JSW Steel , one of India's leading steel producers, is set to release its second quarter financial results, with analysts projecting a mixed performance. The steelmaker is expected to face challenges in profitability despite strong domestic demand and steady volume growth.

Financial Projections

According to Bloomberg estimates, JSW Steel's Q2 FY24 performance is expected to show:

The projected decline in profit and EBITDA, despite a marginal increase in revenue, points to potential pressure on the company's margins. Analysts attribute this to weaker steel price realizations, which are offsetting the gains from robust domestic demand.

Analyst Perspectives

Several prominent financial institutions have shared their outlook on JSW Steel:

1. Bank of America

   • Rating: Buy
   • Target Price: Rs 1,290
   • Rationale: Stronger domestic demand and potential policy support through higher import tariffs

2. Morgan Stanley

   • Rating: Overweight
   • Target Price: Rs 1,156.80
   • Expectation: Mid-teens year-on-year growth

3. Jefferies

   • Rating: Buy
   • Projection: 11% year-on-year net sales growth to Rs 43,900 crore

4. ICICI Securities

   • Rating: Hold
   • Target Price: Rs 1,010
   • Stance: More cautious view compared to peers

Key Factors Influencing Performance

1. Declining Realizations: Analysts estimate a reduction of approximately Rs 3,000-3,500 per tonne quarter-on-quarter in steel price realizations.

2. Input Costs: Higher input costs are expected to impact profitability.

3. Domestic Demand: Strong domestic demand continues to provide support to the company's performance.

4. Capacity Additions: Ongoing capacity expansions are seen as a positive factor for future growth.

The mixed outlook for JSW Steel reflects the complex dynamics of the steel industry, where strong demand is being offset by pricing pressures and rising costs. Investors and market watchers will be keenly observing the actual results to gauge the company's ability to navigate these challenges and maintain its growth trajectory in the coming quarters.

JSW Steel , one of India's leading integrated steel companies, has reported a record-breaking quarterly crude steel production of 7.90 million tonnes for the second quarter of fiscal year 2026. This remarkable achievement underscores the company's robust operational performance and its growing prominence in the steel industry.

Production Highlights

• Record Production: JSW Steel's consolidated crude steel production reached an all-time high of 7.90 million tonnes in Q2 FY26.
• Year-over-Year Growth: Production increased by 17% compared to the same quarter in the previous fiscal year.
• Quarter-over-Quarter Growth: A 9% increase from the preceding quarter (Q1 FY26).
• Capacity Utilization: The company operated at an impressive 92% capacity utilization during the quarter.

Detailed Production Breakdown

Production figures in million tonnes

Key Developments

1. Capacity Expansion: JSW Steel's wholly-owned subsidiary, JVML, commissioned its second converter on August 30, 2025, bringing the overall Indian operations crude steel capacity to 34.2 MTPA.
2. JVML Performance: The integrated 5 MTPA operations at JVML ramped up efficiently, achieving an 88% capacity utilization in September 2025.
3. Vijayanagar Upgrade: A planned 150-day shutdown of Blast Furnace 3 at Vijayanagar commenced in late September 2025 to upgrade hot metal capacity from 3 MTPA to 4.5 MTPA.

Half-Year Performance

Production figures in million tonnes

JSW Steel's impressive performance in Q2 FY26 reflects its strategic focus on operational excellence and capacity expansion. The company's ability to achieve record production levels while maintaining high capacity utilization demonstrates its operational efficiency and strong market position. As JSW Steel continues to expand its capabilities and optimize its operations, it is well-positioned to meet the growing demand for steel in India and international markets.

The planned upgrades and expansions, such as the Vijayanagar Blast Furnace 3 enhancement, indicate JSW Steel's commitment to long-term growth and technological advancement. These initiatives are likely to further strengthen the company's production capabilities and market competitiveness in the coming quarters.