2,706 tonnes
Of steel
182 New products
and grades
Developed during FY 2025–26, expanding the portfolio across key applications.
100,000 tonnes
per annum (TPA)
CRGO capacity
Scaling up India's first CRGO manufacturing facility at Vijayanagar to establish market leadership.
0.6 MTPA new
rolling capacity
Approved Cold Rolling Mill complex and downstream coating facilities at Khopoli, Maharashtra.
Letter of Intent
(LOI) received
For the acquisition of Colour Roof (India) Limited, strengthening value-added steel capabilities.
84,000 TPA
Additional colour coating capacity through the proposed acquisition of Colour Roof (India) Limited.
40 Patents filed
Advancing innovation through a strong pipeline of research and development initiatives.
NEXT-GENERATION
STEEL PORTFOLIO WITH
INNOVATION AND R&D
Mr. Murugan P K
President - Vijayanagar Steel Works
“At Vijayanagar, we are building the discipline that makes operational excellence a culture at JSW Steel, not a one-time initiative. Every improvement and innovation we pursue is anchored in this discipline, as we strengthen capabilities across automotive, electrical and coated steel segments, including our upcoming CRNO and galvanising facilities. We are creating a next generation manufacturing ecosystem benchmarked to the best steelmakers globally, built to serve India's mobility, energy transition and infrastructure needs. This pursuit is what will take Vijayanagar to becoming the world's largest single-location steel facility in the years ahead, and also one of the most efficient."
Mr. Ashish Chandra
President - Dolvi, Salav and Anjar
"We are scaling Dolvi from 10 MnT to 15 MnT capacity next year, building the capabilities that make this growth agile, intelligent and customer-focused for JSW Steel. Our smart manufacturing and customer connect initiatives are strengthening our ability to serve high-growth sectors with speed, reliability and consistency, as we create a next generation manufacturing ecosystem where innovation, technology and human ingenuity converge to meet India's evolving steel needs."
Capitals deployed
F
M
I
H
N
S
Capitals enhanced
F
M
I
H
N
S
Material issues addressed
- Economic performance
- Technology, product and process innovation
- Diversified product portfolio
Strengthening our downstream capabilities remains central to our strategy of driving valueadded growth, technological advancement and market diversification. Through capacity expansion, digital innovation, sustainable manufacturing initiatives and customer-centric solutions, we continue to enhance operational resilience, strengthen our product portfolio and build an integrated ecosystem aligned with evolving industry demands and long-term growth opportunities.
61%
Share of Value-added and Special Products in sales (excluding JVML volumes)
182
New products/grades developed in FY 2025-26
2,334
Branded stores
DOWNSTREAM CAPACITY
The Company continues to strengthen its value-added steel portfolio through multiple downstream expansion projects across key locations. At Vijayanagar, a 0.55 MTPA CRNO plant is being developed, with equipment already ordered and commissioning targeted by March 2028. The facility is also adding a 0.4 MTPA Continuous Galvanising Line dedicated to high-strength automotive-grade steel, scheduled for commissioning by June 2028. At Khopoli, a 0.6 MTPA Cold Rolling Mill and a 0.86 MTPA Continuous Galvanising Line, including a Zero Spangle line, are under implementation with commissioning planned in Q1 FY 2027-28. In Rajpura, equipment ordering is underway for a 0.2 MTPA Tinplate facility and a 0.36 MTPA Continuous Galvanising Line, both expected to be commissioned by FY 2027-28. Additionally, the Company is progressing with a 1 MTPA structural mill at Raigarh, targeted for commissioning by FY 2028-29.
CRGO FACILITY
In partnership with JFE Steel Corporation through the joint venture JSW JFE Electrical Steel Limited (J2ES), we are strengthening our presence in the high-value electrical steel segment to capitalise on opportunities arising from India’s infrastructure expansion and energy transition. The Nashik-based CRGO steel plant, currently operating at a capacity of 50,000 TPA is being expanded to 250,000 TPA, positioning our Company to address the significant domestic demand-supply gap that is presently met through imports.
The growth outlook for CRGO steel is being supported by rising demand for energyefficient transformers, expanding power infrastructure, increasing renewable energy integration and the growing requirement for data centres. Known for its superior magnetic properties and low core losses at high magnetic induction, CRGO steel plays a critical role in improving transformer efficiency and reducing energy losses. The project also benefits from strong backward integration, with hot rolled coils supplied by our Company, supporting supply chain efficiency and long-term competitiveness.
