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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹16,218 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹2,647 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Jindal Steel reported a strong Q4 FY26 with consolidated gross revenue of ₹19,399 crore, up 28% QoQ, driven by volume ramp-up at the expanded Angul facility and a recovery in steel prices. Adjusted EBITDA stood at ₹2,647 crore with per-ton EBITDA of ₹10,093, though PAT was impacted by a ₹1,433 crore impairment on Australian assets. The company achieved record production of 2.65 million tons and sales of 2.62 million tons, up 26% and 23% YoY respectively. Management guided FY27 production of 11-11.5 million tons and sales of 10.5-11 million tons, with coking coal costs expected to rise $20-25/ton in Q1. The slurry pipeline commissioning in Q1 FY27 is expected to deliver ₹750-1,000 per ton savings. Key risk: volatility in coking coal prices and steel price realizations could pressure margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects continued ramp-up of Angul capacities to drive volume growth in FY27.
- Sales volume target reflects improved capacity utilization and demand environment.
- Management expects higher input costs in the near term due to volatile coking coal prices.
- The pipeline is expected to reduce raw material costs significantly once fully operational.
Risks flagged
- Management highlighted a $20-25/ton sequential increase in coking coal costs for Q1 FY27, which could pressure margins if steel prices do not keep pace.
- Analyst raised concerns about recent dip in steel prices; management acknowledged but said market is holding firm. However, any sustained decline could impact revenue.
- Value-added share fell to 61% from 66% QoQ due to ramp-up focus; recovery timeline may slip if capacity utilization targets take precedence.
- The company recognized a ₹1,433 crore impairment on Australian assets after closing the shaft; further cash outflows are minimal but the loss of reserves is permanent.
Key quotes
- FY26 has been a defining year for Jindal Steel marked by significant progress across our expansion projects which have taken our steel making capacity from 9.6 million tons per annum to 15.6 million tons per annum.
- We at Jindal Steel finished our capex program. Our focus is on sweating the assets and getting returns out of them.
- At the moment we are ramping up our facilities and whilst in ramp up our primary goal is first to achieve capacity utilization and once we start achieving capacity the desired capacity utilization numbers we start going towards the mix optimization.
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