Jindal Steel Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Jindal Steel Ltd filed with BSE on 06 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Jindal Steel reported FY26 consolidated gross revenue of Rs 62,412 crore, up 8% year-on-year, with adjusted EBITDA of Rs 9,099 crore and profit after tax of Rs 3,361 crore, up 18%. The company completed its Angul expansion, taking steelmaking capacity from 9.6 million tonnes to 15.6 million tonnes, and recognised an impairment on its Australian mining assets after closing the shaft there. Management guided FY27 production of 11 to 11.5 million tonnes and sales of 10.5 to 11 million tonnes, and said coking coal prices are expected to rise $20 to $25 per tonne sequentially in Q1FY27.
Numbers mentioned
Consolidated gross revenue: INR 62,412 crores (FY26)
p. 5
“Jindal Steel reported consolidated gross revenue of INR 62,412 crores, an increase of 8% compared to FY25.”
Gautam Malhotra, page 5 of the filed PDF · View the filing
Consolidated adjusted EBITDA: INR 9,099 crores (FY26)
p. 5
“Consolidated adjusted EBITDA was INR 9,099 crores and on a per tonne basis, the adjusted EBITDA was INR 10,482 per tonne, compared to INR 11,712 in FY25.”
Gautam Malhotra, page 5 of the filed PDF · View the filing
Profit after tax: INR 3,361 crores (FY26)
p. 5
“The profit after tax for the year is INR 3,361 crores, a growth of 18% over last year and corresponding earnings per share of INR 33.”
Gautam Malhotra, page 5 of the filed PDF · View the filing
Consolidated gross revenue: INR 19,399 crores (Q4FY26)
p. 5
“For Q4FY26, consolidated gross revenue was INR 19,399 crores, compared with INR 15,172 crores in Q3FY26, a growth of 28%.”
Gautam Malhotra, page 5 of the filed PDF · View the filing
Consolidated adjusted EBITDA: INR 2,647 crores (Q4FY26)
p. 5
“Consolidated adjusted EBITDA for the quarter was INR 2,647 crores and an adjusted EBITDA per tonne of INR 10,093.”
Gautam Malhotra, page 5 of the filed PDF · View the filing
Profit after tax: INR 1,041 crores (Q4FY26)
p. 5
“Profit after tax for the quarter was INR 1,041 crores.”
Gautam Malhotra, page 5 of the filed PDF · View the filing
Production volume: 9.25 million tonnes (FY26)
p. 5
“For FY26 production volume was 9.25 million tonnes, and sales was at 8.68 million tonnes, representing an increase of 14% and 9%, respectively.”
Gautam Malhotra, page 5 of the filed PDF · View the filing
Production volume: 2.65 million tonnes (Q4FY26)
p. 5
“For Q4FY26, production volume was 2.65 million tonnes, representing quarter-on-quarter growth of 6% and year-on-year growth of 26% and sales volume was at 2.62 million tonnes representing a quarter-on-quarter growth of 15% and year-on-year growth of 23%.”
Gautam Malhotra, page 5 of the filed PDF · View the filing
Consolidated net debt: INR 16,019 crores (As of 31st March 2026)
p. 6
“As of 31st March 2026, consolidated net debt was INR 16,019 crores with a net debt to EBITDA of 1.66x and debt to equity of 0.43x.”
Gautam Malhotra, page 6 of the filed PDF · View the filing
Impairment - Australian assets (consolidated): INR 834 crores (USD 93 million) (Q4FY26)
p. 6
“Accordingly, we have recognized an impairment of INR 1,433 crores which equates to USD 159 million in the standalone business and INR 834 crores, which equates to USD 93 million in the consolidated results.”
Gautam Malhotra, page 6 of the filed PDF · View the filing
Blended ASP increase: INR 4,743 per tonne (Q4FY26 sequential)
p. 5
“The blended ASP has increased by INR 4,743 per tonne on a sequential basis.”
Gautam Malhotra, page 5 of the filed PDF · View the filing
Final dividend: INR 2 per share (FY26)
p. 5
“The Board of Directors has recommended a final dividend of INR 2 per share.”
Gautam Malhotra, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Production volume — 11 million to 11.5 million tonnes · FY27
stated firmly by Gautam Malhotra
p. 7
“With that context, our production plan for FY27 is 11 million to 11.5 million tonnes and sales between 10.5 million to 11 million tonnes.”
Gautam Malhotra, page 7 of the filed PDF · View the filing
Coking coal price increase — $20 to $25 per tonne · Q1FY27
stated firmly by Gautam Malhotra
p. 7
“For Q1FY27, we expect coking coal prices to increase by $20 to $25 per tonne sequentially.”
Gautam Malhotra, page 7 of the filed PDF · View the filing
Leverage metrics — normalize · Q2FY27
stated conditionally by Gautam Malhotra
p. 6
“With the ramp-up of new capacities and corresponding improvement in operating cash flows, we expect leverage metrics to normalize by Q2FY27.”
Gautam Malhotra, page 6 of the filed PDF · View the filing
Sustenance capex — INR 7,500 crores to INR 10,000 crores
stated firmly by Gautam Malhotra
p. 7
“I think our guidance has been fairly clear that we will be allocating INR 7,500 crores to INR 10,000 crores to our capital expansion programs or sustenance capex as we call it.”
