Jindal Steel (JINDALSTEL) Q4 24/25 earnings summary

Executive summary

• Achieved record steel production of 8.12 million tons (+2% YoY) and sales of 7.997 million tons (+4% YoY) in FY25, with highest ever output at Angul and Raigarh facilities.

• Capacity utilization rose to 85% from 83% YoY, driven by operational improvements.

• Maintained strong liquidity and industry-leading EBITDA per ton.

• India’s crude steel production and demand both grew to 152 million tons, but the country remained a net importer for the second consecutive year.

• Government imposed a 12% safeguard duty on select steel imports for 200 days to counter elevated Chinese exports.

Financial highlights

• FY25 consolidated gross revenue was INR 58,044 crore, nearly flat YoY; Q4FY25 gross revenue was INR 15,525 crore.

• Adjusted EBITDA for FY25 was INR 9,570 crore (EBITDA per ton: INR 12,008), down from INR 10,231 crore in FY24.

• Adjusted PAT for FY25 was INR 4,248 crore, a decline from INR 5,943 crore in FY24.

• Q4FY25 adjusted EBITDA was INR 2,482 crore; Q4 adjusted PAT was INR 1,099 crore.

• Net debt at year-end was INR 11,957 crore, with Net Debt/EBITDA at 1.26x.

Outlook and guidance

• FY26 crude steel production guidance: 9–10 million tons; sales volume guidance: 8.5–9 million tons.

• Incremental production to come from both existing operations and new expansions, including Angul Blast Furnace 2.

• Management described guidance as conservative and committed to exceeding expectations.

• Coking coal consumption cost expected to be $10–$15/ton lower in Q1 FY26; iron ore costs to track domestic steel prices.

• Capex plans remain on track, with significant investments in capacity expansion.