Jsw Steel Limited · NSE:JSWSTEEL
Jsw Steel — Q2 FY27 Earnings Presentation
53 slides from Jsw Steel's earnings presentation, Oct 23, 2026
Slide 1: Exchange filing cover letter for investor presentation
JSWSL: MUM: SEC: SE: 2026-27/10/11 October 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 N
Slide 2: Q2 FY27 Results Presentation
Q2 FY27 Results Presentation 23 October 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 Q2 FY27 Results Presentation / 3
Slide 5: Key Highlights – Q2 FY27
Key Highlights – Q2 FY27 • Revenue from Operations: ₹54,486 crore in Q2 • Reported EBITDA: ₹10,120 crore; Adjusted EBITDA1: ₹9,941 crore Financial • Net Profit: ₹5,359 crore Performance • Net Debt to Equity: 0.39x and Net Debt to EBITDA2: 1.28x • India Capacity Utilisation at 88% in Q2, with BF-3 ra
Slide 6: JSW JFE Steel Ltd. (JJSL) 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 in 2020, to see gradual decline; other develo
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 64.8 79.5 • Expansion at Utkal for 5mt Organic • Brownfield Green Steel at Salav 1.5 • Expansion of EAF at Kadapa 16.0 1.5 New • Keonjhar-Odisha and Gadchiroli- 9.5 62.0 5.0 Si
Slide 10: Strategic Priorities to Create Shared and Sustainable Value
Strategic Priorities to Create Shared and Sustainable Value Mainstreaming Strategic growth with Cost leadership through Enhance value-added Being future ready Strong financial profile sustainability across efficient capital resource optimisation product portfolio with through technology-led and cred
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 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 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 Zero Zero Zero Effective Leadership major injury harm • Hosted 14th ISA Health & Safety Committee incidents Meeting at Vijayanagar attended by all major peers for industry-wide safety collaboration • Process Safety Ma
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: Sustainability Initiatives & Recognitions
Sustainability Initiatives & Recognitions Ecosystem for Sustainable Steel Recycling Steelie Award for Clean Steel Production JSW Steel won the 2026 worldsteel Steelie Award for Excellence in Clean Steel Production 0.5 mtpa Scrap Processing Centre, Khopoli Resource Reduce Import Decarbonisation Circu
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 19,80,519 26,06,401 54,522 14 Students Benefitted Health Consultations Individuals Trained Projects Supported Sports Water, Environment & Agriculture Waste Management Sanitati
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 2.40 2.41 2.39 2.36 2.37 2.36 2.35 2.33 2.33 5.66 5.68 5.64 5.55 5.48 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY27 FY21 FY22 FY23 FY
Slide 19: Business Environment
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 growth remains resilient despite geopolitical CY26F (July 26) CY26F (Oct 26) CY27F (Oct 26) 7.0% uncertainties. IMF upgraded CY26 growth by 10bps to 3.1% 7.0% 6.4% • Middle East war causing supply pressures and high energy 4.6% 4.5% 4.4% 4.0% 3.8%
Slide 21: 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-Aug CY25 Jan-Aug CY26 CY25 CY26(f) CY27(f) 150 Exports (RHS) -0.7% -0.1% 12 1,234 1,225 10 -3.1% 2.2% 100 -2.0% +1.5% 8 1,752 1,724 1,722 67
Slide 22: Indian Economy
Indian Economy PMI – Manufacturing & Services GDP Growth - RBI forecasts (% yoy) 65 Manufacturing Services Up from 6.7% earlier • RBI’s FY27 GDP growth projection at 7.1% reflects robust 8.4 8.0 7.8 7.8 7.8 7.2 6.9 6.8 7.1 momentum in economic activity indicators 60 6.8 55 • Industrial output and ex
Slide 23: Indian Steel
Indian Steel Production and Consumption (mt) Steel Consumption (mt) Q2 FY26 Q1 FY27 Q2 FY27 43.37 40.62 +3.5% +6.8% 37.25 43.25 YoY 43.37 YoY 33.24 41.81 41.86 40.61 41.58 28.25 24.72 Crude Steel Production Apparent Steel Consumption Q2 FY22 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 Q2 FY27 Finished Steel Exp
Slide 24: Operational Performance
Operational Performance Business Operational Financial Digitalisation Sustainability Environment Performance Project Updates Strategy Appendix Performance at JSW Steel
Slide 25: Q2 FY27 Volumes – JSW Steel Consolidated
