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.
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 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
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.
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.
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.
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.
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
During financial year 2025-26, Jindal Steel Odisha Limited commenced operations from its 6 MTPA integrated steel plant at Angul, Odisha.
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
| Metric | Q2 FY27 | Previous 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
Consolidated steel sales volume rose 6% sequentially to 2.38 million tonnes, aided by inventory liquidation during the quarter.
Revenues benefited from an increased share of flat steel products, which reached 61% of total sales compared to 53% in Q1 FY27.
Domestic sales accounted for 92% of total sales during Q2 FY27, compared with 91% in the preceding quarter.
What drove margins
Input margins were compressed by higher coking coal costs resulting from disruptions at Chinese coal mines and supply constraints from Mongolia.
Other operating costs increased quarter-on-quarter due to elevated power and fuel costs alongside higher freight expenses.
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
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
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 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 production for Q2 FY27 stood at 2.40 million tonnes, remaining flat sequentially despite monsoon-related headwinds.
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
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 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
The company entered into a strategic partnership with IIT Hyderabad to advance research, testing, and development of high-strength, value-added steel solutions.
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
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.
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
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
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.
Net cash flows from operating activities for the half year ended September 30, 2026, stood at ₹5,429.85 crore.
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 decreased to ₹14,786 crore as of September 30, 2026, compared to ₹15,927 crore as at June 30, 2026.
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
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
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.
17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Debt Deceleration Tracking: Monitor the trajectory of net debt-to-EBITDA relative to the management threshold of below 1.50x.
- 02
Slurry Pipeline Ramp-Up: Observe operational efficiency gains and logistics cost savings following the commissioning of the 18 MTPA Barbil-Angul slurry pipeline.
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.