Production Volume (Q4 FY26)
2.65M tons
+26% YoY
Record quarterly production driven by Angul expansion ramp-up.
JINDALSTEEL
Manufacturing
25 Apr 2026
Jindal Steel Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Sales Volume (Q4 FY26)
2.62M tons
+23% YoY
Strong dispatches aligned with improved demand environment.
Blended ASP (Q4 FY26)
₹4,743/ton
+₹4,743/ton QoQ
Sequential increase due to price recovery in HRC and TMT rebar.
Value-Added Product Mix (FY26)
61%
-5pp QoQ
Decline due to focus on capacity utilization during ramp-up; expected to recover in H2 FY27.
Management Guidance
FY27 production guidance: 11-11.5 million tons
Management expects continued ramp-up of Angul capacities to drive volume growth in FY27.
Management guidance growthFY27 sales guidance: 10.5-11 million tons
Sales volume target reflects improved capacity utilization and demand environment.
Management guidance revenueQ1 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.
Management guidance marginsSlurry pipeline commissioning in Q1 FY27 with ₹750-1,000/ton savings
The pipeline is expected to reduce raw material costs significantly once fully operational.
Management guidance expansionKey Risks
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.
high · management_commentarySteel 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.
medium · analyst_questionValue-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.
medium · data_observationAustralian 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.
low · management_commentaryNotable 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.
Frequently Asked Questions
What was Jindal Steel's revenue in Q4 FY26?
Jindal Steel reported revenue of ₹16,218 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Jindal Steel management give for FY27?
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.
What are the key risks for Jindal Steel in FY27?
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..
Did Jindal Steel meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Jindal Steel Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.