, plus large new capacity approvals.

  JSW Steel reported record Q2 FY27 consolidated production of 7.27 million tonnes and sales of 7.46 million tonnes, with revenue of Rs 54,486 crores, reported EBITDA of Rs 10,120 crores and net profit of Rs 5,359 crores. Net debt fell to Rs 44,482 crores with gearing at 0.39x and leverage at 1.28x Net Debt to EBITDA. The board also approved major growth investments including 5 MTPA Utkal Phase-II for Rs 16,150 crores, downstream, mining and a 5 MTPA JV expansion, with FY27 capex guided at Rs 22,000-24,000 crores.

  Full analysisFiling
• 18 Oct 2026Pendency of Litigation(s)/dispute(s) or the outcome impacting the CompanyMedium impactPositivePrice +2.1% on 19 Oct
  High Court quashed Rs 696 cr Jajang mine demand and set aside Rs 1473 cr demand for fresh decision, removing near-term outflow.

  JSW Steel said the Orissa High Court on October 16, 2026 ruled on two demands for its Jajang iron ore mine in Keonjhar, Odisha for shortfall in dispatch. The Rs 696.32 crore demand for 2020-21 stands quashed, while the Rs 1472.69 crore demand for 2024-25 was set aside and sent back to mining authorities for a fresh decision. This removes about Rs 2169 crore of near-term penalty risk, though the second case can be re-decided.

  Full analysisFiling
• 17 Oct 2026Amalgamation/MergerLow impactPositivePrice +2.1% on 19 Oct
  NCLT approved merger of Piombino Steel into JSW Steel, simplifying BPSL ownership with no change to consolidated operations.

  JSW Steel received NCLT Mumbai approval on 16 October 2026 for amalgamation of Piombino Steel Limited into itself with appointed date 1 January 2026. Shareholders of Piombino will get 10 JSW Steel shares of Re 1 each for every 156 shares of Rs 10 held. The merger simplifies the group by giving JSW Steel direct ownership of Bhushan Power and Steel, access to Piombino cash and lower compliance costs, with no change to consolidated operations.

  Full analysisFiling
• 8 Oct 2026Press ReleaseMedium impactPositivePrice −0.6% on 9 Oct
  Q2 crude output up 5% YoY to 7.27 MT with Indian utilisation rebounding to 90% in September.

  JSW Steel reported consolidated crude steel production of 7.27 million tonnes for Q2 FY27, up 10% QoQ and 5% YoY, with Indian operations at 7.07 MT and USA-Ohio at 0.20 MT. H1 FY27 production was 13.86 MT, up 4% YoY on a like-for-like basis after adjusting for the BPSL transfer to the JSW-JFE JV. Indian capacity utilisation was 88% in Q2 and about 90% in September as Vijayanagar BF3 ramps up after its capacity-upgradation shutdown, supporting near-term volume-led sales growth.

  Full analysisFiling
• 7 Oct 2026General UpdatesLow impactPositivePrice −4.5% on 8 Oct
  JSW Steel prepaid its USD 500m 3.95% bonds due 2027 six months early, trimming debt.

  JSW Steel said it fully prepaid and redeemed its USD 500 million 3.95% Notes due April 5, 2027 on October 7, 2026, exercising its early redemption right. The bonds were originally issued in September 2021. The prepayment trims overseas debt and saves the remaining coupon, reflecting comfortable liquidity, but the scale is small versus its near Rs 1 lakh crore borrowings.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Sajjan Jindal

Executive Chairman of the Board, Managing Director

Jayant Acharya

Chief Executive Officer, Joint Managing Director, Executive Director

Swayam Saurabh

Chief Financial Officer

Gajraj Singh Rathore

Whole-Time Director, Chief Operating Officer

Manoj Prasad Singh

Interim Compliance Officer, Company Secretary

Arun Sitaram Maheshwari

Executive Director, Director of Commercial and Marketing