Jindal Steel vs JSW Steel Q4 FY26

JI

Jindal Steel

Q4 FY26 · Manufacturing

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.

Guidance read

FY27 production guidance: 11-11.5 million tons: Management expects continued ramp-up of Angul capacities to drive volume growth in FY27. FY27 sales guidance: 10.5-11 million tons: Sales volume target reflects improved capacity utilization and demand environment. Q1 FY27 coking coal cost increase of $20-25/ton sequentially: Management expects higher input costs in the near term due to volatile coking coal prices. Slurry pipeline commissioning in Q1 FY27 with ₹750-1,000/ton savings: The pipeline is expected to reduce raw material costs significantly once fully operational.

Risk read

Key risks include Coking coal price volatility — 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.; Steel price realization risk — 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 product mix decline — Value-added share fell to 61% from 66% QoQ due to ramp-up focus; recovery timeline may slip if capacity utilization targets take precedence.; Australian asset impairment and closure — 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..

Promise ledger

Scorecard data is being built as historical quarters are processed.

JS

JSW Steel

Q4 FY26 · Manufacturing

JSW Steel reported a strong Q4 FY26 with consolidated revenue crossing ₹51,100 crore for the first time, adjusted EBITDA of ₹9,713 crore (19% margin), and normalized PAT of ₹3,475 crore (excluding exceptional gain of ₹17,888 crore from BPSL JV). The quarter was driven by record steel sales of ~8 million tons, 96% capacity utilization (ex-BF shutdown), and improved product mix. Management guided FY27 consolidated production of 29.75 million tons (+13% YoY) and sales of 28.6 million tons (+10% YoY), supported by domestic demand growth of 7-9%. Key risks include higher coking coal costs ($12-15/ton QoQ), Middle East conflict impacting gas/LPG supply, and potential safeguard duty withdrawal. The company announced a capex plan of ₹126,000 crore over 4-5 years to reach 62 million tons standalone capacity by FY32.

Guidance read

FY27 consolidated production target of 29.75 million tons: Management guided production of 29.75 million tons for FY27, representing ~13% growth on a like-for-like basis (excluding BPSL). FY27 sales volume guidance of 28.6 million tons: Sales volume expected at 28.6 million tons, implying ~10% growth YoY, including BMM Ispat acquisition. Capex of ₹22,000-24,000 crore in FY27: Part of the ₹126,000 crore growth capex plan to be spent over 4-5 years; FY27 spend guided at ₹22,000-24,000 crore. Target of 62 million tons standalone capacity by FY32: JSW Steel aims to expand standalone capacity to 62 million tons by FY32, with additional 16 million tons via JVs (JF Steel and POSCO).

Risk read

Key risks include Coking coal cost inflation — Management expects coking coal costs to rise by $12-15/ton in Q1 FY27, impacting margins.; Middle East conflict impact on gas/LPG supply — Analyst raised concern about gas shortages; management acknowledged limited exposure (5-6% of production) but noted cost impact and potential disruption if conflict escalates.; Potential withdrawal of safeguard duty — Analyst questioned risk of protection removal; management argued current duties are moderate and prices are aligned with international levels, but did not fully address the risk.; Execution risk on multiple large expansions — Simultaneous projects at Dolvi, Vijayanagar, Utkal, and JVs could strain execution and capital allocation..

Promise ledger

Scorecard data is being built as historical quarters are processed.