JINDAL STEEL LIMITED Earnings Summary — Q1 FY2027
Jindal Steel Reports Healthy EBITDA Performance Despite Planned Maintenance Shutdowns
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 4.5% sequentially in Q1 FY2027.
- Revenue of ₹15,482 Cr is 25.9% higher year-on-year.
- Revenue has compounded at 6.3% annualised over the last 10 quarters.
- Net profit of ₹845 Cr is 43.5% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at -5.0% annualised across the period.
- Operating margin stands at 17.2% in Q1 FY2027.
- Operating margin compressed by 727 bps year-on-year.
- Over the last two years operating margin has contracted by 367 bps.
- PBT margin is 7.8%.
- Expenses grew 38.0% against revenue growth of 25.9%.
- Operating profit of ₹2,660 Cr is 11.5% lower year-on-year.
- Operating leverage has been under pressure recently.
- 4 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 41/100 (Moderate) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Accelerating | 15,482 | 16,218 | 13,027 | 11,686 | 12,294 | 13,183 | 11,751 | 11,213 | 13,618 | 13,487 |
| Expenses | Accelerating | 12,822 | 13,289 | 11,398 | 9,605 | 9,289 | 10,922 | 9,567 | 9,013 | 10,779 | 11,042 |
| Operating Profit | Accelerating | 2,660 | 2,929 | 1,629 | 2,081 | 3,006 | 2,262 | 2,184 | 2,200 | 2,839 | 2,444 |
| Operating Margin | Stable | 17.2% | 18.1% | 12.5% | 17.8% | 24.4% | 17.2% | 18.6% | 19.6% | 20.9% | 18.1% |
| Other Income | Volatile | 19 | -550 | -45 | 22 | 30 | -1,158 | 26 | 35 | 34 | 35 |
| Interest | Improving | 548 | 442 | 406 | 371 | 297 | 342 | 313 | 326 | 332 | 321 |
| Depreciation | Stable | 926 | 862 | 839 | 750 | 722 | 691 | 698 | 696 | 683 | 995 |
| Profit Before Tax | Volatile | 1,205 | 1,074 | 339 | 982 | 2,018 | 72 | 1,199 | 1,213 | 1,859 | 1,164 |
| Tax | Volatile | 361 | 33 | 150 | 347 | 522 | 375 | 249 | 353 | 521 | 230 |
| Net Profit | Volatile | 845 | 1,045 | 190 | 638 | 1,494 | -339 | 950 | 861 | 1,340 | 935 |
| Net Margin | Volatile | 5.5% | 6.4% | 1.5% | 5.5% | 12.2% | -2.6% | 8.1% | 7.7% | 9.8% | 6.9% |
Key Takeaways
- Steel production and sales volumes declined sequentially to 2.40 MT (-10% QoQ) and 2.23 MT (-15% QoQ) due to planned maintenance shutdowns across key facilities.
- Adjusted EBITDA remained resilient at ₹2,667 Cr, slightly up sequentially from ₹2,647 Cr, driven by improved realizations and disciplined cost management.
- The product mix continued to shift toward higher-value segments, with value-added steel (VAS) accounting for 66% of Q1FY27 sales compared to 61% in Q4FY26.
- Consolidated Net Debt ended the quarter at ₹15,927 Cr, a minor reduction from the previous quarter's ₹16,019 Cr.
- The company initiated dispatches from its captive Utkal B1 coal mines, expected to improve backward integration and cost efficiency.
- Management underwent a significant leadership update with the appointment of Vidya Rattan Sharma as Managing Director and Sandeep Modi as CFO.
- Export share grew to 9% in Q1FY27, nearly doubling from the 5% reported in the preceding quarter.
- The slurry pipeline from Barbil to Angul reached the commissioning phase, with expected operational savings of roughly ₹750 to ₹1,000 per tonne of steel.
Management Guidance
Management targets a production volume of 11 million to 11.5 million tonnes and sales between 10.5 million to 11 million tonnes for FY27. Coking coal costs are anticipated to rise by $20-$25 per tonne sequentially in Q1FY27.
Sentiment Shift
Stable
While net profit declined, the company demonstrated operational resilience with steady EBITDA and improved product mix despite lower volumes due to shutdowns.
Outlook
The company is focused on sweating its newly commissioned capacities (from 9.6 MTPA to 15.6 MTPA). Growth is expected to be driven by infrastructure-led domestic demand and the ramp-up of captive coal resources.
From the Annual Report (Key Quotes)
“Notwithstanding the volume impact, the Company delivered healthy EBITDA, supported by improved realizations, disciplined cost management, and a continued shift towards a richer product mix.”
“FY26 has been a defining year for Jindal Steel, marked by significant progress across our expansion projects.”
“Our focus is on sweating the assets and getting returns out of them.”
Official Quarterly Documents
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This summary is AI-generated from JINDAL STEEL LIMITED's latest quarterly filing and earnings call. For informational purposes only — not investment advice.