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Jindal Steel Q2 FY27 Share Price & Earnings Call Analysis

₹1,060.00+1.14% today
Market cap
₹1.08L Cr
P/E
35.01
ROE
8.22%
PEG
45.46
Price to sales
1.91
Debt to equity
0.44
52W high / low
₹1,289 / ₹986
Sales growth (5Y)
9.01%
EBITDA margin
16.48%
Net profit margin
7.56%
Promoter holding
62.71%
Sales (last year)
₹56,413 Cr

Jindal Steel & Power Ltd is one of the India's leading steel producers with significant presence in sectors like steel and mining. The group has global presence through subsidiaries, mainly in Australia, Botswana, Indonesia, Mauritius, Mozambique, Madagascar, Namibia, South Africa, Tanzania and Zambia.[1]

Guidance scorecard · Q2 FY27 call

What Jindal Steel Ltd's management guided
and where it ranks in Ferrous Metals

#8of 9 in
Ferrous Metals
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • The company targets growth focused on value-added and value-engineered steel products rather than commodity steel volume growth.
  • Sales volume guidance for FY27 remains around 10.5 to 11 million tons, with gradual capacity utilization ramp-up from current ~11 to possibly 13 million tons in coming years.
  • Capex spending planned between INR 7,000 to 10,000 crores annually, primarily for value-added product expansion, not commodity capacity.
  • Emphasis on increasing the share of high EBITDA, value-added products to 50% of total production from existing ~30%.
  • Expected revenue growth driven by improved product mix with higher average selling prices (ASP) due to focus on specialty and engineered steel grades.

2 more points from Jindal Steel Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Jindal Steel Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Planned capital expenditure (capex) of approximately INR 8,500 crores for FY27, with INR 2,000 crores invested during Q1.
  • Total cumulative spending under expansion program stands at INR 37,457 crores out of announced INR 47,043 crores.
  • Focus on disciplined capital allocation with spending around INR 7,000 to 10,000 crores per year, prioritizing value-added and value-engineered steel products, not commodity steel.
  • No plans to burden balance sheet with borrowings; expansions primarily targeted at specialty and value-added steel capacity.
  • MoU with Government of Jharkhand to potentially add a 2.5-2.7 million ton blast furnace, contingent on iron ore allocation.

2 more points from Jindal Steel Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Jindal Steel Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Ask what Jindal Steel Ltd said on the order book →

Full Q1 FY27 analysis
Full Ferrous Metals ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Ferrous Metals
on management's own guidance

  1. Jai Balaji Industries LtdGood growth
    2
  2. Strong growth
    1
  3. Indian Metals & Ferro Alloys LtdGood growth
    3
See all potential multibaggersWhere does Jindal Steel Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Ferrous Metals companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹59 Cr9.4
2Jai Balaji Industries Ltd20–40%Flat₹6,599 Cr45.1
3Indian Metals & Ferro Alloys Ltd20–40%Flat₹6,366 Cr12.1
410–20%Up 2%+₹70,612 Cr14.6
510–20%Up 0–2%₹7,471 Cr19.1
610–20%Flat₹2.97L Cr24.7

Sign up free to see every company in the sector ranking and track Jindal Steel Ltd.

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Financials of Jindal Steel Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Jindal Steel Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +61.21%61.21%61.19%61.19%61.19%62.22%62.36%62.38%62.71%62.71%62.71%62.71%
FIIs +11.75%11.93%12.64%12.19%10.99%9.59%9.76%9.43%9.02%9.19%8.84%8.75%
DIIs +15.33%14.73%15.34%16.05%17.26%17.72%18.09%18.74%19.10%19.14%19.52%19.70%
Public +9.99%10.41%10.01%9.75%9.75%9.65%9.54%9.20%8.93%8.73%8.73%8.64%
Others +1.73%1.73%0.81%0.81%0.81%0.81%0.25%0.25%0.25%0.25%0.22%0.21%
No. of Shareholders2,50,7322,59,9912,80,5332,87,9022,98,2583,05,2853,02,1902,90,3862,82,0862,71,3332,76,5442,72,544

