In , Jindal Steel Ltd (Steel Products) is outperforming Nifty 500 with +6.3% relative strength. Fundamentals: Average. On a 12-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Capacity Utilization: 48% for BF2
“newly commissioned Bhagavati Subhadrika Blast Furnace-II achieved capacity utilization of 48% in Q3FY26 with an exit run rate of 58% utilization.”
What: Safeguard Duty: 12% in Year 1
“Ministry of Finance has notified a definitive safeguard duty on select steel imports for a period of 3 years on ad valorem basis.”
What: Coking coal cost increase of $2 vs guided $3-$5
“Our actual coal consumption cost during the quarter increased by $2 per ton.”
Earnings deceleration risks from management commentary
Trigger: Global spot prices for coking coal have increased to $250 levels.
Management view: Partially offset by increased internal coke production from new batteries.
Monitor: commodity
Trigger: Regulatory and ground-level hurdles in pipeline construction.
Impact: PAT impact: ₹750-₹850 per ton saving potential
Management view: On track for completion by end of financial year.
Monitor: logistics
Key quotes from recent conference calls
“For the third quarter FY26, we expect the coal consumption cost to increase by $3 to $5 per tonne sequentially. [Previous Coking Coal Cost guidance]”
“That basically works out to an average of about 2.5 million tonne kind of a number per quarter in sales offtake. [Previous Sales Volume guidance]”
“We are executing a multi-year enterprise-wide AI transformation focused on throughput improvement, cost efficiency, faster decision-making and margin expansion. [Initiative: AI Transformation]”
“For Q4FY26, we expect coal consumption costs to rise by $18-$20 per ton sequentially. [Risk (commodity): HIGH]”
Headline numbers from the latest earnings call
Revenue
₹15,172 Cr
Why: Higher sales volumes driven by increased production from newly commissioned facilities, partially offset by weaker steel prices.
Revenue growth was volume-led as the company ramped up its new Angul capacities.
EBITDA
₹1,593 Cr
Why: Impacted by a one-time ₹350 crore start-up cost for the BF2 facility and higher coking coal consumption costs.
Underlying EBITDA would have been ₹8,516 per ton excluding the non-recurring start-up expenses.
PAT
₹189 Cr
Why: Significant drop due to the one-time start-up costs and lower blended realizations as product mix skewed toward HRC.
Profitability was severely compressed by the transition phase of new capacity commissioning.
Other Highlights
• Record production of 2.51 million tons in Q3FY26.
• Sales volume rose 22% QoQ to 2.28 million tons.
• Net debt increased to ₹15,443 crores from ₹14,156 crores.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Production Volume
2.51 MT
Why: Ramp-up of BF2 and BOF2 facilities at Angul.
Sales Volume
2.28 MT
Why: Driven by higher production from new capacities.
EBITDA per Ton
₹6,981
Why: Impacted by ₹350 Cr start-up costs and lower realizations.
NSR Sequential Change
-₹3,000
Why: Product mix skewed toward HRC and weaker market prices.
BF2 Capacity Utilization
48%
Why: Initial ramp-up phase of the newly commissioned blast furnace.
Value Added Product Share
66%
Why: Shift toward higher productivity HRC order book during ramp-up.
Net Debt to EBITDA
1.72x
Why: Lower EBITDA and high capex commitments during commissioning.
Coking Coal Cost Increase (Q4 Guide)
$18-$20
Why: Rising global spot prices.
Forward-looking targets from management for Q4 FY26
Capex Plan
₹9000 Cr
Meaningful improvement expected in Q4
₹7,000 - ₹9,000 Cr
H2 FY26 expansion projects
Reaffirmed full year guidance
Guidance Changes
Net Debt to EBITDA: 1.5x → sub-1.5x
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +23% | +0% | Inflection Up |
| PAT (Net Profit) | +442% | -5% | Stable |
| OPM | 18.0% | +100 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Jindal Steel Ltd's latest quarterly results (Mar 2026) show
Jindal Steel Ltd's profit is growing with an stable trend.
Jindal Steel Ltd's revenue growth trend is turning around (inflection up).
Jindal Steel Ltd's operating margin is volatile.
Jindal Steel Ltd's long-term compounding rates
Jindal Steel Ltd's earnings growth is stable with mixed signals on a sequential basis.
Jindal Steel Ltd's trailing twelve month (TTM) performance
Jindal Steel Ltd appears significantly overvalued based on our fair value analysis.
Jindal Steel Ltd's current PE ratio is 31.6x.
Jindal Steel Ltd's current PE is 31.6x.
Jindal Steel Ltd's price-to-book ratio is 2.5x.
Jindal Steel Ltd is rated Average with a fundamental score of 52.76/100. This score is calculated from objective financial metrics
Jindal Steel Ltd has a debt-to-equity ratio of N/A.
Jindal Steel Ltd's return ratios over recent years
Jindal Steel Ltd's operating cash flow is positive (FY2026).
Jindal Steel Ltd's current dividend yield is 0.16%.
Jindal Steel Ltd's shareholding pattern (Mar 2026)
Jindal Steel Ltd's promoter holding has remained stable recently.
Jindal Steel Ltd has been outperforming Nifty 500 for 12 consecutive weeks, indicating strong sustained outperformance.
Jindal Steel Ltd is an established outperformer with 12 weeks of consecutive Nifty 500 outperformance.
Jindal Steel Ltd has 3 key growth catalysts identified from recent earnings analysis
Jindal Steel Ltd has 2 key risks worth monitoring
In Q3 FY26, Jindal Steel Ltd's management highlighted
Jindal Steel Ltd's management has provided the following forward guidance for Q4 FY26
Jindal Steel Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Jindal Steel Ltd may be worth studying
Jindal Steel Ltd investment thesis summary:
Jindal Steel Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
