Jindal Steel (JINDALSTEL) Q4 24/25 earnings summary

Executive summary

• Achieved record steel production of 8.12 million tons (+2% YoY) and sales of 7.997–7.97 million tons (+4% YoY) in FY25, with highest-ever output at Angul and Raigarh plants.

• Gross revenue for FY25 was INR 58,044 crore, nearly flat YoY; adjusted EBITDA was INR 9,570 crore and adjusted PAT was INR 4,248 crore.

• Maintained strong liquidity (INR 5,885 crore) and Net Debt/EBITDA ratio of 1.26x.

• Board recommended a final dividend of INR 2/share (200%) for FY25.

• India remained a net importer of steel for the second consecutive year, with production and demand both growing.

Financial highlights

• Q4FY25 production rose 6% QoQ to 2.11 million tons; sales volume up 12% to 2.13 million tons.

• Q4FY25 consolidated gross revenues increased 13% QoQ to INR 15,525 crore; adjusted EBITDA was INR 2,482 crore.

• Adjusted PAT for Q4FY25 was INR 1,099 crore, up 16–18% QoQ.

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

• Exceptional loss of INR 1,229 crore in Q4FY25 due to impairment in overseas subsidiaries, mainly Australia.

Outlook and guidance

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

• Incremental steel production to come from both existing operations (0.2–0.3 MT) and new expansions (0.7–1.6 MT).

• Expansion projects, including Blast Furnace-2 and Air Separation Unit, are progressing on schedule; first hot metal tapping from BF2 expected in Q1FY26.

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

• Domestic HRC and TMT prices currently 4–5% higher than Q4 average.