# JSWSTEEL (JSWSTEEL) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/jswsteel

## Current market snapshot

- Exchange: BSE
- Country: India
- Price: ₹1,176.6
- Change: +0.31%
- As of: 2026-10-13
- 1D return: +0.31%
- 5D return: -6.59%
- 1M return: -6.99%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-10-13_

### Technical Outlook

As of October 13, 2026, JSW Steel's technical setup presents a mixed picture across timeframes. Daily and weekly charts indicate price weakness, with the stock trading below key moving averages and the Supertrend indicator. However, the monthly timeframe shows strength, with price above its major averages and the Supertrend. Daily trend conviction is developing (ADX 24.18), while monthly trend strength is robust (ADX 46.93), and weekly trend conviction is developing (ADX 23.02). The stock is positioned near the lower end of its recent trading range on daily and 50-day scales (+9.5% and +7.1% respectively), and in the lower-middle of its 252-day range (+37.2%).

Recent anomalies include high participation without clear direction on monthly and weekly charts on October 13, 2026, and an extreme wide intraday range on October 9, 2026. The stock's annualized volatility stands at +24.3%, with a current drawdown of -12.3% and a maximum drawdown of -13.4%. The nearest resistance is at ₹1185.87 (0.79% above current price), and the nearest support is at ₹1174.73 (0.16% below current price). A confirmed break above resistance could signal strengthening momentum, while a break below support might indicate further downside, especially given the bearish daily trend signals.

- Mixed signals across timeframes: Daily and weekly charts show weakness, while the monthly chart indicates strength.
- Trend conviction is developing on daily (ADX 24.18) and weekly (ADX 23.02) charts, with strong conviction on the monthly chart (ADX 46.93).
- The stock is positioned near the lower end of its recent trading range, with significant drawdowns observed (-12.3% current, -13.4% maximum).
- Nearest resistance is at ₹1185.87 (0.79% above current price), and nearest support is at ₹1174.73 (0.16% below current price).
- Confirmation of the setup would involve a sustained move above resistance, while invalidation could occur with a break below support.

- Doji
- Inside Bar
- Evening Star

### News Context

JSW Steel reported a 10% sequential increase in consolidated crude steel production for the second quarter of FY27, reaching 72.7 lakh tonnes. This also represents a 5% year-on-year growth. In a separate development, a report by the Comptroller and Auditor General of India (CAG) flagged that JSW Steel underpaid ₹147.76 crore in stamp duty and registration fees related to increased production capacity at its Nuagaon iron ore mine. This underpayment contributed to a total flagged revenue shortfall of ₹148.46 crore across three mines. Separately, JSW Steel shares were mentioned among other metal stocks that saw a jump of up to 3% on October 12, 2026, in market activity.

- On October 8, 2026, JSW Steel announced consolidated crude steel production of 72.7 lakh tonnes for Q2 FY27, up 10% quarter-on-quarter and 5% year-on-year.
- A CAG report dated October 10, 2026, indicated JSW Steel underpaid ₹147.76 crore in mining fees for its Nuagaon iron ore mine.
- The CAG report identified a total revenue shortfall of ₹148.46 crore across three mines.
- On October 12, 2026, JSW Steel shares were noted as part of a group of metal stocks that rose up to 3%.

- [SAIL, HZL, Jindal Steel, Tata Steel, Nalco, Hindalco shares jump up to 3%; top stock pick](https://www.businesstoday.in/markets/stocks/story/sail-hindustan-zinc-jindal-steel-tata-steel-nalco-hindalco-shares-jump-up-to-3-top-stock-pick-560941-2026-10-12)
- [JSW Steel underpaid Rs 147.76cr in mining fees, flags CAG report - OrissaPOST](https://www.orissapost.com/jsw-steel-underpaid-rs-147-76cr-in-mining-fees-flags-cag-report/)
- [JSW Steel Reports 72.7 lakh Tonnes Consolidated Crude Steel Production In Q2 FY27, Up 10% QoQ](https://www.freepressjournal.in/business/jsw-steel-reports-727-lakh-tonnes-consolidated-crude-steel-production-in-q2-fy27-up-10-qoq)

### What Changed

JSW Steel Limited has provided a dematerialisation confirmation for the quarter ending September 30, 2026, as per SEBI (Depositories and Participants) Regulations, 2018. The registrar confirmed that securities received for dematerialisation were processed in compliance with requirements. This administrative update pertains to the company's ongoing compliance procedures.

- On 2026-10-12, JSW Steel Limited submitted a certificate under SEBI (Depositories and Participants) Regulations, 2018, confirming the processing of securities for dematerialisation for the quarter ended September 30, 2026.

