Jsw Steel Limited · NSE:JSWSTEEL
Jsw Steel — Q2 FY26 Earnings Presentation
51 slides from Jsw Steel's earnings presentation, Oct 17, 2025
Slide 1: Exchange filing cover letter for analyst presentation
JSWSL: SECT: MUM: SE: 202526/10/10 October 17, 2025 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: Q2 FY26 Results Presentation
Q2 FY26 Results Presentation 17 October 2025 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 Sustainability Business Operational Financial Environment Performance Performance Project Digitalisation at Strategy Appendix Updates JSW Steel JSW Steel Q2 FY26 Results Presentation / 3
Slide 5: Key Highlights – Q2 FY26
Key Highlights – Q2 FY26 • Revenue from Operations: ₹45,152 crore in Q2 • Reported EBITDA: ₹7,115 crore; Adjusted EBITDA1: ₹7,849 crore Financial • Net Profit: ₹1,646 crore Performance • Net Debt to Equity: 0.93x and Net Debt to EBITDA 2: 2.97x • India capacity utilisation3 of 92% in Q2 • Consolidat
Slide 6: Sustainability
Sustainability Sustainability Business Operational Financial Digitalisation Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 7: Sustainability at JSW Steel
Sustainability at JSW Steel Governance & Oversight by Boardlevel 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 8: 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 9: Building a Strong Health & Safety Culture
Building a Strong Health & Safety Culture JSW Steel’s Vision 000 Lead the Change Program Safety Highlights Zero Zero Zero major Effective Leadership injury harm incidents Lead the Change Program focusing on ‘Safety as a Core Value’ with more than 450 employees trained through 17 sessions so far Safe
Slide 10: 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 11: Our Commitment to Society: Benefitting over 2.7mn Lives Annually
Our Commitment to Society: Benefitting over 2.7mn Lives Annually Education Health Skill Development Art, Culture & Heritage Education 19,73,600 21,64,000 52,900 13 Students Benefitted Health Consultations Individuals Trained Projects Supported Sports Water, Environment & Agriculture Waste Management
Slide 12: Sustainability Initiatives & Recognitions
Sustainability Initiatives & Recognitions Leading Collaboration on CCUS for Decarbonisation JSW Foundation Chairperson honored by the Government of France Mrs. Sangita Jindal, Chairperson of JSW Foundation, has been conferred Chevalier de l’Ordre des Arts et des Lettres by the French Government for
Slide 13: 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 2.36 5.66 5.68 5.66 5.48 FY21 FY22 FY23 FY24 FY25 H1FY26 FY21 FY22 FY23 FY24 FY25 H1FY26 FY21 F
Slide 14: Business Environment
Cool Roof Business Environment Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 15: Global Economy
Global Economy GDP Growth Forecasts (%YoY) CY25F (Jul 25) CY25F (Oct 25) CY26F (Oct 25) • Global: Global growth in 2025 turning out resilient with front‐loading of trade flows and consumption ahead of tariffs. Continued 6.6% 6.4% 6.2% geopolitical uncertainty and elevated tariffs (albeit with less f
Slide 16: Global Steel
Global Steel Crude Steel Production – Jan-Aug (mt) Finished Steel Demand (mt) China Steel Production and Export (mt) 150 China Crude Steel Production (LHS) 12 Jan‐Aug CY23 Jan‐Aug CY24 Jan‐Aug CY25 CY24 CY25(f) CY26(f) ‐1.7% Exports (RHS) 0.0% 10 100 8 ‐2.8% 1,773 1,749 1,749 ‐0.3% ‐2.0% +1.9% 6 1,2
