Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep - Intimation of Schedule of Analyst / Institutional Investor Meeting pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result24 Jul, 11:48 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens
Trend score and candlestick chart
28Bearishfull bear SMA stack · SMA20 -5.6% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: 44
Sector 3M: -5.5% vs Nifty 500 -5.6%
Metals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
JINDALSTELD candles · FIT view-19.6%Latest close ₹1028.00 on 2026-10-21
Bar
-1.5%
RSI
36
MACD hist
-3.36
52W pos
15%
2026-10-21O ₹1044.00H ₹1047.60L ₹1018.30C ₹1028.00Vol 11.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
JINDALSTELNifty MetalNifty 500
- JINDALSTEL
- -1.6%
- Nifty 500
- -6.5%
- Nifty Metal
- -6.1%
- Vs Nifty 500
- +4.9 pp
Chart stats
21 Oct 2026- From 52W high
- -21.3%
- 52W range position
- 15%
- ATR (14)
- 3.0%
- Volume vs 20D
- 1.05x
- Avg traded value
- ₹121 Cr
- 20D price channel
- ₹1,001.1 - ₹1,187.4
₹1,306.2
₹977.1 - ₹1,306.2
₹30.5
Latest completed session
20-session average
28.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED26
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +25.9% · PAT -43.6% YoY
Technical
Bearish28
Price trend and sector-relative-strength timing.
Valuation
Legacy model-378.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -44% YoY · margin compression · Rev +26% YoY
Filed 24 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 34.10
- P/B
- 2.06
- EV/EBITDA
- 10.09
- Market Cap
- 105258.00Cr
Profitability
- ROE
- 8.22%
- ROCE
- 9.70%
- ROA
- 2.77%
- Dividend Y
- 0.19%
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
- 3.16
- 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
- 16%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 15.5k-4.5% vs prev
Net Profit
₹ CrLatest: 844-18.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.9% over last month) — short-term momentum negative.
- RSI(14) at 36 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 21% off 52W high · 5% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
53
RS percentile
Stage 4 Downtrend
1M return
-9.1%
3M return
-1.6%
6M return
-18.1%
1Y return
-4.0%
RS 1D
+2
RS 20D
+1
Sector rank
#11
Industry rank
#12
Stage evidence
- Price is 9.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.3%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 102.59-0.41%
RS vs Nifty 500103
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth6/25
Quality0/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
26
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
26/100 · legacy band OVERVALUED
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 -378.5%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
34.1
PB
2.1
EV/EBITDA
10.1
ROE
8.2%
ROCE
9.7%
FCF Yield
—
Debt/Equity
0.4
MoS
-378.5%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
26
Previous: 26
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-378.5%
Previous: -385.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
25
25
25
25
26
26
26
26
26
26
26
26
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹547
-87.9% MoS
Growth-justified P/E
8.1
Growth-justified Value
₹214.8
-378.5% MoS
PEG
34.10
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SAIL
Mid
Steel Authority of India Limited
Steel
match 87
42
14.6
6.6%
-140%
WATCHLIST
TATASTEEL
Large
Tata Steel Limited
Steel
match 86
39
18.4
11.7%
-1%
WATCHLIST
JSWSTEEL
Large
JSW Steel Limited
Steel
match 80
41
23.8
10.2%
-25%
WATCHLIST
MUKANDLTD
Small
Mukand Limited
Steel
match 76
56
4.2
5.6%
+89%
FAIR VALUE
JAIBALAJI
Micro
Jai Balaji Industries Limited
Steel
match 75
66
20.4
30.7%
+37%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-12T16:39:56.553Z
Management commentary snapshot
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.
Current business mix
Q4FY26 Sector Sales Distribution
Latest issuer-disclosed distribution across 5 reported categories.
Infrastructure Building & Construction31.0%
Distribution21.0%
Automotive35.0%
Engineering & Packaging2.0%
Other11.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 52nd percentile within Metals. Main check: results consistency is weak at 39/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
191 docs text-extracted · 49 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Metals: 52nd pctile, median 70 · Large: 40th pctile, median 73
Evidence depth
Financial-only
191 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
39
weak · quarterly consistency
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.
Continue researching JINDAL STEEL LIMITED
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 Aug - Intimation of Schedule of Analyst / Institutional Investor Meeting pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 Aug - Intimation of Schedule of Analyst / Institutional Investor Meeting pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug - Intimation of Schedule of Analyst / Institutional Investor Meetings under the SEBI (LODR) Regulations, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Aug
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.