Jindal Steel LimitedQ1 FY27 Results & Financial Update
Jindal Steel Limited: Q1 FY27 consolidated results and company financials – revenue ₹15,482.13 Cr, PAT ₹843.80 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Find an answer
Ask this result
Chart · Market context
Jindal Steel price & chart
Market price₹1,015.90
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Jindal Steel Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Jindal Steel Limited reported consolidated net revenue from operations of INR 15,482.13 crore and total income of INR 15,501.32 crore for the first quarter of financial year 2027 ended June 30, 2026.
Consolidated profit before tax (PBT) stood at INR 1,204.96 crore, while consolidated profit after tax (PAT) reached INR 843.80 crore for the quarter, yielding a reported basic earnings per share (EPS) of INR 8.34.
Operational performance during the quarter was impacted by planned maintenance shutdowns across key manufacturing facilities, resulting in crude steel production of 2.40 MT and steel sales of 2.23 MT, representing sequential contractions compared to the preceding quarter.
Despite lower production volumes, the company expanded the proportion of value-added steel (VAS) in its sales mix to 66% from 61% in the preceding quarter, supported by resilient domestic HRC pricing and improved realizations.
Cost pressures during the period were primarily driven by higher coking coal expenses and lower fixed cost absorption resulting from reduced operating volumes, which were partially mitigated by disciplined cost management.
The company achieved a notable credit rating upgrade during the period, with CARE Ratings upgrading its long-term rating to CARE AA+ with a stable outlook, reflecting balance sheet strengthening.
Consolidated net debt stood at INR 15,927 crore as of June 30, 2026, slightly lower than INR 16,019 crore as of March 31, 2026, with net debt to trailing twelve months EBITDA moving to 1.71x.
01 · Business model
What does Jindal Steel do?
Jindal Steel Limited operates as a prominent integrated steel manufacturer in India, encompassing a comprehensive value chain from captive iron ore and coal mining to direct reduced iron (DRI), blast furnaces, steel melting shops (SMS), and diversified rolled flat and long steel products.
The company's core revenue engine is driven by the production and domestic/export sale of value-added steel (VAS) products, structural beams, plates, hot-rolled coils (HRC), TMT re-bars, and wire rods catering to infrastructure, construction, automotive, engineering, defense, and shipbuilding end-markets.
Jindal Steel operates major manufacturing assets anchored by large-scale production facilities in Raigarh and Angul, backed by strategically integrated logistics and captive raw material sources designed to optimize input costs and support operational self-sufficiency.
The enterprise model integrates advanced digital transformation initiatives, including enterprise AI deployment across plant floors, predictive maintenance, and operational automation to enhance throughput, reduce coke rates, and drive cost efficiencies.
02 · Historical context
What shaped the business before this quarter
Previously known as Jindal Steel & Power Limited, the company transitioned its corporate identity to Jindal Steel Limited.
The company completed its major integrated steel capacity expansion at Angul to reach 12 MTPA of total steel capacity prior to the quarter.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹15,482.13 Cr |
| Total income | ₹15,501.32 Cr |
| Profit before tax | ₹1,204.96 Cr |
| Profit after tax | ₹843.80 Cr |
| EPS | ₹8.34 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
The share of value-added steel (VAS) in total sales volume increased to 66% in Q1 FY27 compared to 61% in Q4 FY26, supporting average selling prices despite lower overall sales volumes.
Net revenue was influenced by resilient domestic HRC prices and higher average selling prices (ASP), which partially offset a sequential decline in physical sales volumes.
Export volumes accounted for 9% of total sales in Q1 FY27, up from 5% in Q4 FY26, diversifying sales distribution amidst domestic sectoral fluctuations.
What drove margins
Raw material expenses increased sequentially on account of higher imported coking coal costs (Premium HCC CNF Australia prices averaging $261/t).
Other operating costs and fixed overhead absorption were adversely affected during the quarter due to planned maintenance shutdowns that reduced operating volumes.
Resilient HRC prices and a richer product mix helped maintain healthy adjusted EBITDA of INR 2,667 crore (adjusted for a one-off FX loss of INR 6 crore).
05 · Demand, customers & order book
Where demand is coming from
Jindal Steel supplied heavy structural and specialty steel products to major national projects, including the HPCL and IOCL refineries, Jewar Airport, RVNL tunnels, Jodhpur Airport, and data center developments.
TMT re-bar sales distribution was supported by an extensive dealer network comprising 5,888 active dealers, with 53% directed to retail channels and 47% to project accounts.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
In accordance with Ind AS 108, the company operates primarily in the business of manufacturing steel products and maintains a single reportable operating segment.
