JSW Steel demonstrated significant growth in its financial performance in the first quarter ending June 30, 2026. The company's consolidated net profit more than doubled compared to the same period last year, reaching ₹4,696 crore.
Operating revenue grew by 9.8 percent to ₹47,364 crore, while total revenue increased by 10.6 percent to ₹48,088 crore. Profit before tax doubled, rising to ₹6,160 crore from ₹3,072 crore.
Profit attributable to owners rose to ₹4,651 crore from ₹2,184 crore, with non-controlling interests amounting to ₹45 crore. It should be noted that in comparison with last year, the formal consolidated results included Bhushan Power and Steel Limited (BPSL), whose steel division was excluded from consolidation starting March 27, 2026, after JSW Steel and Japan's JFE Steel gained joint control over this business.
Total expenses increased by 3.7 percent year-on-year, reaching ₹41,830 crore. The cost of materials consumed grew by 18.4 percent to ₹24,586 crore, and inventory purchases increased to ₹1,814 crore from ₹554 crore. Employee benefit expenses decreased by 0.9 percent to ₹1,306 crore, and financial costs reduced by 22.8 percent to ₹1,712 crore. Depreciation and amortization expenses fell by 15.8 percent to ₹2,137 crore, while other expenses declined by 7.3 percent to ₹6,609 crore. Electricity and fuel costs remained almost unchanged at ₹4,116 crore.
Basic earnings per share increased to ₹19.05 from ₹8.95, and diluted earnings per share reached ₹19.02 compared to ₹8.93. On pro forma figures excluding BPSL from the previous period comparison, adjusted EBITDA grew by 31.9 percent to ₹9,373 crore, improving the adjusted EBITDA margin to 19.8 percent from 17.8 percent.
Consolidated crude steel production increased by 3.3 percent, reaching 6.59 million tonnes, and the volume of steel sold grew by 3.6 percent to 6.25 million tonnes. Domestic sales amounted to 5.34 million tonnes. Exports showed impressive growth of 46 percent year-on-year, reaching 0.68 million tonnes, accounting for 11 percent of sales from Indian operations.
JSW Steel's consolidated net debt as of June 30 was ₹46,157 crore, which is ₹7,713 crore less than at the end of March. The net debt to equity ratio improved to 0.42 times from 0.51 times, and the net debt to EBITDA ratio decreased to 1.46 times from 1.81 times. The company invested ₹4,869 crore in capital expenditures during the quarter and plans to spend ₹22,000–₹24,000 crore in the fiscal year 27. During the quarter, the expansion of the third blast furnace in Vijayanagar was completed, increasing capacity from 3 million tonnes per annum to 4.5 million tonnes per annum. JSW Steel stated that the furnace was commissioned in June and will start contributing additional volumes from the second quarter of fiscal year 27.
Piramal Finance demonstrated significant growth in its financial indicators in the first quarter ending June 30, 2026. The company's consolidated net profit increased by 66.8 percent compared to the same period last year, reaching INR 460.98 crore. Meanwhile, total income grew by 27.5 percent.
The company's operating revenue increased by 27.6 percent, amounting to INR 3,368.27 crore in the first quarter of the 2026-27 fiscal year (Q1FY27). This figure is higher than INR 2,639.25 crore a year earlier. Additional income also rose by 20.5 percent, reaching INR 61.27 crore, leading to a total income of INR 3,429.54 crore.
Interest income contributed the most to the revenue, increasing by 28.9 percent year-on-year to INR 3,085.48 crore. Income from commissions and fees grew by 11 percent, totaling INR 126.83 crore. The company's total expenses increased by 25 percent, rising from INR 2,467.44 crore to INR 3,085.42 crore.
Financial costs increased by 16.2 percent, reaching INR 1,733.86 crore, while employee benefit expenses rose by 11.8 percent, amounting to INR 504.16 crore. Other expenses grew by 8.2 percent, reaching INR 329.21 crore. During the quarter, the company recorded impairment reserves of INR 273.59 crore, contrasting with the reversal of reserves of INR 226.83 crore in the corresponding period last year.
Profit attributable to interests in affiliates and joint ventures, excluding exceptional items and taxes, increased by 54.5 percent, reaching INR 344.12 crore. The group's share in the net profit from affiliates and joint ventures grew by 26.2 percent, amounting to INR 98.87 crore. Consequently, profit before tax increased by 47.2 percent, reaching INR 442.99 crore from INR 301.03 crore a year earlier. Basic earnings per share rose to INR 20.38 from INR 12.22, and diluted earnings per share reached INR 20.27 compared to INR 12.13.
Other comprehensive income amounted to INR 200.15 crore compared to INR 33.13 crore a year earlier, including a share in other comprehensive income from affiliates and joint ventures of INR 155.12 crore. Total comprehensive income increased to INR 661.13 crore from INR 309.50 crore. Net profit attributable to owners of the company was INR 459.12 crore, and profit attributable to non-controlling interests was INR 1.86 crore. The Board of Directors also approved the possibility of raising up to INR 4,000 crore through the issuance of equity shares, convertible securities, unsecured bonds with warrants, or other equity-related instruments, subject to market, regulatory, and shareholder requirements.