Slide 17: Indian Economy
Indian Economy PMI – Manufacturing & Services Mfg. Capacity Utilisation % (4 quarter MA) PMI Manufacturing PMI Services Avg. (FY16‐20) • GST reforms a major boost to consumption in H2, including Autos 65 76.0 and consumer durables. Q2 trends impacted by deferral of purchases awaiting new GST rates 6
Slide 18: Indian Steel
Indian Steel Production and Consumption (mt) Apparent Steel Consumption (mt) Q2 FY25 Q1 FY26 Q2 FY26 40.52 41.79 40.57 40.57 +13.8% +8.9% 37.25 36.71 YoY 37.25 38.31 YoY 33.24 28.25 24.72 Crude Steel Production Apparent Steel Consumption Q2 FY22 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 Steel Imports (mt) Ste
Slide 19: Operational Performance
Operational Performance Business Operational Financial Digitalisation Sustainability Environment Performance Project Updates Strategy Appendix Performance at JSW Steel
Slide 20: Q2 FY26 Volumes – JSW Steel Consolidated
Q2 FY26 Volumes – JSW Steel Consolidated Crude Steel Production (mt) Steel Sales (mt) +17% +20% YoY YoY +10% +9% QoQ QoQ 7.90 7.26 7.34 6.77 1 6.69 6.13 Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY26 million tonnes Q2 FY25 Q1 FY26 Q2 FY26 million tonnes Q2 FY25 Q1 FY26 Q2 FY26 1 Indian Operations 6
Slide 21: Q2 FY26 Sales: JSW Steel Consolidated – Indian Operations
Q2 FY26 Sales: JSW Steel Consolidated – Indian Operations Domestic Sales by Customer Segment Value-Added and Special Products (mt) 5.57mt1 5.96mt 6.33mt +14% YoY % of Total 60% 64%2 64%2 +6% QoQ Sales 4.31 3.91 3.59 34% 36% 38% Retail 13% 14% Auto 13% 18% 17% 16% Industrial 34% 34% 33% Construction
Slide 22: Retail Segment & Branded Stores
Retail Segment & Branded Stores: JSW Steel Consolidated – Indian Operations Retail Sales (in kt) Branded Stores (number of outlets) +26% YoY +13% Net addition of 52 2,390 branded stores in QoQ H1 FY26 2,411 2,126 1,661 1,907 1,297 1,091 940 729 967 1,035 1,114 Q2 FY25 Q1 FY26 Q2 FY26 JSW Shoppe JSW
Slide 23: Q2 FY26 Production & Sales
Q2 FY26 Production & Sales In million metric tonnes Particulars Crude Steel Production Sales Q2 FY25 Q2 FY26 YoY Q2 FY25 Q2 FY26 YoY Consolidated India Operations 6.63 7.66 16% 5.961 7.07 19% USA – Ohio Operations 0.14 0.24 71% 0.17 0.26 53% JSW Steel Consolidated Operations 6.77 7.90 17% 6.131 7.34
Slide 24: Grades/Products Approved in Q2 FY26
6 Grades/Products Approved in Q2 FY26 Column Post ‐ Solar Brake Backing Plate for Automotive (S350GD – Coated) (ISH410S – HR) Outer Hood for Automotive Flux Core (BH220 – Coated) (CR5 – CR) Bearing dust shields for Automotive Ring Gears (T57/T3 – Coated) (SAE1046M – Long & Special Alloy) JSW Steel Q
Slide 25: 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 26: JSW One: Customer traction and growth
JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs Customer traction and customer base Significant growth in Volumes & GMV in Q2 Steel Cement Credit 135,000+ Visits on platform in Q2 5,90,704 62,349 ₹1,100 Cr tonnes tonnes Up 30% Up 53% Up 39% YoY YoY YoY 3,000+ Transacte
Slide 27: Financial Performance
Financial Performance Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 28: Financials – Consolidated
