JINDAL STEEL LIMITED has informed the Exchange about Transcript
JINDALSTEL · price
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Jindal Steel's Q2FY26 consolidated revenue fell 6% QoQ to ₹13,505 crore due to lower sales volume (down 2% to 1.87 MT) and weaker steel prices, with PAT at ₹635 crore and adjusted EBITDA per tonne at ₹10,010. Results were hit by prolonged monsoon, planned plant shutdowns (~₹250 crore one-off impact), and external metallics purchases. Net debt reduced by ₹244 crore QoQ to ₹14,156 crore, keeping net debt-to-EBITDA at 1.48x; management reiterated the 1.5x cap. Two major Angul assets were commissioned — a 4.6 MTPA blast furnace and 3 MTPA BOF-2 — taking steelmaking capacity to 12.6 MT, with a target of 15.6 MT by end of FY26. Value-added share hit a record 73% of sales, captive iron ore share rose to 45% (from 29%), and the new CEO Gautam Malhotra was formally introduced. For Q3, management flagged a $3-5/tonne increase in coal costs, domestic steel prices 2-3% lower than Q2, but also 2-3% cost savings and the reversal of the ₹250 crore shutdown impact.
Near-term, shareholders should expect modest margin pressure from rising coal costs and softer prices, partly offset by shutdown cost reversal and operational cost savings. The new capacity ramp-up and improving value-added and captive iron ore mix are positive for H2 volumes and longer-term margin trajectory, while the strong balance sheet (debt/EBITDA at 1.48x) keeps financial risk low.