Jsw Steel Limited · NSE:JSWSTEEL
Jsw Steel — Q3 FY26 Earnings Presentation
53 slides from Jsw Steel's earnings presentation, Jan 23, 2026
Slide 1: Exchange filing cover letter: Investor/Analyst Presentation
JSWSL: SECT: MUM: SE: 2025-26/01/09 January 23, 2026 To, 1. National Stock Exchange of India Ltd. 2. BSE Limited Exchange Plaza Corporate Relationship Dept. Plot No. C/1, G Block Phiroze Jeejeebhoy Towers Bandra – Kurla Complex Dalal Street, Mumbai – 400 001. Bandra (E), Mumbai – 400 051 Scrip Code
Slide 2: Q3 FY26 Results Presentation
Q3 FY26 Results Presentation 23 January 2026 1
Slide 3: 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 4: Agenda
Agenda Strategy Sustainability Business Operational Environment Performance Financial Project Digitalisation at Appendix Performance Updates JSW Steel JSW Steel Q3 FY26 Results Presentation / 3
Slide 5: Key Highlights – Q3 FY26
Key Highlights – Q3 FY26 • Revenue from Operations: ₹45,991 crore in Q3 • Reported EBITDA: ₹6,496 crore; Adjusted EBITDA1: ₹6,620 crore Financial • Net Profit: ₹2,410 crore Performance • Net Debt to Equity: 0.92x and Net Debt to EBITDA2: 2.91x • India Capacity Utilisation of 93% (excl. Vijayanagar B
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: 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 8: JSW Steel: Growth Path
JSW Steel: Growth Path India BPSL U.S.A. Vijayanagar Salem Dolvi Kadapa Utkal 35.7 48.9 56.0 1.5 4.5 1.5 1 7.1 50.0 4.5 1.0 5.0 42.9 USA Growth Options in the Portfolio 1.5 0.2 5.0 BPSL 4.5 2.0 Organic 29.7 • Expansion potential at Utkal for 8.2mt • Brownfield potential of ~5mt at Vijayanagar India
Slide 9: Strategic Joint Venture for BPSL
Strategic Joint Venture for BPSL Transaction Overview • 50:50 JV Partners: JSW Steel Ltd. & JFE Steel Corporation (Japan) • Equity Value: ₹31,500 crore • JFE Investment: ₹15,750 crore for 50% stake in two tranches • Will enable Deleveraging of ~₹37,000 crore for JSW Steel • Transaction: BPSL steel b
Slide 10: JSW Utkal Steel: Integrated Steel Plant
JSW Utkal Steel: Integrated Steel Plant Steel Plant approved at Jagatsinghpur, Odisha • Phase-I of 5mtpa, expandable up to 13.2 mtpa Odisha State • Phase-I plan o 5mtpa Blast Furnace ` Jagatsinghpur and o 6mtpa SMS Jatadhar Port o 6mtpa HSM, width range of 900–2,150 mm Slurry pipeline from mine to p
Slide 11: Sustainability
Sustainability Sustainability Business Operational Financial Digitalisation Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 12: Sustainability at JSW Steel
Sustainability at JSW Steel Governance & Oversight by Board-level Business Responsibility & Sustainability Committee E S G Climate Change Energy Our Resources Indigenous People Cultural Heritage Business Ethics Water Resources Focus Waste Employee Wellbeing Local Considerations Human Rights Supply C
Slide 13: 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 14: Building a Strong Health & Safety Culture
Building a Strong Health & Safety Culture JSW Steel’s Vision 000 Safety Highlights Effective Leadership Zero Zero Zero major • Contractor Safety Management framework injury harm showcased at Worldsteel meet in Istanbul, incidents highlighting progress towards Vision 2030 Zero Harm Safety Performance
Slide 15: Targeting Net Neutral by 2050: Decarbonisation Agenda
Targeting Net Neutral by 2050: Decarbonisation Agenda Progress Update 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 Circularity) Commercial
Slide 16: Our Commitment to Society: Touching ~3.0mn Lives Annually
