Transcript of Earnings Conference Call held on May 2, 2026
JINDALSTEL · price
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Jindal Steel reported FY26 consolidated gross revenue of INR 62,412 crores, up 8% YoY, with PAT of INR 3,361 crores (up 18%). Q4FY26 revenue was INR 19,399 crores with PAT of INR 1,041 crores. The company completed its major capex program, expanding steelmaking capacity from 9.6 MTPA to 15.6 MTPA. Production volumes for FY26 reached 9.25 MT and sales 8.68 MT. Per tonne EBITDA declined to INR 10,482 from INR 11,712 in FY25 due to ramp-up costs. An impairment of INR 1,433 crores (standalone) was recognized for Australian mining assets that have been closed. FY27 guidance: production 11-11.5 MT and sales 10.5-11 MT. Coking coal prices are expected to rise $20-25/tonne in Q1FY27.
The ramp-up of expanded Angul facilities and focus on asset sweating should drive volume growth and margin improvement in FY27. The slurry pipeline commissioning expected in Q1FY27 will provide INR 750-1,000/tonne cost savings. However, rising coking coal costs and lower value-added product mix in near term may pressure margins.