JSW Steel Limited — Quarter ended 31 March 2026 (Audited) and year ended 31 March 2026 (Audited)
Optional commentary: Standalone and consolidated audited financial results for the quarter ended 31.03.2026 and the year ended 31.03.2026 are included below, along with standalone/consolidated balance sheet, cash flow, and certain additional ratios/disclosures.
| Sr. No. | Particulars | Quarter Ended | Year Ended |
|---|---|---|---|
| 31.03.2026 Audited (refer note 9) |
31.12.2025 Unaudited |
||
| I | Revenue from operations | ||
| a) Gross sales | 34,783 | 31,217 | |
| b) Other operating income (refer note 5) | 1,465 | 910 | |
| Total Revenue from operations | 36,248 | 32,127 | |
| II | Other Income | 427 | 361 |
| III | Total Income (I + II) | 36,675 | 32,488 |
| IV | Expenses | ||
| a) Cost of materials consumed | 17,133 | 17,132 | |
| b) Purchases of stock-in-trade | 1,030 | 672 | |
| c) Changes in inventories of finished goods & semi-finished, work-in-progress and stock-in-trade | 1,634 | 771 | |
| d) Mining premium and royalties | 1,910 | 1,736 | |
| e) Employee benefits expense | 650 | 626 | |
| f) Finance costs | 1,531 | 1,609 | |
| g) Depreciation and amortisation expense | 1,498 | 1,506 | |
| h) Power and fuel | 2,866 | 2,632 | |
| i) Other expenses | 5,447 | 4,437 | |
| Total Expenses (IV) | 33,699 | 31,121 | |
| V | Profit before exceptional Items and Tax (III – IV) | 2,976 | 1,367 |
| VI | Exceptional Items (net) (refer note 7) | 139 | 338 |
| VII | Profit before Tax (V-VI) | 2,837 | 1,029 |
| VIII | Tax Expense / (credit) | ||
| a) Current tax | 1,240 | 353 | |
| b) Deferred tax | (497) | (81) | |
| c) Tax Impact for earlier years | – | – | |
| Total Tax Expense / (credit) | 743 | 272 | |
| IX | Net Profit for the period/ year (VII-VIII) | 2,094 | 757 |
| X | Other Comprehensive Income (OCI) | ||
| A. i) Items that will not be reclassified to profit or loss | (81) | (403) | |
| ii) Income tax relating to items that will not be reclassified to profit or loss | 12 | 56 | |
| B. i) Items that will be reclassified to profit or loss | (266) | 211 | |
| ii) Income tax relating to items that will be reclassified to profit or loss | 67 | (53) | |
| Total Other Comprehensive Income/(Loss) | (268) | (189) | |
| XI | Total Comprehensive Income for the period/year (Comprising Profit and Other Comprehensive Income /(Loss) for the period/year) (IX+X) | 1,826 | 568 |
| XII | Earnings per equity share (not annualised) | ||
| Basic (Rs.) | 8.58 | 3.10 | |
| Diluted (Rs.) | 8.56 | 3.10 |
| Particulars | As at 31.03.2026 Audited | As at 31.03.2025 Audited |
|---|---|---|
| A ASSETS | ||
| 1 Non-current assets | ||
| (a) Property, plant and equipment | 73,845 | 73,322 |
| (b) Capital work-in-progress | 13,878 | 10,538 |
| (c) Right of Use Assets | 3,899 | 2,931 |
| (d) Goodwill | 413 | 413 |
| (e) Intangible assets | 1,812 | 1,843 |
| (f) Intangible assets under development | 416 | 377 |
| (g) Investments in subsidiaries, associates and joint ventures | 29,350 | 28,483 |
| (h) Financial assets | ||
| (i) Investments | 5,106 | 5,040 |
| (ii) Loans | 12,088 | 9,710 |
| (iii) Derivative assets | 271 | 116 |
| (iv) Others financial assets | 8,386 | 6,827 |
| (i) Non-current income tax (net) | 864 | 558 |
| (j) Other non-current assets | 5,965 | 5,759 |
| Total Non-current assets | 1,56,293 | 1,45,917 |
| 2 Current assets | ||
| (a) Inventories | 21,903 | 19,819 |
| (b) Financial assets | ||
| (i) Investments | 515 | 5,816 |
| (ii) Trade receivables | 7,300 | 5,672 |
| (iii) Cash and cash equivalents | 6,666 | 9,595 |
| (iv) Bank balances other than (iii) above | 969 | 666 |
| (v) Loans | 2,345 | – |
| (vi) Derivative Assets | 2,053 | 232 |
| (vii) Others financial assets | 1,168 | 818 |
| (c) Other current assets | 3,999 | 3,726 |
| Total Current assets | 46,918 | 46,344 |
| TOTAL ASSETS | 2,03,211 | 1,92,261 |
| B EQUITY AND LIABILITIES | ||
| 1 Equity | ||
| (a) Equity share capital | 305 | 305 |
| (b) Other equity | 85,355 | 79,534 |
| Total Equity | 85,660 | 79,839 |
