Jindal Steel Q2 FY27 results: net profit up 21.3% to ₹770.64 crore, revenue up 42.7%

How did Jindal Steel perform in Q2 FY27?

Jindal Steel reported consolidated revenue of ₹16,679 crore for Q2 FY27, up 42.7% from ₹11,686 crore in Q2 FY26 and 7.7% from ₹15,482 crore in Q1 FY27. Total income was ₹16,703.54 crore, up 42.7% year on year and 7.8% sequentially.

EBITDA was ₹2,572 crore, compared with ₹2,081 crore in Q2 FY26 and ₹2,660 crore in Q1 FY27. The EBITDA margin was 15.4%, down 2.4 percentage points year on year and 1.8 percentage points sequentially. PBT was ₹1,084 crore, while net profit was ₹770.64 crore and basic EPS was ₹7.61.

On a standalone basis, revenue was ₹15,270.45 crore and PAT was ₹860.65 crore, against profit before tax of ₹920.67 crore. The consolidated net profit attributable to owners was ₹774.43 crore.

What changed in Jindal Steel's costs and profit?

Against Q2 FY26, cost of materials consumed was ₹7,264 crore, up ₹1,977 crore or 37.4%, while employee cost was ₹385.69 crore, up ₹64.59 crore or 20.1%. Finance costs rose by ₹194.95 crore or 52.5% to ₹566.22 crore, depreciation rose by ₹197.15 crore or 26.3% to ₹946.67 crore, and other expenses rose by ₹1,489 crore or 37.3% to ₹5,480 crore.

Total expenses were ₹15,619 crore, up ₹4,894 crore or 45.6% from Q2 FY26, against revenue growth of 42.7%. There was no exceptional item in either quarter. Other income was ₹25 crore, up ₹3.06 crore or 13.9%, while tax was ₹312.92 crore, down ₹34.25 crore or 9.9%.

The same-day investor presentation said seasonal weakness and higher coal costs affected margins. It also said HRC prices maintained upward momentum, TMT prices weakened in July 2026 before recovering from August 2026, and coking-coal prices increased because of mine disruption in China and supply constraints from Mongolia.

How did the first half of FY27 go?

For H1 FY27, Jindal Steel reported consolidated revenue of ₹32,160.67 crore, up 34.1% from ₹23,980.36 crore in H1 FY26. Total income was ₹32,204.86 crore, up 34.0%, while PBT was ₹2,289.37 crore, down 23.7%.

PAT for the first half was ₹1,614.44 crore, down 24.2% from ₹2,131.05 crore, and basic EPS was ₹15.91, down from ₹20.99. The filing did not provide a filing-stated reason for the decline in first-half profit.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹99,810.98 crore against ₹97,761.77 crore at 31 March 2026, and total equity was ₹53,715.08 crore against ₹51,840.96 crore. Borrowings were ₹21,790.59 crore, lower from ₹22,037.86 crore, while cash was ₹1,832.69 crore against ₹1,889.81 crore.

Inventories increased to ₹8,390.91 crore from ₹8,022.77 crore. Trade receivables fell to ₹1,191.33 crore from ₹1,729 crore, while trade payables declined to ₹8,019.63 crore from ₹8,777.71 crore.

H1 FY27 operating cash flow was ₹5,429.85 crore, compared with ₹3,351.75 crore in H1 FY26. Investing cash flow was negative ₹4,023.33 crore against negative ₹4,619.48 crore, financing cash flow was negative ₹1,463.64 crore against positive ₹386.53 crore, and capital expenditure was ₹3,187.34 crore against ₹4,925.37 crore.

How has Jindal Steel done over the last 8 quarters?

Revenue increased year on year in each of the last five quarters. It reached its highest reported level in Q2 FY27 at ₹16,678.54 crore, after ₹16,217.93 crore in Q4 FY26 and ₹15,482.13 crore in Q1 FY27.

PAT was highest in Q1 FY26 at ₹1,495.97 crore and bottomed at a loss of ₹303.59 crore in Q4 FY25. It then moved to ₹188.58 crore in Q3 FY26, ₹1,041.24 crore in Q4 FY26, ₹843.80 crore in Q1 FY27 and ₹770.64 crore in Q2 FY27.

The EBITDA margin peaked at 24.4% in Q1 FY26 and bottomed at 12.5% in Q3 FY26. It recovered to 18.1% in Q4 FY26 before declining to 17.2% in Q1 FY27 and 15.4% in Q2 FY27.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and six months ended 30 September 2026, along with the limited review report and the related press release. The filing stated that the Audit Committee and S S Kothari Mehta & Co. LLP had reviewed the results.

The same-day filings also included the Q2 FY27 earnings presentation. It reported 2.40 MT of production, 2.38 MT of sales, adjusted EBITDA of ₹2,504 crore, liquidity of INR 7,237 cr and net debt-to-EBITDA of 1.51x. The available same-day filings did not announce a dividend, fund raise or appointment.

What did Jindal Steel's management say?

Management maintained FY27 net-steel production guidance of about 11 million tons, with 6 million tons planned for the second half after 4.79 million tons in the first half. It expected record Q3 production and said Q4 production would exceed Q3. The detailed second-half plan was 0.96 million tons per month, equivalent to 3 million tons per quarter.

Management maintained FY27 growth capex guidance of INR 7,500–10,000 crores, primarily funded through internal accruals, while retaining its objective of keeping net debt-to-EBITDA below 1.5x through the cycle. The slurry pipeline targets INR 700 per ton of freight savings on 20,000 tons per day.

Management identified further coking-coal and freight inflation if geopolitical disruption and sanctions persist, as well as monsoon flooding, rail or landslide disruptions and imported-equipment shipping issues. It also cited unresolved EU quota and CBAM constraints, execution risk in ramping new facilities for the second-half production schedule and an estimated Q3 coking-coal impact of $20–$25 per ton.

How did Jindal Steel shares react?

The filing appeared during market hours. The stock was unchanged after five minutes and fell 0.2% after 15 minutes. It fell 2.0% on the reaction day, with the Nifty 100 down 0.7% and the median Iron & Steel move down 3.2%.

By the next day's close, the stock was up 0.3% from its pre-results close, compared with the industry median down 2.3% and the Nifty 100 unchanged. By the fifth-session close, it was up 2.3%, against the industry median down 3.9% and the Nifty 100 up 1.4%.

The stock’s reaction-day excess move against the industry median was 1.2 percentage points on the reaction day, 2.6 percentage points by the next day and 6.2 percentage points by the fifth session. Earlier result-day moves included rises of 2.8% on 24 July 2026 and 3.0% on 1 May 2026, and a fall of 5.3% on 30 January 2025.

How did other Iron & Steel companies do?

Five other Iron & Steel companies that had filed for the quarter were compared with Jindal Steel. Their median revenue growth was 19.8%, below Jindal Steel’s 42.7% growth. All five peers grew more slowly than Jindal Steel, while none grew faster.

Among the five peers compared for profit, four reported higher profit. The peer comparison was recorded as of 4 November 2026.