Jsw Steel Limited · NSE:JSWSTEEL
Jsw Steel — Q1 FY27 Earnings Presentation
55 slides from Jsw Steel's earnings presentation, Jul 17, 2026
Slide 1: Regulation 30 filing cover letter to stock exchanges
JSWSL: MUM: SEC: SE: 2026-27/07/18 July 17, 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 No.5
Slide 2: Q1 FY27 Results Presentation
Q1 FY27 Results Presentation 17 July 2026
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 Q1 FY27 Results Presentation / 3
Slide 5: Key Highlights – Q1 FY27
Key Highlights – Q1 FY27 • Revenue from Operations: ₹47,364 crore in Q1 • Reported EBITDA: ₹9,383 crore in Q1; Adjusted EBITDA1: ₹9,373 crore in Q1 Financial • Net Profit: ₹4,696 crore in Q1 Performance • Net Debt to Equity: 0.42x and Net Debt to EBITDA2: 1.46x • India Capacity Utilisation at 94% in
Slide 6: JSW JFE Steel Ltd. Joint Venture: Presentation and Accounting Impact
JSW JFE Steel Ltd. (JJSL) Joint Venture: Presentation and Accounting Impact • 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 • JFE invested
Slide 7: Strategy
Strategy Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
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 37.9 54.8 79.5 • Expansion potential at Utkal for 10mt 1.5 Organic • Brownfield Green Steel at Salav 16.0 • Expansion of EAF at Kadapa 62.0 4.5 1.5 New • Keonjhar, Odisha and Gadchi
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 Enhance value- Being future Mainstreaming Strategic growth through resource added product ready through Strong financial sustainability with efficient optimisation and portfolio with technology-led profile and credit across
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 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 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 major Effective Leadership injury harm incidents • Launched Meri Suraksha - Meri Zimmedari to strengthen safety ownership among contract workers Safety Performance • Rolled out the Group Safety Standard
Slide 16: 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 17: Nature Stewardship: TNFD Alignment
Nature Stewardship: TNFD Alignment Targeting No Net Loss of Biodiversity by 2030 • Nature related risks integrated into our Enterprise Risk Management Framework • Our work on quantification of impact on nature has been recognised in the TNFD and GRI case studies Initiatives • Planted over 2mn mangro
Slide 18: 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 23,98,877 53,050 14 Students Benefitted Health Consultations Individuals Trained Projects Supported Sports Water, Environment & Agriculture Waste Management Sanitati
Slide 19: Sustainability Initiatives & Recognitions
Sustainability Initiatives & Recognitions Product Sustainability Climate Group’s AutoCAST Programme • Launched Low Emission Steel brand in FY26 with 1 mn tonnes of CO2 Member of AutoCAST programme, a collaborative initiative between credits certified by Bureau Veritas available in Carbon Bank automo
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 2.40 2.41 2.39 2.37 5.71 2.36 2.37 2.36 2.35 2.33 5.66 5.68 5.55 5.48 FY21 FY22 FY23 FY24 FY25 FY26 Q1 FY27 FY21 FY22 FY23 FY
Slide 21: Business Environment
