India’s largest steel maker JSW Steel reported a profit after tax of ₹19,243 crore in the fourth quarter of FY26 on the back of an exceptional gain by hiving off 50 per cent stake in steel assets of Bhushan Power & Steel Ltd (BPSL) to JFE Steel.

The company, led by billionaire Sajjan Jindal, booked a gain of ₹18,051 crore from the transaction, whereas the steel business of BPSL was transferred to a 50:50 joint venture between JSW and Japan’s JFE.

On a like to like basis, the net profit in Q4FY25 was ₹1,501 crore.

On a normalised basis (excluding exceptional items), the profit after tax in Q4FY26 stood at ₹3,475 crore.

The company reported a ₹51,180-crore revenue from operations in the last quarter, compared with ₹45,991 crore in the same period of FY25, up 14 per
cent.

Despite challenges in the economy following the West Asia crisis, JSW managed to log its highest ever sales at 7.97 million tonnes, up by 6 per cent year-on-year.

For the full year, JSW Steel reported a 10 per cent rise in revenue from operations at ₹1,85,470 crore, while net profit rose to ₹25,508 crore.

The normalised profit (excluding exceptional gain) stood at ₹8,698 crore. Net profit in FY25 stood at ₹3,491 crore.

Taking advantage of the cash flow from the BPSL stake sale to JFE, the company reported a sharp reduction in net debt of ₹53,870 crore, down from ₹76,563 crore on March 31, 2025.

Expansion

The board of the company announced a fresh capital expenditure programme of ₹26,000 crore to scale Vijayanagar capacity to 25 mt, arguably making it the largest steel plant in the world.

With this project getting approval, JSW Steel is now targeting a capacity of 50 mt by 2030 and 62 mt by FY32, taking into account the joint ventures with JFE and also Posco, which was recently announced.

“JSW Steel’s growth continues to be firmly India-centric, reflecting our long-term conviction in India’s growth trajectory,” the company said.