Jindal Steel (JINDALSTEL) Q3 24/25 earnings summary

Executive summary

• Q3FY25 gross revenue was INR 13,707 Cr, up 5% sequentially and nearly flat year-over-year, with steel production at 1.99 mt and sales at 1.90 mt, both up from the previous quarter and year.

• Adjusted EBITDA for Q3FY25 was INR 2,133 Cr, with PAT at INR 951 Cr, both showing sequential improvement but lower year-over-year.

• Q3FY25 profit after tax was INR 951 Cr, down 51% YoY; 9MFY25 profit after tax was INR 3,149 Cr, down 37% YoY.

• Management transition announced: Mayank Gupta appointed as CFO, with Sunil Kumar continuing in a different capacity.

Financial highlights

• Q3FY25 consolidated net revenue was INR 11,777 Cr, up 5% QoQ; 9MFY25 net revenue was INR 36,678 Cr.

• Adjusted EBITDA margin per ton was INR 11,209 in Q3FY25, down from INR 15,472 in Q3FY24.

• Net debt increased to INR 13,551 Cr as of Dec 31, 2024, with Net Debt/EBITDA at 1.40x.

• Standalone PAT for Q3FY25 was INR 1,163 Cr, up from INR 894 Cr in Q2FY25 but down from INR 1,484 Cr in Q3FY24.

• CapEx for the quarter was INR 2,857 Cr, mainly for Angul expansion; cumulative expansion CapEx at INR 23,612 Cr.

Outlook and guidance

• Expansion projects, especially at Angul, are progressing as per timelines, with blast furnace commissioning expected this quarter and ramp-up to full utilization by end-FY26.

• CapEx guidance for the next three years includes INR 15,000 Cr for efficiency, value-added products, and supply chain improvements; a broader capex framework of INR 23,400 Cr is planned from FY26 to FY28.

• Expect reduction of around $10/ton in coking coal prices and INR 100–200/ton in iron ore costs in Q4.

• Slurry pipeline commissioning targeted for Q1 FY26.

• Targeting Net Debt/EBITDA below 1.5x through the cycle.