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 (Apr 26) CY26F (July 26) CY27F (July 26) • Global: Manufacturing held well due to inventory stocking in light of the Middle East crisis and buoyant AI-related trade. Disinflation trend in 6.7% 6.4% 6.5% place since 2024 has stalled, turning central ba
Slide 23: Global Steel
Global Steel Crude Steel Production – Jan-May (mt) Finished Steel Demand1 (mt) China Steel Production and Export (mt) China Crude Steel Production (LHS) 14 Jan-May CY25 Jan-May CY26 CY25 CY26(f) CY27(f) 150 Exports (RHS) +0.3% 12 10 -1.5% 100 +1.9% 8 1,762 -1.5% 1,724 1,718 -3.9% 1.4% 785 773 6 432
Slide 24: Indian Economy
Indian Economy PMI – Manufacturing & Services GDP Growth (% yoy) (RBI forecasts) Manufacturing Services • Industrial output and exports resilient in early FY27 despite war effects 65 8.4 8.0 7.8 60 6.8 6.6 6.3 6.5 6.8 • RBI’s FY27 GDP growth projection at 6.6%, reflects resilience amidst external he
Slide 25: Indian Steel
Indian Steel Production and Consumption (mt) Apparent Steel Consumption (mt) Q1 FY26 Q4 FY26 Q1 FY27 41.57 +3.0% +8.3% 38.35 44.85 35.54 YoY 44.59 YoY 30.83 42.06 41.57 27.50 40.52 25.00 38.35 Crude Steel Production Apparent Steel Consumption Q1 FY22 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 Steel Imp
Slide 26: Operational Performance
Operational Performance Business Operational Financial Digitalisation Sustainability Environment Performance Project Updates Strategy Appendix Performance at JSW Steel
Slide 27: Q1 FY27 Volumes – JSW Steel Consolidated
Q1 FY27 Volumes – JSW Steel Consolidated Crude Steel Production (mt) Steel Sales (mt) +3% +4% YoY YoY -12% +2% India capacity utilisation QoQ QoQ at 94% 1 6.48 6.59 7.07 6.38 6.03 6.25 Q1 FY26 PF Q4 FY26 PF Q1 FY27 Q1 FY26 PF Q4 FY26 PF Q1 FY27 million tonnes Q1 FY26 PF Q4 FY26 PF Q1 FY27 million to
Slide 28: Q1 FY27 Sales: JSW Steel Consolidated – Indian Operations
Q1 FY27 Sales: JSW Steel Consolidated – Indian Operations Domestic Sales by Customer Segment Value-Added and Special Products (mt) 5.34mt +1% YoY % of Total 59% 59% 61% 5.31mt 6.21mt Sales -14% QoQ 33% 34% 30% Retail 4.10 16% 3.65 13% 14% Auto 3.38 17% 17% 18% Industrial 37% 35% 36% Construction & I
Slide 29: Retail Segment & Branded Stores
Retail Segment & Branded Stores: JSW Steel Consolidated – Indian Operations Retail Sales (in kt) Branded Stores (number of outlets) -9% YoY -24% QoQ 2,129 1,777 1,623 1,118 2,337 907 769 1,645 870 1,011 854 692 Q1 FY26 PF Q4 FY26 PF Q1 FY27 JSW Shoppe JSW Shoppe Connect Total Branded Products Others
Slide 30: Q1 FY27 Production & Sales
Q1 FY27 Production & Sales In million metric tonnes Particulars Crude Steel Production Sales Q1 FY26 Q1 FY26 Q1 FY27 Q1 FY26 PF YoY Q1 FY27 Q1 FY26 PF YoY Reported Reported Consolidated India Operations 6.35 6.14 3% 7.02 6.02 5.78 4% 6.43 USA – Ohio Operations 0.24 0.24 -3% 0.24 0.23 0.26 -9% 0.26 J
Slide 31: Grades/Products Approved in Q1 FY27
31 Grades/Products Approved in Q1 FY27 Concrete Boom Pump Transmission Poles (S550MC – HR) (E450BR – HR) Boiler Parts Scissor Crane Flatform (IS-513 - CR) (E450BR – HR) Tubes for Truck Body Solar Module Structure (IS 277:2018, GPL – Coated) (E410A - HR) JSW Steel Q1 FY27 Results Presentation / 30
Slide 32: 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 four subsidiaries: JSW One Distribution, JSW One Finance, One Helix & Buildnex
