Jindal Steel Ltd

- Earnings expected to grow primarily due to higher volumes from expanded capacity rather than richer margins, as product mix shifts towards higher-volume, lower-margin segments like HRC. (Page 18) - Despite a short-term margin dip (from Rs. 15,000 to approx. Rs. 8,500 per ton EBITDA), value-added product mix and realizations are expected to recover and improve over mid to long term. (Page 18) - Startup costs impacting current profitability are non-recurring; stabilization of furnaces and coke costs will improve operating margins going forward. (Page 16) - Q4FY26 expected to show meaningful improvement in both volumes and profitability, with higher steel prices supported by strong demand and tailwinds. (Pages 5, 16) - Downstream capacities nearing completion, enabling increased value-added product capacity and improved realizations. Pellet Plant 2 and DRI 2 slated for FY27 end. (Page 17) - Net effect: Growth driven by higher absolute EBITDA and cash flows rather than historical high margins; EPS improvement expected alongside volume ramp-up and cost efficiencies. (Page 18)

- The transcript does not provide specific details on the current or expected orderbook or pending orders for Jindal Steel Limited. - The company emphasized ongoing progress in commissioning key projects like BF2, BOF2, and BOF3, with ramp-up in production and sales volumes. - Management mentioned higher opening volumes and improved pricing expected to support a stronger Q4 FY26. - They highlighted strategic focus on penetrating the domestic market with increased volumes and value-added product mix growth. - Auto industry exposure remains limited (~3%) due to product mix centered on flat hot-rolled products. - No explicit quantitative orderbook or pending order figures were disclosed as of the call on January 31, 2026.

- There is no explicit mention of any current or future fundraising through debt or equity in the provided transcript. - The company's focus is on commissioning existing projects, increasing utilization, EBITDA, and cash flow, and reducing debt within previously given guidance. - They emphasize maintaining a healthy leverage level and have not indicated plans for new debt or equity raises. - Expansion beyond current projects or new CAPEX plans will be communicated in due course but no immediate new funding has been announced. - The company remains committed to disciplined value creation without indicating additional fundraising at this time.

- Jindal Steel is focused on commissioning all current projects and realizing revenue, EBITDA, and cash flow from these (Page 11). - BOF3 facility is expected to be finished by next quarter (Page 14). - No change in CAPEX targets for FY26, FY27, and FY28; the company remains committed to previously guided CAPEX (Page 18). - Long-term plan to increase Angul plant capacity to 25 million tonnes, but currently prioritizing utilization, EBITDA margins, and cash flow while reducing debt (Page 15). - Future expansion plans will be communicated once finalized; currently focused on stabilizing and ramping existing assets (Page 15). - Slurry pipeline project expected to be completed by the end of the financial year, aimed at cost savings (Page 11). - No specific new strategic investments disclosed beyond the ongoing projects and expansions detailed above.

- Q4 FY26 is expected to be stronger with higher opening volumes, improved pricing, and better underlying steel demand. (Page 21) - Gradual shift towards higher flat product mix anticipated; from 50-50 flat-long in Q3 to 55-45 flat-long in Q4, driven by rising demand and prices for flat products. (Page 9) - With commissioning of new capacities (BF2, BOF2) ramping up, sales volumes and EBITDA are expected to grow accretively. (Page 21) - Management reaffirms sales volume guidance for FY26 of 8.5-9 million tons and is on track to achieve it. (Page 10) - Product mix to progressively include more value-added products (heat-treated flat portfolio), leading to better realizations and growth in value-add percentages over time. (Page 18) - Ramp-up of capacities is poised to increase utilization, volumes, and profitability going forward, signaling value-accretive growth. (Page 22)