Integrated Report
2025-26

A DIFFERENT METTLE

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Shri O.P. Jindal, Founder and Visionary, O.P. Jindal Group

A true visionary,
A legendary industrialist,
A great philanthropist,
A legacy that will always be cherished!

7th August 1930 - 31st March 2005
Founder and Visionary, O.P. Jindal Group

His life was an inspirational journey leading millions to follow the enlightened path.
We will always carry on his values, and epitome of indomitable courage, endurance and integrity, his legacy will always remain with us. As we take leaps towards the future, we are fully committed to honour his vision and keep his legacy alive & carrying it forward to greater heights.

WE ARE
INDIA'S LARGEST
STEELMAKER

JSW Steel manufacturing facility

JSW Steel is shaping a responsible growth journey aligned with the nation's ambitions, creating enduring value for all stakeholders. At the heart of India's transformation, we supply world-class steel to critical sectors such as infrastructure, automotive, energy, railways and defence. Through innovation and advanced technologies, we deliver value-added solutions that power modern infrastructure and a low-carbon future, while advancing sustainability and community well-being.

Steel coils at JSW plant
36.4 MTPA Domestic installed
crude steel capacity*
37.9 MTPA Consolidated installed
crude steel capacity*
13.5 MTPA Domestic downstream
flat products capacity*
25 Captive iron ore mines
6th WSD's World-class
Steelmaker Ranking
28,830 Direct employees*

*Includes JSW JFE Steel JV

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A Different Mettle

A DIFFERENT METTLE

Future-Focused →

Discover how advanced steel capabilities are shaping future growth.

Partnerships →

Explore strategic partnerships driving technology, capacity and value creation.

Growth →

Read how our growth investments are strengthening capacity and long-term competitiveness.

Fortitude →

Discover how proactive risk management strengthens resilience across our business operations.

Courage →

Discover how bold vision stays ahead of change to create opportunity.

Determination →

Explore how determined actions build stronger workplaces, communities and lasting trust.
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A Different Mettle

PARTNERING
FOR A STRONGER
BALANCE SHEET

The quality of growth is just as important, if not more. For JSW Steel, every decision and balance-sheet action is guided by a sharper principle: build scale with discipline and create enduring value with resilience.

₹22,693 crore Reduction in net debt during FY 2025-26
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A Different Mettle

STEEL THAT
SHAPES INDIA'S
ASPIRATIONS

Every phase of national transformation is built on the foundation of materials, infrastructure and industrial capability. As India accelerates the creation of world-class infrastructure, expands its manufacturing base and advances its energy transition, the demands on the steel industry are changing fundamentally.

182 New steel grades and products developed in FY 2025-26
›60% Share of VASP in sales
40 Patents filed during FY 2025-26
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A Different Mettle

STEEL MADE
INTELLIGENT

By embedding AI, automation and detailed decision-making across the enterprise, JSW Steel is creating a manufacturing ecosystem that can anticipate, adapt and optimise in real time.

37,000+ hours Operational hours saved through predictive maintenances
Private 5G connectivity at Dolvi Works Enabling seamless integration of sensors, equipment and enterprise systems
Mine-Metal Intelligence Project Drishti, integrating sourcing, logistics, blending and consumption into a unified AI-enabled decision platform
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FY 2025-26 Highlights

RAISING THE BAR HIGHER
EVERY YEAR

JSW Steel plant township at night
30.14 MnT▲ 8%

Consolidated crude steel production*

29.63 MnT▲ 12%

Consolidated steel sales volume*

17.57 MnT▲ 14%

Value-added and special products (VASP) sales#

92%

Capacity utilisation#
Against 91% of FY 2024-25

182

New grades/products developed#

33%

Iron ore consumption through captive mines

JSW Steel employee inspecting steel coils
₹1,85,470 crore▲ 10%

Consolidated revenue from operations

₹29,821 crore▲ 30%

Consolidated operating EBITDA

₹25,508 crore▲ 631%

Consolidated net profit

₹91.25

Earnings per share (diluted)

19.96%

Dividend payout ratio

₹7.10

Dividend per share declared

JSW wind turbines JSW Steel employees at the plant
30%

Reduction in CO2 emission intensity from 2005 base

5.55 Gcal/tcs

Specific energy consumption

99.89%

Waste utilisation

5 lakh+

Safety observations

40,000+

Planned safety inspections and audits undertaken

26 lakh

CSR beneficiaries

worldsteel Sustainability Champion certificate

Recognised as a World Steel Association (worldsteel) Sustainability Champion for the 8th Consecutive Year

S&P Global CSA Top 1% score

S&P Corporate Sustainability Assessment (CSA) 2025 - Ranked #1 in the Global Steel Sector

Sajjan Jindal Chairman & Managing Director
Chairman's Message

A TRANSFORMATION
FORGED IN STEEL

Sajjan Jindal, Chairman & Managing Director

Dear Stakeholders,

At a time of heightened global uncertainty—driven by shifting trade dynamics, geopolitical tensions, and moderating growth across developed economies—India continues to distinguish itself through resilience, advancing with confidence, stability, and a clear sense of purpose.