- [JSW Steel Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended Sept 30, 2026 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/jessydenny_12102026174437_certificate_under_DP_regulation.pdf)

### Official Filings

JSW Steel reported consolidated crude steel production of 7.27 million tonnes for the second quarter of fiscal year 2027 (Q2 FY27). This represents a 10% increase quarter-on-quarter (QoQ) and a 5% increase year-on-year (YoY). Indian operations contributed 7.07 million tonnes, also showing growth of 11% QoQ and 5% YoY. The company noted that capacity utilisation for its Indian operations reached 88% in Q2 FY27, with a specific mention of the Vijayanagar plant's Blast Furnace 3 nearing 90% utilisation in September 2026 following an upgrade. For the first half of FY27 (H1 FY27), consolidated production was 13.86 million tonnes, a 4% YoY increase. The company also announced the early redemption of US$500,000,000 (approximately ₹41.6 crore, assuming an exchange rate of 83 INR/USD) of its 3.95% Notes due 2027. JSW Steel has scheduled a board meeting for October 23, 2026, to consider and approve the unaudited financial results for the quarter ended September 2026, leading to a trading window closure for directors and designated employees from October 1, 2026, to October 25, 2026.

- Q2 FY27 consolidated crude steel production reached 7.27 million tonnes, up 10% QoQ and 5% YoY.
- H1 FY27 consolidated production stood at 13.86 million tonnes, up 4% YoY.
- JSW Steel completed the early redemption of US$500,000,000 (approximately ₹41.6 crore) of its 3.95% Notes due 2027.
- A board meeting is scheduled for October 23, 2026, to approve Q2 FY27 financial results.
- Trading window for designated employees closed from October 1, 2026, to October 25, 2026.

- [JSW STEEL LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2266_WebXMLFile_20261012_121312591.xml)
- [JSW Steel Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended Sept 30, 2026 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/jessydenny_12102026174437_certificate_under_DP_regulation.pdf)
- [JSW Steel Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/jessydenny_09102026223626_analyst_meet.pdf)
- [JSW Steel Limited has informed the Exchange regarding a press release dated October 08, 2026, titled "JSW Steel reports Consolidated Crude Steel Production of 7.27 million Tonnes for Q2 FY27". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/jessydenny_08102026160336_Production_Press_Release_Sept_26__1_.pdf)
- [Early redemption of US$500,000,000, 3.95% Notes due 2027 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/jessydenny_07102026221350_Redemption_of_Notes.pdf)
- [JSW Steel Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/jessydenny_05102026194031_Intimation.pdf)
- [JSW STEEL LIMITED has informed the Exchange about Board Meeting to be held on 23-Oct-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Quarterly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2266_WebXMLFile_20260929_152336469.xml)
- [Board Meeting Intimation |Meeting Date: 23-Oct-2026](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2266_WebXMLFile_20260929_152336469.xml)
- [JSW STEEL LIMITED has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_2266_WebXMLFile_20260929_152504579.xml)
- [JSW Steel Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/jessydenny_29092026154152_SE_Intimation.pdf)

### Fundamentals

JSW Steel reported a sequential decrease in revenue from operations for Q1 FY2026-27, which stood at ₹47,364 crore, down from ₹51,180 crore in Q4 FY2025-26. This was accompanied by a sequential reduction in expenses to ₹41,830 crore from ₹46,862 crore in the prior quarter. However, profit before tax saw a significant sequential decline to ₹6,258 crore from ₹22,547 crore, and net profit decreased to ₹4,696 crore from ₹19,243 crore sequentially. Finance costs also decreased sequentially to ₹1,712 crore from ₹2,168 crore.

Historically, the company has shown a Compounded Sales Growth of 4% over 3 years and 18% over 5 years, with a TTM growth of 12%. Compounded Profit Growth has been stronger at 35% over 3 years and 136% on a TTM basis, though it was 3% over 5 years. Return on Equity has averaged 9% over 3 years and 13% over 5 years, with a last year figure of 10%. The company's Cash from Operating Activity has shown a positive trend, increasing from ₹12,078 crore in Mar 2024 to ₹25,152 crore in Mar 2026. Free Cash Flow also improved from a negative ₹3,469 crore in Mar 2024 to ₹10,610 crore in Mar 2026. Borrowings have increased from ₹87,984 crore in Mar 2024 to ₹99,310 crore in Mar 2026, while Equity Capital remained stable at ₹305 crore over the same period. The Cash Conversion Cycle has improved significantly, decreasing from 33 days in Mar 2024 to 16 days in Mar 2026.

- Revenue from operations sequentially decreased to ₹47,364 crore in Q1 FY2026-27 from ₹51,180 crore in Q4 FY2025-26.
- Net profit saw a significant sequential decline to ₹4,696 crore in Q1 FY2026-27 from ₹19,243 crore in Q4 FY2025-26, indicating margin pressure despite lower expenses.
- Cash flow from operations has shown a strong upward trend, reaching ₹25,152 crore in Mar 2026, and the Cash Conversion Cycle has improved to 16 days.
- The next checkpoint for monitoring will be the sustainability of operating profit margins in the upcoming quarters, given the recent sequential profit decline.

