NSE: JINDALSTEL · BSE: 532286
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)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 51,086 | 52,711 | 50,027 | 49,765 | 53,225 |
| EBITDA (ex other income) | 15,107 | 8,565 | 10,201 | 8,265 | 8,788 |
| margin % | 29.6 | 16.2 | 20.4 | 16.6 | 16.5 |
| Owners' profit | 5,753 | 3,174 | 5,938 | 2,812 | 3,367 |
| EPS, as reported (₹) | 56.40 | 39.07 | 59.15 | 27.83 | 33.12 |
| ROE % · ROCE % | 18.2 · 21.4 | 10.2 · 11.0 | 13.3 · 12.0 | 6.0 · 8.2 | 6.5 · 7.5 |
| Debt / equity (x) | 0.35 | 0.32 | 0.36 | 0.38 | 0.43 |
| Cash from operations | 16,048 | 7,276 | 6,008 | 10,824 | 7,204 |
| Capex | (2,944) | (6,448) | (8,517) | (10,607) | (9,574) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11,213 | 11,751 | 13,183 | 12,294 | 11,686 | 13,027 | 16,218 | 15,482 |
| Profit before tax | 1,213 | 1,199 | 81 | 2,018 | 982 | 344 | 1,085 | 1,205 |
| Net profit | 860 | 951 | (304) | 1,496 | 635 | 189 | 1,041 | 844 |
| EPS (₹) | 8.49 | 9.39 | (3.35) | 14.73 | 6.28 | 1.87 | 10.27 | 8.30 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JSW STEEL LIMITED | 3,05,659 | 12.3 | 2.90 | 7.5 | 24.2 | 14.8 | 18.4 | 21.3 |
| TATA STEEL LIMITED | 2,14,035 | 19.4 | 2.06 | 8.6 | 10.5 | 7.6 | 8.2 | 15.1 |
| JINDAL STEEL LIMITED ◆ | 1,07,887 | 39.7 | 2.08 | 14.0 | 6.5 | 5.6 | 6.4 | 17.3 |
| STEEL AUTHORITY OF INDIA | 70,715 | 16.6 | 1.17 | 8.4 | 5.6 | 4.4 | 9.9 | 16.1 |
| JINDAL STAINLESS LIMITED | 58,140 | 17.9 | 2.92 | 11.1 | 16.0 | 15.8 | 28.7 | 13.1 |
| SARDA ENERGY & MIN LTD | 16,043 | 14.2 | 2.15 | 9.1 | 14.8 | 14.0 | 20.9 | 47.4 |
| NMDC STEEL LIMITED | 11,517 | 126.8 | 0.87 | — | 0.4 | 0.5 | — | 12.1 |
| SANDUR MANG & IRON ORES L | 7,931 | 11.1 | 2.43 | 7.1 | 20.1 | 20.9 | — | 26.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.7 | 14.2 | 10 of 11 | 10% |
| P/B | 2.1 | 2.1 | 7 of 11 | 40% |
| ROCE | 5.6 | 8.1 | 9 of 11 | 20% |
| ROE | 6.5 | 10.5 | 8 of 11 | 30% |
| Debt / Equity | 0.4 | 0.4 | 7 of 11 | 40% |
| EBITDA margin | 17.3 | 15.1 | 4 of 11 | 70% |
| Revenue growth | 25.9 | 9.8 | 1 of 11 | 100% |
| Profit growth | (43.6) | 18.8 | 10 of 11 | 10% |
| Market cap | 107887 | 16043 | 3 of 11 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Q2 and first-half FY27 revenue and profit rise | compliance | minimal | — | — |
| 23 Oct 2026 · Jindal Steel uploads October 23, 2026 earnings call recording | investor communications | low | — | — |
| 23 Oct 2026 · Q2FY27 revenue and volumes rise, but coal costs squeeze margins | investor communications | medium | — | — |
| 23 Oct 2026 · Q2 FY27 revenue hits record high; EBITDA rises 34% | results | high | — | — |
| 23 Oct 2026 · Record Q2 revenue rises 44%, but H1 profit and margins fall | results | high | — | — |
| 23 Oct 2026 · Jindal Steel grants 675,016 employee stock options | general | low | — | — |
| 19 Oct 2026 · Jindal Steel to hold Q2FY27 earnings call on October 23, 2026 | board shareholder meetings | low | — | — |
| 15 Oct 2026 · JSPL subsidiary JPPL starts Phase I operations at Paradip Port | capex operations | high | — | — |
| 6 Oct 2026 · Jindal Steel informs about newspaper ad on physical shares transfer window | compliance | minimal | — | — |
| 5 Oct 2026 · Routine quarterly RTA compliance certificate for Q2 FY27 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.