Jsw Steel Limited · NSE:JSWSTEEL
Jsw Steel — Q4 FY26 Earnings Presentation
62 slides from Jsw Steel's earnings presentation, May 14, 2026
Slide 1: Q4 & FY26 Results Presentation
Q4 & FY26 Results Presentation 14 May 2026 1
Slide 2: Forward Looking and Cautionary Statement
Forward Looking and Cautionary Statement Certain statements in this report concerning our future growth prospects are forward looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The
Slide 3: Agenda
Agenda Strategy Sustainability Business Operational Environment Performance Financial Project Digitalisation at Appendix Performance Updates JSW Steel JSW Steel Q4 FY26 Results Presentation / 3
Slide 4: Key Highlights – Q4 FY26 & FY26
Key Highlights – Q4 FY26 & FY26 • Revenue from Operations: ₹51,180 crore in Q4, ₹1,85,470 crore in FY26 • Reported EBITDA: ₹8,634 crore in Q4, ₹29,821 crore in FY26; Adjusted EBITDA1: ₹9,713 crore in Q4, ₹32,048 crore in FY26 • Net Profit: ₹19,243 crore in Q4, ₹25,508 crore in FY26 Financial • Norma
Slide 5: JV Formation with JFE for BPSL Steel Business: Accounting Impact
JV Formation with JFE for BPSL Steel Business: Accounting Impact Transaction Overview • The steel business undertaking of Bhushan Power and Steel Limited (BPSL), a subsidiary of the Company, was transferred on a slump-sale basis to JSW Sambalpur Steel Ltd. (JSSL) with effect from 27 March 2026, for
Slide 6: Strategy
Anti-dust & High Gloss Strategy Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 7: FY26 was a Transformational Year for JSW Steel
FY26 was a Transformational Year for JSW Steel Earlier Current JSW Steel India Capacity (mt) (March 2025) (March 2026) Existing Growth Pipeline Net Debt ₹76,563cr ₹53,870cr 78.0 ND/EBITDA 3.34x 1.81x 62.0 Maximum Cap 3.75x 3.00x 50.0 ND/Equity 0.94x 0.51x 30.1 15.8 Maximum Cap 1.75x 1.25x Moody’s Ba
Slide 8: India to be Key Steel Market Over Next Decade
India to be Key Steel Market Over Next Decade Steel Consumption as % of World India EU + UK US Japan China (RHS) 60% 40% 45% 30% 30% 20% 10% 15% 0% 0% 2000 2005 2010 2015 2020 2025 2030e 2035e • China Steel Production and Consumption as % of World peaked out in 2020, to see gradual decline • India g
Slide 9: JSW Steel: Growth Path
JSW Steel: Growth Path India JVs BMM Dolvi Kadapa Utkal Vijayanagar U.S.A. Growth Options in the Portfolio Acquisition • Expansion potential at Utkal for 37.9 54.8 79.5 10mt 1.5 Organic • Brownfield Green Steel at Salav • Expansion of EAF at Kadapa 16.0 62.0 1.5 New • Keonjhar, Odisha and Gadchiroli
Slide 10: Joint Ventures with JFE Steel and POSCO
Joint Ventures with JFE Steel and POSCO JSW JFE Steel Ltd. JSW Steel and POSCO • 50:50 JV announced on 3rd Dec’25 • JV announced on 20th Apr’26 at the India-Korea Business Forum in New Delhi • BPSL Steel business transferred on slump-sale basis to JSW JFE Steel Ltd and • To set up a greenfield 6mtpa
Slide 11: Strategic Priorities to Create Shared and Sustainable Value
Strategic Priorities to Create Shared and Sustainable Value Cost leadership Being future Enhance value- Mainstreaming through ready through Strategic growth added product Strong financial sustainability resource technology-led with efficient portfolio with profile and across the optimisation and tra
