JSW Steel Q1 output rises 3% after planned blast furnace shutdown

JSW Steel Ltd reported consolidated crude steel production of 6.59 million tonnes for the first quarter of FY2026-27, up 3% from a year earlier, the company said in a press release on Thursday.

The pace of growth was restrained by a planned shutdown of Blast Furnace 3 at the Vijayanagar plant in Karnataka, which was offline for capacity upgrades until June 23. Excluding the BF3 impact, output would have climbed roughly 15% year-on-year, the company said. Capacity utilisation for Indian operations, excluding the idled furnace, stood at about 94% during the quarter.

Indian operations accounted for 6.35 mt of the total, up 3% from the same quarter last year and slightly above the 6.32 mt in the preceding quarter. The US subsidiary, JSW Steel USA – Ohio, produced 0.24 mt, flat versus a year earlier but up from 0.15 mt in Q4.

The company attributed the stronger underlying growth to a full ramp-up of JVML operations and improved utilisation at the Dolvi unit. Prior-period figures have been restated to exclude output from the steel business of Bhushan Power and Steel Ltd, which was transferred to a joint venture in March 2026.

JSW Steel shares traded at ₹1,228.50 on the NSE on Thursday, up 0.74% from the previous close. The stock has gained about 18% over the past year and trades at a trailing P/E multiple of 11.48.

The company operates with a combined crude steel capacity of 37.9 million tonnes per annum and aims to expand to 54.8 MTPA over the next four years.