Outlook for FY 2026-27
We remain focused on capacity enhancement, process stabilisation and strengthening supply chain resilience across both upstream and downstream operations to support long-term value creation. Key initiatives include the establishment of the AP line, stabilisation of domestically sourced hot rolled coils across manufacturing processes, identification of downstream processing windows through the Nashik AP line and the development of alternate suppliers for critical furnace roll components to enhance operational reliability and supply continuity.
Enhancing capacity
As part of our Company’s long-term growth strategy and commitment to strengthening our leadership position in the CRGO segment, the expansion project is focused on enhancing manufacturing capability, operational flexibility and process efficiency.
The project aims to increase CRGO coil production capacity from 50,000 TPA to 250,000 TPA by Q4 FY 2028-29 through the installation of advanced facilities, including 6-Hi Cold Rolling Mills, Decarburisation and Cleaning Lines (DCL), tunnel furnaces, Heat Flattening Coating Lines (HFCL) and a new finishing area, supporting improved product consistency and sustained long-term growth.
Technology advancement
During FY 2025–26, our Company achieved a significant milestone in technology absorption and process innovation through the successful initiation of hot-rolled grain-oriented (HRGO) steel development in collaboration with our sister company. The first heats produced during March and April marked an important breakthrough in technology transfer with successful production of grades up to 23HP85. Going forward, our Company continues to focus on process validation, stabilisation and continuous optimisation across upstream and downstream operations to ensure consistent quality, scalability and long-term process robustness.
RESPONDING TO MARKET TRENDS
With a comprehensive and evolving product portfolio designed to meet diverse global requirements, we have established ourselves as one of India’s leading valueadded steel producers, supported by among the country’s largest galvanising and coated steel capacities and an export presence spanning over 100 countries. In FY 2025–26, we developed 182 new steel grades and products, reinforcing our commitment to innovation and customer-centricity. Value-added steel products contributed 61% of our sales mix (excluding JVML volumes), reflecting a y-o-y increase of 14.09%.
Our strategic joint venture with JFE has significantly strengthened our special steel capabilities, positioning us at the forefront of technological advancement and market responsiveness. Reinforcing our sustainability agenda, we are developing a 4 MTPA brownfield green steel plant at Salav, primarily catering to the European market and expected to reduce carbon emissions by 20%. The commissioning of our pilot green hydrogen project at Vijayanagar, along with approved green hydrogen initiatives across Vasind, Tarapur and Khopoli where commercial activities are underway, further strengthens our transition towards cleaner and more sustainable steelmaking.
EV (35C270, 0.25 mm)
35C270 (0.25 mm) high-grade non-oriented electrical steel for electric vehicle (EV) motor applications. The ultra-thin 0.25 mm gauge enhances motor efficiency by reducing energy losses, thereby supporting improved vehicle range, power density, and overall EV performance.
52Cr4Mo2V - Annealed Peeled Bar
52Cr4Mo2V annealed peeled bars for critical engineering and tooling applications that offers excellent machinability in the annealed condition, superior response to heat treatment, high wear resistance, and enhanced fatigue performance, making it suitable for demanding applications such as heavy-duty shafts, dies, and power transmission components.
TFS - Cable Armour
Developed TFS cable armour steel with an optimised balance of strength, formability, and corrosion resistance for cable protection applications. The key innovation was the optimisation of process and surface-treatment parameters to achieve superior surface quality, dimensional consistency, and enhanced service life while offering a sustainable alternative to conventional coated products.
Defence (DMR249A)
A defence-grade steel designed to meet stringent requirements of strength, toughness, weldability in critical defence applications. The grade meets the demanding requirements of naval structures, contributing durability, and indigenous capability in defence shipbuilding.
Grade170 (150 dia)
Developed high-cleanliness bearing steel with superior wear resistance, hardness, and rolling contact fatigue life. The optimisation of refining and casting practices to achieve ultralow inclusion levels and enhanced microstructural uniformity, resulting in improved bearing performance.
Rail Wheel
Developed high-performance rail wheel steel with enhanced wear resistance, fatigue life, and fracture toughness for railway applications. The key innovation was the optimisation of steel cleanliness, chemistry, and processing parameters to achieve superior microstructural uniformity and long-term service reliability.
