Jindal Steel Limited enters its Q2 FY 2026-2027 print with 15.6 MTPA of crude steel capacity after completing the Angul expansion, in a quarter where domestic steel prices moved sharply higher despite management's earlier caution on seasonal weakness. The two most material things the results will speak to are whether net debt/EBITDA crosses below the guided 1.5x from 1.71x, and how the slurry pipeline's Rs. 700/ton benefit and a coking coal spike that overshot guidance net out in the cost bridge.
| Results date | October 23, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 15,501 Cr (net revenue, Q1FY27) |
| Previous quarter PAT | Rs. 844 Cr |
| Previous quarter EBITDA margin | 17.21% (Adjusted EBITDA margin on net revenue, Q1FY27) |
| Net debt (latest quarter) | Rs. 15,927 Cr |
| Market cap | Rs. 106,619.61 Cr |
| CMP | Rs. 1045.2 |
The Board of Jindal Steel Limited will meet on Friday, October 23, 2026, to approve the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The trading window for designated persons was closed from October 1, 2026 until 48 hours after the results are made public.
The Q2 FY 2026-2027 quarter is the checkpoint for management's commitment to bring net debt/EBITDA below 1.5x during Q2FY27, from 1.71x at Q1FY27 with net debt of Rs. 15,927 Cr. Volume recovery should be mechanical after Q1 sales of 2.23 MT were depressed by planned maintenance shutdowns, with the ~300,000-ton Q1 hot-metal loss guided to be recovered in subsequent quarters against the FY27 sales guidance of 10.5-11 MT. Realizations moved against management's post-Q1 caution of HRC down Rs. 800/ton and the TMT index down Rs. 8,000: domestic HRC instead rose to a four-year high of about Rs. 64,000/t by mid-October, with rebar at Rs. 60,450/t by September 21. The offset is coking coal, where the market moved well beyond the guided +$12-15/t for Q2FY27 — imported coking coal reached $283/t versus a $232/t August average, with one report near $305/t — though the slurry pipeline's guided Rs. 700/ton benefit starts in Q2FY27 and the Rs. 2,000/ton operating-leverage hit from Q1 shutdowns is guided not to recur. Captive iron-ore self-sufficiency is guided at 28% for Q2FY27 (from 16%) on the way to 40% by exit-FY27, and the Angul blast furnace ramp targets 13,000 tons/day by December. Demand held up through the quarter, with July finished steel consumption up 6.5% YoY and FY27 year-to-date demand up 7.9%, though India remained a net steel importer for a second consecutive quarter. The upcoming call will also be the first full quarter shaped by the new leadership team of MD V.R. Sharma, CFO Sandeep Modi and COO Rajiv Kumar.
Net debt/EBITDA below 1.5x in Q2FY27: The single most trackable near-term target for this call.
Performance vs Guidance Tracking
Slurry pipeline and cost bridge
Angul ramp and Paradip port Phase I
Mix, exports and regulatory items
Net revenue fell about 8% sequentially to Rs. 15,501 Cr largely due to lower sales volumes from planned plant maintenance shutdowns, partly offset by an ASP improvement of about Rs. 7,500/ton. Adjusted EBITDA still rose 0.76% QoQ to Rs. 2,667 Cr, with EBITDA/ton up Rs. 1,843 QoQ to Rs. 11,937.
Management has committed to net debt/EBITDA below 1.5x during Q2FY27, from 1.71x at Q1FY27 with net debt of Rs. 15,927 Cr, and below 1.5x through the cycle. Q2FY27 is the checkpoint quarter for this target.
The 192 km, 18 MTPA slurry pipeline is guided to deliver a benefit of Rs. 700/ton starting from Q2FY27, with potential of Rs. 750-1,000/tonne as operations ramp up. Q2FY27 is the first quarter where this saving should show in the cost bridge.
Management has guided FY27 production of 11-11.5 MT and sales of 10.5-11 MT, reaffirmed on the Q1FY27 call despite the Q1 shutdown. The company declined to give FY27 revenue or EBITDA margin guidance, saying raw material and pricing variables remain outside its control.
The FY27 capex plan is about Rs. 8,500 Cr, with roughly Rs. 2,000 Cr already spent in Q1FY27, within a standing annual growth-capex framework of Rs. 7,500-10,000 Cr funded primarily via internal accruals. New projects require an 18-20% pre-tax ROCE threshold.