JSW Steel's lustre back in Q1 as safeguard duty aids sales

Marching upwards JSW Steel's profitability improved significantly in Q1FY26, aided by higher sales and lower raw material cost.

- Ashish Agrawal

JSW Steel Ltd.'s consolidated EBITDA jumped 38% on-year to ₹7,600 crore in Q1FY26, thanks to lower raw material costs, royalties, and higher volumes. EBITDA per tonne rose 26% to ₹11,324, when overall revenue was little changed at ₹43,100 crore.

Prices haven't recovered fully. While blended realization at ₹64,500 per tonne is up about ₹4,700 from the lows in Q4FY25, it is about 8% down year-on-year.

The Indian steel industry got a push after the imposition of safeguard duty in April, which led to a notable 34% sequential drop in imports in Q1. JSW's sales grew by 9% to 6.7 million tonnes, with domestic volumes up by 12%.