Our Commitment to Society: Touching ~3.0mn Lives Annually Education Health Skill Development Art, Culture & Heritage Education 19,73,600 22,54,230 52,980 13 Students Benefitted Health Consultations Individuals Trained Projects Supported Sports Water, Environment & Agriculture Waste Management Sanita
Slide 17: Awards and Recognitions
Awards and Recognitions Corporate Sustainability Assessment by S&P Global 35th National Energy Conservation Awards 2025 Dolvi plant awarded India’s ‘Best- JSW Steel achieved #1 rank in global Performing Unit’ (ISPs) by Ministry of steel sector in the S&P Global Power, presented by the President of C
Slide 18: 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 2.41 2.39 2.36 2.37 2.35 2.35 5.66 5.68 5.65 5.48 FY21 FY22 FY23 FY24 FY25 9MFY26 FY21 FY22 FY23 FY24 FY25 9MFY26 FY21 F
Slide 19: Business Environment
Cool Roof Business Environment Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 20: Global Economy
Global Economy GDP Growth Forecasts (%YoY) • Global: Global growth tracking above 3% despite tariffs and CY25F (Jan 26) CY26F (Oct 25) CY26F (Jan 26) geopolitical challenges. Trade deals and resilient economic data in 7.3% DMs supported business and market sentiment in Q4CY25, but 6.4% 6.2% recent d
Slide 21: Global Steel
Global Steel Crude Steel Production – Jan-Nov (mt) Finished Steel Demand1 (mt) China Steel Production and Export (mt) 150 China Crude Steel Production (LHS) 12 Jan-Nov CY23 Jan-Nov CY24 Jan-Nov CY25 CY24 CY25(f) CY26(f) Exports (RHS) -2.0% -0.7% 10 -4.0% 100 8 1,696 0.4% 1,757 1,749 1,737 -3.5% +1.8
Slide 22: Indian Economy
Indian Economy PMI – Manufacturing & Services Mfg. Capacity Utilisation % (4 quarter MA) Avg. (FY16-20) PMI Manufacturing PMI Services • Advance NSO estimates peg FY26 growth at a robust 7.4%. Global 65 76.0 headwinds balanced by policy support. Acceleration of reforms and 60 75.0 recent trade agree
Slide 23: Indian Steel
Indian Steel Production and Consumption (mt) Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 +10.0% +4.6% +11.4% +7.0% 41.59 42.50 40.74 124.55 38.62 YoY 38.93 40.55 YoY YoY 119.57 YoY 111.84 111.73 Crude Steel Production Apparent Steel Consumption Crude Steel Production Apparent Steel Consumption Steel Imp
Slide 24: Operational Performance
Operational Performance Business Operational Financial Digitalisation Sustainability Environment Performance Project Updates Strategy Appendix Performance at JSW Steel
Slide 25: Q3 FY26 Volumes – JSW Steel Consolidated
Q3 FY26 Volumes – JSW Steel Consolidated Crude Steel Production (mt) Steel Sales (mt) +6% +14% YoY YoY +4% -5% QoQ QoQ 7.90 1 7.48 7.64 7.03 2 7.34 6.71 Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 million tonnes Q3 FY25 Q2 FY26 Q3 FY26 million tonnes Q3 FY25 Q2 FY26 Q3 FY26 2 Indian Operations 6
Slide 26: Q3 FY26 Sales: JSW Steel Consolidated – Indian Operations
Q3 FY26 Sales: JSW Steel Consolidated – Indian Operations Domestic Sales by Customer Segment Value-Added and Special Products (mt) 5.99mt1 6.33mt 6.59mt +10% YoY % of Total 61%2 64%2 61%3 +4% QoQ Sales 4.54 4.31 3.90 36% 38% 37% Retail 12% 13% Auto 13% 17% 16% 16% Industrial 34% 33% 34% Construction
Slide 27: Retail Segment & Branded Stores: Indian Operations
Retail Segment & Branded Stores: JSW Steel Consolidated – Indian Operations Retail Sales (in kt) Branded Stores (number of outlets) +12% YoY +1% QoQ 2,311 2,411 2,434 2,168 1,626 1,297 1,250 1,152 685 1,016 1,114 1,184 Q3 FY25 Q2 FY26 Q3 FY26 JSW Shoppe JSW Shoppe Connect Total Branded Products Othe
Slide 28: Q3 FY26 Production & Sales
