Jindal Steel FY26: Q4 profit ₹1,045 crore, ₹2 dividend

What Jindal Steel reported for the March quarter

Jindal Steel Ltd swung back to profit in the January to March quarter, reporting consolidated net profit of ₹1,045 crore. The company had posted a consolidated net loss of ₹339 crore in the same quarter last year, as per the results shared. Profit after tax (PAT) for the quarter was attributable to equity holders of the company. Revenue from operations for Q4FY26 rose 23% year-on-year to ₹16,218 crore, versus ₹13,183 crore in Q4FY25. On a sequential basis, PAT jumped 449% over ₹190 crore reported in Q3FY26. The topline also rose sequentially, with revenue from operations up 24% over ₹13,027 crore in the October to December quarter.

EBITDA, price support, and what helped margins

Adjusted EBITDA for the quarter stood at ₹2,647 crore, a 66% increase quarter-on-quarter. The company said earnings in the quarter were positively impacted by the imposition of safeguard duty on some grades of imported flat steel. This measure provided price support for its products, according to the update. The quarterly recovery came alongside higher volumes and a more supportive pricing environment. Management commentary also linked performance to operational progress at key expansion facilities. While the company did not quantify the exact price impact, it explicitly highlighted the safeguard duty as a positive factor.

Volume trends: production and sales rose sequentially

Operationally, Jindal Steel reported production of 2.65 million tonnes in Q4FY26, up 6% over Q3FY26. Sales in the quarter were 2.62 million tonnes, up 15% sequentially. For the full year, production grew 14% year-on-year to 9.25 million tonnes, and sales grew 9% to 8.68 million tonnes. The company described FY26 as its highest ever production and sales year. Domestic sales share increased to 95% in Q4FY26 from 94% in Q3FY26. Export share was 7% in FY26 compared with 6% in FY25.

FY26 financial picture: revenue, profit, and full-year EBITDA

For FY26, consolidated gross revenue increased 8% year-on-year to ₹62,412 crore. Net profit for the year was reported at ₹3,361 crore, with another mention of PAT at ₹3,360.87 crore in the audited metrics. Adjusted EBITDA for the year was ₹9,099 crore, down 3% year-on-year on an adjusted basis for foreign exchange gains. Adjusted EBITDA per tonne for the year was ₹10,482 per tonne. In addition to gross revenue, audited results also listed total revenue from operations at ₹53,224.92 crore and total income at ₹53,553.14 crore for consolidated FY26. The company said the board approved the audited financial results for Q4 and FY26 following a meeting held on May 1, 2026.

Dividend: ₹2 per share, subject to shareholder approval

The board recommended a final dividend of ₹2 per equity share for FY26. The recommendation is subject to shareholders’ approval at the ensuing Annual General Meeting (AGM). The company described the dividend as 200%, equivalent to ₹2 per equity share of face value ₹1 each. Dividend declarations are closely watched by investors in the steel sector because cash flows can move sharply with steel realisations and input costs. The FY26 recommendation follows the company’s broader messaging around operational milestones and capacity ramp-up.

Expansion milestones: Angul ramp-up and 15.6 MTPA capacity

The return to profit aligns with the company’s key expansion project at Angul, Odisha being completed and fully onstreamed. The Angul project doubled the plant’s capacity to 12 million tonne per annum (MTPA), taking total crude steel capacity to 15.6 MTPA. The company also attributed the 15.6 million tonne steel making capacity to the commissioning of BOF3. It said it commissioned several facilities under the current expansion plan, including a 4.6 MTPA blast furnace, 3.0 MTPA BOF2 and 3.0 MTPA BOF3. It also operationalised both modules of SBPP (2 x 525 MW), a 1.2 MTPA CRM complex and a coal pipe conveyor belt. Separately, it was declared the preferred bidder for the Thakurani - A1 iron ore block.

Debt, capex, and leverage trend

Jindal Steel closed FY26 with consolidated net debt of ₹16,019 crore, higher than ₹15,443 crore as of December 31, 2025. Net Debt/EBITDA decreased to 1.66x as at March 31, 2026, compared with 1.72x as at December 31, 2025. Total capex for the quarter was ₹2,573 crore. The company’s audited disclosure also reported consolidated total assets of ₹97,761.77 crore as of March 31, 2026, versus ₹85,839.37 crore in the previous year. Cash and cash equivalents at year-end were ₹1,889.81 crore on a consolidated basis and ₹1,169.48 crore on a standalone basis. These balance sheet updates came alongside the completion of large capacity additions, which typically raise depreciation and interest charges in the early phase of ramp-up.

Exceptional items and audit observations disclosed in results

In the audited FY26 results, the company reported exceptional items of ₹871.38 crore in consolidated results and ₹1,470.16 crore in standalone results. These were primarily due to impairment losses and write-offs related to overseas subsidiaries. The auditors, Lodha & Co LLP, issued an unmodified opinion on the financial results, with attention drawn to material uncertainty regarding the going concern of Jindal Steel (Mauritius) Limited (JSML), a wholly owned subsidiary. As of March 31, 2026, JSML had accumulated losses of ₹6,966.40 crore and negative net worth of ₹5,379.27 crore. The company recognised a write-off aggregating to ₹3,311.34 crore in standalone results towards loans outstanding to JSML. Additionally, Wollongong Resources Pty. Ltd., an Australian subsidiary, recognised an impairment loss of ₹833.62 crore on mining assets and inventory write-down.

Market impact: stock move and what investors tracked

On April 30, Jindal Steel shares closed 0.4% lower on the National Stock Exchange at ₹1,223.10 apiece. Investor attention during results typically centres on volumes, pricing signals, and how quickly new capacity translates into stable utilisation and margins. In this update, the company explicitly pointed to safeguard duty on imported flat steel grades as providing price support, which can matter for domestic realisations. At the same time, net debt rose sequentially and capex remained elevated, reflecting an active investment phase. The mix shift towards domestic sales in Q4FY26, along with a modest export share for FY26, also provides context on where volumes were placed during the year.

Key numbers at a glance

Conclusion

Jindal Steel’s Q4FY26 results showed a return to profit on higher revenue, improved adjusted EBITDA, and higher sequential sales volumes. The board also recommended a ₹2 per share final dividend for FY26, pending shareholder approval at the AGM. The quarter’s narrative was closely tied to capacity additions, with the Angul expansion and BOF3 commissioning lifting crude steel capacity to 15.6 MTPA. Investors will continue to track the company’s ramp-up trajectory, leverage trend, and the impact of policy measures such as safeguard duty on domestic steel pricing as the new capacity stabilises.