JINDALSTEL
Large CapJINDAL STEEL LIMITED
Metals
Jindal Steel Limited (JINDALSTEL) is an Indian steel producer that significantly expanded its steelmaking capacity from 9.6 MTPA to 15.6 MTPA in FY26. The company is focused on ramping up new facilities, improving operational efficiencies, and optimizing its product mix towards higher value-added products to meet India's growing infrastructure demand.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 55/100Rev +23% YoY · margin expansion · +25% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹16,218 Cr | +23.0% | +24.5% |
| EBITDA | ₹2,929 Cr | +29.5% | +79.8% |
| Operating margin | 18.0% | +100 bps | +500 bps |
| PAT | ₹1,041 Cr | NDF | +450.8% |
| PAT margin | 6.4% | +873 bps | +497 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Jindal Steel reported strong Q4 FY26 performance with production up 26% YoY and sales up 23% YoY, driven by Angul capacity ramp-up. FY26 PAT grew 18% YoY. Blended ASP increased INR 4,743/tonne QoQ, partially offset by coking coal price rise.
Jindal Steel is executing its significant capacity expansion, with new Angul facilities ramping up and contributing to strong volume growth. Management's focus on asset sweating, value-added products, and deleveraging supports the thesis, despite coking coal price volatility and initial ramp-up costs.
Angul Capacity Expansion Ramp-up
Continued ramp-up of the new capacities at Angul is expected to drive volume growth.
Value-Added Product Portfolio
The cold rolling complex enhances the product portfolio and supports margin improvement through higher value-added products. We are expanding our value-added portfolio.
Infrastructure-Led Domestic Demand
Steel demand in India is expected to remain strong, supported by infrastructure development and construction activity, with 7.4% growth in 2026 and 9.2% in 2027.
Integrated Raw Material Strategy
Progress on integrated raw material strategy includes being preferred bidder for Thakurani-A1 iron ore block and awarded Saradhapur Jalatap East coal block.
Steelmaking Capacity
Total steelmaking capacity increased from 9.6 million tonnes per annum to 15.6 million tonnes per annum with BOF2 and BOF3 (each 3 MT) commissioned.
Iron-making Capacity
Iron-making capacity increased by 6.6 million tonnes through BF2 (4.6 MT) which is operational, and DRI2 (2 MT) which is under construction.
Cold Rolling Complex
A cold rolling complex of 1.2 million tonnes per annum has been commissioned.
Shree Bhoomi Power Plant
The 1,050 MW Shree Bhoomi Power Plant, consisting of two modules of 525 MW each, was commissioned.
Strong Indian Steel Demand
India continues to assert itself as the world's fastest-growing major steel market with domestic demand projected to expand by 7.4% in 2026 and 9.2% in 2027.
Broad-Based Demand Drivers
Outlook is underpinned by strength across infrastructure-led construction, automotive, broader industry capex, and nationwide rail network expansion.
Supportive Steel Prices
Steel prices have shown recovery in recent months and are expected to remain supportive in the near term.
Net Steel Exporter Status
India has now become a net exporter of steel with 0.1 million tonnes in FY26.
Coking Coal Price Volatility
Raw material cost, particularly coking coal, may remain volatile.
China's Oversupply and Exports
China's production remains resilient despite weak demand, with persistent oversupply leading to record exports of 119 million tonnes in CY25.
Raw Material Cost Inflation
Coking coal prices are expected to increase by $20-$25 per tonne sequentially in Q1 FY27, impacting costs.
Global Steel Oversupply
China's persistent oversupply and record exports could impact global steel prices and realizations.
Market Price Fluctuations
While the market is holding firm, a slight dip in steel prices has been observed, though management is not worried.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is crucial to assess the sequential momentum from new capacity ramp-ups, utilization improvements, and price recoveries. YoY comparison provides context for overall growth and annual performance trends in a seasonal business.
Production Volume
Q4 FY26 production volume was 2.65 million tonnes, representing quarter-on-quarter growth of 6% and year-on-year growth of 26%. FY26 production volume was 9.25 million tonnes, an increase of 14% YoY.
Sales Volume
Q4 FY26 sales volume was 2.62 million tonnes, representing a quarter-on-quarter growth of 15% and year-on-year growth of 23%. FY26 sales was at 8.68 million tonnes, an increase of 9% YoY.
Adjusted EBITDA per tonne
Consolidated adjusted EBITDA per tonne was INR 10,093 for Q4 FY26. For FY26, it was INR 10,482 per tonne, compared to INR 11,712 in FY25.
Blended Average Selling Price (ASP)
The blended ASP has increased by INR 4,743 per tonne on a sequential basis in Q4 FY26.
FY27 Production and Sales Guidance
Production plan for FY27 is 11 million to 11.5 million tonnes and sales between 10.5 million to 11 million tonnes.
Focus on Asset Sweating
Management stated that the capex program is more or less finished, and the focus is now on sweating the assets and getting returns.
Slurry Pipeline Savings
Slurry pipeline will come online in Q1 FY27 and is expected to deliver roughly INR 750 to INR 1,000 per tonne savings on steel level as it ramps up.
Leverage Normalization
With ramp-up of new capacities and improved operating cash flows, leverage metrics are expected to normalize by Q2 FY27.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Capacity Utilization at Angul | Improved across operations, strong ramp-up at Angul. | Achievement of desired capacity utilization numbers at Angul, especially in the first two quarters of FY27. |
| Value-Added Product Mix | 61% in Q4 FY26 (down from 66% QoQ). | Recalibration towards higher value-added products and stabilization in the second half of FY27. |
| Net Debt to EBITDA | 1.66x as of March 31, 2026. | Normalization of leverage metrics by Q2 FY27 as operating cash flows improve. |
| Slurry Pipeline Commissioning & Savings | Expected commissioning in Q1 FY27, with INR 750-1,000/tonne steel savings. | Timely commissioning and realization of indicated cost savings in FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +10.1% / mo
Technical chart
JINDALSTELweekly · 1Y+24.9%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 44. Wait for confirmation.
- SMA20 rising (~9.2% over last month) — short-term momentum positive.
- RSI(14) at 44 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 12% off 52W high · 30% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 8/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -299.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 64th percentile of the scored universe and 63rd percentile within Metals. Main check: results consistency is weak at 39/100.
Healthy Trust Lite: Promoter holding is 62.7%. Key concern: 3 latest quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Metals: 63rd pctile, median 68 · Large: 39th pctile, median 74
194 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 62.7%.
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 29.30
- P/B
- 2.32
- EV/EBITDA
- 10.97
- Market Cap
- 117953.00Cr
Profitability
- ROE
- 8.22%
- ROCE
- 9.70%
- ROA
- 3.44%
- Dividend Y
- 0.17%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 1.00%
- Revenue 3Y
- 0.01%
- EPS 3Y
- 1.00%
Balance Sheet
- Debt/Equity
- 0.44
- Interest Coverage
- 6.36×
- Altman Z
- 3.30
- Book Value
- 499.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- 7204.00 Cr
- EPS TTM
- 33.01
Shareholding
- Promoter Hold
- 62.71%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 65%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.