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Strong beat despite a weak NSR

Consolidated performance highlights:

* JSP’s revenue stood at INR117b (+4% YoY and -5% QoQ) vs. our estimate of INR107b. The QoQ decline was primarily led by muted realization.

* Adj. EBITDA stood at INR20.8b, down by 5% YoY and 31% QoQ (against our est. of INR15.8b) over muted realization and stable cost. EBITDA/t declined to INR11,129 (-6% YoY) in 2QFY26 from INR15,819/t in 1QFY26.

* APAT for the quarter stood at INR6.6b (-24% YoY and -56% QoQ) against our est. of INR3.7b. In 1HFY26, revenue and EBITDA came in at INR240b (-3% YoY) and INR51b (flat YoY), while Adj. PAT fell by 2% YoY to INR21b.

* Production and sales stood at 2mt (+2% YoY and -4% QoQ) and 1.87MT (+1% YoY and -2% QoQ), respectively, in 2QFY26. The share of exports increased to 10% in 2QFY26 vs 7% in 1QFY26. Whereas the ASP stood at INR62,491/t (+3% YoY and -3% QoQ) in 2QFY26.

* Net debt stood at INR142b as of Sep’25 vs. INR144b in 1QFY26. Net debt/EBITDA increased to 1.48x in 2QFY26 as compared to 1.49x in 1QFY26.

* The total capex for the quarter was INR27b, primarily driven by the expansion projects at Angul.

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