JINDALSTEL's Q2 FY27 numbers came in mixed, with revenue of Rs. 16,678.54 Cr (+40.32% YoY) and PAT growth of +21.35% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 23, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 16,678.54 Cr (+40.32% YoY) |
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| PAT (Q2) | Rs. 770.64 Cr (+21.35% YoY) |
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| EBITDA margin | 14.99% (-102 bps YoY) |
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| EPS (Q2) | Rs. 7.61 (+21.20% YoY) |
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| Market cap | Rs. 103,630.75 Cr |
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| CMP | Rs. 1,015.90 |
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Quarter Snapshot
Jindal Steel posted record quarterly gross revenue of Rs.19,448 Cr (+43.8% YoY) with Adjusted EBITDA up 33.55% YoY, but margins compressed ~222 bps QoQ largely due to a ~Rs.1,066 Cr adverse inventory swing. Cash quality is the standout — H1 CFO of Rs.5,429.85 Cr covers PAT 3.36x and funded capex with Rs.2,242.51 Cr of free cash flow, cutting net debt Rs.1,141 Cr QoQ to 1.51x, narrowly missing the guided <1.5x. FY27 volume targets require a 24–34% step-up in H2 run-rates versus the record Q2, hinging on the Angul ramp.
Key Investment Insights
Key Positives
- All-time high quarterly gross revenue of Rs.19,448 Cr, up 43.8% YoY and 9.0% QoQ
- Steel sales of 2.38 MT up 27.3% YoY and 6.73% QoQ; production stable at 2.40 MT despite monsoon
- Adjusted EBITDA of Rs.2,504 Cr up 33.55% YoY
- H1 CFO of Rs.5,429.85 Cr covers PAT 3.36x; H1 FCF of +Rs.2,242.51 Cr vs −Rs.1,573.62 Cr in H1FY26
- Net debt reduced Rs.1,141 Cr QoQ to Rs.14,786 Cr; net debt/EBITDA improved to 1.51x from 1.71x
- Flats share of sales rose to 61% from 53% QoQ, lifting blended realization
- Effective tax rate fell to 28.88% from 35.34% YoY, aiding PAT
- 18 MTPA Barbil–Angul slurry pipeline commissioned; Paradip Phase I (12.5 MTPA) operational ahead of concession deadline
Risk Factors
- Adjusted EBITDA margin compressed ~222 bps QoQ to 14.99% and ~102 bps YoY; EBITDA/tonne fell 12% QoQ to Rs.10,521
- Inventory line swung ~Rs.1,066 Cr adversely QoQ (Rs.450.81 Cr drawdown vs Rs.614.92 Cr build in Q1FY27), driving PBT down 10.05% QoQ
- PAT fell 8.67% QoQ to Rs.770.64 Cr despite 7.73% QoQ revenue growth
- Finance cost up 52.51% YoY to Rs.566.22 Cr post-capitalization of expansion assets
- Net debt/EBITDA of 1.51x narrowly missed the guided <1.5x target
- Subsidiaries contributed −Rs.86.22 Cr at owners' level; JSML carries Rs.4,769.02 Cr loan and negative net worth of Rs.1,503.81 Cr on a going-concern basis