### Bull Case

JSW Steel reported a 10% quarter-over-quarter increase in consolidated crude steel production for the second quarter of FY27, reaching 72.7 lakh tonnes. This also represents a 5% year-over-year production increase. On a monthly basis, the technical trend is indicated as bullish, with the ADX at 46.93 and the plus DI (19.56) exceeding the minus DI (14.16). The weekly trend also shows a bullish supertrend direction.

- Consolidated crude steel production reached 72.7 lakh tonnes in Q2 FY27, up 10% sequentially and 5% year-over-year.
- Monthly technical indicators show a bullish trend (ADX 46.93, plus DI 19.56 vs. minus DI 14.16).
- Weekly technical indicators show a bullish supertrend direction.

- [SAIL, HZL, Jindal Steel, Tata Steel, Nalco, Hindalco shares jump up to 3%; top stock pick](https://www.businesstoday.in/markets/stocks/story/sail-hindustan-zinc-jindal-steel-tata-steel-nalco-hindalco-shares-jump-up-to-3-top-stock-pick-560941-2026-10-12)
- [JSW Steel underpaid Rs 147.76cr in mining fees, flags CAG report - OrissaPOST](https://www.orissapost.com/jsw-steel-underpaid-rs-147-76cr-in-mining-fees-flags-cag-report/)
- [JSW Steel Reports 72.7 lakh Tonnes Consolidated Crude Steel Production In Q2 FY27, Up 10% QoQ](https://www.freepressjournal.in/business/jsw-steel-reports-727-lakh-tonnes-consolidated-crude-steel-production-in-q2-fy27-up-10-qoq)
- [JSW STEEL LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2266_WebXMLFile_20261012_121312591.xml)
- [JSW Steel Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended Sept 30, 2026 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/jessydenny_12102026174437_certificate_under_DP_regulation.pdf)
- [JSW Steel Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/jessydenny_09102026223626_analyst_meet.pdf)
- [JSW Steel Limited has informed the Exchange regarding a press release dated October 08, 2026, titled "JSW Steel reports Consolidated Crude Steel Production of 7.27 million Tonnes for Q2 FY27". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/jessydenny_08102026160336_Production_Press_Release_Sept_26__1_.pdf)
- [Early redemption of US$500,000,000, 3.95% Notes due 2027 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/jessydenny_07102026221350_Redemption_of_Notes.pdf)
- [JSW Steel Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/jessydenny_05102026194031_Intimation.pdf)
- [JSW STEEL LIMITED has informed the Exchange about Board Meeting to be held on 23-Oct-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Quarterly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2266_WebXMLFile_20260929_152336469.xml)

### Bear Case

JSW Steel faces a cautionary signal from a report by the Comptroller and Auditor General of India (CAG), which flagged an underpayment of ₹147.76 crore in stamp duty and registration fees related to increased production capacity at its Nuagaon iron ore mine. This indicates potential regulatory or compliance issues. From a technical standpoint, the daily trend analysis shows a bearish supertrend direction, with negative slopes for the 20-day and 50-day moving averages, suggesting short-term downward pressure. The stock has experienced a drawdown of -12.3% and a maximum drawdown of -13.4%, with annualized volatility at +24.3%. Short-term returns are also negative, with a -7.0% return over the last month and -6.9% over the last 10 days.

- CAG report flags ₹147.76 crore underpayment in mining fees.
- Daily technical trend indicates a bearish supertrend direction.
- Current drawdown stands at -12.3%, with maximum drawdown at -13.4%.
- Monthly return is -7.0% as of 2026-10-13.

- [SAIL, HZL, Jindal Steel, Tata Steel, Nalco, Hindalco shares jump up to 3%; top stock pick](https://www.businesstoday.in/markets/stocks/story/sail-hindustan-zinc-jindal-steel-tata-steel-nalco-hindalco-shares-jump-up-to-3-top-stock-pick-560941-2026-10-12)
- [JSW Steel underpaid Rs 147.76cr in mining fees, flags CAG report - OrissaPOST](https://www.orissapost.com/jsw-steel-underpaid-rs-147-76cr-in-mining-fees-flags-cag-report/)
- [JSW Steel Reports 72.7 lakh Tonnes Consolidated Crude Steel Production In Q2 FY27, Up 10% QoQ](https://www.freepressjournal.in/business/jsw-steel-reports-727-lakh-tonnes-consolidated-crude-steel-production-in-q2-fy27-up-10-qoq)
- [JSW STEEL LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2266_WebXMLFile_20261012_121312591.xml)
- [JSW Steel Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended Sept 30, 2026 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/jessydenny_12102026174437_certificate_under_DP_regulation.pdf)
- [JSW Steel Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/jessydenny_09102026223626_analyst_meet.pdf)
- [JSW Steel Limited has informed the Exchange regarding a press release dated October 08, 2026, titled "JSW Steel reports Consolidated Crude Steel Production of 7.27 million Tonnes for Q2 FY27". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/jessydenny_08102026160336_Production_Press_Release_Sept_26__1_.pdf)
- [Early redemption of US$500,000,000, 3.95% Notes due 2027 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/jessydenny_07102026221350_Redemption_of_Notes.pdf)
- [JSW Steel Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/jessydenny_05102026194031_Intimation.pdf)
- [JSW STEEL LIMITED has informed the Exchange about Board Meeting to be held on 23-Oct-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Quarterly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2266_WebXMLFile_20260929_152336469.xml)

