JSW Steel posts twofold quarterly profit rise on price recovery

India’s JSW Steel reported a more than twofold jump in adjusted quarterly profit on Thursday, helped by a rebound in steel prices and healthy demand.

New Delhi’s tariff on some steel product imports from China pushed up steel prices after two quarters of sequential declines, while the lowering of US tariffs boosted export demand, also supporting prices.

However, going ahead, the firm expects domestic steel prices to be “range bound” after recent hikes in April and May, Jayant Acharya, chief executive of JSW Steel, said.

JSW Steel’s sales volume rose 6% during the quarter, helped by a 10.4% rise in India’s steel consumption, the company said.

India’s steel demand is expected to grow by 7%-9% in the ongoing fiscal year 2027, Acharya said, after a 7.9% growth in steel consumption in fiscal 2026.

The Mumbai-based steelmaker’s revenue from operations climbed 14.2% to 511.8 billion rupees ($5.34 billion) for the quarter ended March 31, beating analysts’ expectations of 496.86 billion rupees, according to data compiled by LSEG.

The company’s consolidated profit before exceptional items and tax jumped 153% to 44.89 billion rupees, while its net profit stood at 163.7 billion rupees, boosted by a one-time gain from the slump sale of the steel business of Bhushan Power and Steel.

JSW Steel’s operating EBITDA margins improved to 16.87% from 14.23%, driven by higher sales realization and partly offset by higher coking coal prices, the company said.

The firm expects its capex spend for fiscal 2027 to be between 220 billion rupees and 240 billion rupees, after spending 155.85 billion rupees in fiscal 2026.

($1 = 95.7625 Indian rupees)

(By Anuran Sadhu; Editing by Eileen Soreng, Harikrishnan Nair and Vijay Kishore)