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Jindal Steel
Jindal Steel (JINDALSTEL) investor relations material
Jindal Steel Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary31 Jan, 2026
Executive summary
Achieved record quarterly steel production of 2.51 million tons (+25% QoQ) and sales of 2.28 million tons (+22% QoQ), driven by new capacity ramp-up and operational efficiencies.
Gross revenue for Q3 FY 2026 reached INR 15,172 crores (+12% QoQ), with adjusted EBITDA at INR 1,593 crores and PAT at INR 189 crores.
Net debt increased to INR 15,443 crores as of December 31, 2025, with Net Debt/EBITDA at 1.72x, reflecting ongoing expansion and capital investments.
Value-added steel comprised 66% of Q3 FY 2026 sales, with a balanced flat/long product mix and increased domestic sales share.
Recognized in the S&P Global Sustainability Yearbook 2026 for ESG performance and awarded for CO2-neutral steel initiatives.
Financial highlights
Q3 FY 2026 consolidated gross revenue rose 12% QoQ to INR 15,172 crores, but adjusted EBITDA declined 15% QoQ and 25% YoY due to lower steel prices and higher costs.
PAT for Q3 FY 2026 was INR 189 crores, down from INR 635 crores in Q2 FY 2026 and INR 951 crores in Q3 FY 2025.
Adjusted EBITDA per ton for Q3 FY 2026 was INR 6,981, with underlying EBITDA per ton (excluding one-time cost) at INR 8,516.
CapEx for the quarter was INR 2,076 crores, with cumulative expansion CapEx at INR 32,925 crores out of INR 47,043 crores planned.
Net debt increased sequentially due to lower EBITDA and CapEx commitments.
Outlook and guidance
Expecting a stronger Q4 FY 2026 with higher opening volumes, improved pricing, and better steel demand.
Domestic steel prices are currently INR 3,000–3,500 per ton higher than December 2025 and expected to remain supported.
Net debt to EBITDA expected to reduce to sub-1.5x as incremental revenues and cash flows materialize.
Sales volume guidance of 8.5–9 million tons for FY 2026 remains on track; annual CapEx guidance of INR 7,500–10,000 crores.
Coking coal consumption cost expected to rise by $18–$20 per ton sequentially in Q4.
JSML/WRPL going concern: Holding Co. support plan?
Remaining impact of new Labour Codes?
Capex funding strategy given rising net debt?
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Next Jindal Steel earnings date
Q4 25/2630 Apr, 2026
Jindal Steel
Next Jindal Steel earnings date
Q4 25/2630 Apr, 2026
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