### FAQs

**What was JSW Steel's crude steel production in Q2 FY27, and how does it compare to previous periods?**

JSW Steel reported consolidated crude steel production of 72.7 lakh tonnes for the second quarter of financial year 2027 (Q2 FY27). This represents a 10% increase compared to the previous quarter (QoQ) and a 5% increase year-on-year (YoY). Indian operations contributed 70.7 lakh tonnes, also showing a 11% QoQ and 5% YoY increase. JSW Steel USA-Ohio produced 2.0 lakh tonnes. For the first half of FY27 (H1 FY27), consolidated production was 138.6 lakh tonnes, up 4% YoY.

**What is the current technical trend for JSW Steel, and what are the nearest support and resistance levels?**

As of October 13, 2026, the daily trend for JSW Steel is indicated as 'bearish' with a SuperTrend direction. However, the weekly trend is 'bullish'. The nearest support level is at ₹1174.73, which is 0.16% below the current price, followed by ₹1174.00. The nearest resistance level is at ₹1185.87, which is 0.79% above the current price, followed by ₹1191.03.

**What recent financial actions has JSW Steel taken regarding its debt?**

On October 7, 2026, JSW Steel announced the early redemption of its US$500,000,000, 3.95% Notes due 2027.

**What regulatory issue has JSW Steel recently faced concerning its mining operations?**

A report by the Comptroller and Auditor General of India (CAG) flagged that JSW Steel underpaid ₹147.76 crore in stamp duty and registration fees related to increased production capacity at its Nuagaon iron ore mine in Kendujhar district. The report indicated a total revenue shortfall of ₹148.46 crore across three mines.

- [SAIL, HZL, Jindal Steel, Tata Steel, Nalco, Hindalco shares jump up to 3%; top stock pick](https://www.businesstoday.in/markets/stocks/story/sail-hindustan-zinc-jindal-steel-tata-steel-nalco-hindalco-shares-jump-up-to-3-top-stock-pick-560941-2026-10-12)
- [JSW Steel underpaid Rs 147.76cr in mining fees, flags CAG report - OrissaPOST](https://www.orissapost.com/jsw-steel-underpaid-rs-147-76cr-in-mining-fees-flags-cag-report/)
- [JSW Steel Reports 72.7 lakh Tonnes Consolidated Crude Steel Production In Q2 FY27, Up 10% QoQ](https://www.freepressjournal.in/business/jsw-steel-reports-727-lakh-tonnes-consolidated-crude-steel-production-in-q2-fy27-up-10-qoq)
- [JSW STEEL LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2266_WebXMLFile_20261012_121312591.xml)
- [JSW Steel Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended Sept 30, 2026 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/jessydenny_12102026174437_certificate_under_DP_regulation.pdf)
- [JSW Steel Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/jessydenny_09102026223626_analyst_meet.pdf)
- [JSW Steel Limited has informed the Exchange regarding a press release dated October 08, 2026, titled "JSW Steel reports Consolidated Crude Steel Production of 7.27 million Tonnes for Q2 FY27". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/jessydenny_08102026160336_Production_Press_Release_Sept_26__1_.pdf)
- [Early redemption of US$500,000,000, 3.95% Notes due 2027 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/jessydenny_07102026221350_Redemption_of_Notes.pdf)
- [JSW Steel Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/jessydenny_05102026194031_Intimation.pdf)
- [JSW STEEL LIMITED has informed the Exchange about Board Meeting to be held on 23-Oct-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Quarterly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2266_WebXMLFile_20260929_152336469.xml)
## Technical analytics

- As of: 2026-10-13
- Daily trend: Moderate Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹1,174.73
- Risk regime: Price Risk Currently Contained

### Support levels
- 1174
- 1151.38125
- 1103.55

### Resistance levels
- 1191.02890625
- 1219.6707031249998
- 1252.475390625

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +0.31% |
| return_10 | -6.92% |
| return_1m | -6.99% |
| return_1y | +1.31% |
| return_20 | -6.99% |
| return_3m | -4.91% |
| return_5 | -6.59% |
| return_6m | -2.29% |
| return_since_start | +29.95% |
| return_ytd | +0.44% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | contained_risk |
| label | Price risk currently contained |
| summary | Recent drawdown and price variability remain within the producer's contained-risk thresholds. |
| maximum_drawdown | -13.35% |
| annualized_volatility | +24.26% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Operating Surplus Rises Sequentially as Expenses Fall Faster Than Revenue

JSW Steel Limited reported lower revenue in the quarter ended 30 June 2026 compared to the preceding quarter, but total expenses declined more sharply, resulting in a higher operating surplus. Profit before tax returned to a level more than double that of the same quarter a year ago, supported by lower finance costs.

