Jindal Steel FY26: Record volumes, ₹62,412cr revenue

FY26 result: record volumes, higher revenue, dividend proposal

Jindal Steel reported its highest-ever production and sales volumes for FY2025-26, underpinned by a 14% year-on-year rise in steel production. The company said production increased to 9.25 million tonnes (MT) during the year, while total sales reached 8.68 MT. Consolidated gross revenue was reported at ₹62,412 crore, reflecting 8% year-on-year growth. Profit after tax (PAT) for the year was stated at ₹3,361 crore.

The board recommended a final dividend of 200%, equivalent to ₹2 per share, for FY2025-26. The proposal is subject to shareholder approval at the upcoming annual general meeting (AGM). Separately, the stock market reaction around the announcement was muted, with the company’s shares closing 0.4% lower at ₹1,223.10 on the National Stock Exchange on April 30.

Operational performance: production up 14%, sales at 8.68 MT

The FY26 operational print was led by stronger output. The company stated that steel production rose 14% year-on-year to 9.25 MT, marking a record. Sales volumes also reached 8.68 MT for the year.

The disclosure also mentioned a capacity milestone, stating that with the commissioning of BOF3, the company achieved steel production capacity of 15.6 metric tonnes. Alongside volumes, the export share in FY26 was reported at 7%, compared with 6% in FY25.

In addition to absolute EBITDA for the year, the company disclosed a per-ton profitability indicator. Adjusted EBITDA per tonne for FY26 was reported at ₹10,482 per tonne.

Financial snapshot: FY26 gross revenue at ₹62,412 crore

For FY26, consolidated gross revenue was reported at ₹62,412 crore, up 8% year-on-year. PAT for the year was reported at ₹3,361 crore.

Another reported figure in the same set of information stated that net profit for FY26 increased by around 20% to ₹3,367 crore. The reported difference in year-end profit numbers appears in the available disclosures, and both figures are reproduced here as stated.

On an adjusted basis for foreign exchange gains, EBITDA for the year was reported at ₹9,099 crore, down 3% year-on-year.

Q4 (Jan-Mar 2026): volumes strengthen and profit turns positive

The January to March 2026 quarter showed higher production and higher sales compared with the preceding quarter, based on the company’s operational data. Steel production in Q4 was reported at 2.65 MT, while sales were 2.62 MT. Sequentially, these represented increases of 6% and 15%, respectively.

On financials, the company reported consolidated gross revenue of ₹19,399 crore for Q4, up 28% compared with the previous quarter. Profit after tax for the quarter was stated at ₹1,041 crore.

In another reported quarterly set of numbers, the company swung back to profit in the January to March quarter, posting consolidated net profit of ₹1,045 crore compared to a loss of ₹339 crore in the same quarter last year. Consolidated revenue for the quarter was reported at ₹16,218 crore, up 23% year-on-year, and adjusted EBITDA was stated at ₹2,647 crore.

What supported earnings: safeguard duty cited as a tailwind

The quarterly disclosure noted that earnings were positively impacted by the imposition of safeguard duty on some grades of imported flat steel. This was cited as providing price support for the company’s products during the period.

While the operational recovery in the quarter was supported by higher volumes and stronger sequential momentum in sales, the reported explanation explicitly linked part of the quarterly benefit to policy-driven pricing support in certain product grades.

Dividend: final payout of ₹2 per share recommended

The board recommended a final dividend of 200%, equal to ₹2 per share, for FY2025-26. The company stated the proposal remains subject to shareholder approval at the AGM.

A separate dividend data snippet also lists key dates for an equity share dividend of ₹2.00 per share, with record date, ex-date, and dividend date all shown as 22-Aug-2025. Investors typically use the ex-date and record date to check eligibility for a declared payout, and the dates are presented below as provided.

Key numbers table: FY26 and Q4 at a glance

The disclosures include both “gross revenue” and “consolidated revenue” figures for the same quarter, and both are shown as reported.

Market impact: stock reaction and what investors tracked

The stock ended lower on the day referenced, closing 0.4% down at ₹1,223.10 on the National Stock Exchange on April 30. Market participants typically track the combination of volume growth, margins (proxied here by EBITDA and EBITDA per tonne), and policy-related price support when assessing near-term earnings durability.

The reported quarterly turnaround, from a year-ago loss of ₹339 crore to a profit of ₹1,045 crore, was a key point in the quarter’s narrative. Investors also monitored the company’s disclosure that safeguard duty on some imported flat steel grades provided price support, since such measures can affect realisations and spread trends.

Analysis: why FY26 stood out in the disclosed data

FY26 stood out primarily because of record production and sales volumes, with production at 9.25 MT and sales at 8.68 MT. Revenue growth of 8% year-on-year to ₹62,412 crore indicates higher scale, even as the company reported EBITDA of ₹9,099 crore on an adjusted basis for foreign exchange gains, down 3% year-on-year.

The contrast between rising volumes and a small decline in annual adjusted EBITDA suggests that investors will likely focus on the mix of realisations, cost trends, and the extent to which policy measures such as safeguard duties influenced quarterly performance. The disclosed adjusted EBITDA per tonne of ₹10,482 provides an additional lens for comparing operating profitability across periods.

Conclusion: record operations, dividend proposal awaits approval

Jindal Steel’s FY2025-26 disclosures show record production and sales volumes, consolidated gross revenue of ₹62,412 crore, and full-year PAT of ₹3,361 crore. The January to March 2026 quarter also showed stronger sequential volumes and a return to profitability versus the year-ago period.

Next, investors will track the shareholder vote on the proposed final dividend of ₹2 per share at the upcoming AGM, along with any further operational and financial updates for the new fiscal year.