Rising coking coal costs
Management guided for a $18-20/ton sequential increase in coking coal costs in Q4, which could pressure margins if steel price recovery falters.
JINDALSTEELPOWER / bear-case history
Track the concerns that keep returning.
Jindalsteelpower · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Product mix deterioration during ramp-up
Analysts questioned the sharp drop in realizations due to a shift towards lower-value HRC. Management acknowledged the mix impact but expects improvement as utilization stabilizes.
Slurry pipeline delays
The slurry pipeline is only 94% complete despite earlier timelines. Management maintained guidance for end-FY26 but acknowledged regulatory and ground-level hurdles.
Elevated leverage from capex
Net debt to EBITDA rose to 1.72x due to lower EBITDA and ongoing capex. While management targets sub-1.5x, any further delays in ramp-up could delay deleveraging.