Slide 33: JSW One: One-stop Digital Marketplace for MSMEs
JSW One: One-stop Digital Marketplace for Manufacturing and Construction MSMEs Significant growth in Volumes & GMV in Q1 FY27 • Strong topline momentum with sustained profitability Steel Cement Credit • Balanced growth across Commerce and Credit 7,43,845 62,234 ₹1,987 Cr tonnes tonnes • Operating le
Slide 34: Financial Performance
Financial Performance Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 35: Financials – Consolidated
Financials – Consolidated Proforma Reported Particulars (₹ crore) Q1 FY27 Q1 FY26 Q4 FY26 FY26 Q1 FY26 Q4 FY26 FY26 Revenue from operations 47,364 39,880 46,624 1,70,186 43,147 51,180 1,85,470 Reported EBITDA 9,383 6,816 7,566 26,663 7,576 8,634 29,821 Adjusted EBITDA1 9,373 7,106 8,643 28,888 7,866
Slide 36: Q1 FY27 Consolidated Results – Drivers of Performance
Q1 FY27 Consolidated Results – Drivers of Performance • Consolidated crude steel production of 6.59mt, up 3% YoY and 2% QoQ, affected by shutdown of BF-3 in Vijayanagar. Volumes Capacity utilisation of 94% (excl. Vijayanagar BF-3) at Indian operations • Total sales volumes of 6.25mt, up 4% YoY and d
Slide 37: Consolidated Adj. EBITDA Movement – Q1 FY27 vs. Q4 FY26 PF
Consolidated Adj. EBITDA Movement – Q1 FY27 vs. Q4 FY26 PF ₹ crore 3,912 118 20 9,373 8,643 2,198 1,122 Adj. EBITDA Volume NSR Cost Overseas Consol Adj. Adj. EBITDA Q4 FY26 PF 1 subsidiaries Q1 FY27 1: Since BPSL steel business has been de-consolidated with effect from 27 March 2026, previous year,
Slide 38: Financials – Indian Operations
Financials – Indian Operations ₹ crore Proforma Reported JSW Steel – Indian Operations Q1 FY27 Q1 FY26 Q4 FY26 FY26 Q1 FY26 Q4 FY26 FY26 Crude Steel Production (mt) 6.35 6.14 6.32 25.45 7.02 7.34 29.31 Steel Sales (mt) 6.02 5.78 6.94 25.68 6.43 7.84 28.76 Revenue from Operations 42,894 37,243 44,217
Slide 39: Consolidated Net Debt Movement
Consolidated Net Debt Movement 53,870 1,900 ₹ crore 20,032 46,157 29,173 472 Net Debt New Repayments Forex Impact Movement Net Debt Mar'26 Loans Taken in Cash Jun'26 Particulars 30.06.2026 31.03.2026 30.06.2025 Net Debt (₹ Cr) 46,157 53,870 79,850 Cash & Cash Equivalents (₹ Cr) 21,630 41,662 16,572
Slide 40: Debt Profile and Credit Ratings
Debt Profile and Credit Ratings Net Gearing (ND/Equity) Leverage (ND/EBITDA) Stated cap revised to 1.25x Stated cap revised to 3.00x International Moody’s Ba1 (Positive Outlook) 3.75x Fitch BB+ (Positive Outlook) 1.75x 3.13x 3.34x 3.00x A- (Stable Outlook) JCR and R&I 1.25x 2.56x Above India Soverei
Slide 41: Project Updates
Project Updates Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 42: JSW Steel Consolidated Capex Update
JSW Steel Consolidated Capex Update Particulars ₹ Cr Capex Breakup (₹1,30,528 crore) Capex carried forward as on 1st April 2026 Sustenance and 96,8881 Other Capex, 12% (including Creditors and Acceptances) Steelmaking New Projects approved since 1st April 2026: Mining and Cost Capacity Growth, 65% S
Slide 43: Key Project Updates – Steelmaking Projects
Key Project Updates – Steelmaking Projects Upgradation and Expansion of BF-3 from 3.0mtpa to 4.5mtpa at Vijayanagar • Commissioned in June 2026 and currently ramping up well JVML Vijayanagar – Phase-II 5mtpa expansion • Equipment ordering in progress • To be commisioned by FY30 JSW Utkal - 5mtpa Gre
