Jindal Steel Ltd, India's fourth-largest steelmaker, announced impressive results for FY26, achieving record production levels. The company's net profit rose by 20% to ₹3,367 crore, while revenue from operations increased by 8% to ₹53,553 crore, largely due to stronger steel volumes and stable prices in the latter half of the fiscal year.
Despite the profit growth, the company's adjusted earnings before interest, tax, depreciation, and amortization (Ebitda) saw a decline of 3%, totaling ₹9,099 crore. This drop was attributed to a 12% rise in input costs, which reached ₹23,089 crore for the year. Consequently, the adjusted Ebitda margin decreased from 18.76% in FY25 to 17.09% in FY26, factoring in a one-off forex gain of ₹561 crore.
Jindal Steel's total crude steel production surged by 14% to a record 9.25 million tonnes, with sales volume also rising by 9% to 8.68 million tonnes. The revenue from operations for FY26 was reported at ₹53,225 crore, up from ₹49,765 crore in FY25, reflecting the company's robust production and sales performance.
Analyst Suman Kumar from Philip Capital noted that Jindal Steel is at a pivotal moment, with increased steel volumes stemming from expanded capacity and rising steel prices contributing to their strong quarterly and annual results. However, he mentioned that cost-saving initiatives have yet to take effect and are expected to reduce costs starting FY27.
Quarterly Performance Highlights
In the March quarter, Jindal Steel reported a net profit of ₹1,044.75 crore, a significant turnaround from a loss in the same period last year. Revenue for the quarter rose by 23% to ₹16,217.93 crore.
The company produced 2.65 million tonnes of steel and sold 2.62 million tonnes during the quarter. Domestic demand remained strong, accounting for 95% of total sales, with value-added steel products representing 61% of sales, which typically yield better margins.
As of March 31, 2026, Jindal Steel's net debt increased to ₹16,019 crore, up from ₹15,443 crore in December, primarily due to ongoing capital expenditures.
During FY26, the company successfully commissioned significant facilities, including a 4.6 million tonnes per annum blast furnace and two basic oxygen furnaces at its Angul plant in Odisha. These expansions have boosted Jindal Steel's total steelmaking capacity to 15.6 million tonnes per annum. Additionally, the company secured the Thakurani-A1 iron ore block, enhancing its raw material security.
The board has recommended a final dividend of ₹2 per share for FY26, pending shareholder approval.
