Jindal Steel Ltd
Jindal Steel Ltd
Metals & Mining F&OKey Fundamentals
MidcapIron & SteelMetals & MiningInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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46 extracted metrics + investor summaries across FY08–FY26.
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Technical Indicators
Key Insights
Weaknesses
3- The company has delivered a poor sales growth of 9.10% over past five years.
- Company has a low return on equity of 9.84% over last 3 years.
- Dividend payout has been low at 5.54% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 4h agoJindal Steel Ltd trades at a market cap of ~₹1.12 lakh crore with a PE of 41.4x and PB of 2.2x. FY26 consolidated gross revenue grew 8% YoY to ₹62,412 crore with PAT up 18% YoY, though the 5-year compounded profit CAGR remains modest at 1%. The company has expanded steelmaking capacity to 15.6 MTPA and reduced its debt-to-equity ratio to 0.43x, while India continues to be a net steel importer for the second consecutive year.
- FY26 consolidated gross revenue rose 8% YoY to ₹62,412 crore, showing a return to top-line growth after 3-year sales CAGR of 0%
- Stock has delivered strong 10-year price CAGR of 30% and 5-year CAGR of 21%, reflecting sustained long-term wealth creation
- Steelmaking capacity expanded to 15.6 MTPA with FY27 production guidance of 11-11.5 MT, indicating improving utilization
- Debt-to-equity ratio reduced to 0.43x with Net Debt/EBITDA at 1.26x as of FY25, showing disciplined balance sheet management
- Q4 FY25 production rose 6% QoQ to 2.11 million tons and sales volume grew 12% QoQ to 2.13 million tons, demonstrating operational momentum
- India remains a net steel importer for the second consecutive year, providing domestic demand tailwind and potential pricing support
- 10-year compounded profit CAGR of 13% indicates long-term earnings scalability despite near-term cyclical headwinds
- Management has stated it will not take on new debt for expansion, focusing on cost efficiencies and value-added products, protecting margins going forward
- PE of 41.4x is elevated for a cyclical metals company, implying rich valuations relative to current earnings
- TTM compounded profit declined 19%, indicating significant near-term earnings pressure despite revenue growth
- 5-year compounded profit CAGR of just 1% shows poor earnings conversion despite 9% revenue CAGR over the same period
- 3-year average ROE of ~9.84% is low for a capital-intensive business, suggesting sub-optimal returns on shareholder equity
- Dividend payout has been only 5.54% of profits over the last 3 years with a current yield of just 0.18%, offering negligible income to shareholders
- 5-year sales CAGR of 9.1% is below industry peers and reflects vulnerability to global steel price cycles
- Last year ROE dropped to 8% from a 5-year average of 11%, suggesting deteriorating return quality in the recent period
- Steel sector faces global overcapacity risk and Chinese export dumping concerns, which can compress domestic realizations
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 4h ago- Q1 net profit falls 43% YoY Jul 27
Consolidated net profit declined to ₹8.45b from ₹14.9b YoY, missing the ₹9.3b estimate. EBITDA margin contracted sharply to 17.18% from 24.46% YoY.
- VAT ITC disallowance order Jul 29
Addl. Commissioner (Appeals), Cuttack disallowed VAT input tax credit on capital goods. Company states amounts are immaterial to financials.
- 15.6 MT production target set Jul 27
Jindal Steel targets 15.6 million tonnes production at full capacity utilization, with FY27 sales forecast of 10.5-11 million tonnes. Management plans to recover Q1 losses in coming quarters.
- New blast furnace ramp-up underway Jul 27
New blast furnace targeting ramp-ups in September and December. Slurry pipeline expected ready by end of August, supporting capacity expansion.
- Revenue beats estimates, up 25.7% Jul 27
Q1 revenue rose to ₹155b from ₹123b YoY, beating the ₹140b estimate. Top-line growth of 25.7% signals strong demand.
- BRSR ESG report filed Aug 6
Submitted Business Responsibility and Sustainability Report for FY2025-26, disclosing ESG performance, emissions metrics, and CSR initiatives.
- New MD and CFO appointed Jul 26
Board appointed Vidya Rattan Sharma as MD and Sandeep Modi as CFO effective July 24, 2026, signaling leadership refresh.
- Investor meetings with LIC planned Aug 7
Scheduled investor meetings for August 12-13, 2026, including discussions with LIC and Emkay Confluence participants.
- 47th AGM on August 28 Aug 7
AGM set for August 28, 2026 via VC/OAVM. Record date for final dividend is August 21, remote e-voting opens August 25.