Infrastructure accounted for 31% of Q1 FY27 sales distribution, distribution channels represented 29%, engineering and packaging 19%, building and construction 18%, and automotive 3%.
Geography and market mix
India remained the primary market focus, though domestic rebar (TMT) prices experienced seasonal weakness towards the end of the quarter.
Export share rose to 9% of total sales volume in Q1 FY27 as the company navigated domestic seasonal demand softening.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Crude steel production for Q1 FY27 stood at 2.40 MT, down 10% sequentially due to planned maintenance shutdowns across key integrated manufacturing facilities.
Steel sales volume for the quarter was 2.23 MT, declining 15% sequentially in line with lower production output.
Projects, capex and execution
Total capital expenditure for Q1 FY27 was INR 1,959 crore, funded primarily through internal accruals.
Coal dispatch successfully commenced from the Utkal B1 mines during the quarter, enhancing raw material security and vertical integration.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company advanced its company-wide AI rollout under the 'JARVIS' platform, integrating predictive AI and automation into blast furnace operations (such as BF2 Raigarh) to reduce coke rates and enhance throughput.
Initiated syngas deployment from coal gasification across galvanising and blast furnace applications, and partnered with IIT Bombay and the Ministry of Steel to develop electrochemical CO2-to-CO conversion processes.
09 · Pressure points & risks
What is not going smoothly
Planned maintenance shutdowns across key manufacturing facilities resulted in sequential contractions in production (2.40 MT, -10% QoQ) and sales (2.23 MT, -15% QoQ).
10 · Items worth noticing
The line items that can distort a quick read
Adjusted EBITDA for Q1 FY27 reflects adjustments for a one-off foreign exchange loss of INR 6 crore.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The company maintains a committed capital expenditure framework of INR 7,500 to 10,000 crore annually, targeting project pre-tax ROCE of 18% to 20% primarily funded via internal accruals.
Consolidated liquidity remained strong with cash balances of INR 6,080 crore supporting ongoing capital requirements.
Capital allocation & funding
Consolidated net debt stood at INR 15,927 crore as of June 30, 2026, compared to INR 16,019 crore as of March 31, 2026.
Net debt to TTM EBITDA stood at 1.71x as of June 30, 2026, compared to 1.66x as of March 31, 2026.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Management Changes
The Board of Directors appointed Mr. Vidya Rattan Sharma as Managing Director and Mr. Sandeep Modi as Chief Financial Officer, effective July 24, 2026.
Reported update
Statutory Auditor Appointment
The Board recommended the appointment of S S Kothari Mehta & Co. LLP as Statutory Auditors for a first term of 5 years, subject to shareholder approval.
13 · Previous-quarter changes
What changed since the previous quarter
Production and sales volumes moderated sequentially from Q4 FY26 levels due to scheduled maintenance turnarounds.
14 · Key Q&A
The quarter, answered directly
What does Jindal Steel do?
Jindal Steel Limited operates as a prominent integrated steel manufacturer in India, encompassing a comprehensive value chain from captive iron ore and coal mining to direct reduced iron (DRI), blast furnaces, steel melting shops (SMS), and diversified rolled flat and long steel products.
What is the clearest takeaway from Q1 FY27?
Jindal Steel Limited reported consolidated net revenue from operations of INR 15,482.13 crore and total income of INR 15,501.32 crore for the first quarter of financial year 2027 ended June 30, 2026.
What drove revenue or demand?
The share of value-added steel (VAS) in total sales volume increased to 66% in Q1 FY27 compared to 61% in Q4 FY26, supporting average selling prices despite lower overall sales volumes.
What mattered most for margins or profitability?
Raw material expenses increased sequentially on account of higher imported coking coal costs (Premium HCC CNF Australia prices averaging $261/t).
What changed operationally beyond the headline numbers?
Crude steel production for Q1 FY27 stood at 2.40 MT, down 10% sequentially due to planned maintenance shutdowns across key integrated manufacturing facilities.
What are the main pressure points disclosed for the quarter?
Planned maintenance shutdowns across key manufacturing facilities resulted in sequential contractions in production (2.40 MT, -10% QoQ) and sales (2.23 MT, -15% QoQ).
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Ramp-up of New Facilities: Monitor the operational ramp-up and capacity utilization of recently expanded facilities at Angul and the productivity impact of AI-driven plant automation.
- 02
Raw Material Integration: Track the full-scale production scale-up of coal dispatches from the Utkal B1 mines and its impact on coking coal cost moderation.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.