## Revenue and Expense Trends

Revenue from operations was ₹47,364 crore, down 7.5% from ₹51,180 crore in the preceding quarter. Total expenses fell 10.7% to ₹41,830 crore. The steeper decline in expenses increased the operating surplus before other income and finance costs to ₹5,534 crore from ₹4,318 crore in the preceding quarter, a 28% increase.

Year over year, revenue grew 9.8% from ₹43,147 crore, while expenses increased 3.7% from ₹40,325 crore. The wider gap between revenue and expenses contributed to the higher operating surplus compared to the same quarter a year ago.

## Profitability and Exceptional Items

Profit before tax was ₹6,258 crore, down 72% from ₹22,547 crore in the preceding quarter. The prior quarter included a ₹17,888 crore exceptional gain. Excluding that item, profit before tax for the preceding quarter was ₹4,659 crore. The current quarter’s profit before tax is higher than that adjusted figure.

Compared to the same quarter a year ago, profit before tax nearly doubled from ₹3,172 crore, as revenue grew 9.8% while expenses increased only 3.7%.

Net profit for the period was ₹4,696 crore, compared to ₹19,243 crore in the preceding quarter and ₹2,209 crore a year ago. Comprehensive income for the period was ₹5,514 crore, exceeding net profit by ₹818 crore, which reflects net positive other comprehensive income items.

## Finance Costs and Other Income

Finance costs declined 21% sequentially to ₹1,712 crore, reaching the lowest level among the five quarters for which data is available. The reduction in finance costs supported pre-tax profit. Other income was ₹724 crore in the quarter.

## Earnings Per Share

Basic earnings per share was ₹19.05, down from ₹67.07 in the preceding quarter but up from ₹8.95 a year ago. The paid-up equity share capital remained unchanged at ₹244 crore, and the movement in earnings per share aligns with the change in net profit.

## Key Takeaway

Excluding the prior quarter's exceptional gain, underlying operating profit improved. Revenue declined sequentially, but a proportionally larger reduction in total expenses and lower finance costs allowed the company to generate higher profit before tax than the normalized level of the previous quarter. The year-over-year growth in revenue and profit indicates improved performance compared to the same period last year.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +44.29%
- FII holding: +10.91%
- DII holding: +11.49%
- Mutual fund holding: +5.89%
- Retail holding: +3.44%
- Promoter pledged: +0.00%

### Major reported shareholders

- JFE STEEL INTERNATIONAL EUROPE B.V. — +15.00%
- JSW TECHNO PROJECTS MANAGEMENT LTD — +10.82% (Bodies Corporate)
- JSW HOLDINGS LIMITED — +7.42% (Bodies Corporate)
- VIVIDH FINVEST PRIVATE LIMITED — +5.86% (Bodies Corporate)
- LIFE INSURANCE CORPORATION OF INDIA — +4.94%
- SAHYOG HOLDINGS PRIVATE LIMITED — +4.58% (Bodies Corporate)
- SIDDESHWARI TRADEX PRIVATE LIMITED — +3.46% (Bodies Corporate)
- JTPM METAL TRADERS LIMITED — +3.40% (Bodies Corporate)
- VIRTUOUS TRADECORP PRIVATE LIMITED — +2.47% (Bodies Corporate)
- GAGANDEEP CREDIT CAPITAL PVT LTD — +2.03%