Q3 FY26 Production & Sales In million metric tonnes Particulars Crude Steel Production Sales Q3 FY25 Q3 FY26 YoY Q3 FY25 Q3 FY26 YoY Consolidated India Operations 6.821 7.28 7% 6.542 7.42 14% USA – Ohio Operations 0.21 0.20 -5% 0.17 0.22 26% JSW Steel Consolidated Operations 7.031 7.48 6% 6.712 7.64
Slide 29: 27 Grades/Products Approved in Q3 FY26
27 Grades/Products Approved in Q3 FY26 Roofing & Cladding Chain Sprocket for Automotive (SDP YS 550MPa – Coated) (16MnCr5 – HR) Ship Building Welding Wires (EM12K – Long & Special Alloy) (IRS Grade A – HR) Back Plate of Braking Pad for Automotive (Gr2, E250A, E350A, Gear and shaft E34, S420MC, S550M
Slide 30: JSW One: One-stop Digital Marketplace for 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 31: JSW One: Customer traction highlights
JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs Customer traction highlights for Q3 Significant growth in Volumes & GMV in Q3 Steel Cement Credit 134,000+ Visits on platform 6,92,285 66,762 ₹1,306 Cr tonnes tonnes Up 42% Up 43% Up 12% YoY YoY YoY 3,100+ Transacted cust
Slide 32: Financial Performance
Financial Performance Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 33: Financials – Consolidated
Financials – Consolidated ₹ crore Particulars Q3 FY26 Q3 FY25 Q2 FY26 9M FY26 9M FY25 FY25 Revenue from operations 45,991 41,378 45,152 1,34,290 1,24,005 1,68,824 Reported EBITDA 6,496 5,579 7,115 21,187 16,526 22,904 Adjusted EBITDA1 6,620 5,414 7,849 22,335 16,478 22,964 Other Income 273 147 284 9
Slide 34: Q3 FY26 Consolidated Results – Drivers of Performance
Q3 FY26 Consolidated Results – Drivers of Performance • Consolidated crude steel production of 7.48mt, up 6% YoY driven by ramp-up of JVML-Vijayanagar. Production was down 5% QoQ due to shutdown of BF-3 in Vijayanagar for expansion Volumes • Capacity utilisation of 93% (excl. Vijayanagar BF-3; 85% u
Slide 35: Consolidated Adj. EBITDA Movement – Q3 FY26 vs. Q2 FY26
Consolidated Adj. EBITDA Movement – Q3 FY26 vs. Q2 FY26 ₹ crore 7,849 380 6,620 1,061 411 119 18 Adj. EBITDA Volume NSR Cost Overseas Consol Adj. Adj. EBITDA Q2 FY26 subsidiaries Q3 FY26 34 JSW Steel Q3 FY26 Results Presentation / 34
Slide 36: Financials – Indian Operations
Financials – Indian Operations ₹ crore JSW Steel – Indian Operations Q3 FY26 Q3 FY25 Q2 FY26 9M FY26 9M FY25 FY25 Crude Steel Production1 (mt) 7.28 6.82 7.66 21.97 19.58 26.98 Steel Sales2 (mt) 7.42 6.54 7.07 20.92 18.40 25.67 Revenue from Operations 43,422 39,440 42,149 1,26,081 1,17,473 1,60,153 R
Slide 37: Consolidated Net Debt Movement
Consolidated Net Debt Movement 79,153 4,851 2,340 80,347 ₹ crore 576 6,573 Net Debt New Repayments Forex Impact Movement Net Debt Sep'25 Loans Taken in Cash Dec'25 Particulars 31.12.2025 30.09.2025 31.12.2024 Net Debt (₹ Cr) 80,347 79,153 80,921 Cash & Cash Equivalents (₹ Cr) 16,737 19,077 11,969 Ne
Slide 38: Debt Profile and Credit Ratings
Debt Profile and Credit Ratings Net Gearing (ND1/Equity) within Leverage (ND1/EBITDA) within Diversified Funding Sources the stated cap of 1.75x the stated cap of 3.75x 1.75x 3.75x 1.15x Bonds and 0.87x 0.91x 0.94x 0.92x 3.13x 3.34x INR debt, debentures, 0.77x 2.91x 2.56x 2.58x 40% 25% 1.35x Foreign
Slide 39: Project Updates
Project Updates Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 40: JSW Steel Consolidated Capex Update
JSW Steel Consolidated Capex Update Particulars ₹ Cr Capex carried forward as on 1st April 2025 47,7981 (including Creditors and Acceptances) New Projects approved since 1st April 2025: Steelmaking: 3,151 Dolvi 5mtpa facility (additional facilities) Kadapa 1mtpa EAF and section mill 3,800 New approv
Slide 41: Key Project Updates – Vijayanagar
