Jindal Steel & Power Limited (NSE: JINDALSTEL, BSE: 532286) shares closed at INR 942.50 on Monday, representing a 1.24% increase from the previous session’s close. The company’s market capitalization stands at approximately INR 961.45 billion (USD 11.52 billion) as of the market close on February 2, 2026.
Latest Quarterly Results
For the third quarter of fiscal year 2026, Jindal Steel & Power (JSPL) reported consolidated revenue from operations of INR 142.10 billion, a 5.8% increase compared to the same period in the previous fiscal year. Consolidated net profit for the quarter was recorded at INR 16.25 billion, reflecting a YoY growth of 9.2%.
Segment performance highlights for the quarter include:
- Steel: Revenue of INR 131.40 billion; production volumes increased by 4% YoY.
- Power: Revenue of INR 9.80 billion; generation levels maintained in line with seasonal averages.
- Mining: Captive coal operations provided 85% of thermal coal requirements for domestic plants.
- International: Contributions from Australian and African mining assets remained stable relative to Q2 FY26.
FINANCIAL TRENDS
Business & Operations Update
The company confirmed the commissioning of the hot strip mill at its Angul plant, adding 6 million tonnes per annum (MTPA) to its processing capacity. Regulatory filings indicate the company has secured additional iron ore linkages through successful bids in recent state auctions. Operational restructuring continues within the overseas subsidiaries to streamline debt obligations.
Strategy Analysis
The company’s strategic shift is centered on three pillars: logistics efficiency, raw material security, and product premiumization.
The commissioning of the 200 km slurry pipeline is expected to be the single largest contributor to cost-competitiveness in FY27, as it eliminates rail and road freight for iron ore fines. Additionally, the full synchronization of the 1,050 MW power plant provides energy self-sufficiency, insulating margins from volatile grid power pricing.
Q&A Focal Points: Q3 FY26
During the post-earnings investor call, management addressed several key operational and financial concerns:
- Margin Compression & Cost Overruns: Management attributed the sharp decline in EBITDA per tonne to higher operational expenditures, specifically the INR 3.5 billion impact of external coke purchases and initial teething issues during the ramp-up of the BF2 furnace at Angul.
- Capacity Ramp-up Schedule: Analysts questioned the timeline for the 3 MTPA Basic Oxygen Furnace (BOF-III) and the slurry pipeline. The company confirmed both remain on track for commissioning by the end of Q4 FY26, which is expected to deliver cost savings of INR 750–850 per tonne.
- Pricing Realizations: The Q&A highlighted a 7.2% sequential decline in average Net Sales Realization (NSR), driven by a higher volume of lower-margin flat products. Management indicated that pricing dynamics have improved since December 2025, with domestic steel prices rising by INR 3,000–3,500 per tonne in January 2026.
Debt and Capex Outlook
With net debt rising to INR 154.43 billion, management clarified that the leverage increase is temporary and linked to the intensive INR 20.76 billion quarterly capital expenditure. They reiterated their commitment to the long-term goal of reaching a 15.6 MTPA capacity.