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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.
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Q2 25/26 earnings summary29 Oct, 2025

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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Q3 25/2629 Jan, 2026
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