- Two independent directors appointed Jul 29
Aabha Bakaya and V. Sehgal appointed as additional independent directors effective July 29, 2026, subject to shareholder approval.
- ₹15.33 Cr block trade on BSE Jul 23
Block trade of approximately 147,432 shares executed at ₹1,040 per share, totaling ₹15.33 crore, indicating institutional activity.
- Earnings call recording uploaded Jul 25
Audio recording of Q1FY27 earnings call held on July 25, 2026 uploaded to official website per SEBI norms.
TL;DR: Jindal Steel delivered strong revenue growth of 25.7% YoY but profitability took a significant hit with net profit down 43% on margin compression to 17.18%. The company is executing well on capacity expansion with a 15.6 MT production target, new blast furnace ramp-ups, and slurry pipeline commissioning by August-end. Key risk remains margin pressure, but management guidance to recover Q1 losses and the volume growth trajectory suggest an improving trend in H2 if steel realizations stabilize.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 12,588 | 12,250 | 11,701 | 13,487 | 13,618 | 11,213 | 11,751 | 13,183 | 12,294 | 11,686 | 13,027 | 16,218 | 15,482 |
| Expenses | 9,960 | 9,965 | 8,859 | 11,042 | 10,779 | 9,013 | 9,567 | 10,922 | 9,289 | 9,605 | 11,398 | 13,289 | 12,822 |
| Operating Profit | 2,628 | 2,285 | 2,843 | 2,444 | 2,839 | 2,200 | 2,184 | 2,262 | 3,006 | 2,081 | 1,629 | 2,929 | 2,660 |
| OPM % | 21% | 19% | 24% | 18% | 21% | 20% | 19% | 17% | 24% | 18% | 13% | 18% | 17% |
| Other Income | 55 | 32 | 35 | 35 | 34 | 35 | 26 | -1,158 | 30 | 22 | -45 | -550 | 19 |
| Interest | 329 | 329 | 315 | 321 | 332 | 326 | 313 | 342 | 297 | 371 | 406 | 442 | 548 |
| Depreciation | 588 | 604 | 636 | 995 | 683 | 696 | 698 | 691 | 722 | 750 | 839 | 862 | 926 |
| PBT | 1,767 | 1,384 | 1,927 | 1,164 | 1,859 | 1,213 | 1,199 | 72 | 2,018 | 982 | 339 | 1,074 | 1,205 |
| Tax % | 4% | 0% | 0% | 20% | 28% | 29% | 21% | 523% | 26% | 35% | 44% | 3% | 30% |
| Net Profit | 1,692 | 1,390 | 1,928 | 933 | 1,338 | 860 | 951 | -304 | 1,496 | 635 | 189 | 1,041 | 844 |
| EPS in Rs | 16.54 | 13.6 | 18.9 | 9.17 | 13.14 | 8.44 | 9.32 | -3.33 | 14.65 | 6.26 | 1.87 | 10.24 | 8.28 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 19,359 | 19,469 | 21,603 | 33,286 | 46,966 | 37,923 | 34,579 | 51,166 | 53,212 | 50,354 | 50,129 | 53,455 | 56,413 |
| Expenses | 13,919 | 16,032 | 16,894 | 26,817 | 38,553 | 31,092 | 21,472 | 35,607 | 43,270 | 40,153 | 40,640 | 43,751 | 47,114 |
| Operating Profit | 5,440 | 3,437 | 4,709 | 6,469 | 8,412 | 6,831 | 13,107 | 15,559 | 9,942 | 10,202 | 9,488 | 9,704 | 9,299 |
| OPM % | 28% | 18% | 22% | 19% | 18% | 18% | 38% | 30% | 19% | 20% | 19% | 18% | 16% |
| Other Income | -1,644 | -79 | -362 | -584 | -1,470 | 74 | -1,861 | -1,884 | -539 | 156 | -1,065 | -603 | -554 |
| Interest | 2,606 | 3,254 | 3,441 | 3,866 | 4,264 | 3,768 | 2,753 | 1,888 | 1,446 | 1,294 | 1,312 | 1,517 | 1,768 |
| Depreciation | 2,733 | 4,068 | 3,949 | 3,883 | 5,480 | 3,429 | 2,414 | 2,097 | 2,691 | 2,822 | 2,768 | 3,171 | 3,376 |
| PBT | -1,543 | -3,964 | -3,043 | -1,864 | -2,802 | -291 | 6,078 | 9,690 | 5,266 | 6,241 | 4,344 | 4,413 | 3,600 |
