{"id":182225,"date":"2026-05-02T04:53:54","date_gmt":"2026-05-02T08:53:54","guid":{"rendered":"https:\/\/alphastreet.com\/india\/jindal-steel-power-limited-jindalstel-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-02T05:36:14","modified_gmt":"2026-05-02T09:36:14","slug":"jindal-steel-power-limited-jindalstel-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/jindal-steel-power-limited-jindalstel-q4-2026-earnings-call-transcript\/","title":{"rendered":"Jindal Steel & Power Limited (JINDALSTEL) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Jindal Steel & Power Limited (NSE: JINDALSTEL) Q4 2026 Earnings Call dated May. 02, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Vishal Chandak<\/strong> \u2014 Head, Investor Relations and Strategic Finance<\/em><\/p>\n

Gautam Malhotra<\/strong> \u2014 Chief Executive Officer<\/em><\/p>\n

Sunil Agrawal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Pankaj Malhan<\/strong> \u2014 Executive Director<\/em><\/p>\n

Analysts:<\/h2>\n

Ashitos Somani<\/strong> \u2014 Analyst<\/em><\/p>\n

Jashandeep Singh Chadha<\/strong> \u2014 Analyst<\/em><\/p>\n

Darshan Mehta<\/strong> \u2014 Analyst<\/em><\/p>\n

Vikash Singh<\/strong> \u2014 Analyst<\/em><\/p>\n

Kiran Naik<\/strong> \u2014 Analyst<\/em><\/p>\n

Satyadeep Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Amit Murarka<\/strong> \u2014 Analyst<\/em><\/p>\n

Sara Singh<\/strong> \u2014 Analyst<\/em><\/p>\n

Raashi<\/strong> \u2014 Analyst<\/em><\/p>\n

Prateek Singh<\/strong> \u2014 Analyst<\/em><\/p>\n

Rajesh Ravi<\/strong> \u2014 Analyst<\/em><\/p>\n

Pinakin Parekh<\/strong> \u2014 Analyst<\/em><\/p>\n

Ashish Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Jindal Steel Q4FY26 earnings conference call hosted by JM Financial Institutional securities. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.<\/p>\n

Ashitos Somani from JM Financial Institutional securities. Thank you. And over to you sir.<\/p>\n

Ashitos Somani<\/strong> \u2014 Analyst<\/em><\/p>\n

Thanks operator and welcome everyone to the call. I will first thank Jindal’s team for giving JM Financial the opportunity to host today’s call without much ado. I’ll hand over the call to Mr. Vishal Chandak Head Investor Relations, Jindal Steel to introduce the management over to you. Vishal.<\/p>\n

Vishal Chandak<\/strong> \u2014 Head, Investor Relations and Strategic Finance<\/em><\/p>\n

Hi Ashutosh. Good morning. Thank you very much. Good morning ladies and gentlemen. Sorry. Good afternoon. Thank you very much for joining us for the Q4NFY25 earnings briefing on a Saturday on a long weekend. Quickly we’ll introduce the management participants. We have with us Mr. Gautam Malhotra, CEO, Mr. Damodar Matil the whole time. Director, Mr. Sunil Agarwal, CFO Mr. Sanjeev Nanda, President Finance, Mr. Pankaj Malan, ED Sales and Marketing, Mr. PK Biju Nair, ED Angul and Mr. Debu Jyoti Roy, ED Rigar.<\/p>\n

Without much ado, I would request Mr. Gautam to start with his opening remarks. After this we will open the floor for the Q and A. Over to you sir.<\/p>\n

Gautam Malhotra<\/strong> \u2014 Chief Executive Officer<\/em><\/p>\n

Thank you. Vishal. Small correction. I think Vishal meant FY26. So. Good afternoon ladies and gentlemen. Welcome to Jindal sales fourth quarter FY26 and SY26 earnings conference call. We appreciate you finding time on a Saturday afternoon to join us. FY26 has been a defining year for General Steel. Marked by significant progress across our expansion projects which have taken our steel making capacity from 9.6 million tonnes per annum to 15.6 million tons per annum. We have had a steady ramp up of these newly commissioned capacities at Angul and a continued focus on operational efficiencies across all three manufacturing sites including Rigor and Patratu.<\/p>\n

