JSW Steel dips despite 109% rise in Q1 net profit

JSW Steel just posted a stellar quarter. Its net profit more than doubled, margins fattened and volumes climbed. Yet the stock slipped about 0.7 per cent today (July 21, 2025), hovering around Rs 1,028. So what’s the disconnect? Strong numbers, but investors seem to be hitting the brakes. Let’s decode the story behind the steel giant’s subdued stock move. Q1 FY26 results snapshot Metric Q1 FY26 Q1 FY25 YoY change Revenue from operations Rs 45,646 crore Rs 42,213 crore 8.1 per cent Crude steel production 6.74 million tonnes 6.19 million tonnes 8.9 per cent Sales volume 6.74 million tonnes 6.17 million tonnes 9.2 per cent EBITDA Rs 8,032 crore Rs 5,059 crore 58.7 per cent EBITDA margin 17.6 per cent 12.8 per cent 480 bps Net profit (PAT) Rs 2,209 crore