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Jindal Steel (JINDALSTEL) investor relations material
Jindal Steel Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Commissioned major Angul expansions: 4.6 MTPA Blast Furnace and 3 MTPA BOF, doubling hot metal and increasing steel capacity to 12.6 MTPA, targeting 15.6 MTPA by year-end.
Q2FY26 performance impacted by prolonged monsoon, seasonal weakness, and planned plant shutdowns, resulting in lower production and sales volumes.
New CEO Gautam Malhotra appointed, emphasizing operational excellence, value creation, and AI-driven efficiency.
Steel production reached 2.00 MT and sales were 1.87 MT for Q2FY26.
Board and audit committee approved unaudited Q2 and H1 FY26 results, with no material misstatements.
Financial highlights
Q2FY26 consolidated gross revenue: INR 13,505 crore (-6% QoQ); net revenue: INR 11,708 crore.
Adjusted EBITDA for Q2FY26: INR 1,875 crore; EBITDA per ton: INR 10,010; margin at 16%.
Net profit (PAT) for Q2FY26: INR 635 crore; standalone PAT: INR 921 crore.
Net debt as of Sep 30, 2025: INR 14,156 crore; net debt/EBITDA at 1.48x.
Q2FY26 CapEx was INR 2,699 crore, mainly for Angul expansion.
Outlook and guidance
Confident in achieving full-year volume guidance, expecting ramp-up in H2 as new capacities come online.
Angul expansion on track to reach 12 MTPA and overall steelmaking capacity to 15.6 MTPA within FY26.
Annual growth CAPEX guidance of INR 7,500–10,000 crore, with pre-tax ROCE targeted at 18–20%.
Net debt/EBITDA expected to remain below 1.5x through the cycle.
Q3 coal consumption cost expected to rise by $3-$5/ton sequentially; steel prices anticipated to improve post-festive season.
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