Jindal Steel (JINDALSTEL) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly steel production and sales, up 25% and 22% QoQ, driven by new capacity ramp-up and operational efficiencies.

• Gross revenue for Q3 FY26 reached INR 15,172 crore, with adjusted EBITDA at INR 1,593 crore and PAT at INR 189 crore, reflecting margin pressures from lower steel prices and higher costs.

• Net debt increased to INR 15,443 crore 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 FY26 sales, supporting profitability.

• Share of domestic sales increased to 94% in Q3 FY26, with export share declining as focus shifted to the domestic market.

Financial highlights

• Q3 FY26 consolidated gross revenue rose 12% QoQ to INR 15,172 crore, but adjusted EBITDA declined 15% QoQ to INR 1,593 crore due to lower steel prices and higher input costs.

• PAT for Q3 FY26 was INR 189 crore, down from INR 635 crore in Q2 FY26 and INR 951 crore in Q3 FY25.

• Adjusted EBITDA per ton for Q3 FY26 was INR 6,981, with underlying EBITDA per ton at INR 8,516 excluding one-time costs.

• CapEx for Q3 FY26 was INR 2,076 crore, mainly for Angul expansion; cumulative CapEx under the current program reached INR 32,925 crore.

• Net debt to EBITDA increased to 1.72x in Q3 FY26 from 1.48x in Q2 FY26.

Outlook and guidance

• 3 MTPA Basic Oxygen Furnace-III at Angul on track for Q4 FY26 commissioning, raising steelmaking capacity to 15.6 MT.

• Sales volume guidance of 8.5–9 million tons for FY 2026 remains on track.

• Net debt to EBITDA targeted to return to sub-1.5x levels as ramp-up continues.

• Coking coal consumption cost expected to rise by $18–$28 per ton sequentially in Q4.

• Annual capex guidance of INR 7,500–10,000 crore with targeted project pre-tax ROCE of 18–20%.