Jindal Steel (JINDALSTEL) Q1 26/27 earnings summary

Executive summary

• Leadership transition with the appointment of a new Managing Director, CFO, COO, and Head of HR, aiming to drive operational excellence and strategic growth.

• Board approved unaudited standalone and consolidated financial results for Q1 FY27, reviewed by the Audit Committee and statutory auditors.

• Gross revenue for Q1 FY27 reached INR 17,834 crore, with adjusted EBITDA at INR 2,667 crore and PAT at INR 844 crore, reflecting a sequential decline due to lower volumes from planned maintenance shutdowns.

• Production and sales volumes were 2.40 MT and 2.23 MT, respectively, with value-added steel sales rising to 66% of total sales.

• Net debt stood at INR 15,927 crore, with net debt/EBITDA at 1.71x and strong liquidity of INR 6,080 crore.

Financial highlights

• Consolidated gross revenue for Q1 FY27 was INR 17,834 crore, down 8% QoQ; net revenue at INR 15,501 crore.

• Adjusted consolidated EBITDA was INR 2,667 crore, with EBITDA per tonne rising to INR 11,937.

• PAT for the quarter was INR 844 crore.

• Finance costs increased due to capitalization of major expansion assets.

• Standalone revenue for Q1 FY27 was INR 15,292 crore; adjusted EBITDA at INR 2,227 crore; PAT at INR 1,086 crore.

Outlook and guidance

• Expectation of increased value-added product share as new downstream facilities ramp up.

• Annual capex guidance remains at INR 7,500–10,000 crore, targeting a pre-tax ROCE of 18–20%.

• Guidance to maintain or increase sales volume run rate for FY 2027, targeting 10.5–11 million tonnes.

• Cost structure expected to improve in Q2 with higher production, operating leverage, and cost-saving initiatives such as the slurry pipeline.

• Liquidity target of INR 2,000 crore and net debt/EBITDA below 1.5x through the cycle.