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JSW Steel Q1 Profit Surges 45%, Margins Expand to 17.6%

Management expects Q2 cost relief despite ongoing global price volatility.

JSW
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Overview

  • JSW Steel delivered a consolidated net profit of Rs 2,184 crore in Q1 FY26 on revenue of Rs 43,147 crore, representing a 45% profit rise and a 3.7% revenue decline year-on-year.
  • EBITDA climbed 19% to Rs 7,576 crore as margins widened from 14.2% to 17.6%, driven by tighter cost controls and an improved product mix.
  • Production volumes rose 14% and sales volumes grew 9% despite planned maintenance shutdowns, with domestic volumes up 12%.
  • Systematix upheld its Buy rating with a reduced Rs 1,187 target, while CLSA and Citi retained Underperform and Sell calls amid valuation concerns.
  • Analysts forecast Q2 cost relief from a projected $3 per tonne drop in coking coal prices and no repeat of Rs 2 billion shutdown charges, but they caution that volatile trade flows persist.