## Official filings

- 2026-10-12 — Generic Announcement: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2266_WebXMLFile_20261012_121312591.xml)
- 2026-10-12 — Generic Announcement: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/jessydenny_12102026174437_certificate_under_DP_regulation.pdf)
- 2026-10-09 — Generic Announcement: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/jessydenny_09102026223626_analyst_meet.pdf)
- 2026-10-08 — Press Release: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/jessydenny_08102026160336_Production_Press_Release_Sept_26__1_.pdf)
- 2026-10-07 — Generic Announcement: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/jessydenny_07102026221350_Redemption_of_Notes.pdf)
- 2026-10-05 — Generic Announcement: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/jessydenny_05102026194031_Intimation.pdf)
- 2026-09-29 — Generic Announcement: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2266_WebXMLFile_20260929_152336469.xml)
- 2026-09-29 — Board Meeting Notice: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2266_WebXMLFile_20260929_152336469.xml)
- 2026-09-29 — Generic Announcement: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_2266_WebXMLFile_20260929_152504579.xml)
- 2026-09-29 — Generic Announcement: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/jessydenny_29092026154152_SE_Intimation.pdf)
- 2026-09-28 — Board Meeting Notice: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/jessydenny_28092026173131_Board_Meeting_Notice__2_.pdf)
- 2026-09-28 — Generic Announcement: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/jessydenny_28092026173913_Board_Meeting_Notice__2_.pdf)
- 2026-09-25 — Generic Announcement: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_2266_WebXMLFile_20260925_111116619.xml)
- 2026-09-24 — Generic Announcement: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DivyaMascarenhas_25092026002745_JSWSLSEIntimationforfilingofDRHPbyJSWOne.pdf)
- 2026-09-12 — Generic Announcement: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/jessydenny_12092026162018_newspaper-_merger.pdf)
- 2026-09-08 — Generic Announcement: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/jessydenny_08092026093004_analaystmeet.pdf)
- 2026-09-05 — Press Release: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/jessydenny_05092026092240_Production_Press_Release_August_26.pdf)
- 2026-09-03 — Credit Rating Update: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/jessydenny_03092026091705_Credit_Ratings_upgrade.pdf)
- 2026-09-02 — Official Filing: JSW STEEL LIMITED — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/IT_2266_WebXMLFile_20260902_165014338.xml)
- 2026-09-01 — Generic Announcement: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Supriya_01092026170653_Notice_of_loss_of_share_certificate_-_september_-_SE.pdf)
- 2026-08-31 — Generic Announcement: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/jessydenny_31082026163434_Schedule_of_analysts_meeting.pdf)
- 2026-08-27 — Official Filing: JSW STEEL LIMITED — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/IT_2266_WebXMLFile_20260827_175018429.xml)
- 2026-08-25 — Official Filing: JSW STEEL LIMITED — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/IT_2266_WebXMLFile_20260825_181102353.xml)
- 2026-08-21 — Generic Announcement: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Supriya_21082026194513_SEIntimationVotingResultsCCM.pdf)
- 2026-08-21 — Regulatory Filing: JSW Steel Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/RESULT_VOTING_1716991_21082026074736_WEB.xml)

