Jindal Steel (JINDALSTEL) Q4 23/24 earnings summary

Executive summary

• FY24 combined resilient earnings with lower revenue: consolidated gross revenue was ₹58,115 crore, adjusted EBITDA ₹10,231 crore and PAT ₹5,943 crore; steel production reached 7.92 MT.

• Capacity expansion and vertical integration remain central priorities, supported by strong domestic steel demand and raw-material security initiatives.

Financial highlights

• Consolidated gross revenue fell 4% YoY to ₹58,115 crore; net revenue declined to ₹50,183 crore from ₹52,768 crore.

• Adjusted EBITDA rose to ₹10,231 crore from ₹9,700 crore; adjusted figures exclude a one-off FX loss of ₹30 crore in FY24 and an FX gain of ₹235 crore in FY23.

• PAT from continuing operations increased to ₹5,943 crore from ₹3,193 crore; no exceptional gains or losses were reported in FY24 versus a ₹1,369 crore loss in FY23.

• Cash flow from operations was ₹6,008 crore; capital expenditure totaled ₹8,517 crore, or 14.66% of revenue.

Outlook and guidance

• Crude steel capacity is targeted to rise from 9.6 MTPA in FY24 to 15.9 MTPA by FY26, including Angul expansion to 12.3 MTPA.

• A ₹31,000 crore capex program covers ₹23,200 crore for steel expansion, ₹3,000 crore for ACPP-II, ₹1,800 crore for mining and ₹3,000 crore for other projects; most commissioning is expected Q4 FY25–Q3 FY26.

• Finished steel capacity is targeted at 13.75 MTPA by FY26, from 13.25 MTPA in FY24; the 1.2 MTPA CRM complex is scheduled for phased commissioning by Q1 FY26.

• Management plans to fund part of capex through internal accruals and keep net debt/EBITDA below 1.5x through the expansion cycle.