Jindal Steel Ltd(JINDALSTEL)

NSE: JINDALSTELBSE: 532286

₹ 1,012-1.72%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1.03 L crWebsite: www.jindalsteel.inUpdated: 24 Oct 2026

About

Jindal Steel is an integrated Indian steel producer making flat and long products at plants in Angul (Odisha) and Raigarh (Chhattisgarh), with total steelmaking capacity of 15.6 MTPA as of March 2026. It reported FY26 revenue of Rs 53,224.92 Cr. Raigarh has the world's largest coal-based sponge iron manufacturing operations, and Angul is India's only steel plant using coal gasification to make syngas-based DRI.^[1][2][3]

Business segments

Steel is reported as a single segment in FY26, with India revenue from operations of Rs 51,580.81 Cr out of Rs 54,215.21 Cr in total.^[3]
In FY22, Iron & Steel was 90% of segment revenue, Power 7.6% and Others 2.3%.^[4]

Manufacturing capacity and operations

Installed crude steel capacity was 15.6 MTPA in FY26 (12 MTPA at Angul, 3.6 MTPA at Raigarh), up from 9.6 MTPA, after Angul Phase II was commissioned.^[3][1]
Angul (Odisha) has hot metal capacity of 8.85 MTPA after BF-2 (4.6 MTPA) and BOF-2 (3 MTPA) were commissioned in September 2025.^[5]
BF1 at Angul runs above nameplate at 11,000 tpd against a 10,000 tpd design. BF2 reached 11,000 tpd in Q1FY27 and is targeted to reach 13,000 tpd by December 2026.^[6]
Pellet capacity is 15 MTPA as of FY26: 9 MTPA at Barbil and 6 MTPA at Angul.^[3]
Captive power capacity is 2,684 MW as of FY26: ACPP 810 MW, DCPP 540 MW, Raigarh 284 MW and SBPP 1,050 MW.^[3]
Heat-treatment capacity for plates was expanded to 700,000 tonnes per annum in FY26.^[3]
Colour Coating Line CCL1 (0.2 MTPA) was commissioned in January 2026. The Continuous Galvanising Line made its first dispatch in Q2FY26.^[7]
The company runs two R&D centres as of FY26: Raigarh, which is DSIR-recognised, and Angul, where recognition is in process.^[3]

Products and brands

Patratu makes TMT rebars, wire rods and special bar quality steels. Angul makes flat products, including HRC, cold rolled, automotive, API and plate grades (FY26).^[3]
Galvanised products are sold under the ZINKALUME brand, which was introduced after the Continuous Galvanising Line at Angul was commissioned.^[3]
DRDO has authorised the company to make DMR-1700 steel sheets and plates for defence use (FY26).^[3]
Flat products were 52% of sales in Q4FY26, up from a 50-50 flat-to-long split in Q3FY26. Management targets about 70% flats over time.^[1]
Strategy under the new leadership targets 9 product categories, with a focus on value-engineered products.^[6]

Key operating numbers

Crude steel production was 2.40 MT in Q1FY27 (+14% YoY), down 10% QoQ because of a planned BOF refractory shutdown. FY26 production was 9.25 MT (+14% YoY).^[6]
Steel sales volume was 2.23 MT in Q1FY27 (+17% YoY) and 8.68 MT in FY26 (+9% YoY).^[6]
Adjusted EBITDA per tonne was INR 11,937 in Q1FY27, up INR 1,843 QoQ. It was INR 10,482 in FY26, compared with INR 11,712 in FY25.^[6]
Value-added products were 66% of sales in Q1FY27, up from 61% in Q4FY26.^[6]
Captive iron ore was 28% of consumption in Q1FY27, up from 16% in Q4FY26. Management guides for about 40% on an exit-FY27 basis.^[6]
Net debt to EBITDA was 1.66x in FY26 against a target of below 1.5x through the cycle. It was 1.71x (TTM) in Q1FY27.^[3][6]