Financials – Consolidated ₹ crore Particulars Q2 FY26 Q2 FY25 Q1 FY26 H1 FY26 H1 FY25 FY25 Revenue from operations 45,152 39,684 43,147 88,299 82,627 1,68,824 Reported EBITDA 7,115 5,437 7,576 14,691 10,947 22,904 Adjusted EBITDA1 7,849 5,644 7,866 15,715 11,063 22,964 Other Income 284 153 350 634 3
Slide 29: Q2 FY26 Consolidated Results – Drivers of Performance
Q2 FY26 Consolidated Results – Drivers of Performance • Consolidated crude steel production of 7.90mt, up 17% YoY driven by ramp‐up of new capacities at BPSL and JVML‐ Vijayanagar. Production was up 9% QoQ due to planned maintenance shutdowns in Q1 FY26 Volumes • Capacity utilisation of 92% at India
Slide 30: Consolidated Adj. EBITDA Movement – Q2 FY26 vs. Q1 FY26
Consolidated Adj. EBITDA Movement – Q2 FY26 vs. Q1 FY26 ₹ crore 765 7,866 1,090 50 7,849 7 1,915 Adj. EBITDA Volume NSR Cost Overseas Consol Adj. Adj. EBITDA Q1 FY26 subsidiaries Q2 FY26 29 29 JSW Steel Q2 FY26 Results Presentation /
Slide 31: Financials – Indian Operations
Financials – Indian Operations ₹ crore JSW Steel – Indian Operations Q2 FY26 Q2 FY25 Q1 FY26 H1 FY26 H1 FY25 FY25 Crude Steel Production1 (mt) 7.66 6.63 7.02 14.69 12.75 26.98 Steel Sales2 (mt) 7.07 5.96 6.43 13.50 11.86 25.67 Revenue from Operations 42,149 37,496 40,510 82,658 78,033 1,60,153 Repor
Slide 32: Consolidated Net Debt Movement
Consolidated Net Debt Movement ₹ crore 79,850 1,294 2,099 79,153 1,585 2,505 Net Debt New Repayments Forex Impact Movement Net Debt Jun'25 Loans Taken in Cash Sep'25 Particulars 30.09.2025 30.06.2025 30.09.2024 Net Debt (₹ Cr) 79,153 79,850 82,805 Cash & Cash Equivalents (₹ Cr) 19,077 16,572 9,550 N
Slide 33: Debt Profile and Credit Ratings
Debt Profile and Credit Ratings Net Gearing (ND1/Equity) within Leverage (ND1/EBITDA) within the stated cap of 1.75x the stated cap of 3.75x Diversified Funding Sources 1.75x 3.75x 1.15x Bonds and 0.91x 0.94x 0.93x 2.56x 3.34x 2.97x INR debt, 0.77x 0.87x 3.13x 2.58x debentures, Foreign 42% 29% 1.35x
Slide 34: Project Updates
Project Updates Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 35: JSW Steel Consolidated Capex Update
JSW Steel Consolidated Capex Update Particulars ₹ Cr Capex carried forward as on 1st April 47,7981 (including Creditors and Acceptances) New Projects approved since 1st April: Steelmaking: Dolvi (Sinter Plant, CPP capacity increase) and enabling infrastructure 3,951 for new projects Kadapa 1mt EAF f
Slide 36: Key Project Updates – Vijayanagar
Key Project Updates – Vijayanagar 5mtpa Expansion at JVML-Vijayanagar ramping up well • RMHS, Sinter Plant, BF and one SMS unit commissioned • SMS converter‐2 commissioned in August 2025 • HSM commercial production and sales had commenced in March 2024 • Overall project ramping up well Other Project
Slide 37: Key Project Updates – Dolvi & Others
Key Project Updates – Dolvi & Others Dolvi Phase-III Expansion from 10 to 15 MTPA • Long lead‐time items ordered, Letters of Credit established • Project to be completed by Sep’27 Dolvi Plant Other Projects 0.6mtpa CRM and 0.86mtpa Continuous Galvanising Line in Khopoli • CGL includes a Zero Spangle
Slide 38: Digitalisation at JSW Steel
