JINDAL STEEL LIMITED

Makes and sells steel products — rails, plates, long products, and flat steel — primarily to Indian infrastructure, construction, metro rail, automotive and defence customers. The Iron & Steel segment accounts for 90.0% of segment revenue (49,382.79 cr in the FY22 segment period shown), with Power contributing 7.6% (4,185.03 cr) and Others 2.3% (1,285.67 cr). Following the Angul expansion, steelmaking capacity stands at 15.6 MTPA, with FY27 production guided at 11–11.5 MT and sales at 10.5–11 MT. The product mix is shifting toward value-added items — these rose to 66% of mix in Q1FY27 from 61% in Q4FY26 — and it is the sole private supplier of head-hardened rails to 18–19 of 22 Indian metro rails and the only domestic producer of sheet piles, with a stated leading position in specialty plates, rounds and quenched & tempered plates for defence. Materials account for 46.2% of revenue, with coking coal flagged as a key input expected to rise $20–25/tonne sequentially in Q1FY27. Net debt stands at Rs 15,927 cr with Net debt/EBITDA at 1.71x, management targeting below 1.5x by Q2FY27. AR · MarketPing reader · 2026-08-02

Revenue streams, as the annual report describes them. Iron & Steel (90%), Power (8%), Others (2%). Cyclical, asset-heavy, integrated steel manufacturer focused on value-added grades.

Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)