JSW Steel's Profit Doubles Year-on-Year Despite Sequential Decline
Steelmaker's Q1 FY27 profit surged 113% YoY, though revenue softened and margins fell sharply from the previous quarter.
JSW Steel reported a strong year-on-year profit jump of 113% for Q1 FY27, but performance softened sequentially with both revenue and profit declining from Q4 levels.
JSW Steel's Q1 FY27 earnings present a mixed picture, with a powerful year-on-year profit surge overshadowed by a significant sequential decline from the exceptionally strong previous quarter. The steelmaker's profit more than doubled compared to the same period last year, though revenue growth was modest and profitability retreated from recent highs.
The company's revenue for the quarter ended June 2026 stood at ₹47,364 crore, marking a 9.8% increase year-on-year. However, this was a 7.5% drop from the ₹51,180 crore posted in Q4 FY26. The real story is in the bottom line: profit after tax (PAT) soared 112.6% YoY to ₹4,696 crore. This impressive annual gain is tempered by a steep 75.6% quarter-on-quarter fall from the ₹19,243 crore profit in the prior March quarter.
This volatility is clearly reflected in the net profit margin, which expanded by 480 basis points year-on-year to 9.9%. Yet, this is a sharp contraction from the 37.6% margin achieved just three months earlier, highlighting the quarter's profitability squeeze.
Recent Quarterly Performance
Revenue (₹ Cr)
Profit (₹ Cr)
Net Profit Margin (%)
| Metric | CurrentQ1 FY27 | PreviousQ4 FY26 | Same quarter LYQ1 FY26 |
|---|---|---|---|
| Period | Jun 2026 | Mar 2026 | Jun 2025 |
| Revenue (₹ Cr) | 47,364YoY +9.8% | 51,180 | 43,147 |
| Profit (₹ Cr) | 4,696YoY +113% | 19,243 | 2,209 |
| Net Profit Margin (%) | 9.9YoY +94% | 37.6 | 5.1 |
Key Points
- The trailing twelve-month (TTM) net profit margin stands at a healthier 14.8%, with TTM profit at ₹27,995 crore.
- The company maintains a robust return on equity (ROE) of 28.5% and a manageable debt-to-equity ratio of 0.96.
- The stock trades at a P/E of 12.3, a significant discount to the industry average of 23.6.
While the quarter-on-quarter comparisons are stark, the underlying year-on-year growth and strong TTM metrics suggest a business that has fundamentally improved from its position a year ago. The key challenge for JSW Steel will be stabilizing its profitability closer to the TTM average after the exceptional peak of Q4.
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· JSWSTEEL
(BSE)
ISIN: INE019A01038
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