Jindal Steel (JINDALSTEL) Q2 25/26 earnings summary

Executive summary

• Commissioned major Angul expansions, including a 4.6 MTPA Blast Furnace and 3 MTPA BOF, increasing steelmaking capacity to 12.6 MTPA and targeting 15.6 MTPA by FY26 end.

• Q2FY26 performance impacted by prolonged monsoon, seasonal weakness, and planned plant shutdowns, resulting in lower production and sales volumes.

• Value-added products reached a record 73% of sales, with increased flat product and downstream business.

• AI and digital initiatives implemented to enhance operational efficiency, safety, and predictive maintenance.

• Approved unaudited standalone and consolidated financial results for Q2 and H1 FY26, with board and audit committee review.

Financial highlights

• Q2FY26 consolidated gross revenue: ₹13,505 Cr (-6% QoQ); net revenue: ₹11,708 Cr.

• Adjusted EBITDA for Q2FY26: ₹1,875 Cr; EBITDA per ton: ₹10,010; adjusted EBITDA margin: 13.7%-16%.

• PAT for Q2FY26: ₹635 Cr (consolidated); standalone PAT: ₹921 Cr.

• Non-recurring plant shutdown cost: ₹174 Cr; total one-off impact: ₹250 Cr.

• H1FY26 consolidated gross revenue: ₹27,841 Cr; adjusted EBITDA: ₹4,859 Cr; PAT: ₹2,131 Cr.

Outlook and guidance

• Angul expansion on track to reach 12 MTPA and overall steelmaking capacity to 15.6 MTPA within FY26.

• Guidance maintained for FY 2026 steel volumes, with confidence in ramping up new capacity and achieving higher quarterly production in H2.

• Annual growth CAPEX guidance: ₹7,000–10,000 Cr; H2FY26 CAPEX: ₹4,925 Cr.

• Net debt/EBITDA expected to remain below 1.5x through the cycle.

• Coal consumption cost expected to rise by $3–$5/ton sequentially in Q3.