Reports highest-ever consolidated sales at 7.64 million tonnes, up 14% YoY on the back of healthy domestic demand

JSW Steel Limited reported its financial results for the Third Quarter ended 31st December 2025 (“Q3 FY26” or the “Quarter”).

The global economy has continued to grow steadily despite tariffs and geopolitical challenges. The IMF has raised its 2026 growth forecast by 20bps to 3.3% while keeping its 2027 outlook unchanged at 3.2%. Market sentiment has been buoyed by trade deals and resilient economic data in developed markets. Supportive policies, easing financial conditions and AI related investments are providing further growth momentum. However, recent developments have raised concerns regarding tariffs again, and need to be monitored.

In the United States, technology related investments and robust consumer spending provided strong growth momentum in 2025. The impact of tariffs on inflation and growth has been limited, however, there could be risks from a lagged effect. Growth momentum in China decelerated in the second half of 2025 due to continued contraction in the real estate sector, although manufacturing and exports showed positive growth. In 2026, China’s growth should be helped by favorable fiscal and monetary policies along with ongoing consumption subsidies and anti-involution measures.

India continues to lead global growth among major economies. Advance estimates peg FY26 GDP growth at 7.4%, supported by strong domestic demand, steady Government capex, and supportive monetary and financial conditions. The Indian government imposed anti-dumping duty on HRC from Vietnam in November and CRNO electrical steel from .02533China in December 2025. The Safeguard Duty was formalised for 3 years in December, in-line with the DGTR recommendations. During Q3 FY26 India’s finished steel consumption grew by 4.6% YoY to 40.74mt, while crude steel production rose by 10.0% YoY to 42.50mt. During the quarter, steel imports fell by 42.4% YoY while exports grew 35.5% YoY. China’s steel production declined by 4.4% YoY to 961mt in CY 2025, but exports surged 14% YoY to 133.5mt (including semi-finished steel) during the year.

Read more about the results here