1:18 Swap Ratio: JSW Steel Reports Q4FY26 Results; PAT Jumps To Rs 19,243 Crore, Announces Rs 7.10 Dividend

Indian equity benchmark indices ended higher on Thursday, with the benchmark Nifty 50 index rising 1.18 per cent to close at Rs 23,689.60. Positive sentiment across metal and steel stocks supported buying interest in the broader markets. In this segment, shares of JSW Steel remained in focus after the company announced its Q4FY26 and FY26 consolidated financial results, along with Dividend recommendations and major corporate restructuring updates. On Thursday, JSW Steel's share price jumped 1.73 per cent to close at Rs 1,296.90.

JSW Steel Q4FY26 Results

JSW Steel reported consolidated revenue from operations of Rs 49,798 crore in Q4FY26 as against Rs 44,341 crore reported in Q4FY25, registering a growth of around 12 per cent YoY.

Consolidated profit before exceptional items and Tax stood at Rs 4,489 crore during Q4FY26 compared to Rs 1,774 crore reported in the corresponding quarter previous year, reflecting a growth of around 153 per cent YoY.

Consolidated profit after tax came in at Rs 19,243 crore in Q4FY26 as against Rs 1,501 crore reported in Q4FY25. Profit attributable to owners of the company stood at Rs 16,370 crore during Q4FY26 compared to Rs 1,503 crore reported in the year-ago quarter. Quarterly earnings per share stood at Rs 67.07 compared to Rs 6.15 reported in Q4FY25.

JSW Steel FY26 Performance

For the financial year ended March 31, 2026, JSW Steel reported consolidated revenue from operations of Rs 1,82,037 crore as against Rs 1,66,575 crore reported in FY25, registering a growth of around 9 per cent YoY.

The company reported consolidated profit before exceptional items and tax of Rs 11,891 crore in FY26 compared to Rs 5,566 crore reported in FY25, reflecting a growth of around 114 per cent YoY.

Consolidated profit after tax stood at Rs 25,508 crore during FY26 as against Rs 3,491 crore reported in FY25. Profit attributable to owners of the company stood at Rs 22,316 crore in FY26 compared to Rs 3,504 crore reported in the previous financial year. Annual earnings per share stood at Rs 91.43 compared to Rs 14.36 reported in FY25.

Dividend Announcement

The Board of Directors recommended a dividend of Rs 7.10 per equity share having face value of Re 1 each for FY26, subject to shareholder approval at the ensuing Annual General Meeting.

Merger And Share Exchange Ratio

JSW Steel’s Board approved the Scheme of Amalgamation of BMM Ispat Ltd (BMMIL) with the company. BMM Ispat operates an integrated steel manufacturing facility in Karnataka located near JSW Steel’s Vijayanagar plant, which is expected to create operational and logistical synergies for the company.

Under the approved scheme, JSW Steel will issue shares in a swap ratio of 1:18, meaning shareholders of BMM Ispat Ltd will receive 1 fully paid-up equity share of JSW Steel for every 18 fully paid-up equity shares held in BMM Ispat Ltd.

The company stated that the proposed merger is expected to strengthen its long products portfolio, improve raw material optimisation and production efficiencies, while also supporting faster and more cost-effective capacity expansion opportunities.

Fund Raising Plan

JSW Steel’s Board also approved raising long-term resources through issuance of securities to Qualified Institutional Buyers (QIBs), subject to shareholder and regulatory approvals. The company approved issuance of Non-Convertible Debentures (NCDs) with warrants convertible into or exchangeable with equity shares for an amount of up to Rs 7,000 crore. In addition, the Board also approved issuance of equity shares and/or other convertible securities through Qualified Institutions Placement (QIP) for an amount of up to Rs 7,000 crore.

Other Important Developments

During FY26, JSW Natural Resources acquired an additional 92.19 per cent stake in JSWNRL, making it a wholly owned subsidiary. The company also recognised government grant income of Rs 499 crore related to incentives under Odisha’s Industrial Policy Resolution Scheme.

JSW Steel’s consolidated net worth increased to Rs 1,05,091 crore as of March 31, 2026 compared to Rs 79,749 crore reported in the previous financial year.

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Disclaimer: This article is for informational purposes only and not investment advice.