Financials of Jindal Steel Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +12,25011,70113,48713,61811,21311,75113,18312,29411,68613,02716,21815,48216,679
Expenses +9,9658,85911,04210,7799,0139,56710,9229,2899,60511,39813,28912,82214,107
Operating Profit2,2852,8432,4442,8392,2002,1842,2623,0062,0811,6292,9292,6602,571
OPM %19%24%18%21%20%19%17%24%18%13%18%17%15%
Other Income +323535343526-1,1583022-45-5501925
Interest329315321332326313342297371406442548566
Depreciation604636995683696698691722750839862926947
Profit before tax1,3841,9271,1641,8591,2131,199722,0189823391,0741,2051,084
Tax %-0%-0%20%28%29%21%523%26%35%44%3%30%29%
Net Profit +1,3901,9289331,338860951-3041,4966351891,041844771
EPS in Rs13.6018.909.1713.148.449.32-3.3314.656.261.8710.248.287.59

Financials of Jindal Steel Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +19,35919,46921,60333,28646,96637,92334,57951,16653,21250,35449,76553,22561,405
Expenses +13,91916,03216,89426,81738,55331,09221,47235,60743,27040,15340,27743,52151,616
Operating Profit5,4403,4374,7096,4698,4126,83113,10715,5599,94210,2029,4889,7049,789
OPM %28%18%22%19%18%18%38%30%19%20%19%18%16%
Other Income +-1,644-79-362-584-1,47074-1,861-1,884-539156-1,065-603-551
Interest2,6063,2543,4413,8664,2643,7682,7531,8881,4461,2941,3121,5171,963
Depreciation2,7334,0683,9493,8835,4803,4292,4142,0972,6912,8222,7683,1713,574
Profit before tax-1,543-3,964-3,043-1,864-2,802-2916,0789,6905,2666,2414,3444,4133,701
Tax %-6%-22%-17%-13%-14%37%30%30%25%5%34%24%
Net Profit +-1,452-3,087-2,538-1,616-2,412-4004,2676,7663,9745,9432,8463,3612,844
EPS in Rs-13.97-32.42-24.93-14.56-17.00-1.0735.6256.4031.1158.2127.5733.0127.98
Dividend Payout %0%0%0%0%0%0%0%5%6%3%7%6%

Financials of Jindal Steel Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital9191929797102102101100100101102102
Reserves20,95132,34529,95930,28831,98832,03531,71335,52438,60644,21647,08450,79752,265
Borrowings +42,46646,79745,85042,96239,55936,82429,91013,50213,04616,47218,40622,61022,354
Other Liabilities +12,02813,16614,67415,88417,35720,78016,11627,51717,67417,88820,17524,12625,090
Total Liabilities75,53792,39890,57589,23089,00189,74277,84076,64469,42778,67685,76697,63599,811
Fixed Assets +46,64365,03865,93268,45069,03969,38254,35045,48843,54248,38448,98964,10264,329
CWIP9,06811,8279,7164,9784,0273,1261,7122,5387,8709,61116,7258,3729,460
Investments1,7853923681461501811,1564709078192,2013,1685,353
Other Assets +18,04015,14214,55915,65715,78417,05420,62428,14717,10819,86217,85121,99320,669
Total Assets75,53792,39890,57589,23089,00189,74277,84076,64469,42778,67685,76697,63599,811

Financials of Jindal Steel Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +1,1824,3336,8507,7249,0278,81411,96116,0487,3476,00810,8247,204
Cash from Investing Activity +-6,717-2,262-1,998-1,431-832-1,476-1,884-2,331-4,090-8,344-12,323-10,734
Cash from Financing Activity +5,708-2,672-5,108-6,276-8,261-7,016-4,612-15,120-2,5001,3818092,803
Net Cash Flow173-601-25617-673225,465-1,403757-955-689-727
Free Cash Flow-3,8684804,4966,1037,8377,30811,12413,176945-2,418334-2,343
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit28%127%144%120%107%128%91%116%101%66%130%88%

Financials of Jindal Steel Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days3227292024343097121012
Inventory Days3231811851911462071961308711787115
Days Payable13712915016211718113394697888126
Cash Conversion Cycle21879645053609245245281
Working Capital Days87-83-141-62-58-79-65-1-38-21-36-11
ROCE %5%-1%1%3%4%5%17%24%14%13%11%10%

Guidance history

How Jindal Steel Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned——
Q4 FY26 call →10–20%FlatPlanned——
Q3 FY26 call →20–40%FlatPlanned—Flat
Q2 FY26 call →10–20%Up 0–2%Planned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

48out of 100

Momentum score · price trend

48 out of 100 — Steady

Over the past year its share price has moved roughly in the middle of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−1.0%59%
Last 6 months−13.3%31%
Last 3 months−3.1%58%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Jindal Steel Ltd: 0.4 × 59 + 0.4 × 31 + 0.2 × 58 = 48.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Jindal Steel Ltd's management said in earlier quarters

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