## News and market events

- 2026-10-12 — BUSINESSTODAY: **SAIL, HZL, Jindal Steel, Tata Steel, Nalco, Hindalco shares jump up to 3%; top stock pick** — SAIL share price, HZL share price, Hindustan Zinc share price, Jindal Steel share price, Tata Steel share price, JSW Steel share price, metal stocks, draft steel policy — [Source](https://www.businesstoday.in/markets/stocks/story/sail-hindustan-zinc-jindal-steel-tata-steel-nalco-hindalco-shares-jump-up-to-3-top-stock-pick-560941-2026-10-12)
- 2026-10-10 — Orissa POST: **JSW Steel underpaid Rs 147.76cr in mining fees, flags CAG report - OrissaPOST** — Jajpur: JSW Steel Ltd underpaid Rs 147.76 crore in stamp duty and registration fees on increased production capacity at its Nuagaon iron ore mine in Kendujhar district, according to a report by the Comptroller and Auditor General of India (CAG). The report flagged a total revenue shortfall of Rs 148.46 crore across three mines in […] — [Source](https://www.orissapost.com/jsw-steel-underpaid-rs-147-76cr-in-mining-fees-flags-cag-report/)
- 2026-10-08 — FREEPRESSJOURNAL.IN: **JSW Steel Reports 72.7 lakh Tonnes Consolidated Crude Steel Production In Q2 FY27, Up 10% QoQ** — JSW Steel announced a 10 per cent sequential rise in its consolidated crude steel production, reaching 72.7 lakh tonnes in the second quarter of financial year 2027. Production also saw a 5 per cent year-on-year increase. — [Source](https://www.freepressjournal.in/business/jsw-steel-reports-727-lakh-tonnes-consolidated-crude-steel-production-in-q2-fy27-up-10-qoq)
- 2026-09-30 — The Hindu: **The India-EFTA partnership, one plus one equals three** — The Trade and Economic Partnership Agreement between India and the four European Free Trade Association states is a year old but is showing what an ambitions and rules-based partnership can deliver — [Source](https://www.thehindu.com/opinion/lead/the-india-efta-partnership-one-plus-one-equals-three/article71529585.ece)
- 2026-09-30 — BUSINESSTODAY: **Metals relief rally: As investors count losses, six stocks trading at 52-week highs; price targets and more** — Metal stocks, Shyam Metalics, Welspun Corp, APL Apollo Tubes, JSW Steel, Kalyani Steels, Sambhv Steel Tubes — [Source](https://www.businesstoday.in/markets/trending-stocks/story/metals-relief-rally-as-investors-count-losses-six-stocks-trading-at-52-week-highs-price-targets-and-more-558675-2026-09-30)
- 2026-09-29 — Mint: **Nifty Metal slips 5% in September post 29% 1 yr rally, October comeback ahead? Hindustan Zinc, NMDC, NALCO may shine** — Nifty Metal has dropped nearly 5% in the past month, with notable declines from companies like NALCO and Vedanta. Experts suggest October may be more stock-specific rather than a broad rally — [Source](https://www.livemint.com/market/stock-market-news/nifty-metal-slips-5-in-september-post-29-1-yr-rally-october-comeback-ahead-hindustan-zinc-nmdc-nalco-may-shine-11790662544556.html)
- 2026-09-28 — MONEYCONTROL: **Tata Steel, JSW Steel, Jindal Steel in focus as rebar prices rally; Nomura retains 'Buy'** — Tata Steel, JSW Steel, Jindal Steel Tata Steel, JSW Steel, Jindal Steel, Nomura, steel stocks — [Source](https://www.moneycontrol.com/news/business/stocks/tata-steel-jsw-steel-jindal-steel-in-focus-as-rebar-prices-rally-nomura-retains-buy-14039730.html)
- 2026-09-26 — The Hindu: **Centre orders captive coal power plants to maximise power output on surging demand** — Centre orders over 100 captive coal plants to run at full capacity through year-end to meet surging demand, directing surplus power sales. — [Source](https://www.thehindu.com/business/Industry/centre-orders-captive-coal-power-plants-to-maximise-power-output-on-surging-demand/article71514005.ece)
- 2026-09-26 — IANSLIVE.IN: **JSW One Platforms' promoters face 340 tax matters and 3 criminal proceedings, shows DRHP** — New Delhi, Sep 26 (IANS) JSW One Platforms' draft red herring prospectus (DRHP) showed that the company is involved in five tax-related matters, while its promoters are facing 340 tax matters and three criminal proceedings, with litigation involving promoters amounting to over Rs 138.9 billion. — [Source](https://ianslive.in/jsw-one-platforms-promoters-face-340-tax-matters-and-3-criminal-proceedings-shows-drhp--20260926175910)
- 2026-09-26 — MONEYCONTROL: **JSW One Platforms plans Rs 3,054 crore IPO, files draft papers with SEBI** — JSW One Platforms, JSW One IPO, Rs 3,054 Crore IPO, B2B Platform, SEBI IPO, latest IPO — [Source](https://www.moneycontrol.com/news/business/ipo/jsw-one-platforms-plans-rs-3-054-crore-ipo-files-draft-papers-with-sebi-14038814.html)
- 2026-09-26 — MONEYCONTROL: **India orders 112 captive coal plants to run at full capacity from October 1 as power demand rises** — India power demand, captive coal power plants, India coal power plants, power ministry India, electricity demand India 2026, Section 11 Electricity Act, Vedanta captive power plant, Tata Steel power plant, Hindalco captive power plant, Tata Power Mundra — [Source](https://www.moneycontrol.com/news/business/india-orders-112-captive-coal-plants-to-run-at-full-capacity-from-october-1-as-power-demand-rises-14038789.html)
- 2026-09-26 — Economic Times: **India orders captive coal plants to maximise power output on surging demand** — India has ordered more than 100 coal-fired power plants to operate at full capacity starting October 1, which is intended to meet rising electricity demand. The federal power ministry's directive covers plants with installed capacities of at least 50 megawatts. Nearly 40% of coal-fired plants have low fuel stocks amid increasing power needs due to El Nino. — [Source](https://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/india-orders-captive-coal-plants-to-maximise-power-output-on-surging-demand/articleshow/134499147.cms)
- 2026-09-26 — The Hindu: **Govt orders captive coal plants to maximise power output on surging demand** — India orders 100+ captive coal plants to run at full capacity through year-end to meet rising demand under emergency provisions. — [Source](https://www.thehindubusinessline.com/news/govt-orders-captive-coal-plants-to-maximise-power-output-on-surging-demand/article71511962.ece)
