HOW WE CREATE VALUE
INTERPLAY OF CAPITALS
FINANCIAL CAPITAL
30.14 MnT of production translated into ₹1,85,470 crore of revenue, with record sales of 29.63 MnT (up 12% y-o-y) in FY 2025-26, lifting EBITDA to ₹29,821 crore. Q4 revenue crossed ₹51,180 crore for the first time.
182 new grades and products developed in FY 2025-26, as VASP share crossed 60% and branded retail reached ~50% – driving realisation uplift and shielding margins from commodity cycles.
Skilled workforce delivers productivity of 1,383 tonne per employee, sustaining 92% capacity utilisation and lifting adjusted EBITDA to ₹32,048 crore. With 101% of sales guidance achieved, human capital is the decisive financial lever.
Net debt reduced to ₹53,870 crore (ND/EBITDA: 1.81x in FY 2025-26 vs 3.34x in FY 2024-25) as the JFE and POSCO JVs unlock growth capital. The ₹29,475 crore BPSL slump-sale with JFE shows relationships converting directly into financial resilience.
25 captive iron-ore mines and 4 coking-coal mines – including the MdR mine in Mozambique acquired March 2026 – reduce input-cost volatility, targeting 50% raw-material self-sufficiency by FY 2030-31.
MANUFACTURED CAPITAL
₹15,595 crore of capex deployed in FY 2025-26 – part of the ₹1,26,161 crore approved programme – converts balance sheet strength into manufacturing assets, targeting 62 MTPA capacity in India by FY 2031-32, validated by record sales of 29.63 MnT (up 12% y-o-y).
Technology initiatives optimised operating efficiency and cut unplanned downtime by ~15%. AI/ML across smart factories, digital supply chains, and mining operations enabled JSW Steel to deliver 101% of its FY 2025-26 sales guidance.
The expert workforce enabled highest-ever annual production and sales of 29.63 MnT, keeping plants safe and efficient through the BF-3 expansion at Vijayanagar.
An equity stake in the MDR coking-coal mine and 30x economic interest in Illawarra mines – including the Mozambique acquisition completed March 2026 – secure critical inputs and improve cost predictability, underpinning 29.63 MnT of FY 2025-26 sales.
Captive ore improves blast-furnace efficiency. Two JSW Utkal 8 MTPA pellet plants (targeted FY 2027-28) and a 30 MTPA slurry pipeline (targeted FY 2026-27) will reduce conversion costs and strengthen manufacturing resilience.
INTELLECTUAL CAPITAL
₹1,142 crore of R&D spend and 100+ digital projects anchor JSW Steel’s technology leadership, sustaining over 60% VASP share in FY 2025-26. Adjusted EBITDA of ₹32,048 crore shows how financial resources compound into pricing power.
Plants at Vijayanagar, and Salem feed AI-driven maintenance and yield models. The BF-3 and Dolvi Phase-III expansions continuously compound JSW Steel’s process-intelligence portfolio.
Domain experts across R&D and Operations enabled 40 patent filings and 51 technical papers published. Employee-driven Six Sigma and Centre of Excellence initiatives compound our intellectual capital base year on year.
JVs with JFE and POSCO accelerate knowledge transfer, shaping JSW Steel’s intellectual capital for a decade. The JFE JV brings Japan’s steelmaking technology; POSCO adds Korean flat-steel expertise for the 6 MTPA Dhenkanal greenfield project.
The net-neutral-by-2050 commitment drives investments in floating solar power and green hydrogen. The 42% CO2 intensity reduction target by 2030 is building a high-value IP portfolio for the net-neutral transition.
HUMAN CAPITAL
ESOPs, JSW One Health, and the JSW Leadership Academy build the capability behind 92% capacity utilisation in FY 2025-26. A ₹7.1 per share dividend rewards shareholders as RoCE improves from 8.21% (FY 2024-25) to 10.8% (FY 2025-26).
India capacity utilisation of 96% in Q4 FY 2025-26 links modern assets directly to peak human performance. Facilities including the Kadapa EAF and structural mill under ordering reduce hazards and raise ergonomic standards.
JSW Steel Academy, IIT tie-ups, and digital twins support scale-up toward 62 MTPA capacity, multiplying expertise through 37,730 training hours and 16,732 certifications as JSW Steel integrates JFE Steel and POSCO as JV partners.
JFE and POSCO partnerships expose employees to Japanese and Korean steelmaking excellence – safety culture, precision, and lean manufacturing – enabling benchmarking against the world’s most efficient producers.
Environmental KPIs embedded in performance management reflect our commitment to sustainability. JSW Steel’s ‘Top 1%’ S&P Sustainability Yearbook recognition in 2026 builds employer-of-choice credentials for purpose-driven talent.
SOCIAL AND RELATIONSHIP CAPITAL
JSW Foundation’s CSR programmes span education, healthcare, and livelihoods near all plant communities, converting financial capital into enduring social relationships and licence to operate.
~24,000 retail outlets and ~407 distributors support record sales of 29.63 MnT. Domestic sales of 26 MnT in FY 2025-26, with ~50% branded retail, deepen OEM and community ties, while the POSCO JV extends regional anchoring in Dhenkanal.
Digital order-management and real-time tracking strengthen customer ties. Automotive, packaging, and alloy-engineering grew as a share of the FY 2025-26 mix, reflecting intellectual capital deepening partnerships.
Employee volunteers drive education, healthcare, and skill programmes near plant communities. As JSW Steel expands into Odisha and Dhenkanal, people become the bridge between operations and communities.
The 2026 S&P Global ‘Top 1%’ emblem and DJSI World Index inclusion validate our environmental credibility. Water stewardship, afforestation, and a ‘no net loss’ of biodiversity commitment by FY 2029-30 build community confidence.
NATURAL CAPITAL
2.5 GW of approved renewable capacity, renewable energy PPAs, and recycling of ~11.43 MnT of material – backed by ResponsibleSteel™ certification – earned JSW Steel the ‘Top 1%’ emblem in the 2026 S&P Global Sustainability Yearbook.
A 30% reduction in CO2 emission intensity since 2005 aligns with India’s NDCs, alongside 99% of the production guidance delivered.
Green-hydrogen pilots, CCUS research, and circular-economy promotion position JSW Steel as India’s green-steel thought leader – recognised as 2026 Sustainability Champion by the World Steel Association for the 8th consecutive year.
Our commitment to become net-neutral in carbon emissions by 2050 and ResponsibleSteel™ certification embed environmental KPIs in individual goals, delivered through employee-led green teams and energy/water conservation drives – supporting JSW Steel’s ‘Top 1%’ recognition in the 2026 S&P Global Sustainability Yearbook.
JSW Steel received the World Steel Association Sustainability Champion award for the 8th consecutive year. Partnerships with NGOs, government bodies, and communities co-create afforestation, biodiversity, and watershed programmes.