Q2 FY27 Volumes – JSW Steel Consolidated Crude Steel Production (mt) Steel Sales (mt) +5% +13% YoY YoY +19% +10% QoQ QoQ 7.27 7.46 6.95 6.59 6.62 6.25 Q2 FY26 PF Q1 FY27 Q2 FY27 Q2 FY26 PF Q1 FY27 Q2 FY27 million tonnes Q2 FY26 PF Q1 FY27 Q2 FY27 million tonnes Q2 FY26 PF Q1 FY27 Q2 FY27 India Opera
Slide 26: Q2 FY27 Sales: JSW Steel Consolidated – India Operations
Q2 FY27 Sales: JSW Steel Consolidated – India Operations Domestic Sales by Customer Segment Value-Added and Special Products (mt) 5.64mt 5.34mt 6.29mt +12% YoY % of Total 59% 61% 56% +18% QoQ Sales 36% 30% 34% Retail 4.11 3.72 3.65 16% 15% Auto 13% 17% 18% 16% Industrial 35% 36% 34% Construction & I
Slide 27: Retail Segment & Branded Stores: JSW Steel Consolidated – India Operations
Retail Segment & Branded Stores: JSW Steel Consolidated – India Operations Retail Sales (in kt) Branded Stores (number of outlets) +6% YoY +32% QoQ 2,023 2,145 1,623 1,083 1,103 2,291 769 1,629 940 854 1,041 662 Q2 FY26 PF Q1 FY26 PF Q2 FY27 JSW Shoppe JSW Shoppe Connect Total Branded Products Other
Slide 28: Q2 FY27 Production & Sales
Q2 FY27 Production & Sales Particulars Crude Steel Production Sales In million metric tonnes Q2 FY27 Q2 FY26 PF YoY Q2 FY27 Q2 FY26 PF YoY Consolidated India Operations 7.07 6.71 5% 7.27 6.35 14% USA – Ohio Operations 0.20 0.24 -16% 0.18 0.26 -30% JSW Steel Consolidated Operations 7.27 6.95 5% 7.46
Slide 29: Grades/Products Approved in Q2 FY27
30 Grades/Products Approved in Q2 FY27 Bull Gear Solar Structural Purlins (20MnCr5 – Long & Special Alloy) (IZMC420S – Coated) Automotive Body Concrete Pipe Tube (IS 513 - CR) (JD39 C30 – HR) Rear Housing Differential Case (37C15 Dia 75.0 & 80.0 mm (AISI 1020- Long & Special Alloy) – Long & Special
Slide 30: JSW One: One of the Fastest Growing B2B Commerce Players in India
JSW One: One of the Fastest Growing B2B Commerce Players in India* JSW One • JSW One operates a unified technology-enabled platform providing an integrated full-stack ecosystem • The platform integrates commerce, embedded financing solutions, logistics and value-added services such as processing and
Slide 31: JSW One: One of the Fastest Growing B2B Commerce Players in India
JSW One: One of the Fastest Growing B2B Commerce Players in India* JSW One Finance Ltd. (JOFL) & One Helix Fintech Significant growth in Volumes & GMV in Q2 FY27 • One Helix Fintech an embedded finance stack • Financing is orchestrated through financing partners, including banks, Steel Cement Credit
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 Q2 FY26 H1 FY26 FY26 Reported Particulars Q2 FY27 Q1 FY27 H1 FY27 PF PF PF Q2 FY26 H1 FY26 FY26 Revenue from operations 54,486 41,469 47,364 1,01,850 81,349 1,70,186 45,152 88,299 1,85,470 Reported EBITDA 10,120 6,395 9,383 19,503 13,211 26,663 7,115 14,691 29,821 A
Slide 34: Q2 FY27 Consolidated Results – Drivers of Performance
Q2 FY27 Consolidated Results – Drivers of Performance • Consolidated crude steel production of 7.27mt, up 5% YoY and 10% QoQ, with BF-3 ramping up well and reaching ~90% Volumes utilisation during the quarter • Total sales volumes of 7.46mt, up 13% YoY and up 19% QoQ Revenue and • Revenue from opera
Slide 35: Consolidated Adj. EBITDA Movement – Q2 FY27 vs. Q1 FY27
Consolidated Adj. EBITDA Movement – Q2 FY27 vs. Q1 FY27 ₹ crore 1,893 387 66 9,941 9,373 965 39 Adj. EBITDA Volume NSR Cost Overseas Consol Adj. Adj. EBITDA Q1 FY27 subsidiaries Q2 FY27 34 JSW Steel Q2 FY27 Results Presentation / 34
Slide 36: Financials – India Operations
Financials – India Operations ₹ crore JSW Steel – India Q2 FY26 H1 FY26 FY26 Reported Q2 FY27 Q1 FY27 H1 FY27 Operations (₹ crore) PF PF PF Q2 FY26 H1 FY26 FY26 Crude Steel Production (mt) 7.07 6.71 6.35 13.41 12.85 25.45 7.66 14.69 29.31 Steel Sales (mt) 7.27 6.35 6.02 13.29 12.13 25.68 7.07 13.50
Slide 37: Consolidated Net Debt Movement
Consolidated Net Debt Movement ₹ crore 46,157 2,298 44,482 600 4,435 139 Net Debt New Repayments Forex Impact Movement Net Debt Jun'26 Loans Taken in Cash Sep'26 Particulars 30.09.2026 30.06.2026 30.09.2025 Net Debt (₹ Cr) 44,482 46,157 79,153 Cash & Cash Equivalents (₹ Cr) 21,768 21,630 19,077 Net
Slide 38: 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 Moody’s Baa3 (Stable Outlook) International 3.75x Fitch BB+ (Positive Outlook) 1.75x 3.34x 3.13x 3.00x A- (Stable Outlook) JCR and R&I 1.25x 2.56x 0.94x 2.58x 1.81x 1.
