JINDAL STEEL LIMITED (JINDALSTEL)
Large CapMetals stocks · Large cap · NSE
Jindal Steel Ltd. (erstwhile Jindal Steel & Power Ltd.) is an integrated steel producer with 15.6 MTPA steelmaking capacity. It focuses on raw material security through captive mines, value-add products, and decarbonization efforts, aiming for net zero by 2047. The company has completed its Angul expansion to 12.0 MTPA.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -44% YoY · margin compression · Rev +26% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹15,482 Cr | +25.9% | -4.5% |
| EBITDA | ₹2,660 Cr | -11.5% | -9.2% |
| Operating margin | 17.0% | -700 bps | -100 bps |
| PAT | ₹844 Cr | -43.6% | -18.9% |
| PAT margin | 5.5% | -672 bps | -97 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Jindal Steel delivered resilient FY26 performance, meeting production and sales guidance with 9.25 MT production and 8.68 MT sales. Q4FY26 saw strong sequential recovery in revenue, EBITDA, and PAT, driven by higher volumes and improved spreads, despite volatile demand and global trade uncertainty.
The company met FY26 guidance, completed major Angul expansion, and improved Q4FY26 financials sequentially. Strategic focus on raw material integration, value-add products, and decarbonization supports the long-term thesis. However, increased net debt and volatile market conditions warrant close monitoring.
Q4FY26 Sector Sales Distribution
Latest issuer-disclosed distribution across 5 reported categories.
Angul Expansion
Expansion from 6.0 MTPA to 12.0 MTPA executed and delivered, increasing total steelmaking capacity to 15.6 MTPA.
Raw Material Integration
Captive iron ore, thermal coal, and coking coal mines provide supply security and cost advantages.
Value-Add Product Portfolio
Portfolio mix weighted towards value-add products, with 61% share in Q4FY26.
India Steel Demand
India's steel demand is projected to grow 7% in CY26E and 9% in CY27E.
Angul Blast Furnace 2 (BF2)
4.6 MTPA capacity commissioned in Sep'25.
Angul Basic Oxygen Furnace 2 (BOF2)
3 MTPA capacity commissioned in Sep'25.
Angul Basic Oxygen Furnace 3 (BOF3)
3 MTPA capacity commissioned in Mar'26.
Angul CRM Complex
Commissioned in FY26.
Strong Domestic Demand
India's finished steel consumption grew 11% YoY in Q4FY26 and 8% YoY in FY26.
Improved Steel Prices
HRC and TMT prices recovered strongly in Q4FY26, supported by peak construction season demand.
Raw Material Cost Advantage
Captive mines for iron ore, thermal coal, and coking coal provide cost advantages.
Net Exporter Status
India turned a net steel exporter in FY26 after two years.
Volatile Demand Environment
Achieved FY26 performance against a volatile demand environment.
Heightened Global Trade Uncertainty
FY26 performance achieved amidst heightened global trade uncertainty.
Increased Coking Coal Prices
Coking coal prices increased in Q4FY26 due to seasonal supply tightness in Australia.
China Real Estate Decline
Structural decline in China's real estate sector continues to weigh on steel demand.
Commodity Price Volatility
Forward-looking statements are subject to risks and uncertainties regarding fluctuations in earnings and commodity prices.
Competition
Risks include competition (both domestic and international).
Government Policies
Government policies and actions with respect to investments, fiscal deficits, regulations, etc. pose risks.
Execution Risk
Time and cost overruns on contracts are a risk.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is crucial for assessing sequential momentum in steel prices, input costs, and utilization rates, especially given the strong recovery in Q4FY26. YoY comparison provides context for overall annual growth and performance against previous periods, particularly for FY26 annual results.
FY26 Production Volume
Achieved 9.25 MT, up 14% YoY.
FY26 Sales Volume
Achieved 8.68 MT, up 9% YoY.
FY26 Adjusted EBITDA / Tonne
Rs. 10,482, down 11% YoY.
Q4FY26 Adjusted EBITDA / Tonne
Rs. 10,093, up 45% QoQ and 6% YoY.
FY27 Volume Guidance
Aiming for steel production volumes of 11.0 – 11.5 MT and sales volumes of 10.5 – 11.0 MT in FY27.
Decarbonization Commitment
Committed to achieving net zero carbon emissions by 2047, with an ongoing CO₂ reduction program.
Capital Allocation Strategy
Annual growth CAPEX of Rs. 7,500 -10,000 Cr, primarily using internal accruals, targeting 18-20% pre-tax ROCE.
Deleveraging Focus
Continued focus on deleveraging to Net Debt / EBITDA below 1.5x through the cycle.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Steel Production Volume | 9.25 MT (FY26 actual) | Achievement of 11.0 – 11.5 MT target. |
| Net Debt / EBITDA | 1.66x (Q4FY26) | Progress towards target of below 1.5x through the cycle. |
| Angul Slurry Pipeline Commissioning | In final stages | Successful commissioning in Q1FY27 and ramp-up. |
| Jindal Paradip Port Commissioning | Phased manner in FY27 | Timely commissioning and ramp-up of 25 MTPA capacity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
68BullishSMA20 +6.7% / mo · MACD + · sector +2.7pp vs Nifty (3M)
Technical chart
JINDALSTELdaily · 1Y · AUTO-1.6%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 59. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~6.3% over last month) — short-term momentum positive.
- RSI(14) at 59 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 11% off 52W high · 19% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- 9.6% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+0.6% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
Valuation & score drivers
U-Score 23 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 23 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 8/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -442.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 51st percentile within Metals. Main check: results consistency is weak at 39/100.
Healthy Trust Lite: Promoter holding is 62.7%. Key concern: 3 latest quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Metals: 51st pctile, median 70 · Large: 41st pctile, median 73
188 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 62.7%.
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 38.50
- P/B
- 2.33
- EV/EBITDA
- 11.16
- Market Cap
- 118840.00Cr
Profitability
- ROE
- 8.22%
- ROCE
- 9.70%
- ROA
- 2.77%
- Dividend Y
- 0.17%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 1.00%
- Revenue 3Y
- 3.86%
- EPS 3Y
- 1.00%
Balance Sheet
- Debt/Equity
- 0.44
- Interest Coverage
- 5.26×
- Altman Z
- 3.33
- Book Value
- 499.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- 7204.00 Cr
- EPS TTM
- 26.65
Shareholding
- Promoter Hold
- 62.71%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 57%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.