Digitalisation at JSW Steel Business Operational Financial Digitalisation at Sustainability Environment Performance Performance Project Updates JSW Steel Strategy Appendix
Slide 39: 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 40: AI-Powered Transformation Across Functions
AI-Powered Transformation Across Functions Commercial Excellence Manufacturing Efficiencies Safety & Sustainability Employee Engagement Digital Sales & Marketing Quality Safety Human Capital Management • SmartLeads.Ai • Vision.Ai: sense raw material quality • Vision.Ai to detect safety violations •
Slide 41: Strategy
Anti-dust & High Gloss Strategy Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 42: 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 43: JSW Steel: Growth Path
JSW Steel: Growth Path India Capacity U.S. Capacity Vijayanagar Salem Dolvi BPSL Kadapa 35.7 44.4 51.5 1 1.5 7.1 50.0 0.5 1.0 1.5 44.4 0.2 5.0 42.9 1.5 Growth Options in the Portfolio 2.0 36.4 34.2 Organic • Brownfield growth potential of ~5mt at each of Vijayanagar and BPSL • 4mt brownfield Green S
Slide 44: Appendix
Appendix Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 45: Quarterly Volumes – Standalone
Quarterly Volumes – Standalone Crude Steel Production (mt) Steel Sales (mt) +10% +1% YoY YoY +9% +11% QoQ QoQ 5.77 5.81 5.81 5.34 5.30 5.26 Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY26 JSW Steel Q2 FY26 Results Presentation / 44
Slide 46: Financials – Standalone
Financials – Standalone ₹ crore Particulars Q2 FY26 Q2 FY25 Q1 FY26 H1 FY26 H1 FY25 FY25 Revenue from Operations 32,859 30,778 31,613 64,472 63,432 1,27,702 Reported EBITDA 4,907 4,641 5,585 10,492 8,916 18,381 Adjusted EBITDA1 5,457 4,711 5,624 11,081 8,925 18,399 Other Income 445 439 497 942 835 1
Slide 47: Financials – BPSL and JVML-Vijayanagar
Financials – BPSL and JVML-Vijayanagar BPSL Q2 FY26 Q2 FY25 Q1 FY26 H1 FY26 H1 FY25 FY25 Crude Steel Production (mt) 0.96 0.82 0.88 1.84 1.60 3.54 Steel Sales (mt) 0.83 0.74 0.78 1.61 1.49 3.31 Revenue from Operations (₹ crore) 5,162 4,900 4,998 10,160 10,464 21,440 Adjusted EBITDA2 (₹ crore) 724 43
Slide 48: Financials – JSW Steel Coated Products
Financials – JSW Steel Coated Products JSW Steel Coated Products1 Q2 FY26 Q2 FY25 Q1 FY26 H1 FY26 H1 FY25 FY25 Production (mt) 1.20 1.08 1.13 2.33 2.24 4.58 Sales (mt) 1.17 0.99 1.10 2.27 2.13 4.51 Revenue from Operations (₹ crore) 9,071 7,695 8,637 17,708 16,856 34,491 Adjusted EBITDA2 (₹ crore) 69
Slide 49: Financials – US Operations
Financials – US Operations USA – Ohio Operations Q2 FY26 Q2 FY25 Q1 FY26 H1 FY26 H1 FY25 FY25 Production - Crude Steel (net tonnes) 2,66,519 1,56,137 2,59,334 5,25,853 4,09,307 8,90,182 Sales - Slab (net tonnes) 2,31,024 1,30,968 2,21,632 4,52,656 3,21,502 6,31,763 HRC (net tonnes) 60,194 59,148 60,
Slide 50: Financials – Piombino, Italy
Financials – Piombino, Italy Piombino, Italy Q2 FY26 Q2 FY25 Q1 FY26 H1 FY26 H1 FY25 FY25 Production – Rolled Products (tonnes) 68,840 76,090 64,031 1,32,871 1,42,670 2,66,305 Grinding Balls (tonnes) 3,242 7,287 5,449 8,691 17,764 35,069 Sales – Rolled Products (Bars, Wire Rod & Rails) (tonnes) 74,7
Slide 51: Investor Relations Contact
Investor Relations Contact: ir.jswsteel@jsw.in Vijayanagar Steel Plant JSW Steel Investor Presentation: Aug 2025 /