Jindal Steel & Power Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
JINDALSTEL · price
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Jindal Steel reported Q1FY26 consolidated revenue from operations of ₹12,294 Cr, down about 10% YoY from ₹13,618 Cr in Q1FY25, while consolidated PAT rose roughly 12% YoY to ₹1,496 Cr (vs ₹1,338 Cr). Adjusted EBITDA came in at ₹2,984 Cr, up 20% QoQ from ₹2,482 Cr, with EBITDA margin expanding to about 21% on lower raw material and other costs. Standalone PAT grew to ₹1,624 Cr (vs ₹1,457 Cr) and standalone EPS stood at ₹16.01. Net debt rose to ₹14,400 Cr (from ₹11,957 Cr in March), pushing net debt/EBITDA to 1.49x, largely on ₹2,226 Cr of capex for the 6 MTPA Angul expansion. Steel production was 2.09 MT and sales 1.90 MT (-10% QoQ). The auditor's review report flagged material going-concern uncertainty at two overseas subsidiaries – JSPML (Mauritius, accumulated losses ₹4,829 Cr, negative net worth ₹3,394 Cr) and Wollongong Resources (Australia, current liabilities exceed current assets by ₹6,402 Cr) – though management continues to treat them as going concerns on the basis of parental support. Q1FY26 had no exceptional item, though the Q4FY25 comparison includes a ₹1,229 Cr (consolidated) / ₹1,314 Cr (standalone) exceptional loss related to JSPML provisioning. The company also secured the Roida-I Iron Ore and Manganese Block in Odisha.
Near-term positives for shareholders: strong PAT growth YoY, sharp EBITDA margin expansion despite weaker sales, and no fresh exceptional charge in Q1. Watchpoints: revenue is declining on weaker sales volumes, leverage is climbing as the company funds a heavy Angul capex cycle, and two foreign subsidiaries carry going-concern flags that could keep dragging consolidated numbers if support requirements increase. The official name change to Jindal Steel Limited simplifies the brand but does not alter fundamentals.