Raw materials and logistics

Captive iron ore mines as of FY26 are Kasia (7.5 MTPA), Roida-I (3 MTPA) and Tensa (3.1 MTPA), with a combined EC limit of 13.6 MTPA.^[3]
Domestic thermal coal capacity is 15.4 MTPA as of FY26: Gare Palma IV/6 (4 MTPA), Utkal C (3.4 MTPA) and Utkal B1/B2 (8 MTPA).^[3]
Overseas coal assets in Mozambique (5 MTPA), South Africa (1.2 MTPA) and Australia (1.2 MTPA) provide 7.4 MTPA (FY26).^[3]
About four-fifths of coking coal needs are secured through long-term arrangements as of FY26. The rest is bought on the spot market.^[3]
The Utkal B1 coal mine began dispatches in Q1FY27.^[6]
The Australian coal mine was closed in Q4FY26, and an impairment of INR 834 cr (consolidated) was recognised.^[1]
The 192 km, 18 MTPA slurry pipeline from Barbil to Angul is fully laid. Pigging trials were under way in Q1FY27, with commissioning targeted for August 2026.^[6]
The captive Paradip Port became operational in Q1FY27: two vessels were unloaded and one was loaded.^[6]

Customers and markets

The company supplied steel to projects including the Chenab Bridge, Atal Setu and Konkan Railway, and supplied 4,082 MT of seamless pipes to BHEL.^[3]
Exports were 9% of total sales volume in Q1FY27.^[6]
The company targets the European market (HRC and plates) at 5-10% of sales as flat capacity scales up.^[7]

Expansion and capex

Cumulative capex was Rs 35,498 crore against a total planned Rs 47,043 crore as of FY26, up from Rs 25,924 crore spent as of FY25.^[3][8]
The FY27 capex plan is about INR 8,500 cr, of which about INR 2,000 cr was spent in Q1FY27. Annual capex is planned at Rs 7,500-10,000 crore with a project RoCE target of 18-20%.^[6][3]
DRI-2 (2 MTPA) and Pellet Plant-2 at Angul are under construction, with both targeted for FY27.^[1][3]
Plate mill capacity is to be increased from 2 MT to 2.5 MT per year.^[6]
The company is expanding towards a planned 22 MTPA production platform (FY26 annual report).^[3]
A Jharkhand MoU was signed for a 2.5-2.7 MT blast furnace at Patratu. It depends on an iron ore block being allocated, and no capital has been committed yet.^[6]
The company won the Thakurani-A1, Rengalaberha NE Extension and Nuagaon West iron ore blocks. Mining lease deeds were pending as of FY26.^[3]

Recent developments

CARE upgraded the company's long-term rating from AA Stable to AA+ Stable after FY26 year-end.^[3]
Subsidiary JSOL completed its 6 MTPA financed project and achieved SCOD. The parent undertook to invest up to Rs 12,495 crore in it, of which Rs 10,888.25 crore had been infused as of FY26.^[3]
A new leadership team joined in Q1FY27: MD VR Sharma (returning), COO Rajiv Kumar and CFO Sandeep Modi, along with new plant heads at Angul and Raigarh.^[6]
Finance cost rose to INR 548 cr in Q1FY27 from INR 442 cr in Q4FY26 after the 1,050 MW CPP, BOF-III and CRM were capitalised.^[6]
A definitive safeguard duty on select steel imports was notified for 3 years at step-down rates of 12%/11.5%/11%, ending April 2028.^[7]
South Africa operations faced challenges in FY26 due to subdued market conditions.^[3]

Market Cap

₹1,03,233 Cr

High / Low

₹1,306 / 978

Stock P/E

38.0

Price / Book

2.0

Book Value

₹499

EPS

₹33.0

No. of Shares

102.01 Cr

ROCE

9.6%

ROE

6.9%

OPM

12.7%

Debt / Equity

0.43

Sales

₹53,225 Cr

Net Profit

₹3,361 Cr

Promoter holding

62.7%

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Jindal Steel Ltd(JINDALSTEL)

About

Business segments

Manufacturing capacity and operations

Products and brands

Key operating numbers

Raw materials and logistics

Customers and markets

Expansion and capex

Recent developments

Signal history

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