Slide 12: Sustainability
Sustainability Sustainability Business Operational Financial Digitalisation Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 13: Sustainability at JSW Steel
Sustainability at JSW Steel Governance & Oversight by Board-level Business Responsibility & Sustainability Committee Climate Change Energy Our Resources Indigenous People Cultural Heritage Business Ethics Water Resources Focus Waste Employee Wellbeing Local Considerations Human Rights Supply Chain W
Slide 14: Environment: Our Targets & Commitments
Environment: Our Targets & Commitments Circularity & Climate Change Water Security Energy Transition Air Emissions Biodiversity • Targeting Net Neutrality • Maintaining zero liquid • Transition from • PM, SOx and NOx • Promoting Circular in carbon emissions by discharge thermal to renewables emissio
Slide 15: Building a Strong Health & Safety Culture
Building a Strong Health & Safety Culture JSW Steel’s Vision 000 Safety Highlights Zero Zero Zero Effective Leadership major injury harm • Conducted a company-wide Safety Quizathon incidents engaging 13,000+ employees, reinforcing safety culture and leadership commitment Safety Performance Robust Sy
Slide 16: Targeting Net Neutral by 2050: Decarbonisation Agenda
Targeting Net Neutral by 2050: Decarbonisation Agenda FY26 Sustainability Initiatives Phase-I Two Phases, Phase-II 2030 Two Milestones 2050 1.95tCO2/tcs Net Neutral in 42% from base year Carbon emissions Strategic Levers Strategic Levers Energy Efficiency Use of syngas and TGR1 in BF (Carbon Circula
Slide 17: Our Commitment to Society: Impacting 3mn lives annually
Our Commitment to Society: Impacting 3mn lives annually Education Health Skill Development Art, Culture & Heritage Education 19,73,850 23,38,223 52,980 14 Students Benefitted Health Consultations Individuals Trained Projects Supported Sports Water, Environment & Agriculture Waste Management Sanitati
Slide 18: Our Commitment to Society
Our Commitment to Society Education Sports Water Karnataka Model Public School, Chitradurga Rowing at Vijayanagar Reservoir Check Dam in Vijayanagar High-performance sports ecosystem Integrated water resource management Karnataka Model School Programme: nurturing present and future Olympic focused o
Slide 19: Awards and Recognitions
Awards and Recognitions World Steel Association 2026 Sustainability Champion FICCI Platinum Award Recognised as Sustainability FICCI Platinum Award for Sustainable Champion for 8th consecutive year Industrial Practices 2026 S&P Global Sustainability Yearbook Champions of Circular Revolution by ET Ed
Slide 20: Environmental Performance
Environmental Performance Specific Energy Consumption (Gcal/tcs) GHG Emission Intensity (tCO2/tcs) Specific Freshwater Consumption (m3/tcs) 6.38 6.04 2.49 2.50 2.45 2.45 2.44 2.41 2.39 2.36 2.37 2.36 2.35 2.33 5.66 5.68 5.55 5.48 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22
Slide 21: Business Environment
Cool Roof Business Environment Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 22: Global Economy
