JSW Steel’s board of directors approved the incorporation of a wholly‑owned subsidiary in the United Arab Emirates and announced a consolidated net profit of ₹5,279 crore for the July‑September quarter of FY27. The profit represents a 225% increase from ₹1,623 crore recorded in the same period last year. Revenue from operations rose 21% year‑on‑year to ₹54,486 crore, up from ₹45,152 crore in the corresponding quarter of FY26. Operating profit, or EBITDA, climbed 42% to ₹10,120 crore, compared with ₹7,115 crore in FY26.

The EBITDA margin expanded to 18.57% in Q2 FY27 from 15.76% in Q2 FY26, driven by higher volumes but partially offset by increased coking coal prices and lower realisations. JSW Steel’s consolidated production reached a record 7.27 million tonnes, a 5% year‑on‑year rise and 10% quarter‑on‑quarter increase, while steel sales hit 7.46 million tonnes, up 13% YoY and 19% QoQ. The company’s highest ever quarterly capex spend of ₹6,266 crore was recorded in Q2 FY27, contributing to a total H1 FY27 capex of ₹11,136 crore.

JSW Steel’s 50:50 joint venture, JSW JFE Steel Limited (JJSL), operates a 4.5 MTPA integrated steel plant at Sambalpur, Odisha, and downstream facilities at Chandigarh and Kolkata. The Sambalpur plant is running near full capacity. To meet rising domestic steel demand and support JJSL’s long‑term growth strategy, the board approved a 5 MTPA expansion project and upgrade of existing plant facilities at Sambalpur. The equity requirement of ₹7,500 crore will be contributed equally by JSW Steel and JFE, each investing ₹3,750 crore.

Project implementation is slated to commence from April 2027, subject to receipt of requisite statutory and environmental approvals, and is expected to be completed over approximately 3.5 years. The expansion aims to strengthen JJSL’s market position, improve economies of scale, broaden value‑added product offerings, and enhance export opportunities, as stated in a regulatory filing by JSW Steel.

Following the earnings announcement, JSW Steel shares traded at ₹1,187.60 on the National Stock Exchange, down 2.66%. As of 23 October 2026, the company’s market capitalisation stood at ₹2.90 lakh crore. The board’s decision to incorporate a wholly‑owned subsidiary in the UAE involves a subscription to ordinary shares of the proposed entity for an aggregate cash consideration of AED 100,000.