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Jindal Steel (JINDALSTEL) investor relations material
Jindal Steel Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Record Q2FY27 steel sales of 2.38 mt and consolidated gross revenue of ₹19,448 crore; adjusted EBITDA rose 34% YoY.
The 192-km Barbil–Angul slurry pipeline was commissioned, supporting logistics savings and a stronger H2 production outlook.
Financial highlights
Consolidated Q2 gross revenue was ₹19,448 crore, net revenue ₹16,704 crore, adjusted EBITDA ₹2,504 crore and PAT ₹771 crore versus ₹635 crore in Q2FY26.
H1 consolidated gross revenue was ₹37,282 crore, net revenue ₹32,205 crore, adjusted EBITDA ₹5,171 crore and PAT ₹1,614 crore.
Standalone Q2 net revenue was ₹15,289 crore, adjusted EBITDA ₹1,865 crore and PAT ₹861 crore.
Q2 steel sales rose 27% YoY to 2.38 mt; H1 sales were 4.61 mt versus 3.78 mt in H1FY26.
Sequential EBITDA was pressured by higher coking coal, power, fuel and freight costs.
Outlook and guidance
FY2027 gross steel production target remains ~11 mt; H1 net production was 4.79 mt and H2 target is 6 mt.
Management expects record production in Q3 and stronger output in Q4, with sellable volume of 0.9–0.95 mt/month.
Flat products, including plates, are targeted at 65% of mix versus 35% long products; management expects to sustain this mix rather than reach 70:30 in FY2028.
A new pellet plant, 2-mt DRI plant and three additional gasifiers are targeted for commissioning by June 2027.
Utkal B2 coal mine is expected to come onstream during FY2027; Roida operations are expected to resume by December-end or January.
- Higher adjusted EBITDA and PAT offset lower realisations as the ₹31,000 crore expansion advances.JINDALSTEL
Q4 23/24 - Q1 FY27 saw INR 17,834 crore revenue, 66% value-added sales, and robust EBITDA of INR 2,667 crore.JINDALSTEL
Q1 26/27 - Record output and capacity expansion fueled 8% revenue and 18% PAT growth in FY26.JINDALSTEL
Q4 25/26 - Q2FY26 revenue and EBITDA declined, but Angul expansions and record value-added sales supported outlook.JINDALSTEL
Q2 25/26 - Net profit surged 43% QoQ, sales rose, and leverage improved amid robust expansion.JINDALSTEL
Q1 24/25 - Q2 FY25 profit fell 38% YoY to ₹860 Cr as sales and revenue declined despite higher production.JINDALSTEL
Q2 24/25 - Q3FY25 delivered higher revenue and steel output, but profit fell and net debt increased.JINDALSTEL
Q3 24/25 - Record production, strong EBITDA, lower net debt, expansion progress, and dividend proposed.JINDALSTEL
Q4 24/25 - Adjusted EBITDA rose to INR 2,984 Cr QoQ as value-added sales hit 72% despite lower sales.JINDALSTEL
Q1 25/26
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