Jindal Steel (JINDALSTEL) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly steel production of 2.51 million tons (+25% QoQ) and sales of 2.28 million tons (+22% QoQ), driven by new capacity ramp-up and operational efficiencies.

• Gross revenue for Q3 FY 2026 reached INR 15,172 crores (+12% QoQ), with adjusted EBITDA at INR 1,593 crores and PAT at INR 189 crores.

• Net debt increased to INR 15,443 crores as of December 31, 2025, with Net Debt/EBITDA at 1.72x, reflecting ongoing expansion and capital investments.

• Value-added steel comprised 66% of Q3 FY 2026 sales, with a balanced flat/long product mix and increased domestic sales share.

• Recognized in the S&P Global Sustainability Yearbook 2026 for ESG performance and awarded for CO2-neutral steel initiatives.

Financial highlights

• Q3 FY 2026 consolidated gross revenue rose 12% QoQ to INR 15,172 crores, but adjusted EBITDA declined 15% QoQ and 25% YoY due to lower steel prices and higher costs.

• PAT for Q3 FY 2026 was INR 189 crores, down from INR 635 crores in Q2 FY 2026 and INR 951 crores in Q3 FY 2025.

• Adjusted EBITDA per ton for Q3 FY 2026 was INR 6,981, with underlying EBITDA per ton (excluding one-time cost) at INR 8,516.

• CapEx for the quarter was INR 2,076 crores, with cumulative expansion CapEx at INR 32,925 crores out of INR 47,043 crores planned.

• Net debt increased sequentially due to lower EBITDA and CapEx commitments.

Outlook and guidance

• Expecting a stronger Q4 FY 2026 with higher opening volumes, improved pricing, and better steel demand.

• Domestic steel prices are currently INR 3,000–3,500 per ton higher than December 2025 and expected to remain supported.

• Net debt to EBITDA expected to reduce to sub-1.5x as incremental revenues and cash flows materialize.

• Sales volume guidance of 8.5–9 million tons for FY 2026 remains on track; annual CapEx guidance of INR 7,500–10,000 crores.

• Coking coal consumption cost expected to rise by $18–$20 per ton sequentially in Q4.