Jindal Steel (JINDALSTEL) Q4 25/26 earnings summary

Executive summary

• Achieved record steel production of 9.25 MT (+14% YoY) and sales of 8.68 MT (+9% YoY) for FY26, meeting guidance despite volatile demand and global trade uncertainty.

• Expanded steelmaking capacity from 9.6 to 15.6 MTPA, with major ramp-up at Angul and operational efficiencies across all sites.

• Commissioned new blast furnaces, BOFs, cold rolling complex, and a 1,050 MW power plant, enhancing capacity and raw material integration.

• Entering FY27 with 15.6 MTPA capacity, lower cost base, secured raw material supply, and focus on digital transformation and ESG initiatives.

• Board recommended a final dividend of INR 2/share (200%) for FY26, subject to shareholder approval.

Financial highlights

• FY26 consolidated gross revenue rose 8% YoY to INR 62,412 Cr; adjusted EBITDA was INR 9,099 Cr (INR 10,482/t), down 3% YoY.

• Profit after tax grew 18% to INR 3,361 Cr; EPS at INR 33.

• Q4FY26 gross revenue was INR 19,399 Cr, up 28% QoQ; adjusted EBITDA at INR 2,647 Cr (+66% QoQ); PAT at INR 1,041 Cr.

• Recognized impairment of INR 1,433 Cr (standalone) and INR 834 Cr (consolidated) for Australian assets; write-off of INR 3,311 Cr in loans to Jindal Steel (Mauritius) Ltd.

Outlook and guidance

• FY27 production guidance: 11–11.5 MT; sales: 10.5–11 MT.

• Continued ramp-up at Angul to drive volume growth; Indian steel demand projected to remain strong, supported by infrastructure and construction.

• Ongoing CO2 reduction program with commitment to net zero carbon emissions by 2047.

• Coking coal prices expected to rise by $20–$25/t sequentially in Q1 FY27.