Global Economy GDP Growth Forecasts (%YoY) CY26F (Jan 26) CY26F (Apr 26) CY27F (Apr 26) • Global: Middle East crisis causing supply disruptions, inflationary risks (particularly energy), and pressure on interest rates. Potential 6.5% 6.5% 6.4% resolution will enable gradual normalisation 4.5% 4.4% 4
Slide 23: Global Steel
Global Steel Crude Steel Production – Jan-Mar (mt) Finished Steel Demand1 (mt) China Steel Production and Export (mt) China Crude Steel Production (LHS) 14 Jan-Mar CY24 Jan-Mar CY25 Jan-Mar CY26 CY24 CY25 CY26(f) 150 Exports (RHS) +0.3% 12 10 100 -2.3% -1.5% +1.9% 8 1,751 1,724 1,718 -4.6% 0.5% 6 47
Slide 24: Indian Economy
Indian Economy PMI – Manufacturing & Services GDP Growth (% yoy) (RBI forecasts) PMI Manufacturing PMI Services • Strong economic momentum in H2FY26, spurred by GST reforms. 65 8.4 7.8 Double-digit growth in Auto sales across categories in Q3 and Q4 7.3 6.8 60 6.7 6.7 • Robust Central Govt. capex ou
Slide 25: Indian Steel – Quarterly and Annual Trend
Indian Steel – Quarterly and Annual Trend Production and Consumption (mt) Steel Imports (mt) Steel Exports (mt) Q4 FY25 Q4 FY26 Finished Semis Finished Semis +10.8% Quarterly Trend +10.4% 44.68 44.61 40.34 40.40 -18.6% +39.3% 2.32 0.20 1.89 2.34 0.30 1.68 0.54 0.42 2.13 1.59 1.80 1.26 Crude Steel Pr
Slide 26: Operational Performance
Operational Performance Business Operational Financial Digitalisation Sustainability Environment Performance Project Updates Strategy Appendix Performance at JSW Steel
Slide 27: Q4 FY26 Volumes – JSW Steel Consolidated
Q4 FY26 Volumes – JSW Steel Consolidated Crude Steel Production (mt) Steel Sales (mt) -2% +6% YoY YoY +4% 0.1% 1 QoQ QoQ 7.63 7.48 7.49 7.97 7.49 7.64 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 million tonnes Q4 FY25 Q3 FY26 Q4 FY26 million tonnes Q4 FY25 Q3 FY26 Q4 FY26 1 Indian Operations 7.4
Slide 28: Q4 FY26 Sales: JSW Steel Consolidated – Indian Operations
Q4 FY26 Sales: JSW Steel Consolidated – Indian Operations Domestic Sales by Customer Segment Value-Added and Special Products (mt) 6.72mt 6.59mt 7.09mt +6% YoY % of Total 60%1 61%2 62%2 +8% QoQ Sales 4.82 4.54 37% 37% 37% Retail 4.11 12% 13% 14% Auto 18% 16% 16% Industrial 33% 34% 33% Construction &
Slide 29: FY26 Volumes – JSW Steel Consolidated
FY26 Volumes – JSW Steel Consolidated Crude Steel Production (mt) Steel Sales (mt) +8% +12% YoY YoY 1 30.14 27.79 2 29.63 26.45 FY25 FY26 FY25 FY26 million tonnes FY25 FY26 million tonnes FY25 FY26 Indian Operations 26.981 29.31 Indian Operations 25.672 28.76 Flat 19.67 22.10 Domestic 92% 90% Long 5
Slide 30: FY26 Sales: JSW Steel Consolidated – Indian Operations
FY26 Sales: JSW Steel Consolidated – Indian Operations Domestic Sales by Customer Segment Value-Added and Special Products (mt) % of Total 60%2 61%2 23.58mt1 25.96mt +10% YoY Sales 17.57 36% 37% Retail 15.40 13% 14% Auto 18% 16% Industrial 34% 33% Construction & Infra FY25 FY26 FY25 FY26 • Highest e
Slide 31: Retail Segment & Branded Stores: JSW Steel Consolidated – Indian Operations
