Jindal Steel logo

Jindal Steel

JINDALSTEL NSE

Key Fundamentals

LargecapIron & SteelMetals & Mining
Market Cap
1.1L Cr
Volatility
Moderate
P/E Ratio
41.29
EBITDA
₹9,988 Cr
Return on Equity
6.48%
Debt to Equity
0.44
Book Value
₹498.97
EPS
₹54.82
52W High
₹1,306.2
52W Low
₹977.1

Tapetide Score

Data-driven rating, 0–100. How it works →

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

Revenue Growth
6.93% higher than 3Y
Net Income Growth
18.1% higher than 3Y
Cash Flow Change
-33.44% lower than 3Y
ROE
8% lower than 3Y
ROCE
-8.7% higher than 3Y
EBITDA Margin (Avg.)
-3.33% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Jindal Steel Ltd has a market capitalisation of about Rs 1,18,320 crore and trades at a P/E of 43.5 and a P/B of 2.31. Sales grew 16% over the trailing twelve months, but profit fell 19% over the same period, and 3-year sales and profit CAGRs were only 0% and 1%. Steelmaking capacity has expanded from 9.6 mtpa to 15.6 mtpa, while return on equity has stayed low at 8-10% and the dividend yield is 0.17%.

Bull Case 7
  • Steelmaking capacity at the Angul expansion has grown from 9.6 mtpa to 15.6 mtpa, a roughly 63% increase that gives more room for volume growth as the new capacity ramps up.
  • TTM sales grew 16%, well above the 3-year sales CAGR of 0%, which suggests revenue momentum is recovering as the new capacity comes online.
  • Leverage looks manageable during a heavy capex cycle. Net debt/EBITDA was 1.48x in Q2 FY26, and consolidated net debt fell to Rs 14,156 crore from Rs 14,400 crore in the prior quarter.
  • Value-added products reached a record 73% of sales in Q2 FY26, which can support better price realisation than commodity-grade steel.
  • Shareholder returns have been strong over the long term, with stock CAGRs of 30% over 10 years, 27% over 5 years and 19% over 3 years.
  • Long-term profit growth has been solid, with a 10-year compounded profit growth of 13% and a 10-year sales CAGR of 11%.
  • Return on equity has improved over the long term, from a 10-year average of 6% to a 5-year average of 11%.
Bear Case 8
  • Profit has lagged revenue. TTM profit fell 19% even though TTM sales rose 16%, which points to margin pressure from costs or realisations.
  • The valuation is high relative to earnings. The P/E of 43.5 sits alongside profit growth of just 1% over both 3 and 5 years, which leaves little buffer if earnings disappoint.
  • Returns on capital are low. ROE was 8% last year and 9.84% over 3 years, which may trail the cost of equity for a capital-intensive steel business.
  • Quarterly earnings have been volatile. Q2 FY26 consolidated net profit fell 57% quarter-on-quarter to Rs 638 crore from Rs 1,494 crore, and gross revenue fell 6% QoQ to Rs 13,505 crore because of the monsoon and plant shutdowns.
  • Spending on expansion remains heavy. Quarterly capex was Rs 2,699 crore in Q2 FY26, and net debt was later reported to have risen by about Rs 1,300 crore to around Rs 15,400 crore, so leverage depends on how well the new capacity ramps up.
  • Growth has slowed over the medium term. Sales CAGR was 9.1% over 5 years and 0% over 3 years, compared with 11% over 10 years.
  • Income for shareholders is limited, with a dividend yield of 0.17% and an average payout of only 5.54% of profits over the last 3 years.
  • The P/B of 2.31 is paired with a single-digit ROE of 8%, so investors are paying a premium to book value without matching returns on equity yet.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 3
  • US 50% Section 232 tariffs Sep 21

    The US still charges an additional 50% tariff on most imported steel under Section 232, and some Indian steel products have faced tariffs above 200% for more than a decade. Chairman Naveen Jindal said the impact is limited because India was not exporting steel to the US even at 50% tariffs, but the US remains effectively closed as an export outlet.

  • EU CBAM compliance burden Sep 21

    Jindal said Indian exporters must follow the EU's Carbon Border Adjustment Mechanism, since the EU applies to imports the same conditions it places on its own producers. This could raise compliance and carbon costs on steel shipped to Europe.