As we transition into a higher scale of operations we are well positioned to deliver not only higher volumes but a value add product range geared towards the infrastructure demands of a growing India. Let us start with a big picture view on the global steel industry. Which is entering a phase of measured recovery. There are projections of modest growth of 0.3% in 2026 to reach 1.7 billion metric tonnes, accelerating to 2.2% in 2027. At 1.762 billion tonnes, China’s demand contraction is gradually decelerating while India and other developing Asia remains growth drivers.<\/p>\n

Developed economies including the eu, US and Japan are expected to return to positive growth in 2027. The Middle east conflict has tempered near term regional demand. However, the broader global outlook remains largely resilient with regards to China specifically, production remains resilient despite weak demand. Crude steel production was 950 million metric tonnes in CY25 down 5% year on year, even as domestic steel demand continued to contract at 7% year on year. This growing gas signals persistent oversupply.<\/p>\n

With that context, exports reached a record high of 119 million tonnes in CY25 with surplus steel entering global markets to compensate for continuing demand weakness primarily in real estate construction. Coming on to India, the country continues to assert itself as the world’s fastest growing major steel market with domestic demand projected to expand by 7.4% in 2026 and accelerate further to 9.2% in 2027. This outlook is underpinned by broad based strength across all key steel consuming sectors, infrastructure led construction activity, the automotive sector, a broader industry, Capex cycle and a nationwide rail network expansion plan.<\/p>\n

These demand fundamentals are well reflected in FY26 which finished steel consumption rising 8% year on year to 164.2 million tonnes and crude steel production expanding 11% year on year at a quality level Q4. FY26 sustained this trajectory with finished steel consumption at 44.6 million tonnes and crude steel output at 44.7 million tonnes. This reflects growth rates of 10% and 5% respectively over Q3 FY26 underscoring India’s steel demand recovery. It is also important to recognize that India has now become a net exporter of steel with 0.1 million tonnes in FY26.<\/p>\n

It is important to note that the safeguard duty on flat steel imports stepped down from 12% to 11.5% effective 4-21-2026. Turning to Jindal Steel, FY26 has been an exciting milestone year in terms of project execution and capacity expansion. During the year we made significant progress on the Angul expansion. As you would recall, this plan is to increase the iron making capacity by 6 million tonnes through BF2 of 4.6 million tonnes which is operational and DRI2 of 2 million tonnes which is under construction At a steel making level.<\/p>\n

Capacity was increased by 6 million tonnes with BOF2 and BOF3 each at 3 million tonnes. The coal rolling complex of 1.2 million tons per annum enhances the general steel product portfolio and supports margin improvement through higher value added products. On the power side we commissioned the 1,050 megawatt Sri Bhoomi Power Plant consisting of two modules of 525 megawatt each. The coal pipe conveyor belt between the thermal coal mine in Utkal Sea and Angul is operational now on the slurry pipeline from Barbell to Angul.<\/p>\n

This challenging project is close to completion now. The pipeline is expected to be commissioned in this quarter Q1 FY 2017. Overall, as mentioned earlier, the Angul expansion has taken our company’s total steelmaking capacity from 9.6 million tonnes per annum to 15.6 million tons per annum during the year we have continued to progress our integrated raw material strategy. We have been declared the preferred bidder for Takorani A1 in Odisha for thermal coal. You may recall at the end of last year we were awarded the Sardapur Jaltap east coal block for FY26 production volume was 9.25 million tonnes and sales was at 8.68 million tonnes representing an increase of 14% and 9% respectively.<\/p>\n

For Q4 FY26 production volume was 2.65 million tonnes representing quarter on quarter growth of 6% and year on year growth of 26% and sales volume was at 2.062 million tonnes representing a quarter on quarter growth of 15% and year on year growth of 23%. This performance reflects a strong ramp up at Angur and improved capacity utilization across operations including rigor dispatches have also improved in line with a stronger demand environment. Overall we have achieved a balanced sales mix across product categories with focus on optimizing realizations by moving our product mix towards higher value added products.<\/p>\n