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 (₹ crore) Capex carried forward as on 1st April 2026* 96,888 (including Creditors and Acceptances) Announced Announced at New Projects approved since 1st April 2026: Total so far Q2 Results Steelmaking: Capex Breakup JVML Phase-II capacity expansion of
Slide 41: Key Project Updates – Steelmaking Projects
Key Project Updates – Steelmaking Projects Upgradation and Expansion of BF-3 from 3.0mtpa to 4.5mtpa at Vijayanagar • BF-3 ramped up well, reaching ~90% utilisation following light up in June 2026 JVML Vijayanagar – Phase-II 5mtpa expansion • Equipment ordering in progress • To be commisioned by FY3
Slide 42: 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 • High Strength Automotive grade steel • Equipment ordered. To be commissioned by Q2 FY29 0.6mtpa CRM and 0.96mtpa Con
Slide 43: Digitalisation at JSW Steel
Digitalisation at JSW Steel Business Operational Financial Digitalisation Sustainability Environment Performance Project Updates Strategy Appendix Performance at JSW Steel
Slide 44: Digitalisation at JSW Steel
Digitalisation at JSW Steel Increased Sales Manufacturing Manufacturing Manufacturing Supply Supply Chain Chain ADDITIONAL FOCUS Cost Optimisation Safety, Security, ANTICIPATED IMPACT Governance Asset Availability Finance Finance Primary Primary Mining Mining Sustainability Focus Focus led R&D Emiss
Slide 45: Digitalisation Transformation in Mining: Delivering end-to-end Traceability and Control
Digitalisation Transformation in Mining: Delivering end-to-end Traceability and Control Integrated Mine Digital Logistics Fuel Management Land and R&R Management System Management System System Management System 80%+ 20–25% 100% 100% Reduction in MDO billing Lower turnaround time Authorised, system-
Slide 46: Appendix
Cool Roof 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) +9% -0.3% YoY YoY +12% +20% QoQ QoQ 6.31 5.81 5.79 5.81 5.18 5.24 Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 JSW Steel Q2 FY27 Results Presentation / 46
Slide 48: Financials – Standalone
Financials – Standalone ₹ crore Particulars Q2 FY27 Q2 FY26 Q1 FY27 H1 FY27 H1 FY26 FY26 Revenue from Operations 42,008 33,004 35,540 77,548 64,824 1,33,408 Reported EBITDA 7,361 4,989 6,606 13,967 10,639 20,514 Adjusted EBITDA1 7,173 5,539 6,680 13,853 11,228 22,070 Other Income 413 1,487 3,358 3,7
Slide 49: Financials – JVML-Vijayanagar and JSW Steel Coated Products
Financials –JVML-Vijayanagar and JSW Steel Coated Products JVML-Vijayanagar Q2 FY27 Q2 FY26 Q1 FY27 H1 FY27 H1 FY26 FY26 Crude Steel Production (mt) 1.24 0.85 1.12 2.35 1.60 3.99 Steel Sales (mt) 1.23 0.84 1.14 2.37 1.63 4.08 Revenue from Operations (₹ crore) 7,582 5,057 7,032 14,614 9,993 22,714 Ad
Slide 50: Financials – US Operations
Financials – US Operations USA – Ohio Operations Q2 FY27 Q2 FY26 Q1 FY27 H1 FY27 H1 FY26 FY26 Production - Crude Steel (net tonnes) 2,24,933 2,66,519 2,66,418 4,91,351 5,25,853 9,13,150 Sales - Slab (net tonnes) 1,12,663 2,31,024 1,61,598 2,74,261 4,52,656 7,18,484 HRC (net tonnes) 91,198 60,194 94,
Slide 51: Financials – Piombino, Italy
Financials – Piombino, Italy Piombino, Italy Q2 FY27 Q2 FY26 Q1 FY27 H1 FY27 H1 FY26 FY26 Production – Rolled Products (tonnes) 62,119 68,840 45,184 1,07,303 1,32,871 2,88,036 Grinding Balls (tonnes) 7,960 3,242 9,305 17,264 8,691 26,638 Sales – Rolled Products (Bars, Wire Rod & Rails) (tonnes) 65,3
Slide 52: Financials – JSW JFE Steel Ltd.
Financials – JSW JFE Steel Ltd. JJSL Q2 FY27 Q1 FY27 H1 FY27 Crude Steel Production (mt) 0.91 0.99 1.90 Steel Sales (mt) 0.92 0.86 1.79 Revenue from Operations (₹ crore) 6,818 6,022 12,839 Adjusted EBITDA1 (₹ crore) 1,137 1,069 2,206 Profit/(Loss) after Tax (₹ crore) (28) 176 148 Note: JSW JFE Steel
Slide 53: Investor Relations Contact
Investor Relations Contact: [email protected] Pipe Conveyor in Vijayanagar JSW Steel Investor Presentation: Aug 2025 /