Retail Segment & Branded Stores: JSW Steel Consolidated – Indian Operations Retail Sales (in kt) Branded Stores (number of outlets) +6% +14% YoY +8% QoQ 9,606 2,490 2,635 8,462 2,434 5,008 1,363 1,250 1,370 4,425 2,334 1,645 1,128 1,184 1,265 4,037 4,598 689 Q4 FY25 Q3 FY26 Q4 FY26 FY25 FY26 JSW Sho
Slide 32: Q4 & FY26 Production & Sales
Q4 & FY26 Production & Sales In million metric tonnes Particulars Crude Steel Production Sales Q4 FY25 Q4 FY26 YoY Q4 FY25 Q4 FY26 YoY Consolidated India Operations 7.401 7.28 -1.7% 7.27 7.79 7.2% USA – Ohio Operations 0.23 0.15 -32.5% 0.22 0.13 -40.8% JSW Steel Consolidated Operations 7.631 7.43 -2
Slide 33: FY27 Guidance
FY27 Guidance In million metric tonnes FY27 Crude Steel Particulars Sales Production Consolidated India Operations 28.75 27.60 USA – Ohio Operations 1.00 1.00 JSW Steel Consolidated Operations 29.75 28.60 Note: India Operations guidance includes BMM Ispat production of 0.75mt and sales of 0.70mt; ex
Slide 34: Grades/Products Approved in Q4 FY26
23 Grades/Products Approved in Q4 FY26 Solar Structure Wagon Manufacturing (E450 BR) (E450BR Cu – HRC) CRCA (Hair Clips, Stapler, Chain Plates) Electrodes (SAE 1040 – HR) (EA2(A) – Long & Special Alloy) Clutch Plate Bore Rollers (58CrV4 – HR) (A485_1 – Long & Special Alloy) JSW Steel Q4 FY26 Results
Slide 35: Grades/Products Approved in FY26
67 Grades/Products Approved in FY26 Launching Gantry Bus Body (to lift and support bridge segments (GPL Grade (YS 350 Max) – Coated) or girders) (S550MC – HR) Outer Hood for Automotive (BH220 – Coated) Ship Building (IRS Grade A – HR) Switchgear Panels Gear and shaft (DX51D 2mm, AZ150GSM – Coated) (
Slide 36: JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs
JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs JSW One • Offers a range of industrial and building material products, logistics, and credit solutions via its tech platform. Operates through two subsidiaries: JSW One Distribution & JSW One Finance • Pan-India footprint
Slide 37: JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs
JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs Customer traction highlights for Q4 Significant growth in Volumes & GMV in Q4 Steel Cement Credit 111,000+ Visits on platform 8,74,086 68,080 ₹2,338 Cr tonnes tonnes +50% -6% +84% YoY YoY YoY 3,100+ Transacted customers b
Slide 38: Financial Performance
Financial Performance Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 39: Financials – Consolidated
Financials – Consolidated ₹ crore Particulars Q4 FY26 Q4 FY25 Q3 FY26 FY26 FY25 Revenue from operations 51,180 44,819 45,991 1,85,470 1,68,824 Reported EBITDA 8,634 6,378 6,496 29,821 22,904 Adjusted EBITDA1 9,713 6,486 6,620 32,048 22,964 Other Income 341 230 273 1,248 694 Finance Cost 2,168 2,094
Slide 40: Q4 FY26 Consolidated Results – Drivers of Performance
Q4 FY26 Consolidated Results – Drivers of Performance • Consolidated crude steel production of 7.49mt1, down 2% YoY and flat QoQ due to shutdown of BF-3 in Vijayanagar for Volumes expansion. Capacity utilisation of 96% (excl. Vijayanagar BF-3) at Indian operations • Total sales volumes of 7.97mt1, u
Slide 41: Consolidated Adj. EBITDA Movement – Q4 FY26 vs. Q3 FY26
