JSW Steel Q1 FY27 output edges up 3% as blast furnace shutdown caps growth

JSW Steel Ltd reported consolidated crude steel production of 6.59 million tonnes (mt) for the first quarter of FY2026-27 (April–June 2026), up 3 per cent year-on-year and 2 per cent sequentially, according to a press release filed with the stock exchanges on Thursday.

Indian operations contributed 6.35 mt, rising 3 per cent from 6.14 mt in Q1 FY26 and marginally higher than the 6.32 mt recorded in Q4 FY26. The company’s US subsidiary, JSW Steel USA – Ohio, produced 0.24 mt, flat year-on-yea,r but up sharply from 0.15 mt in the preceding quarter.

The muted headline growth was largely attributed to the planned shutdown of Blast Furnace 3 (BF3) at the Vijayanagar plant in Karnataka for capacity upgradation. The furnace resumed hot-metal production on June 23, 2026. The company noted that excluding the BF3 impact, Q1 FY27 volumes would have grown approximately 15 per cent year-on-year, driven by a full ramp-up of JVML operations and improved utilisation at the Dolvi unit. Capacity utilisation for Indian operations — excluding BF3 — stood at approximately 94 per cent during the quarter.

The production figures for prior periods have been restated to exclude output from the steel business of Bhushan Power and Steel Ltd (BPSL), which was transferred to JSW-JFE Steel Ltd, a joint venture company, in March 2026.

JSW Steel shares were trading at ₹1,228.50 on the NSE at 11.51 am on Thursday, up 0.74 per cent from the previous close of ₹1,219.50, giving the company a total market capitalisation of approximately ₹3,00,497 crore. The stock has gained around 18 per cent over the past year and trades at a trailing price-to-earnings multiple of 11.48.

The company currently operates with a combined crude steel capacity of 37.9 MTPA and has set a target to expand to 54.8 MTPA over the next four years.