Marketing initiatives
During FY 2025–26, our Company’s brand and marketing strategy was anchored in strengthening brand equity, enhancing customer engagement and reinforcing our market leadership position. Key priorities included developing compelling brand communications, elevating market presence through innovative product launches, greater visibility and sharper customer segmentation and building future-ready digital touchpoints to foster deeper consumer connections. The strategy also focused on enhancing customer experience through an expanded and upgraded retail network, driving greater efficiency by leveraging technology to strengthen and grow the loyalty ecosystem, and safeguarding the brand and its assets through proactive vigilance, awareness and protection initiatives.
“As India builds with unprecedented momentum, our role is defined not merely by producing steel, but by anticipating what tomorrow demands with the resolve, foresight and capability to deliver it. Guided by customer centricity, strengthened by digital intelligence and powered by one of the industry's broadest portfolios, we are expanding our reach across markets and sectors with purpose. Scale gives us strength, innovation sharpens our edge and trusted partnerships reflect the character with which we grow, enabling us not just to meet demand, but to help shape the future of industry.”
Mr. Vinay Shroff
Chief Marketing Officer
Channel partner and loyalty programmes
We continued to strengthen our channel ecosystem through targeted capabilitybuilding, engagement and recognition initiatives. During FY 2025-26, over 1,900 branded outlets were trained on product knowledge, retail standards and store excellence, while retail audits and performance-linked reward programmes encouraged continuous improvement. We also conducted Eklavya training programmes for 2,697 fabricators, 230 masons and 65 engineers and engaged over 24,000 influencers through its 'Chai Pe Charcha' initiative. Loyalty was further reinforced through assured reward schemes and a scholarship programme that recognised 100 meritorious children from the influencer community.
Brand partnerships and sponsorships
We leveraged strategic partnerships and industry platforms to enhance brand visibility and stakeholder engagement. During the year, we continued our sponsorship of Bengaluru FC in the Indian Super League and hosted dealer engagement initiatives such as DC Utsav which combined interactions with cricket legends and live IPL experiences. Our Company also maintained a strong presence at leading industry forums and exhibitions, including India Steel, Vibrant Buildcon and ACETECH, showcasing its products and capabilities to a wider audience.
Innovation in customer outreach
We continued to redefine customer engagement through immersive and technology-enabled experiences. By the end of FY 2025-26, we had established 32 experience centres across the country, providing interactive physical and digital platforms to showcase its diverse portfolio of products and brands. Equipped with augmented reality features that demonstrate the steelmaking process, these centres enhance customer understanding and engagement. We also refreshed our exhibition presence through innovative brand storytelling tools, including large LED walls, anamorphic displays, dynamic LEDs, touchscreens and augmented reality experiences.
Celebrating the spirit of enterprise
On MSME Day, we paid tribute to the entrepreneurs and visionaries driving India's growth through a dedicated one-minute digital film. The campaign was amplified through paid promotions across YouTube, Meta and LinkedIn.
Empowering women and inspiring change
We spotlighted the inspiring journey of women fabricators in Mizoram through a digital film featuring reallife changemakers from the state. The campaign garnered over 6 million unique reach and 37 million video views across social platforms, while earning multiple industry accolades for its authentic and impactful storytelling.
Building trust that lasts
The #SaalonSaalSure campaign for Neosteel was promoted through an integrated digital and paid media strategy across YouTube, Meta and LinkedIn. Highlighting the brand's promise of durability and reliability, the campaign achieved a reach of over 3 million and generated more than 4 million video views.
Festivities on track
During Durga Puja, we brought celebrations to life through the 'Joy Tram Ride' initiative in Kolkata. A specially branded tram, adorned with festive motifs and coated roofing sheet brands, created a unique on-ground experience that connected with communities and strengthened brand visibility.
Connecting through celebrations
We leveraged major festivals including Holi, Onam, Diwali and Pongal to deepen consumer engagement through a blend of digital content and on-ground activations. Supported by videoled social media campaigns, gate arches, out-of-home advertising and region-specific retail gifting initiatives, these efforts enhanced brand recall while celebrating India's diverse cultural traditions.