Consolidated Adj. EBITDA Movement – Q4 FY26 vs. Q3 FY26 ₹ crore 2,944 43 9,713 214 2 6,620 322 Adj. EBITDA Volume NSR Cost Overseas Consol Adj. Adj. EBITDA Q3 FY26 subsidiaries Q4 FY26 41 41 JSW Steel Q4 FY26 Results Presentation /
Slide 42: Consolidated Adj. EBITDA Movement – FY26 vs. FY25
Consolidated Adj. EBITDA Movement – FY26 vs. FY25 ₹ crore 7,798 705 32,048 39 2,766 22,964 2,146 Adj. EBITDA Volume NSR Cost Overseas Consol Adj. Adj. EBITDA FY25 subsidiaries FY26 42 42 JSW Steel Q4 FY26 Results Presentation /
Slide 43: Financials – Indian Operations
Financials – Indian Operations ₹ crore JSW Steel – Indian Operations Q4 FY26 Q4 FY25 Q3 FY26 FY26 FY25 Crude Steel Production1 (mt) 7.34 7.40 7.28 29.31 26.98 Steel Sales2 (mt) 7.84 7.27 7.42 28.76 25.67 Revenue from Operations 48,773 42,679 43,422 1,74,854 1,60,153 Reported EBITDA 8,463 6,436 6,400
Slide 44: Consolidated Net Debt Movement
Consolidated Net Debt Movement ₹ crore 80,347 1,697 2,855 6,104 53,870 24,925 Net Debt New Repayments Forex Impact Movement Net Debt Dec'25 Loans Taken in Cash Mar'26 Particulars 31.03.2026 31.12.2025 31.03.2025 Net Debt (₹ Cr) 53,870 80,347 76,563 Cash & Cash Equivalents (₹ Cr) 41,662 16,737 19,394
Slide 45: Debt Profile and Credit Ratings
Debt Profile and Credit Ratings Net Gearing (ND1/Equity) Leverage (ND1/EBITDA) Stated cap revised to 1.25x Stated cap revised to 3.00x International Moody’s Ba1 (Positive Outlook) 3.75x Fitch BB (Rating Watch Positive) 1.75x 3.00x 3.13x 3.34x A- (Stable Outlook) 1.25x JCR and R&I 2.56x Above India S
Slide 46: Project Updates
Project Updates Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 47: JSW Steel Consolidated Capex Update
JSW Steel Consolidated Capex Update Particulars ₹ Cr Capex Breakup (₹1,26,161) Capex carried forward as on 1st April 2026 Sustenance and 96,8881 Other Capex, 12% (including Creditors and Acceptances) Steelmaking Capacity Growth, 65% New Projects approved since 1st April 2026: Mining and Cost Saving
Slide 48: Key Project Updates – Steelmaking Projects
Key Project Updates – Steelmaking Projects JSW Utkal - 5mtpa Greenfield project • Two Pellet Plants (8mtpa each): scheduled to be commissioned by FY28 • 5mtpa Blast Furnace, 6mtpa SMS and 6mtpa HSM-2: scheduled to be commissioned by FY30 Dolvi Phase-III - Expansion from 10 to 15mtpa • Civil work and
Slide 49: Key Project Updates – Downstream Projects
Key Project Updates – Downstream Projects 0.55mtpa CRNO plant in Vijayanagar • Equipment ordered. To be commissioned by March 2028 0.4mtpa Continuous Galvanising Line in Vijayanagar • High Strength Automotive grade steel • Equipment ordered. To be commissioned by June 2028 0.6mtpa CRM and 0.86mtpa C
Slide 50: Digitalisation at JSW Steel
Digitalisation at JSW Steel Business Operational Financial Digitalisation at Sustainability Environment Performance Performance Project Updates JSW Steel Strategy Appendix
Slide 51: Digitalisation at JSW Steel
Digitalisation at JSW Steel Increased Sales Manufacturing Manufacturing Manufacturing Supply Chain ADDITIONAL FOCUS Supply Chain Cost Optimisation ANTICIPATED IMPACT Safety, Security, Governance Asset Availability Primary Primary Mining Sustainability Finance Finance Mining Focus Focus led R&D Emiss
