Under the scheme, JSW Steel will issue one fully paid-up equity share of face value ₹1 each for every 18 fully paid-up equity shares of ₹10 each held in BMM Ispat.
As of March 31, 2026, JSW Steel had a standalone turnover of ₹1,32,847 crore and net worth of ₹77,625 crore, while BMM Ispat reported a standalone turnover of ₹4,776 crore and net worth of ₹2,732 crore. The paid-up share capital of JSW Steel and BMM Ispat stood at ₹244 crore and ₹855 crore, respectively.
In an exchange filing, JSW Steel said BMM Ispat operates an approximately 1 million tonne per annum (MTPA) integrated steel facility in Karnataka, located close to JSW Steel’s Vijayanagar plant. The company said the merger is expected to create operational synergies and improve logistics, production planning and raw material optimisation.
JSW Steel also said BMM Ispat has environmental clearances in place for 2 MTPA and has expansion-ready land, which would allow the company to increase capacity faster and at a lower investment cost compared to a greenfield expansion.
The company added that the amalgamation will strengthen its long products portfolio, including segments such as TMT bars and billets.
The proposed scheme is subject to approvals from shareholders, creditors, stock exchanges and the National Company Law Tribunal (NCLT).
The majority stake in BMM Ispat is held by JSW Projects Ltd., a promoter group entity of JSW Steel.
Separately, JSW Steel also reported a better-than-expected operational performance for the March quarter.
Revenue for Q4FY26 stood at ₹51,180 crore, ahead of the CNBC-TV18 poll estimate of ₹50,975 crore. EBITDA came in at ₹8,634 crore against the poll estimate of ₹8,400 crore, while EBITDA margin stood at 16.9%, compared to expectations of 16.5%.
The company reported an exceptional gain of ₹17,888 crore during the quarter from the BPSL-JFE slump sale transaction.
For FY27, the company guided for consolidated production volumes of 29.75 million tonnes and sales volumes of 28.6 million tonnes.
Shares of JSW Steel closed 1.85% higher at ₹1,298.50 ahead of the announcement. The stock has gained 31% over the last 12 months.