Read the full statement→
Jayant Acharya Joint Managing Director and CEO
JMD and CEO's Message

EMERGING STRONGER,
ACCELERATING GROWTH

Jayant Acharya, Joint Managing Director and CEO

Dear Stakeholders,

FY 2025-26 saw an uncertain global landscape, marked by escalating tariffs, geopolitical tensions, and volatile commodity markets. Yet, amid this uncertainty, India's growth story continued to demonstrate remarkable resilience and momentum. The economy expanded by 7.7%, supported by domestic consumption, a decisive push towards manufacturing, and a robust infrastructure pipeline backed by Government capital expenditure.

Read the full statement→
Financial Performance Review

DELIVERING ON OUR
AMBITIONS

Our Integrated Purpose Framework

DRIVING STRATEGY
WITH PURPOSE

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Driven by

Vision

Bring positive transformation to every life we touch.

Mission

Building world-class infrastructure, products and solutions; Deploying world-class capabilities and nurturing our communities.

Anchored in strategic priorities

GROW

Strategic growth with efficient capital allocation

78 MTPA Targeted domestic crude steel capacity by FY 2031-32*

OPTIMISE

Cost leadership through resource optimisation and improved raw material security

33% Iron ore consumption met through captive mines during the year

ENHANCE

Enhance value added product portfolio with innovation and R&D

182 New products/grades developed during the year

TRANSFORM

Being future-ready through technology-led transformation and digitisation

100+ Digital initiatives rolled out during the year

MAINTAIN

Strong financial profile and ratings

1.81x Net Debt-to-EBITDA

SUSTAIN

Mainstreaming sustainability across the businesses

›80% Of our primary steel production is now ResponsibleSteel™ certified

*Including JVs

India's landmark infrastructure built with JSW Steel
Project Highlights

THE STEEL BEHIND EVERY
STRUCTURE

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Infrastructure is more than concrete and steel, it is the foundation of aspiration, mobility and economic momentum. Across India's most transformative developments, we have played an enabling role, delivering engineered solutions that convert ambitious ideas into enduring landmarks across…

Mumbai Trans Harbour Link expressway
Operating Context

STEELING THE FOUNDATIONS
OF A NEW INDIA

India's steel sector is entering a transformative phase driven by infrastructure expansion, industrial self-reliance, sustainability ambitions and rapid technological advancement. As the country emerges as a global manufacturing powerhouse, steel will remain as the unyielding core of economic progress, supporting mobility, urbanisation, energy transition and digital integration.

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JSW Steel employees walking at the plant
Stakeholder Engagement

INSIGHTS THAT
INFORM DECISION-MAKING

Meaningful stakeholder engagement is essential to our long-term sustainability and success. Through regular, structured interactions, we gain valuable insights into their needs and expectations. These insights inform our strategic planning and decision-making, enabling us to make choices and implement initiatives that enhance our ability to create sustained value.

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Wind turbines by a lake
Materiality

PRIORITISING ISSUES
OF CRITICAL IMPORTANCE

Our comprehensive double materiality assessment identifies key issues impacting long-term value creation. This exercise informs a well-defined, strategic roadmap focused on delivering sustainable value, aligning our operations with evolving stakeholder expectations and environmental, social, and economic priorities.

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Aerial view of JSW Steel plant by the river
Risk Management

DRIVING ORGANISATIONAL
RESILIENCE

We have a well-defined, robust Enterprise Risk Management (ERM) framework to identify and manage key risks for achieving our strategic objectives. The framework provides a structured approach to identify, prioritise, manage, monitor and report on key and emerging risks.

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Environment
Wind turbines by a lake

Forging a better tomorrow, one tonne of steel at a time

At JSW Steel, our Sustainability Vision stems from a steadfast desire to foster development that is socially equitable, environmentally responsible, and ethically sound.

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Social: Employees
JSW Steel employees below the Better Everyday sign

Driven by talent

At JSW Steel, our people are at the heart of everything we do. We believe that an engaged, empowered and motivated workforce is fundamental to sustained success.

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Social Sustainability
Women at a spinning wheel

Building trust through impact

Inspired by our Company’s #BetterEveryday philosophy, we aim to ensure that the growth of our company unfolds in concurrence with the upliftment and well-being of the people and communities touched by our operations.

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Human Rights
JSW Steel team holding a safety helmet together

Values driven by people

We view the protection of human rights not merely as a compliance requirement but as a core expression of our values and commitment to promoting diversity, equity and inclusion and uplifting the communities in which we operate.

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Indigenous People
Farmer seated in a field

Social stewardship and shared value

We recognise Indigenous Peoples as custodians of valuable knowledge, cultural heritage, and sustainable stewardship practices. We view them as key rights holders and strive to cultivate genuine partnerships grounded in respect, mutual benefit, and co-creation of value.

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Supply Chain Sustainability
Aerial view of JSW port and ore dome

Impact across value chain

We consider fostering the adoption of more sustainable practices across our supply chain as a powerful lever for not only managing Scope 3 emissions more effectively but also generating measurable environmental and social impact across the value chain.

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Governance
JSW Centre headquarters at night

Leading with integrity

At JSW Steel Limited, our approach to corporate governance is founded on the principles of integrity, transparency and accountability.

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JSW Steel Integrated Report 2025-26 cover — A Different Mettle Download full Annual Report
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and analysis Download Business Responsibility
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