Jindal Steel (JINDALSTEL) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 delivered strong performance with consolidated gross revenue of INR 13,707 Cr, up 5% sequentially and nearly flat year-over-year, despite subdued global steel prices and import pressure in India.

• Steel production grew 3% YoY to 1.99 million tons; sales up 5% YoY to 1.90 million tons, led by exports.

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

• Focused on value-added products, cost leadership, and adaptability in product mix, with retail and infrastructure segments performing strongly.

• Announced next phase of CapEx targeting efficiency, sustainability, and supply chain improvements.

Financial highlights

• Net revenue for Q3FY25 was INR 11,777 Cr, up 5% sequentially, with adjusted EBITDA margin at 18.1%.

• Adjusted EBITDA stood at INR 2,133 Cr, EBITDA per ton at INR 11,209, and PAT at INR 951 Cr, up sequentially but down YoY.

• Net debt rose to INR 13,551 Cr, with Net Debt/EBITDA at 1.40x and a commitment to remain below 1.5x.

• CapEx for the quarter at INR 2,857 Cr; cumulative CapEx under current expansion at INR 23,612 Cr.

• Q3FY25 consolidated EPS was INR 9.39.

Outlook and guidance

• Expansion projects, especially at Angul, are progressing as per timelines, with positive outlook for steel prices driven by infrastructure spending.

• Expect coking coal prices to reduce by $10/ton and iron ore cost reduction of INR 100–200/ton in Q4.

• Blast Furnace commissioning expected in Q4 FY25, with volumes ramping up through FY26 and full utilization by end-FY26.

• CRM complex and downstream projects on track for Q1 FY26 commissioning.

• CapEx plan expanded by INR 15,000 Cr over three years, focusing on value-added products, supply chain, and sustainability.