Key Project Updates – Vijayanagar 5mtpa Expansion at JVML-Vijayanagar • Project fully commissioned and ramped up Other Projects at Vijayanagar 0.4mtpa Continuous Galvanising Line Aerial view of JVML-Vijayanagar • High Strength Automotive grade steel • Equipment ordering in progress. To be commission
Slide 42: Key Project Updates – Dolvi & Others
Key Project Updates – Dolvi & Others Dolvi Phase-III Expansion from 10 to 15mtpa • Long lead-time items ordered, Letters of Credit established • Project to be completed by Sep’27 Other Projects 1mtpa EAF and Structural mill at Kadapa • Technical and commercial discussions for equipment in progress •
Slide 43: Digitalisation at JSW Steel
Digitalisation at JSW Steel Business Operational Financial Digitalisation at Sustainability Environment Performance Performance Project Updates JSW Steel Strategy Appendix
Slide 44: 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 Mining Sustainability Finance Finance Focus Focus led R&D Emiss
Slide 45: Unlocking the Power of AI-Driven Operational Efficiency
Unlocking the Power of AI-Driven Operational Efficiency Yield Improved Reduced Fuel Energy Saved Reduced Downtime Enhanced Reliability Material Analysis Flame Progression Flare Stack Burner Running Conveyor Sway Real-time material Hotspot and Coldspot Real-time flare gas Instant flame and pilot Real
Slide 46: Appendix
Appendix Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 47: Quarterly Volumes – Standalone
Quarterly Volumes – Standalone Crude Steel Production (mt) Steel Sales (mt) -1% -11% YoY YoY -13% -5% QoQ QoQ 5.70 5.81 5.81 5.59 5.55 5.08 Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 JSW Steel Q3 FY26 Results Presentation / 46
Slide 48: Financials – Standalone
Financials – Standalone ₹ crore Particulars Q3 FY26 Q3 FY25 Q2 FY26 9M FY26 9M FY25 FY25 Revenue from Operations 32,127 31,799 32,859 96,599 95,231 1,27,702 Reported EBITDA 4,121 4,397 4,907 14,613 13,313 18,381 Adjusted EBITDA1 4,227 4,342 5,457 15,308 13,267 18,399 Other Income 361 452 445 1,303 1
Slide 49: Financials – BPSL and JVML-Vijayanagar
Financials – BPSL and JVML-Vijayanagar BPSL Q3 FY26 Q3 FY25 Q2 FY26 9M FY26 9M FY25 FY25 Crude Steel Production (mt) 1.00 0.96 0.96 2.84 2.56 3.54 Steel Sales (mt) 0.98 0.88 0.83 2.59 2.37 3.31 Revenue from Operations (₹ crore) 5,770 5,340 5,162 15,930 15,804 21,440 Adjusted EBITDA3 (₹ crore) 611 54
Slide 50: Financials – JSW Steel Coated Products
Financials – JSW Steel Coated Products JSW Steel Coated Products1 Q3 FY26 Q3 FY25 Q2 FY26 9M FY26 9M FY25 FY25 Production (mt) 1.16 1.15 1.20 3.49 3.38 4.58 Sales (mt) 1.18 1.15 1.17 3.44 3.29 4.51 Revenue from Operations (₹ crore) 8,776 8,600 9,071 26,484 25,456 34,491 Adjusted EBITDA2 (₹ crore) 53
Slide 51: Financials – US Operations
Financials – US Operations USA – Ohio Operations Q3 FY26 Q3 FY25 Q2 FY26 9M FY26 9M FY25 FY25 Production - Crude Steel (net tonnes) 2,19,197 2,31,872 2,66,519 7,45,050 6,41,179 8,90,182 Sales - Slab (net tonnes) 1,88,837 1,28,394 2,31,024 6,41,494 4,49,896 6,31,763 HRC (net tonnes) 52,391 63,817 60,
Slide 52: Financials – Piombino, Italy
Financials – Piombino, Italy Piombino, Italy Q3 FY26 Q3 FY25 Q2 FY26 9M FY26 9M FY25 FY25 Production – Rolled Products (tonnes) 69,666 60,237 68,840 2,02,537 2,02,907 2,66,305 Grinding Balls (tonnes) 7,385 8,672 3,242 16,077 26,435 35,069 Sales – Rolled Products (Bars, Wire Rod & Rails) (tonnes) 71,
Slide 53: Investor Relations Contact
Investor Relations Contact: ir.jswsteel@jsw.in Pipe Conveyor in Vijayanagar JSW Steel Investor Presentation: Aug 2025 /