Jindal Steel Q3 FY26 Revenue Grows 10.9% to ₹13,026 Crore

31 Jan 2026 , 02:51 PM

Jindal Steel Ltd reported a mixed operating performance for the December quarter of FY26, with revenue growth supported by higher steel volumes, while profitability came under pressure due to elevated costs. Revenue for the quarter increased 10.9% year on year to ₹13,026 crore driven by improved sales volumes.

Earnings before interest, tax, depreciation, and amortisation declined 25.2% year on year to ₹1,632 crore, reflecting higher raw material costs and margin pressure. Operating margin for the quarter contracted sharply to 12.5%, compared with 18.6% in the corresponding quarter of the previous financial year.

Net profit for Q3 FY26 declined 80% year on year to ₹188.5 crore, compared with ₹951 crore reported in the year ago period, impacted by lower operating profitability.

On the operational front, the company reported strong sequential improvement in volumes during the quarter. Steel production rose 25% quarter on quarter to 2.51 million tonnes, while steel sales increased 22% quarter on quarter to 2.28 million tonnes, indicating better capacity utilisation.

Consolidated net debt stood at ₹15,443 crore at the end of the December quarter, higher than ₹14,156 crore reported as of September 30, 2025. Capital expenditure during the quarter amounted to ₹2,076 crore, primarily directed towards ongoing expansion projects at the Angul facility.

During the quarter, the company operationalised SBPP Module 1 with a capacity of 525 MW and subsequently synchronised SBPP Module 2 of 525 MW with the grid in January 2026.

The synchronisation completed the turnaround of the 1,050 MW power plant acquired under the Insolvency and Bankruptcy Code framework. Jindal Steel also commissioned CCL 1 with a capacity of 0.2 million tonnes per annum in January 2026, which is expected to aid product diversification and support margin improvement over the medium term.

The Utkal B1 mine was opened during the quarter, with overburden removal currently in progress to support future raw material requirements. The 3 million tonnes per annum Basic Oxygen Furnace III at Angul remains on track for commissioning in the fourth quarter of FY26.

Once commissioned, the new furnace will increase the company’s steelmaking capacity to 15.6 million tonnes per annum, while other expansion projects continue to progress as per schedule.

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