Jindal Steel (JINDALSTEL) Q2 26/27 earnings summary

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.