Slide 52: Digital Transformation of Procurement
Digital Transformation of Procurement Unified AI Ready analytics platform leverages Cloud Computing, Big Data Analytics, AI for transforming fragmented & siloed approach into AI-driven Decision-making Key Highlights Unified Data Lake Enterprise-wide procurement data consolidated Efficiency Benchmark
Slide 53: Appendix
Appendix Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 54: Quarterly Volumes – Standalone
Quarterly Volumes – Standalone Crude Steel Production (mt) Steel Sales (mt) +0.2% -11% YoY YoY -0.1% +4% QoQ QoQ 5.70 5.77 5.78 5.55 5.08 5.07 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 JSW Steel Q4 FY26 Results Presentation / 54
Slide 55: Annual Volumes – Standalone
Annual Volumes – Standalone Crude Steel Production (mt) Steel Sales (mt) +3% -5% YoY YoY 22.47 21.74 22.40 21.30 FY25 FY26 FY25 FY26 JSW Steel Q4 FY26 Results Presentation / 55
Slide 56: Financials – Standalone
Financials – Standalone ₹ crore Particulars Q4 FY26 Q4 FY25 Q3 FY26 FY26 FY25 Revenue from Operations 36,248 32,471 32,127 1,32,847 1,27,702 Reported EBITDA 5,578 5,068 4,121 20,191 18,381 Adjusted EBITDA1 6,439 5,132 4,227 21,747 18,399 Other Income 427 578 361 1,730 1,865 Finance Cost 1,531 1,595
Slide 57: Financials – BPSL and JVML-Vijayanagar
Financials – BPSL and JVML-Vijayanagar BPSL Q4 FY26 Q4 FY25 Q3 FY26 FY26 FY25 Crude Steel Production (mt) 0.95 0.98 1.00 3.80 3.54 Steel Sales (mt) 1.01 0.94 0.98 3.60 3.31 Revenue from Operations (₹ crore) 6,285 5,635 5,770 22,215 21,440 Adjusted EBITDA3 (₹ crore) 1,074 570 611 3,170 2,213 Profit/(
Slide 58: Financials – JSW Steel Coated Products
Financials – JSW Steel Coated Products JSW Steel Coated Products Q4 FY26 Q4 FY25 Q3 FY26 FY26 FY25 Production1 (mt) 1.21 1.20 1.16 4.70 4.58 Sales (mt) 1.25 1.22 1.18 4.69 4.51 Revenue from Operations (₹ crore) 9,986 9,035 8,776 36,470 34,491 Adjusted EBITDA2 (₹ crore) 749 568 532 2,536 1,784 Profit
Slide 59: Financials – US Operations
Financials – US Operations USA – Ohio Operations Q4 FY26 Q4 FY25 Q3 FY26 FY26 FY25 Production - Crude Steel (net tonnes) 1,68,100 2,49,003 2,19,197 9,13,150 8,90,182 Sales - Slab (net tonnes) 76,990 1,81,867 1,88,837 7,18,484 6,31,763 HRC (net tonnes) 66,529 60,534 52,391 2,39,146 2,30,897 Revenue f
Slide 60: Financials – Piombino, Italy
Financials – Piombino, Italy Piombino, Italy Q4 FY26 Q4 FY25 Q3 FY26 FY26 FY25 Production – Rolled Products (tonnes) 85,499 63,398 69,666 2,88,036 2,66,305 Grinding Balls (tonnes) 10,562 8,634 7,385 26,638 35,069 Sales – Rolled Products (Bars, Wire Rod & Rails) (tonnes) 58,374 48,624 71,962 2,74,817
Slide 61: Our Steel is Helping Build Key Infrastructure in India
Our Steel is Helping Build Key Infrastructure in India Rail Pipelines Metro Infra Renewables Nuclear Water Pipelines 55 km Metro Projects Expressways and 2.0 GW Solar Projects 795 MW Nuclear High Speed Rail 70km 1,722 km (Mumbai, Delhi, Highways 889 km Power Plants (Mumbai-Ahmedabad Chennai, Pune, R
Slide 62: Investor Relations Contact
Investor Relations Contact: ir.jswsteel@jsw.in Pipe Conveyor in Vijayanagar JSW Steel Investor Presentation: Aug 2025 /