JSW STEEL LTD.

JSW Steel reported consolidated crude steel production of 24.02 Lakh tonnes for July 2026, marking a 3% year-on-year growth. Indian operations contributed 23.39 Lakh tonnes, showing a 4% YoY increase, while JSW Steel USA – Ohio saw a 13% decrease to 0.63 Lakh tonnes. The company highlighted that the steel business undertaking of Bhushan Power and Steel Limited (BPSL) was transferred in March 2026, and its production figures have been adjusted for year-on-year comparison. Indian operations achieved an 87% capacity utilization, with BF3 of Vijayanagar ramping up well post-restart.

JSW Steel Limited has announced the effectiveness of the Scheme of Amalgamation involving Amba River Coke Limited, Monnet Cement Limited, and JSW Retail and Distribution Limited. The amalgamation, approved by the National Company Law Tribunal (NCLT) and effective from August 1, 2026, consolidates these entities into JSW Steel. The appointed date for the scheme was April 1, 2026. This move is expected to streamline operations and enhance the overall structure of JSW Steel.

JSW Steel has achieved global investment grade status with Moody's Ratings assigning it a Baa3 long-term issuer rating and a stable outlook. Moody's also upgraded JSW Steel's senior unsecured ratings to Baa3. This upgrade is attributed to sustained improvement in credit profile, cost-competitive operations, material debt reduction (from ₹76,563 crore to ₹46,157 crore between March 2025 and June 2026), and expansion in operating scale. The agency expects future projects to drive earnings and support credit metrics. This rating follows upgrades from Fitch, CARE Ratings, and ICRA, reinforcing JSW Steel's financial discipline and deleveraging efforts. The company aims to leverage this rating for more competitive access to international capital markets.

JSW Steel Limited has announced a National Company Law Tribunal (NCLT) convened meeting of its equity shareholders. The meeting, scheduled for August 21, 2026, via Video Conferencing/Other Audio-Visual Means, is to seek approval for the Scheme of Amalgamation of Piombino Steel Limited with JSW Steel Limited. This follows an earlier Board of Directors' approval based on recommendations from the audit committee and independent directors. The notice includes an explanatory statement, the Scheme of Amalgamation, financial statements for both companies for the year ended March 31, 2026, and various valuation and fairness reports. The meeting details and remote e-voting information are provided, with the cut-off date for e-voting being August 14, 2026.

JSW Steel Ltd announced that Mr. Seturaman Mahalingam has completed his second 5-year term as an Independent Director on July 20, 2026. During his ten-year tenure, he played a significant role, chairing key committees like the Audit Committee and the Nomination and Remuneration Committee. The company expressed gratitude for his extensive knowledge, experience, and guidance, which significantly benefited the organization. This disclosure is in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and will be available on the company's website.

JSW Steel's Board of Directors has approved the company's participation as a Promoter Selling Shareholder in the proposed Initial Public Offering (IPO) of its subsidiary, JSW One Platforms Limited (JOPL). JSW Steel plans to offer for sale equity shares of JOPL aggregating up to ₹811 Crores. The final price and details of the IPO will be determined later, subject to market conditions and regulatory approvals. For FY26, JOPL contributed ₹90 crores (0.35%) to JSW Steel's consolidated net profit and had a net worth impact of ₹68 crores (0.06%) on JSW Steel's consolidated net worth as of March 31, 2026. This offer for sale is not considered a related party transaction.

JSW Steel Ltd announced the appointment of Deloitte Haskins & Sells Chartered Accountants LLP as its new Statutory Auditor for a term of five years. This appointment, recommended by the Audit Committee and approved by the Board of Directors, is effective from the conclusion of the 33rd Annual General Meeting in 2027 until the conclusion of the 38th AGM in 2032, subject to shareholder approval. The current auditor, M/s. S R B C & CO. LLP, will continue until the conclusion of the 33rd AGM in 2027, completing their second consecutive five-year term. The Board meeting where this decision was made commenced at 10:00 AM IST and concluded at 02:35 PM IST.