| Tax % | -6% | -22% | -17% | -13% | -14% | 37% | 30% | 30% | 25% | 5% | 34% | 24% | — |
| Net Profit | -1,452 | -3,087 | -2,538 | -1,616 | -2,412 | -400 | 4,267 | 6,766 | 3,974 | 5,943 | 2,846 | 3,361 | 2,709 |
| EPS in Rs | -13.97 | -32.42 | -24.93 | -14.56 | -17 | -1.07 | 35.62 | 56.4 | 31.11 | 58.21 | 27.57 | 33.01 | 26.65 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 5% | 6% | 3% | 7% | 6% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 91 | 91 | 92 | 97 | 97 | 102 | 102 | 101 | 100 | 100 | 101 | 102 |
| Reserves | 20,951 | 32,345 | 29,959 | 30,288 | 31,988 | 32,035 | 31,713 | 35,524 | 38,606 | 44,216 | 47,084 | 50,797 |
| Borrowings | 42,466 | 46,797 | 45,850 | 42,962 | 39,559 | 36,824 | 29,910 | 13,502 | 13,046 | 16,472 | 18,406 | 22,610 |
| Other Liabilities | 12,028 | 13,166 | 14,674 | 15,884 | 17,357 | 20,780 | 16,116 | 27,517 | 17,674 | 17,888 | 20,175 | 24,126 |
| Total Liabilities | 75,537 | 92,398 | 90,575 | 89,230 | 89,001 | 89,742 | 77,840 | 76,644 | 69,427 | 78,676 | 85,766 | 97,635 |
| Fixed Assets | 46,643 | 65,038 | 65,932 | 68,450 | 69,039 | 69,382 | 54,350 | 45,488 | 43,542 | 48,384 | 48,989 | 64,102 |
| CWIP | 9,068 | 11,827 | 9,716 | 4,978 | 4,027 | 3,126 | 1,712 | 2,538 | 7,870 | 9,611 | 16,725 | 8,372 |
| Investments | 1,785 | 392 | 368 | 146 | 150 | 181 | 1,156 | 470 | 907 | 819 | 2,201 | 3,168 |
| Other Assets | 18,040 | 15,142 | 14,559 | 15,657 | 15,784 | 17,054 | 20,624 | 28,147 | 17,108 | 19,862 | 17,851 | 21,993 |
| Total Assets | 75,537 | 92,398 | 90,575 | 89,230 | 89,001 | 89,742 | 77,840 | 76,644 | 69,427 | 78,676 | 85,766 | 97,635 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 1,182 | 4,333 | 6,850 | 7,724 | 9,027 | 8,814 | 11,961 | 16,048 | 7,347 | 6,008 | 10,824 | 7,204 |
| Investing | -6,717 | -2,262 | -1,998 | -1,431 | -832 | -1,476 | -1,884 | -2,331 | -4,090 | -8,344 | -12,323 | -10,734 |
| Financing | 5,708 | -2,672 | -5,108 | -6,276 | -8,261 | -7,016 | -4,612 | -15,120 | -2,500 | 1,381 | 809 | 2,803 |
| Net Cash Flow | 173 | -601 | -256 | 17 | -67 | 322 | 5,465 | -1,403 | 757 | -955 | -689 | -727 |
| Free Cash Flow | -3,868 | 480 | 4,496 | 6,103 | 7,837 | 7,308 | 11,124 | 13,176 | 945 | -2,418 | 334 | -2,343 |
| CFO/OP | 28 | 127 | 144 | 120 | 107 | 128 | 91 | 116 | 101 | 66 | 130 | 88 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 32 | 27 | 29 | 20 | 24 | 34 | 30 | 9 | 7 | 12 | 10 | 12 |
| Inventory Days | 323 | 181 | 185 | 191 | 146 | 207 | 196 | 130 | 87 | 117 | 87 | 115 |
| Days Payable | 137 | 129 | 150 | 162 | 117 | 181 | 133 | 94 | 69 | 78 | 88 | 126 |
| Cash Conversion Cycle | 218 | 79 | 64 | 50 | 53 | 60 | 92 | 45 | 24 | 52 | 8 | 1 |
| Working Capital Days | 87 | -83 | -141 | -62 | -58 | -79 | -65 | -1 | -38 | -21 | -35 | -11 |
| ROCE % | 5% | -1% | 1% | 3% | 4% | 5% | 17% | 24% | 14% | 13% | 11% | 10% |
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Company Information
Jindal Steel & Power Ltd is one of the India's leading steel producers with significant presence in sectors like steel and mining. The group has global presence through subsidiaries, mainly in Australia, Botswana, Indonesia, Mauritius, Mozambique, Madagascar, Namibia, South Africa, Tanzania and Zambia.[1]