India · Delayed Price · Currency is INR Jindal Steel Earnings Call Transcripts
Fiscal Year 2026
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Expanded capacity to 15.6 MT, with FY 2026 revenue up 8% and PAT up 18% YoY. Q4 saw strong volume and price recovery, offset by a major Australian asset write-down. FY 2027 guidance targets 11–11.5 MT production, with continued focus on value-added products and cost savings from new projects.
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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 plant shutdowns, but major capacity expansions at Angul were commissioned. Value-added products reached a record 73% of sales, and net debt/EBITDA remains strong at 1.48x. Demand and prices are expected to improve post-festive season.
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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 saw 5% sequential revenue growth and a 6% rise in profit after tax, with strong export-led sales and a focus on value-added products. Net debt increased due to expansion, but leverage remains low. Major CapEx projects, including Blast Furnace and CRM complex, are on track for commissioning.
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Production rose 4% YoY but sales fell 8% due to plant shutdowns, with net revenue down 18% sequentially. EBITDA and margins declined, but cost savings and price hikes are expected to improve H2 performance. Expansion projects and captive coal ramp-up remain on track.
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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.