India · Delayed Price · Currency is INR Jindal Steel Earnings Call Transcripts
Fiscal Year 2026
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Record production and sales volumes were achieved in Q3 FY 2026 despite weak steel prices, with key projects commissioned and a strong ramp-up in capacity. EBITDA was impacted by a one-time startup cost, but underlying profitability remains robust, and Q4 is expected to be stronger.
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Q2 saw lower production and revenue due to monsoon and shutdowns, but major capacity expansions were commissioned. Value-added sales hit a record, net debt declined, and the company remains confident in meeting full-year guidance as new capacities ramp up.
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Q1 FY26 saw a 10% drop in sales volume and 8% lower revenue sequentially, but adjusted EBITDA rose 35% due to higher ASP and lower input costs. Major projects remain on track, value-added sales hit 72%, and management reaffirmed full-year guidance.
Fiscal Year 2025
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Record production and sales were achieved in FY 2025, with improved capacity utilization and reduced net debt to EBITDA. FY 2026 guidance targets 9–10 million tons of crude steel production, supported by new projects and cost optimization, while one-off provisions and asset impairments impacted Q4 results.
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Q3 FY25 delivered strong sales and profit growth despite global steel headwinds, with robust CapEx execution, improved value-added product mix, and a focus on cost efficiency. Major expansion projects remain on track, and leverage is well managed at 1.4x net debt/EBITDA.
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Production grew 4% YoY, but sales fell 8% YoY due to plant shutdowns and weak steel prices. Net revenue dropped 18% sequentially, while net debt rose to INR 12,464 crore. H2 is expected to be stronger, with cost reductions and price hikes already underway.
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Sales volume grew 14% year-over-year to 2.09 million tons, with adjusted EBITDA up 13% and PAT up 43% sequentially. Major expansion projects remain on track despite minor delays, and cost efficiencies are expected to improve further in Q2.