Jindal Steel FY26 results: ₹3,361cr profit, ₹2 dividend

Jindal Steel Limited (NSE: JINDALSTEL) reported its audited results for the quarter and financial year ended March 31, 2026, after a Board meeting held on May 1, 2026. The company disclosed a sharp year-on-year turnaround in the March quarter and higher full-year profit. It also recommended a final dividend of ₹2 per equity share (200% on face value of ₹1), subject to shareholder approval at the ensuing Annual General Meeting. Alongside the financials, management highlighted that FY26 was a key year for expansion execution, with commissioning milestones lifting crude steel capacity.

Board actions, disclosures, and earnings communication

The audited results were published on May 2, 2026 in Hari Bhoomi and Financial Express in line with Regulation 47 of the SEBI Listing Regulations. The company also placed the publications on its website, and on NSE and BSE websites. Following the results, Jindal Steel held an earnings call for Q4 FY26 and FY26 on May 2, 2026 with institutional investors and analysts. The audio recording was made available on the company website as part of Regulation 30 compliance, along with the earnings presentation submitted to exchanges.

FY26 headline numbers: profit growth and revenue scale

For FY26, the company reported consolidated profit after tax (PAT) of ₹3,361 crore, described as an 18% growth over the prior year, with earnings per share (EPS) of ₹33. Separately, the audited FY26 revenue figure reported was ₹53,224.92 crore. In management commentary from the earnings call, the company also cited consolidated gross revenue of ₹62,412 crore for FY26, up 8% compared to FY25, and consolidated adjusted EBITDA of ₹9,099 crore. On margins, adjusted EBITDA per tonne was ₹10,482 in FY26 compared with ₹11,712 in FY25, as shared on the call.

Q4 FY26 turnaround: profit versus prior-year loss

For Q4 FY26, Jindal Steel reported net profit of ₹1,041.24 crore, compared with a net loss of ₹303.59 crore in Q4 FY25, marking a profit versus loss swing. Q4 revenue was reported at ₹16,217.93 crore, up from ₹13,183.13 crore, a 23.0% increase year-on-year. EBITDA for the quarter was reported at ₹2,647 crore, versus ₹2,251 crore in Q4 FY25, with EBITDA margin improving to 16.3% from 14.5%. Another reported Q4 PAT figure in the same set of disclosures was ₹1,044.75 crore, against a loss of ₹339.40 crore in Q4 FY25, indicating similar directionally consistent results.

Volumes and operating performance: FY26 and Q4 metrics

The company said it recorded its highest ever production and sales volumes during FY26. FY26 production volume was stated at 9.25 million tonnes, while FY26 sales volume was 8.68 million tonnes, representing increases of 14% and 9%, respectively. For Q4 FY26, production volume was 2.65 million tonnes, with quarter-on-quarter growth of 6% and year-on-year growth of 26%. Q4 sales volume was 2.062 million tonnes, up 15% sequentially and 23% year-on-year. Management attributed the performance to ramp-up at Angul, improved capacity utilisation across operations, and better dispatches in a stronger demand environment.

Product mix and realisations: what management highlighted

Management said the company maintained a balanced sales mix across product categories and worked to shift towards higher value-added products to optimise realisations. On the earnings call, the CEO noted that the average selling price (ASP) improved in Q4 due to a mix of spot and contractual sales. Despite mentioning a slight market dip, the company said existing contracts were expected to continue supporting realisations near term. The narrative focused on operational efficiency and volume ramp-up as key drivers in the quarter’s profitability.

Capacity expansion: crude steel capacity at 15.6 MTPA

FY26 commissioning updates were central to the company’s FY26 commentary. During the year, Jindal Steel commissioned a 4.6 MTPA blast furnace named Bhagavati Subhadrika, and 3.0 MTPA BOF2 and 3.0 MTPA BOF3. Following BOF3 commissioning, crude steel capacity increased to 15.6 million tonnes per annum (MTPA), up from 9.6 MTPA as highlighted in the earnings call notes. The company said ramp-up of these facilities is progressing steadily.

Capex, leverage, and balance sheet indicators

In the quarter, total capex was reported at ₹2,573 crore. Net Debt/EBITDA was reported at 1.66x as of March 31, 2026, improving from 1.72x as of December 31, 2025. On the earnings call, management said that with ramp-up of new capacities and improvement in operating cash flows, it expects leverage metrics to normalise by Q2 FY27. On spending outlook, management stated it has largely completed its capex program and will focus on asset utilisation, while also indicating a plan to allocate ₹7,500 to ₹10,000 crore for capital expansion and sustenance capex.

Overseas impairment: what was disclosed

The company recognised an impairment of ₹1,433 crore related to its Australian assets, which was flagged as a negative point in the call summary. The disclosure indicates that while operating performance improved, reported consolidated results were affected by write-downs linked to overseas assets. No additional details on specific entities were provided in the text beyond the reference to Australian assets.

Key financial snapshot table

Market impact

The results combine two investor-relevant signals: a clear quarter-on-quarter and year-on-year earnings improvement in Q4 FY26 and a higher full-year PAT of ₹3,361 crore. Revenue growth in Q4 and the improvement in EBITDA margin to 16.3% were presented alongside higher volumes, with Q4 production at 2.65 million tonnes and Q4 sales at 2.062 million tonnes. The final dividend recommendation of ₹2 per share adds a capital return element, subject to shareholder approval. On capital structure, the reported Net Debt/EBITDA of 1.66x as of March 31, 2026 provides a snapshot of leverage, while management’s expectation of leverage normalisation by Q2 FY27 sets a monitoring point for the next few quarters.

Analysis: why FY26 matters for execution tracking

FY26 was framed by management as an inflection year because commissioning milestones moved the company into a higher capacity band, with crude steel capacity stated at 15.6 MTPA. For investors, the operational question shifts from project delivery to utilisation and cost absorption, given management’s focus on asset utilisation after largely completing the capex program. The decline in adjusted EBITDA per tonne to ₹10,482 from ₹11,712 suggests that unit profitability remains sensitive even as scale improves, making realisations, mix, and input costs important variables. The impairment of ₹1,433 crore linked to Australian assets is also a reminder that consolidated profitability can be influenced by overseas asset valuations beyond domestic operating performance.

Conclusion

Jindal Steel closed FY26 with PAT of ₹3,361 crore, reported FY26 revenue of ₹53,224.92 crore, and a Q4 profit turnaround to about ₹1,041 crore from a prior-year loss. The Board recommended a ₹2 per share final dividend, while commissioning updates lifted crude steel capacity to 15.6 MTPA. Near-term watchpoints include the pace of ramp-up at new facilities, leverage trends toward the company’s stated Q2 FY27 normalisation expectation, and execution against its indicated ₹7,500 to ₹10,000 crore capex plan for expansion and sustenance.