Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹15,172 Cr
verification pending
Revenue YoY
—
reported change
EBITDA
₹1,593 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Jindal Steel & Power reported a challenging Q3 FY26 with consolidated revenue of ₹15,172 crore, up 12% QoQ, driven by record production and sales volumes. However, EBITDA margin contracted to 10.5% due to weak steel prices, unfavorable product mix, and ₹350 crore one-time BF2 startup costs. Adjusted EBITDA per ton stood at ₹8,516. PAT was ₹189 crore, impacted by the same factors. Management expects Q4 to be stronger, supported by higher volumes, improved pricing (up ₹3,000-3,500/ton from December lows), and stabilization of new capacities. Key projects remain on track, including BOF3 commissioning by Q4 FY26. Risks include rising coking coal costs ($18-20/ton sequential increase) and potential margin pressure from product mix shift towards lower-value HRC during ramp-up.
Colored figures show movement against the previous available record.
Guidance to track
- Management confirmed they are on track to achieve the full-year sales volume guidance of 8.5 to 9 million tons.
- The 3 million ton per annum basic oxygen furnace 3 at Angul remains on track for commissioning by Q4 FY26, bringing total steelmaking capacity to 15.6 million tons.
- Management guided for a sequential increase of $18 to $20 per ton in coking coal consumption costs in Q4 FY26.
- Management expects net debt to EBITDA to decline to sub-1.5x as production ramps up and cash flows improve.
Risks flagged
- Management guided for a $18-20/ton sequential increase in coking coal costs in Q4, which could pressure margins if steel price recovery falters.
- 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.
- The slurry pipeline is only 94% complete despite earlier timelines. Management maintained guidance for end-FY26 but acknowledged regulatory and ground-level hurdles.
- 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.
Key quotes
- We are at a very big inflection point in our journey in Jindal Steel. There's a large capacity coming in. There's huge ramp ups happening and whilst we're going through the cycle we've actually maintained a very healthy balance sheet picture overall.
- We being fairly open and transparent about how we going about our business and we've maintained that over a period of time and we intend to continue doing that.
- Our value added profile still remains at 66%. Very high and that's very high... It's just that we're in a ramp up phase. We're making a market entry into a product and we are capitalizing on all opportunities that come out.
Research modules