Jindal Steel LimitedQ2 FY27 Results & Financial Update

Jindal Steel Limited: Q2 FY27 consolidated results and company financials – revenue ₹16,678.54 Cr, PAT ₹770.64 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.

NSE: JINDALSTELPublished 23 Oct 2026Updated 23 Oct 2026~6 min read
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Revenue from operations₹16,678.54 CrReported Q2 FY27
Profit after tax₹770.64 CrReported Q2 FY27
Sequential change-8.7%Quarter-on-quarter

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Quarterly Results AnalysisExplore Jindal Steel Q2 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

01

Jindal Steel Limited reported a consolidated net revenue from operations of ₹16,678.54 crore for the second quarter ended September 30, 2026, marking a 7.73% sequential expansion from ₹15,482.13 crore in the preceding June quarter.

02

Net profit after tax (PAT) stood at ₹770.64 crore for Q2 FY27, representing an 8.67% contraction compared to ₹843.80 crore recorded in Q1 FY27, weighed down by higher raw material and operating costs.

03

Crude steel production held steady sequentially at 2.40 million tonnes despite seasonal monsoon disruptions, while finished steel sales volume increased by 6% quarter-on-quarter to 2.38 million tonnes, supported by inventory liquidation.

04

Average selling prices (ASP) improved sequentially, bolstered by a higher proportion of flat steel products in the overall sales mix and lower TMT sales within the long products category.

05

Profit before tax (PBT) for the quarter came in at ₹1,084.41 crore, down 10.00% from ₹1,204.96 crore in Q1 FY27, reflecting cost pressures from coking coal and freight expenses.

01 · Business model

What does Jindal Steel do?

Jindal Steel Limited manufactures steel products, operating integrated steelmaking facilities, captive raw material mines, and downstream rolling mills across India.

The company's core production assets include integrated steel plants at Raigarh and Angul, supported by captive iron ore mines such as Kasia and Tensa, alongside coal blocks.

Its commercial portfolio spans flat products, long products including TMT bars, wire rods, and special profiling mills, serving infrastructure, automotive, and construction sectors.

02 · Historical context

What shaped the business before this quarter

FY26 Angul Commissioning

During financial year 2025-26, Jindal Steel Odisha Limited commenced operations from its 6 MTPA integrated steel plant at Angul, Odisha.

Earlier Subsidiary Impairment

During the financial year ended March 31, 2026, subsidiary Jindal Steel (Mauritius) Limited recognized a diminution of ₹1,257.36 crore in its subsidiary investments and loans based on an independent valuer's report.

03 · Financial snapshot

Current quarter vs the available comparable

MetricQ2 FY27Previous quarter
Revenue from operations₹16,678.54 Cr₹15,482.13 Cr
Total income₹16,703.54 Cr₹15,501.32 Cr
Profit before tax₹1,084.41 Cr₹1,204.96 Cr
Profit after tax₹770.64 Cr₹843.80 Cr
EPS₹7.61₹8.34

04 · Why it moved

Why the quarter looked the way it did

What drove revenue

Sales Volume Expansion

Consolidated steel sales volume rose 6% sequentially to 2.38 million tonnes, aided by inventory liquidation during the quarter.

Product Mix Realisation

Revenues benefited from an increased share of flat steel products, which reached 61% of total sales compared to 53% in Q1 FY27.

Domestic Market Concentration

Domestic sales accounted for 92% of total sales during Q2 FY27, compared with 91% in the preceding quarter.

What drove margins

Coking Coal Pressures

Input margins were compressed by higher coking coal costs resulting from disruptions at Chinese coal mines and supply constraints from Mongolia.

Freight and Power Expenses

Other operating costs increased quarter-on-quarter due to elevated power and fuel costs alongside higher freight expenses.

Inventory Movements

Changes in inventories of finished goods, work-in-progress, and stock-in-trade provided a positive operating adjustment of ₹450.81 crore, offsetting material consumption pressures.

05 · Demand, customers & order book

Where demand is coming from

Key Infrastructure Projects

Jindal Steel's products were deployed across major infrastructure initiatives, including the Adani Connex Data Center in Gujarat, Versova Bandra Sea-Link Road, High Speed Rail, and Amaravati Secretariat.

06 · Segments, products & geography

Which parts of the business are doing the work

Segments and products

Single Operating Segment

The company's management determined that the group operates primarily in the business of manufacturing steel products, constituting a single reportable operating segment under IND AS 108.

Geography and market mix

Domestic and Export Mix

Domestic markets absorbed 92% of sales volume during Q2 FY27, with export volumes accounting for the remaining share.

07 · Capacity, projects & execution

What is being built, commissioned or delivered

Capacity, production and utilisation

Crude Steel Output

Crude steel production for Q2 FY27 stood at 2.40 million tonnes, remaining flat sequentially despite monsoon-related headwinds.

Cumulative Capacity Profile

The company maintains integrated iron-making capacity of 17.02 MTPA, liquid steel capacity of 15.60 MTPA, and finished steel capacity of 13.75 MTPA across its operational hubs.