| 2 Non-current liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | 58,710 | 55,919 |
| (ia) Lease Liabilities | 3,299 | 2,428 |
| (ii) Other financial liabilities | 858 | 655 |
| (b) Provisions | 1,608 | 1,196 |
| (c) Deferred tax liabilities (net) | 8,080 | 8,528 |
| (d) Other non-current liabilities | 85 | 88 |
| Total Non-current liabilities | 72,640 | 68,814 |
| 3 Current Liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | 8,289 | 9,576 |
| (ia) Lease Liabilities | 511 | 447 |
| (ii) Acceptances | 15,541 | 14,575 |
| (iii) Trade payables | ||
| (a) Total outstanding, dues of micro and small enterprises | 1,256 | 854 |
| (b) Total outstanding, dues of creditors other than micro and small enterprises | 9,527 | 8,059 |
| (iv) Derivative liabilities | 37 | 164 |
| (v) Other financial liabilities | 4,508 | 5,493 |
| (b) Provisions | 251 | 209 |
| (c) Other current liabilities | 3,799 | 4,049 |
| (d) Current tax liabilities (net) | 1,192 | 182 |
| Total Current liabilities | 44,911 | 43,608 |
| TOTAL EQUITY AND LIABILITIES | 2,03,211 | 1,92,261 |
| Particulars | Year Ended 31.03.2026 Audited | Year Ended 31.03.2025 Audited |
|---|---|---|
| Cash flow from operating activities | ||
| Profit before tax | 8,807 | 6,543 |
| Adjustments for: | ||
| Depreciation and amortization expenses | 6,120 | 5,913 |
| Loss on sale of property, plant & equipment (net) | 132 | 138 |
| Gain on sale of financial investments designated as Fair value through profit & loss account (‘FVTPL’) | (364) | (24) |
| Interest income | (1,272) | (1,684) |
| Gain arising of financial instruments designated as FVTPL | (59) | (32) |
| Unwinding of interest on financial assets carried at amortised cost | (4) | (3) |
| Dividend income | (17) | (107) |
| Interest expense | 5,951 | 6,199 |
| Share based payment expense | 167 | 169 |
| Export obligation deferred income amortization | (67) | (22) |
| Unrealised exchange loss (net) | 2,134 | 382 |
| Allowance for doubtful debts, loans, advances and others | 50 | 10 |
| Loss arising of financial instruments designated as FVTPL | 1 | 4 |
| Impairment loss on investments | 65 | – |
| Exceptional items (net) (refer note 7) | 477 | 1,304 |
| Operating profit before working capital changes | 13,314 | 12,247 |
| 22,121 | 18,790 | |
| Adjustments for: | ||
| (Increase)/Decrease in inventories | (2,083) | 3,144 |
| (Increase)/Decrease in trade receivables | (1,629) | 818 |
| (Increase) in other assets | (2,450) | (965) |
| Increase/(Decrease) in trade payable | 1,624 | (3,741) |
| Increase in acceptances | 411 | 155 |
| (Decrease)/Increase in other liabilities | (726) | 527 |
| Increase/(Decrease) in provisions | 43 | (136) |
| (4,810) | (198) | |
| Cash flow from operations | 17,311 | 18,592 |
| Income tax paid (net of refund received) | (2,168) | (1,701) |
| Net cash generated from operating activities (A) | 15,143 | 16,891 |
| Cash flow from investing activities | ||
| Purchase of property, plant and equipment, intangible assets (including under development and capital advances) | (9,028) | (6,654) |
| Proceeds from sale of Salav unit through slump sale (refer note 7) | – | 2,233 |
| Proceeds from sale of property, plant & equipment | 88 | 6 |
| Investment in subsidiaries, joint ventures and other related parties including advances | (1,511) | (3,527) |
| Redemption of investment in subsidiary | – | 1,677 |
| Purchase of current investments | (800) | (12,049) |
| Sale of current investments | 6,472 | 6,273 |
| Bank deposits not considered as cash and cash equivalents (net) | (410) | 2,514 |
| Loans to related parties | (7,357) | (5,491) |
| Loans repaid by related parties | 3,253 | 3,738 |
| Interest received | 490 | 1,194 |
| Dividend received | 17 | 107 |
| Net cash used in investing activities (B) | (8,786) | |
| Cash flow from financing activities | ||
| Payment for purchase of treasury shares | (394) | (44) |
| Proceeds from non-current borrowings | 11,425 | 20,168 |
| Repayment of non-current borrowings | (14,681) | (14,170) |
| Proceeds from current borrowings (net) | 1,644 | 219 |
| Repayment of lease liabilities |