- 2026-09-26 — Economic Times: **JSW One IPO: JSW One files DRHP for Rs 3,054-crore IPO - The Economic Times** — In a significant move, JSW One Platforms has filed its draft red herring prospectus in preparation for an initial public offering that could garner up to Rs 3,054 crore. This total is made up of fresh equity and an offer for sale. The firm aims to leverage these funds to bolster its financial and technological capabilities. — [Source](https://economictimes.indiatimes.com/tech/startups/jsw-one-files-drhp-for-rs-3054-crore-ipo/articleshow/134497432.cms)
- 2026-09-26 — Economic Times: **JSW One Platforms Seeks ₹3,054 Crore IPO to Boost B2B Services** — JSW One Platforms has filed for a ₹3,054 crore IPO to enhance its technology-driven B2B platform for manufacturing and construction sectors, with a fresh equity issue and an Offer for Sale from major shareholders. — [Source](https://economictimes.indiatimes.com/markets/ipos/fpos/jsw-one-platforms-files-draft-papers-for-rs-3054-crore-ipo/articleshow/134498412.cms)
- 2026-09-26 — The Hindu: **Punjab emerging as major industrial hub, attracted ₹1.89 lakh cr investment in 4 years: Mann** — Punjab rapidly becomes an industrial hub with ₹1.89 lakh crore investments in four years, creating 6.31 lakh jobs and boosting growth beyond traditional centers. — [Source](https://www.thehindubusinessline.com/economy/punjab-emerging-as-major-industrial-hub-attracted-189-lakh-cr-investment-in-4-years-mann/article71511573.ece)
- 2026-09-26 — The Hindu: **JSW One Platforms files draft papers for ₹3,054 crore IPO** — The proposed IPO comprises a fresh issue of equity shares worth up to ₹1,300 crore and an Offer for Sale of shares worth up to ₹1,754.01 crore — [Source](https://www.thehindu.com/business/markets/jsw-one-platforms-files-draft-papers-for-3054-crore-ipo/article71511448.ece)
- 2026-09-25 — The Hindu: **JSW One Platforms moves SEBI for ₹3,054-cr IPO** — The offer comprises a fresh issue worth ₹1,300 crore and an offer-for-sale of ₹1,754 crore — [Source](https://www.thehindubusinessline.com/markets/jsw-one-platforms-moves-sebi-for-3054-cr-ipo/article71509523.ece)
- 2026-09-25 — BUSINESSTODAY: **Sajjan Jindal-backed JSW One Platforms filed DRHP with SEBI to launch IPO; key details** — JSW One Platforms, JSW One Platforms IPO, JSW One Platforms IPO news, JSW One Platforms IPO drhp, JSW One Platforms DRHP, Sajjan Jindal, Jindal Group, upcoming IPOs — [Source](https://www.businesstoday.in/markets/ipo-corner/story/sajjan-jindal-backed-jsw-one-platforms-filed-drhp-with-sebi-to-launch-ipo-key-details-557844-2026-09-25)
- 2026-09-25 — FREEPRESSJOURNAL.IN: **JSW One Platforms Eyes ₹3,054 Crore IPO, Fresh Issue Of ₹1,300 Crore Planned** — JSW One Platforms files IPO papers for up to Rs 3,054 crore, including a Rs 1,300 crore fresh issue, as revenue jumps nearly 45 percent in FY26. — [Source](https://www.freepressjournal.in/business/jsw-one-platforms-eyes-3054-crore-ipo-fresh-issue-of-1300-crore-planned)
- 2026-09-24 — BUSINESS: **Nifty below 23,250; metal shares lose sheen** — At 11:30 IST, the barometer index, the S&P BSE Sensex, tanked 687.83 points or 0.92% to 74,155.56. The Nifty 50 index lost 231.90 points or 0.99% to 23,215.20. — [Source](https://www.business-standard.com/markets/capital-market-news/nifty-below-23-250-metal-shares-lose-sheen-126092400395_1.html)
- 2026-09-23 — CNBC-TV18: **Foreign investors buy ₹1,617 crore of Indian shares after a day of heavy selling** — Foreign investors bought ₹1,617 crore of Indian shares on Wednesday after heavy selling a day earlier, while domestic institutions added another ₹2,341 crore. — [Source](https://www.cnbctv18.com/market/foreign-investors-buy-rs1617-crore-of-indian-shares-after-a-day-of-heavy-selling-19996931.htm)
- 2026-09-23 — CNBC-TV18: **Sensex, Nifty close at 2-week high: Crude, metals and financials drive gains** — The Sensex rose 299 points to 74,828, while the Nifty gained 118 points to 23,447. The Nifty Bank gained 333 points to 56,549, while the Midcap index rose 433 points to 62,396. — [Source](https://www.cnbctv18.com/market/sensex-nifty-close-at-2-week-high-crude-metals-and-financials-drive-gains-19996687.htm)
- 2026-09-23 — BUSINESS: **Sensex gains 241 pts; metal shares in demand** — At 10:30 IST, the barometer index, the S&P BSE Sensex, jumped 240.85 points or 0.32% to 74,769.93. The Nifty 50 index rose 71.15 points or 0.31% to 23,402.85. — [Source](https://www.business-standard.com/markets/capital-market-news/sensex-gains-241-pts-metal-shares-in-demand-126092300312_1.html)
- 2026-09-23 — Economic Times: **Entry of China JVs likely in Auto PLI Scheme** — The government is likely to consider applications of automobile and auto component companies with Chinese investment for production-linked incentives (PLI), officials said, signalling their greater acceptance into domestic manufacturing in the backdrop of President Xi Jinpings recent visit to India. — [Source](https://economictimes.indiatimes.com/et-front/entry-of-china-jvs-likely-in-auto-pli-scheme/articleshow/134420332.cms)

## Business profile

**Strategic vision:** Indian steel producer manufacturing crude and value-added steel products.

### Business segments
- **Iron & Crude Steel:** Operates blast furnaces, corex furnaces, and electric arc furnaces to smelt iron ore and produce steel slabs, blooms, and billets.
- **Value-Added & Downstream Products:** Processes crude steel into hot-rolled coils, cold-rolled coils, galvanized sheets, color-coated panels, and wire rods.

### Competitive strengths
- Backward integration into captive mining operations.
- Logistics integration with captive port terminals and slurry pipelines.
- Internal energy generation through waste gas recycling.
- Integrated value-added processing facilities.

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## Freshness and sources

- Data as of: 2026-10-13
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/jswsteel
Markdown representation: https://faxioms.com/stocks/jswsteel?render=md