Gautam Malhotra, page 7 of the filed PDF · View the filing
Flat steel sales mix — 70% odd
stated as an aspiration by Gautam Malhotra
p. 8
“Flat sales will increase in times to come and move towards 70% odd as we move ahead.”
Gautam Malhotra, page 8 of the filed PDF · View the filing
Slurry pipeline commissioning — commissioned · Q1FY27
stated firmly by Gautam Malhotra
p. 5
“The pipeline is expected to be commissioned in this quarter, Q1FY27.”
Gautam Malhotra, page 5 of the filed PDF · View the filing
Value-added product mix — normal robust levels
stated as an aspiration by Gautam Malhotra
p. 15
“And in times to come, it will come back to its normal robust levels and improve further.”
Gautam Malhotra, page 15 of the filed PDF · View the filing
Thermal power ramp-up — complete ramp-up · first half of this year
stated firmly by Gautam Malhotra
p. 11
“So, I think the ramp-up will be complete within the first half of this year.”
Gautam Malhotra, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said there is a lag between spot and contract pricing, and that the market is holding firm despite a slight recent dip.
Answered by Gautam Malhotra
Asked by Jashandeep Chadha: Whether contracts have been reset to higher realization levels and comment on the recent dip in steel prices.
p. 7
“Yes, but we still feel that at the moment, the market is holding firm, and there is nothing to worry about on that front.”
Gautam Malhotra, page 7 of the filed PDF · View the filing
Management said the focus is first on capacity utilization during ramp-up, with mix optimization to follow, stabilizing in the second half of the year.
Answered by Gautam Malhotra
Asked by Darshan Mehta: Timeline for recalibrating toward higher value-added product mix.
p. 8
“So, I think you are going to see a little bit of movement in the first two quarters of this year and then a stabilization in the second half of the year.”
Gautam Malhotra, page 8 of the filed PDF · View the filing
Management said flat sales, including value-added HR products, are increasing and expected to move toward 70% of the mix.
Answered by Gautam Malhotra
Asked by Vikas Singh: How the shifting product mix toward HRC affects realization.
p. 8
“I think today, we are around 50:50. Flat sales will increase in times to come and move towards 70% odd as we move ahead.”
Gautam Malhotra, page 8 of the filed PDF · View the filing
Management said no further write-offs are expected, based on an independent valuation.
Answered by Sunil Agrawal
Asked by Satyadeep Jain: Whether further write-downs on overseas mining assets are expected.
p. 9
“So, we do not expect any further write-offs. This is represented by the independent valuation done by reputed agency.”
Sunil Agrawal, page 9 of the filed PDF · View the filing
Management said Mozambique is EBITDA positive while South Africa is operating but not EBITDA positive due to local issues.
Answered by Sunil Agrawal
Asked by Somaiah V.: Status and profitability of Mozambique and South Africa mining operations.
p. 11
“Yes, South Africa also is operating, but due to some local issues, so we are not EBITDA positive, but that mine is operating.”
Sunil Agrawal, page 11 of the filed PDF · View the filing
Management said the drop reflects the ramp-up focus on capacity utilization, with value-add mix expected to recover.
Answered by Gautam Malhotra
Asked by Rajesh Ravi: Reason for the drop in value-added product share quarter-on-quarter.
p. 14
“No, I indicated earlier that as we are ramping up, we are going to focus on both the things, capacity utilization as well as the value-add mix.”
Gautam Malhotra, page 14 of the filed PDF · View the filing
Management clarified the saving is based on iron ore volumes coming through the pipeline, not dependent on reaching full utilization.
Answered by Gautam Malhotra
Asked by Ashish Jain: Clarification on whether the Rs 750 per tonne slurry pipeline saving applies to full steel volumes.
p. 16
“No. So earlier indicated at INR 700 per tonne of iron ore coming in, which will translate to that kind of a number, but that is not dependent on it going towards the full utilization.”
Gautam Malhotra, page 16 of the filed PDF · View the filing
Risks flagged
Volatility in coking coal costs
p. 6
“Steel prices have shown recovery in recent months and are expected to remain supportive in the near term, although raw material cost, particularly coking coal, may remain volatile.”
Gautam Malhotra, page 6 of the filed PDF · View the filing
Global oversupply of steel from China amid weak domestic demand
p. 4
“This growing gap signals persistent oversupply.”
Gautam Malhotra, page 4 of the filed PDF · View the filing
Middle East conflict tempering regional steel demand
p. 4
“The Middle East conflict has tempered near-term regional demand.”
Gautam Malhotra, page 4 of the filed PDF · View the filing
South Africa mining operations facing local issues affecting profitability
p. 11
“Yes, South Africa also is operating, but due to some local issues, so we are not EBITDA positive, but that mine is operating.”
Sunil Agrawal, page 11 of the filed PDF · View the filing
Impairment and closure of Australian mining shaft
p. 6
“This quarter, we have closed the shaft, and the reserves are no longer accessible, although we still have the license.”
Gautam Malhotra, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.