  • Sebi insider-trading code penalty Sep 9

    Sebi fined two designated persons, Ramakant Gupta and Manish Kumar Sowatia, ₹1 lakh each for trading during the July 1 to Aug 13, 2023 window closure without pre-clearance. The trades came around Q1 FY24 results, when standalone profit fell 78.87% and the stock closed 5.15% lower. The money involved is negligible, but it is a minor governance blemish.

Positives 3
  • Strong domestic steel demand Sep 21

    India's finished steel consumption rose 7.9% YoY to 56 MT in Apr-Jul 2026, and crude steel output was 56.2 MT. Per-capita use is 107 kg against a world average above 220 kg, and the National Steel Policy targets 300 MT of capacity by 2030-31.

  • 8 MTPA coal gasification edge Sep 21

    Jindal Steel runs about 8 MTPA of operational coal gasification capacity, roughly a third of India's 22.6 MTPA operational or under implementation as of the Ministry of Coal's July 2026 release. This reduces its reliance on imported natural gas and fits government policy.

  • Guinness record slag road Sep 13

    Working with CSIR-CRRI, the company built a 1.85-km four-lane road (7.4 lane-km) in Raigarh using about 200,000 tonnes of processed EAF steel slag. The road is 35% thinner, costs up to 40% less to build, and can last up to 3x longer than bitumen roads. India's slag generation is expected to reach 60 MT, which makes this a waste-to-wealth opportunity.

Neutral 3
  • Anand Rathi G-200 investor meet Sep 15

    Jindal Steel will hold one-on-one and group meetings with analysts and institutional investors at the Anand Rathi G-200 Summit in Mumbai on Sep 22, 2026. Management commentary there could shape near-term sentiment.

  • Emissions reduction commitment Sep 21

    At AIMA's 53rd National Management Convention, Jindal said every steelmaker is working to reduce emissions. He gave no specific targets or timelines.

  • CSR modelled on Tata Steel Sep 21

    Jindal said Tata Steel's practice of building hospitals and schools near its plants inspired the group's social initiatives, including universities in Raigarh, Chhattisgarh and Sonipat, Haryana. This has no direct financial impact.

TL;DR: Jindal Steel is well placed to benefit from domestic demand, with Indian steel consumption up 7.9% YoY in Apr-Jul 2026, very low per-capita usage, and a policy target of 300 MT capacity by 2030-31. Its 8 MTPA coal gasification capacity and the slag-road technology also give it cost and sustainability advantages. The main risks are the export-side barriers from the US 50% Section 232 tariff and EU CBAM compliance, plus a small governance blemish from the Sebi penalty. The news flow is broadly stable to improving, and management commentary at the Sep 22 Anand Rathi summit will be the next near-term signal on volume and margin outlook.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others3.20%Promot.62.69%Public5.75%FIIs8.84%DIIs19.52%As ofJun 2026
9.88% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Jindal Steel

What does Jindal Steel Ltd do?
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 Z...
Where is Jindal Steel Ltd (JINDALSTEL) listed?
Jindal Steel Ltd trades as JINDALSTEL on the NSE and under code 532286 on the BSE.
Which sector does Jindal Steel Ltd belong to?
Jindal Steel Ltd is classified under the Metals & Mining sector, in the Iron & Steel industry.
What is the market capitalisation of Jindal Steel Ltd?
Jindal Steel Ltd has a market capitalisation of ₹1,14,015 Cr, which places it in the Large Cap band.
What is the PE ratio of Jindal Steel Ltd?
Jindal Steel Ltd trades at a PE ratio of 41.29, on earnings per share of ₹54.82, against a book value of ₹498.97 per share.
What is the 52-week high and low of Jindal Steel Ltd?
Over the last 52 weeks Jindal Steel Ltd has traded between ₹977.1 and ₹1,306.2.
Does Jindal Steel Ltd pay dividends?
Jindal Steel Ltd has a dividend yield of 0.18%.
What is the Return on Equity (ROE) of Jindal Steel Ltd?
Jindal Steel Ltd reported a return on equity of 6.48%. Its debt-to-equity ratio is 0.44.

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]

Website jindalsteelpower.com
Listed 1999-09-29
Face Value ₹ 1
Issued Size 1,02,00,88,097

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