JSW Steel reported consolidated Q1 FY27 net profit of ₹4,696 Cr, up 112.6% from ₹2,209 Cr a year ago and comfortably ahead of the Street's ~₹3,180 Cr (14-broker average, Informist) and even Nuvama's top-of-range ₹3,740 Cr — a clear beat. Revenue from operations was ₹47,364 Cr, +9.8% YoY on a reported basis; adjusted for the deconsolidation of Bhushan Power & Steel (BPSL, out from 27-Mar-2026), the like-for-like topline rose ~18.8% versus the ₹39,880 Cr proforma base, so the headline growth understates the underlying momentum. There are no exceptional items this quarter. The profit surge is a margin story, not just volume. Consolidated EBITDA margin expanded to 19.8% from 17.8% a year ago (reported EBITDA ₹9,383 Cr, +38% YoY), and net profit margin roughly doubled to 9.9% from 5.1% in a weak year-ago quarter — driven by higher steel realisations (Kotak had pencilled in ~11% higher standalone realisation on in-quarter price hikes), partly offset by richer coking coal and input costs, which management explicitly flagged. Best-ever Q1 steel sales of 6.25 mnT (+4% YoY) and lower depreciation/finance costs added to the lift. The sequential optics are misleading: reported PAT looks down ~76% against Q4 FY26's ₹19,243 Cr, but that quarter was inflated by a one-off ₹17,888 Cr BPSL loss-of-control gain; stripping it out, Q4 underlying profit was ~₹1,355 Cr and EBITDA actually grew 8% QoQ this quarter — so the underlying trend is up, not down. Against management's own guidance the quarter delivers: the May concall promised Q1 margin expansion despite a ~₹3,000/tonne near-term cost increase being offset by realisations, and that is exactly what landed. Crude steel production of 6.59 mnT (+3% YoY) was held back by the Vijayanagar BF-3 shutdown for its 3.0→4.5 MTPA upgrade; the furnace was lit up in June, is already >80% ramped and adds incremental volume from Q2, keeping the FY27 sales guidance of 28.6 mnT (~10% growth) on track. Balance sheet improved — net debt fell ₹7,713 Cr QoQ to ₹46,157 Cr, Net Debt/EBITDA eased to 1.46x from 1.81x — even as Q1 capex ran ₹4,869 Cr against the ₹22,000-24,000 Cr FY27 plan. Concurrent corporate actions include the Rayalaseema (Kadapa) 1 MTPA EAF groundbreaking on 3 July, the finalised NCLT amalgamation of ARCL/MCL/JRDL (behind the standalone restatement), the pending BMM Ispat merger (targeted Q4 FY27), and a 1.6 Cr-share promoter pledge release. Standalone PAT was ₹2,826 Cr (+27.5% YoY) on revenue of ₹35,539 Cr; the far larger consolidated jump reflects strong subsidiary contribution (JVML PAT ₹1,223 Cr, EBITDA +138% YoY as ramp-up gathered pace). The consolidated-vs-standalone growth divergence is material and is driven by that subsidiary ramp plus the year-ago consolidated base being depressed — readers should anchor on the consolidated ₹4,696 Cr.

JSW Steel Limited's promoter group, JSL Overseas Ltd, has disclosed the release of a pledge on 16,026,090 shares of JSW Steel Limited. The release occurred on July 7, 2026, and was related to securing borrowings. This action reduces the pledged shareholding of JSL Overseas Ltd to 0.66% of the total share capital. The disclosure was made under SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, and reported to the stock exchanges on July 15, 2026. The total outstanding shares of JSW Steel Limited are 2,445,453,966.

JSW Steel reported consolidated crude steel production of 6.59 million tonnes for the first quarter of FY27. This represents a 3% year-on-year growth, despite a shutdown for capacity upgradation at its Vijayanagar plant's Blast Furnace 3. Excluding the impact of BF3 shutdown, volumes grew approximately 15% YoY, driven by the ramp-up of JVML operations and improved utilization at the Dolvi Unit. Indian operations contributed 6.35 million tonnes, with JSW Steel USA - Ohio adding 0.24 million tonnes. Capacity utilization for Indian operations, excluding the BF3 shutdown, was around 94%. The company also highlighted its ongoing expansion plans to reach a combined crude steel capacity of 54.8 MTPA over the next four years.