Slide 44: Key Project Updates – Downstream Projects
Key Project Updates – Downstream Projects 0.55mtpa CRNO plant in Vijayanagar • Equipment ordered. To be commissioned by March 2028 0.5mtpa Continuous Galvanising Line in Vijayanagar (enhanced from 0.4mtpa earlier) • High Strength Automotive grade steel • Equipment ordered. To be commissioned by Q2 F
Slide 45: Digitalisation at JSW Steel
Digitalisation at JSW Steel Business Operational Financial Digitalisation Sustainability Environment Performance Project Updates Strategy Appendix Performance at JSW Steel
Slide 46: 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 47: Logistics Digital Transformation
Logistics Digital Transformation Project SAMPARK Project IRIS Project IMOS Unified digital system enabling faster, safer Central digital platform managing and tracking ~51 Single integrated marine system digitalising import & movement of 1,400+ trucks/day rakes/day from end-to-end export vessel work
Slide 48: Appendix
Cool Roof Appendix Business Operational Financial Digitalisation Sustainability Project Updates Strategy Appendix Environment Performance Performance at JSW Steel
Slide 49: Quarterly Volumes – Standalone
Quarterly Volumes – Standalone Crude Steel Production (mt) Steel Sales (mt) -0.2% -3% YoY YoY +2% -9% QoQ QoQ 5.78 5.34 5.18 5.26 5.24 5.07 Q1 FY26 Q4 FY26 Q1 FY27 Q1 FY26 Q4 FY26 Q1 FY27 JSW Steel Q1 FY27 Results Presentation / 48
Slide 50: Financials – Standalone
Financials – Standalone ₹ crore Particulars Q1 FY27 Q1 FY26 Q4 FY26 FY26 Revenue from Operations 35,539 31,820 36,245 1,33,407 Reported EBITDA 6,607 5,649 5,673 20,512 Adjusted EBITDA1 6,681 5,688 6,534 22,068 Other Income 382 499 435 1,743 Finance Cost 1,657 1,577 1,511 6,429 Depreciation 1,540 1,5
Slide 51: Financials – JVML-Vijayanagar
Financials – JVML-Vijayanagar JVML-Vijayanagar Q1 FY27 Q1 FY26 Q4 FY26 FY26 Crude Steel Production (mt) 1.12 0.75 1.21 3.99 Steel Sales (mt) 1.14 0.79 1.23 4.08 Revenue from Operations (₹ crore) 7,032 4,935 6,631 22,714 Adjusted EBITDA1 (₹ crore) 1,821 766 1,530 3,844 Profit/(Loss) after Tax (₹ cror
Slide 52: Financials – JSW Steel Coated Products
Financials – JSW Steel Coated Products JSW Steel Coated Products Q1 FY27 Q1 FY26 Q4 FY26 FY26 Production1 (mt) 1.15 1.13 1.21 4.70 Sales (mt) 1.11 1.10 1.25 4.69 Revenue from Operations (₹ crore) 9,991 8,637 9,986 36,470 Adjusted EBITDA2 (₹ crore) 698 556 749 2,536 Profit/(Loss) after Tax (₹ crore)
Slide 53: Financials – US Operations
Financials – US Operations USA – Ohio Operations Q1 FY27 Q1 FY26 Q4 FY26 FY26 Production - Crude Steel (net tonnes) 2,66,418 2,59,334 1,68,100 9,13,150 Sales - Slab (net tonnes) 1,61,598 2,21,632 76,990 7,18,484 HRC (net tonnes) 94,451 60,032 66,529 2,39,146 Revenue from Operations (US$ mn) 217.65 2
Slide 54: Financials – Piombino, Italy
Financials – Piombino, Italy Piombino, Italy Q1 FY27 Q1 FY26 Q4 FY26 FY26 Production – Rolled Products (tonnes) 45,184 64,031 85,499 2,88,036 Grinding Balls (tonnes) 9,305 5,449 10,562 26,638 Sales – Rolled Products (Bars, Wire Rod & Rails) (tonnes) 68,515 69,776 58,374 2,74,817 Grinding Balls (tonn
Slide 55: Investor Relations Contact
Investor Relations Contact: ir.jswsteel@jsw.in Pipe Conveyor in Vijayanagar JSW Steel Investor Presentation: Aug 2025 /