SAIL Profit Rises to 1,774 Crore Rupees as JSW Cement Revenue Grows 33%

Key Facts

Indian steelmaker SAIL reported standalone net profit of 1,774 crore rupees in the second quarter of fiscal 2027, ended September 30, compared with 427 crore rupees in the same period a year earlier. Revenue from operations rose to 31,998 crore rupees from 26,704 crore rupees, while earnings before interest, taxes, depreciation and amortization increased to 4,561 crore rupees from 2,829 crore rupees. The results showed growth in profitability and revenue during the quarter, while sales volume rose 5% year on year to 5.16 million tonnes from 4.91 million tonnes. Separately, JSW Cement reported consolidated revenue of 1,912 crore rupees, up 33% from 1,436 crore rupees a year earlier. The results give the Indian steel and cement companies a strong quarter, with differences in volume and profitability trends emerging in the first half.

For the first half of the fiscal year, SAIL’s revenue from operations rose to 58,243 crore rupees from 52,625 crore rupees, and EBITDA increased to 8,917 crore rupees from 5,754 crore rupees. But sales volume fell to 9.33 million tonnes from 9.46 million tonnes despite growth in second-quarter sales, reflecting a divergence between cumulative volumes and the latest quarter’s performance. The company said saleable finished steel production rose quarter on quarter alongside growth in sales and production, with a significant increase in iron ore production and sales. SAIL also reported that debt fell to 20,583 crore rupees at the end of September. Lower debt adds to the improvement in revenue and profit in the first half, while cumulative sales remained weaker than in the comparable period.

JSW Cement’s consolidated operating EBITDA was 277.8 crore rupees in the second quarter, up 4% year on year, and the company reported profit after tax of 77.6 crore rupees. Total sales volumes rose 26% to 3.93 million tonnes from 3.11 million tonnes in the year-earlier period. Growth was split between cement sales, which increased 39% to 2.29 million tonnes, and sales of ground granulated blast furnace slag, known as GGBS, which rose 7% to 1.47 million tonnes from 1.38 million tonnes. In the first half, sales volumes increased 20% to 7.73 million tonnes, and revenue from operations rose 27% to 3,809 crore rupees. But first-half operating EBITDA fell 2% to 576 crore rupees, showing that revenue and volume growth were not matched by similar growth in this profit measure.

At Nagaur, JSW Cement said the unit recorded average capacity utilisation of 75% and positive operating EBITDA in the second quarter. The company started operating an additional grinding mill with capacity of 1.0 million tonnes a year on October 6, lifting the unit’s grinding capacity to 3.5 million tonnes a year. Work has also begun on another capacity addition of 2.5 million tonnes a year, aimed at raising total capacity to 6.0 million tonnes once the project is complete. The company links these steps to strengthening its presence in northern India, saying cement and slag activity maintained momentum across regions and volumes accelerated in the north. The operational additions come alongside quarterly sales growth, while converting the new capacity into stronger operating results will depend on the unit’s performance after commissioning.

As part of a restructuring, the boards of JSW Cement and Shiva Cement approved a merger scheme under which JSW Cement will issue five shares for every 41 shares in Shiva Cement. The company said it expects to complete the transaction within 12 to 14 months, subject to required approvals. At the sector level, India’s core industries index grew 7.9% year on year in September, after rising 5.9% in August, while cement output increased 9.8% and steel output rose 4.9% during the month. The index’s cumulative growth was 5.1% from April to September, compared with 2.5% in the same period a year earlier. India’s finished steel consumption also rose 7.6% to 85.0 million tonnes in the first half, from 79.0 million tonnes, and the country was a net importer of finished steel by volume during the period.

The two stocks moved in different directions in the market as the results were released. SAIL closed at 171.50 rupees on October 27, up 0.94% from the previous session’s close of 169.90 rupees. By contrast, an Investing.com report published on October 28 said JSW Cement shares were trading at 115.25, down 1.2% from the previous close of 116.65. The figures describe the stocks at different times: SAIL’s figure is Tuesday’s closing price, while the JSW Cement report gives a price at the time of publication. India’s Ministry of Commerce and Industry is scheduled to publish the preliminary core industries index for October on November 20, 2026.