JSW ONE
JSW One Platforms Limited (JOPL) operates a full-stack e-commerce platform for MSMEs to buy manufacturing and construction materials. The platform offers a seamless experience to MSME buyers by offering materials to desired specifications, pre-processing services, logistics, payments, credits and value-added services in a single session providing access, price transparency, order visibility and tracking. The platform has further strengthened its market presence through a robust pan-India network comprising 12 service centres spread across 7 states, supported by 8 manufacturing facilities catering to its private brands business.
Our JSW One TMT bars under the private brands portfolio are witnessing strong traction across North and Central India, reflecting growing customer confidence and increasing market acceptance for the new LRF technology based TMT rebar. Further, JSW One Homes is a consumer offering from the platform which provides comprehensive construction support solutions to individual home builders.
Elevating customer experience
Over the past year, JSW One has strengthened its customer-centric digital ecosystem by enhancing transparency, personalisation and self-service capabilities across the platform. Customers now benefit from real-time visibility into material movement and financial transactions through intuitive self-service interfaces, enabling seamless tracking of orders and payment status. In parallel, buying journeys have been increasingly tailored to customer preferences, purchasing behaviour and product requirements.
Driving operational excellence
JSW One has also advanced its operational efficiency through deeper system integration, workflow automation and scalable process enhancements. By integrating demand planning, order management, logistics and financial settlement systems across the transaction lifecycle, the platform has reduced manual dependencies and improved processing efficiency. Increased automation across critical workflows has enabled faster turnaround times, improved consistency in service delivery and strengthened the platform’s ability to scale efficiently while supporting long-term growth.
During the year, JSW One has grown across its...
Volumes ['000'] and GMV
51%
257 tonnes
Of cement
24%
₹6,467 crore
Credit
69%
₹18,596 crore
GMV
48%
y-o-y growth
Building for the future
The growth witnessed in FY 2025-26 reflects the continued evolution of JSW One from an emerging digital platform into an integral part of how customers engage and transact for their material needs. Stronger customer engagement, enhanced digital capabilities and a more robust operational infrastructure have collectively positioned the platform to effectively support key suppliers like JSW Steel’s long-term commercial growth ambitions. As digital adoption continues to accelerate, JSW One will further strengthen its focus on personalisation, integrated credit solutions and analytics-led decision-making. These efforts will support the development of a more intelligent and fully integrated B2B commerce ecosystem that delivers sustained value to both customers and the business.
Growth drivers of JSW One
Near-term
- Commerce: Increase volume through service-centre network and credit penetration.
- Private brands: Continue to grow the dealer and distributor network, building on the increase in the dealer base in FY 2025-26.
- JSW One Homes: Superior customer experience via integrated offerings from Buildnext and JSW One.
- JSW One Finance: Extend credit to more customers on the platform and improve digital underwriting process.
Long-term
- Deepen the value-added offerings in the commerce business
- Grow the private brands portfolio and add processing and manufacturing capacity, with technical support for customers.
- Build owned, branded service centres across regions.
- Develop JSW One Finance into a multi-product lender for the JSW ecosystem and beyond.
- Improve the online buying journey using customer data and self-service tools.
- Add categories beyond steel and cement, including other industrial materials.
Outlook
Near-term
- Continued growth in GMV from commerce and private brands business.
- Improved operational efficiency with increase in scale.
- Improved profitability with value-added offerings and private brands.
- Maintain Value Added and Special Products (VASP) contribution at over 60% of the overall product mix, while progressively enhancing its share to support margin expansion and profitability.
- Expand presence across new focus segments including Defence and Railways, while strengthening position in existing markets.
- Broaden renewable energy solutions portfolio with increased focus on solar and wind applications.
- Leverage the growth momentum of JSW One by scaling platform outreach and accelerating customer adoption.
- Strengthen the digital marketplace through integrated logistics, inventory optimisation and credit offerings to deliver a seamless customer purchasing experience.
Long-term
- Persistent growth trajectory continues given lower penetration in B2B market and advent of digital adoption.
- Deeper penetration of credit into MSME ecosystem on back of strong demand and improved access to information.
- Higher adoption of full stack offerings by customers to lower overall inefficiency in the supply chain.
- Leverage the Aikyam platform as a strategic growth enabler to deepen penetration within the fast-growing Construction & Infrastructure (C&I) segment through enhanced engagement and tailored solutions.
- Support India’s import substitution agenda by expanding capabilities in value-added steel products.