Projects, capex and execution

Slurry Pipeline Commissioning

During the quarter, the company commissioned the 192 km Barbil-Angul slurry pipeline, backed by India's largest iron ore slurry-making and pumping complex with a capacity of 18 MTPA.

Cumulative Capital Expenditure

Cumulative capital expenditure reached ₹43,637 crore as of September 30, 2026, following a quarterly capital spend of ₹1,228 crore.

08 · Strategy & new businesses

How the company is trying to change its growth mix

Research Partnership

The company entered into a strategic partnership with IIT Hyderabad to advance research, testing, and development of high-strength, value-added steel solutions.

Digital Transformation

Rolled out enterprise-wide AI initiatives under the JARVIS platform to enhance plant safety, operational visibility, and supply chain throughput.

09 · Reported developments

What changed operationally

Guinness World Record

Jindal Steel was awarded a Guinness World Record for the world's longest road (1.85 km, 4-lane) built exclusively with processed steel slag in collaboration with CSIR-CRRI at Raigarh.

Safety Accolade

Received the World Steel Association's 2026 Steelie Award for Excellence in People for the Dakshata engineering safety initiative.

10 · Pressure points & risks

What is not going smoothly

Subsidiary Accumulated Losses

Wholly owned subsidiary Jindal Steel (Mauritius) Limited reported accumulated losses of ₹3,113.23 crore and a negative net worth of ₹1,503.81 crore as of September 30, 2026.

11 · Items worth noticing

The line items that can distort a quick read

Foreign Exchange Fluctuations

Adjusted EBITDA figures excluded one-off foreign exchange gains of ₹68 crore for Q2 FY27.

12 · Cash flow & balance sheet

Profit is one thing. Cash and funding tell another part of the story.

Operating cash flow₹5,429.85 CrH1 FY27
Capital expenditure₹3,187.34 CrH1 FY27
Operating Cash Flow

Net cash flows from operating activities for the half year ended September 30, 2026, stood at ₹5,429.85 crore.

Investing Cash Outflows

Net cash used in investing activities for the half year was ₹4,023.33 crore, driven by property, plant, and equipment outlays and current investments.

Capital allocation & funding

Consolidated Net Debt

Consolidated net debt decreased to ₹14,786 crore as of September 30, 2026, compared to ₹15,927 crore as at June 30, 2026.

Leverage Ratio

The net debt-to-EBITDA ratio improved to 1.51x at the end of Q2 FY27 from 1.71x in the previous quarter.

13 · Beyond the numbers

What changed beyond the numbers

Reported update

Digital AI Rollout

Implemented AI-driven safety dashboards and material tracking systems across manufacturing units to optimize operational yields.

Reported update

ESOP Scheme Activity

The Nomination and Remuneration Committee granted 617,703 stock options under the ESOP Scheme 2022, recognising an ESOP expense of ₹5.14 crore for the quarter.

14 · Previous-quarter changes

What changed since the previous quarter

Net Debt Reduction

Consolidated net debt reduced by ₹1,141 crore sequentially from ₹15,927 crore in Q1 FY27 to ₹14,786 crore in Q2 FY27.

15 · Key Q&A

The quarter, answered directly

What does Jindal Steel do?

Jindal Steel Limited manufactures steel products, operating integrated steelmaking facilities, captive raw material mines, and downstream rolling mills across India.

What is the clearest takeaway from Q2 FY27?

Jindal Steel Limited reported a consolidated net revenue from operations of ₹16,678.54 crore for the second quarter ended September 30, 2026, marking a 7.73% sequential expansion from ₹15,482.13 crore in the preceding June quarter.

What drove revenue or demand?

Consolidated steel sales volume rose 6% sequentially to 2.38 million tonnes, aided by inventory liquidation during the quarter.

What mattered most for margins or profitability?

Input margins were compressed by higher coking coal costs resulting from disruptions at Chinese coal mines and supply constraints from Mongolia.

What changed operationally beyond the headline numbers?

Crude steel production for Q2 FY27 stood at 2.40 million tonnes, remaining flat sequentially despite monsoon-related headwinds.

What are the main pressure points disclosed for the quarter?

Wholly owned subsidiary Jindal Steel (Mauritius) Limited reported accumulated losses of ₹3,113.23 crore and a negative net worth of ₹1,503.81 crore as of September 30, 2026.

16 · Scenario calculator

Earnings sensitivity: what if growth and margins change?

Starting point

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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
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Scenario margin0%
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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.

17 · Next filing checkpoints

What the next disclosure can confirm or change

  1. 01

    Debt Deceleration Tracking: Monitor the trajectory of net debt-to-EBITDA relative to the management threshold of below 1.50x.

  2. 02

    Slurry Pipeline Ramp-Up: Observe operational efficiency gains and logistics cost savings following the commissioning of the 18 MTPA Barbil-Angul slurry pipeline.

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