Jayaswal Neco Industries (522285) Q3 25/26 earnings summary

Executive summary

• 9M FY26 net sales rose 19.3% YoY to ₹5,158 Cr and EBITDA rose 57.9% to ₹960 Cr; Q3 EBITDA grew 16.2% while PAT declined 3.7% to ₹74 Cr.

• Q3 operating records included rolling-mill production of 1,77,875 MT, oxygen production of 429 TPD, and extended DRI and pellet plant campaigns.

Financial highlights

• Q3 revenue from operations was ₹172,723 lakh, up YoY from ₹165,684 lakh; EBITDA was ₹310 Cr, up 16.2% YoY, while PAT was ₹7,409 lakh versus ₹7,693 lakh.

• Q3 EBITDA margin was 17.97% versus 16.12% YoY; PBT before exceptional items was ₹10,892 lakh versus ₹5,257 lakh, and PBT after a ₹1,004 lakh exceptional charge was ₹9,888 lakh.

• 9M revenue was ₹515,758 lakh versus ₹432,446 lakh; PAT was ₹27,224 lakh versus ₹1,104 lakh, and PBT before exceptional items was ₹37,702 lakh versus a ₹3,344 lakh loss.

• 9M EBITDA margin was 18.62% versus 14.06%; cash profit was ₹594 Cr versus ₹176 Cr YoY.

• Q3 operating cash flow was ₹1,388 Cr; investing and financing cash flows were outflows of ₹236 Cr and ₹1,086 Cr.

Outlook and guidance

• Mid-term goals include becoming the lowest-cost steel producer, improving external credit ratings, implementing a 1.5 MnTPA Raipur pellet project, and raising iron ore mining capacity to 7 MnTPA.

• Priorities include developing higher-value steel grades, debottlenecking facilities, integrating IT initiatives, and strengthening ESG implementation.