Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
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).
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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.
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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.
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.
Record quarterly sales driven by strong domestic demand and improved product mix.
Reflects efficient asset utilization and digitalization benefits.
Sharp deleveraging post BPSL JV; leverage ratio improved to 1.81x.
Digital platform turned profitable for first time; steel volumes grew 50% YoY.
Record quarterly production driven by Angul expansion ramp-up.
Strong dispatches aligned with improved demand environment.
Sequential increase due to price recovery in HRC and TMT rebar.
Decline due to focus on capacity utilization during ramp-up; expected to recover in H2 FY27.
Management guided production of 29.75 million tons for FY27, representing ~13% growth on a like-for-like basis (excluding BPSL).
Management guidance growthSales volume expected at 28.6 million tons, implying ~10% growth YoY, including BMM Ispat acquisition.
Management guidance revenuePart of the ₹126,000 crore growth capex plan to be spent over 4-5 years; FY27 spend guided at ₹22,000-24,000 crore.
Management guidance capexJSW Steel aims to expand standalone capacity to 62 million tons by FY32, with additional 16 million tons via JVs (JF Steel and POSCO).
Management guidance expansion
Management expects continued ramp-up of Angul capacities to drive volume growth in FY27.
Management guidance growthSales volume target reflects improved capacity utilization and demand environment.
Management guidance revenueManagement expects higher input costs in the near term due to volatile coking coal prices.
Management guidance marginsThe pipeline is expected to reduce raw material costs significantly once fully operational.
Management guidance expansion
Management expects coking coal costs to rise by $12-15/ton in Q1 FY27, impacting margins.
medium · management_commentaryAnalyst raised concern about gas shortages; management acknowledged limited exposure (5-6% of production) but noted cost impact and potential disruption if conflict escalates.
medium · analyst_questionAnalyst 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.
medium · analyst_questionSimultaneous projects at Dolvi, Vijayanagar, Utkal, and JVs could strain execution and capital allocation.
medium · data_observation
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_commentaryAnalyst 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 share fell to 61% from 66% QoQ due to ramp-up focus; recovery timeline may slip if capacity utilization targets take precedence.
medium · data_observationThe 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_commentary
FY26 was a transformational year for JSW steel marked by strategic joint ventures with global steel majors, progress on steel making and downstream capacity expansions, enhanced raw material security and significant balance sheet deleveraging.
We have revised our stated maximum cap for gearing from 1.75 to 1.25 and leverage from 3.75 to three. However, our comfort level will be to keep the leverage below 2.5.
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.
