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Informist, Saturday, May 2, 2026

By Avishek Rakshit

KOLKATA – Higher sales and narrowing of impairment losses on mining assets and inventory write-down in its Australian subsidiary helped Jindal Steel Ltd. post a healthy set of earnings for the March quarter. The company bounced back to profit in Jan-Mar from net loss a year ago, and also posted robust revenue growth. 

Jindal Steel reported a consolidated net profit of INR 10.45 billion in the March quarter as against a loss of INR 3.39 billion in the year-ago quarter and a profit of INR 1.90 billion in the December quarter. Its net profit was far ahead of the Street's estimate of INR 8.79 billion. 

The company's sales volume increased 15% on quarter to 2.62 million tonnes and production increased 6% on quarter to 2.65 million tonnes in Jan-Mar, driving the consolidated revenue to over INR 162 billion, up over 24% on quarter and 23% on year. Again, the metric surpassed the Street's projection of around INR 151 billion. 

Jindal Steel said the share of domestic sales increased to 95% during the March quarter as compared to 94% in the December quarter, and the share of value-added steel was 61% in Jan-Mar. The adjusted earnings before interest, tax, depreciation, and amortisation, or EBITDA, rose 66% on quarter to over INR 26 billion in the reporting quarter. 

The company's step-down subsidiary in Australia, Wollongong Resources Pty. Ltd., and its subsidiaries reported a significant financial hit, with an impairment loss on mining assets and inventory write-down totalling INR 8.34 billion during the March quarter. This dragged down the net profit during the quarter.

For the financial year ended March, Jindal Steel reported its highest ever production and sales. While production grew 14% on year to 9.25 million tonnes, sales volume rose 9% on year to 8.68 million tonnes, leading the consolidated top line to increase nearly 7% on year to over INR 532 billion and gross revenue to rise 8% on year to INR 624 billion. The consolidated net profit increased nearly 20% on year to nearly INR 34 billion in 2025-26 (Apr-Mar). 

The share of exports rose to 7% of total sales in FY26 from 6% in FY25, Jindal Steel said in a statement. For FY26, the adjusted EBITDA was nearly INR 91 billion, down 3% on year, and the adjusted EBITDA per tonne was INR 10,482. 

As of Mar. 31, Jindal Steel's consolidated net debt increased to over INR 160 billion as against INR 154 billion as of Dec. 31. 

FY26 marks an inflection point for Jindal Steel, with the successful commissioning of key facilities under the current expansion plan, the company said in a statement. During FY26, Jindal Steel commissioned a 4.6-million-tonne blast furnace at its Bhagavati Subhadrika plant in Odisha, a new 3-million-tonne Basic Oxygen Furnace 2, and another 3-million-tonne Basic Oxygen Furnace 3 capacities. This increased the company's total crude steel capacity to 15.6 million tonnes per annum. 

Jindal Steel's board recommended a final dividend of 200%, which translates to INR 2 per share, for FY26, subject to approval of shareholders. Thursday, shares of Jindal Steel closed at INR 1.223.10, down 0.4% on the National Stock Exchange. The company announced its results late Friday.  End

Edited by Tanima Banerjee

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