Coming on to the financial performance in FY26, Jindal Steel reported consolidated gross revenue of 62,412 crores, an increase of 8% compared to FY25. Consolidated adjusted EBITDA was 9099 crores and on a per ton basis the adjusted EBITDA was 10,482 rupees per ton compared to 11,712 rupees in FY25. The profit after tax for the year is 3,361 crores, a growth of 18% over last year and a corresponding earnings per share of 33 rupees. The board of directors has recommended a final dividend of 2 rupees per share for Q4FY26.<\/p>\n

Consolidated gross revenue was 19,399 crores compared with 15,172 crores in Q3FY26, a growth of 28%. In addition to the expansion ramp up volumes, HRC and TMG rebar prices recovered strongly during the quarter although the benefits were partially offset by an increase in coking coal prices. The blended ASP has increased by 4,743 per tonne on a sequential basis. Consolidated adjusted EBITDA for The quarter was 2,647 crores and an adjusted EBITDA per ton of 10,093 rupees. Profit after tax for the quarter was 1041 crores.<\/p>\n

Until the previous quarter the Australian assets were under care and maintenance. This quarter we have closed the shaft and the reserves are no longer accessible although we still have the license. Accordingly, we have recognized an impairment of rupees 1433 crores which equates to 159 million US dollars in the standalone business and rupees 834 crores which equates to 93 million US dollars in the consolidated results. Overall, the ramp up of the expanded ANGOL facility along with our commitment to ongoing operating efficiencies customer focus will drive our financial performance in the quarters to come.<\/p>\n

As of 31st March 2026, consolidated net debt was 16,019 crores with a net debt to EBITDA of 1.66 and debt to equity of 0.43x. With the ramp up of new capacities and corresponding improvement in operating cash flows, we expect leverage metrics to normalize by Q2FY27. We remain committed to maintaining a disciplined capital structure whilst funding our sustainance and future growth initiatives. During FY26 we have invested a further 9,574 crores out of the total planned capex program of 47,043 crores along with the 25,924 crores already invested up to FY25.<\/p>\n

The remaining capex program is 11,544 45 crores. It is interesting to note that from FY22 to FY26 net debt increased from Rupees 8,876 crores to Rupees 16,019 crores which is 7,143 crores more and during the same time, we have invested Rupees 35,498 crores in the current CAPEX program which reflects the strong internal accrual allocation we’ve been able to do to the capital allocation framework. We are making strong progress on our AI and digital transformation journey. From upskilling our workforce and deploying AI powered digital agents to running smarter and increasingly autonomous plants, we are building Jindal Steel into a truly intelligent enterprise.<\/p>\n

Our jarvis, which stands for Jindal AI for Real Time Visibility, Intelligence and Systems platform, unifies production, sales and business data into one thinking layer while investments in robotics end to end digitally integrated systems ensure that our business processes are safe, connected and future ready. General Steel’s ESG journeys runs in four clear phases. Through FY30 we are building site level control systems and credible reporting foundations. By 2030, we target a 30% CO2 intensity reduction, 50% renewable energy and full biodiversity coverage across all sites.<\/p>\n

The 2030-2040 decade will scale hydrogen circularity and CCS infrastructure by 2047. Our goal is net zero emissions, zero waste and net positive biodiversity. We were pleased to have our sustainability efforts recognized during the year with SNP Global raising our ESG score from 37, 100 to 74100 and our CSA score improved from 30 to 72. Looking ahead, we expect continued ramp up of the new capacities at Angul to drive volume growth. Steel demand in India is expected to remain reasonably strong, supported by infrastructure development, construction activity.<\/p>\n

Steel prices have shown recovery in recent months and I expect it to remain supportive in the near term. Although raw material costs, particularly coking coal, may remain volatile with that context, our production plan for FY27 is 11 to 11.5 million tonnes and sales between 10.5 to 11 million tonnes. For QY FY27, we expect coking coal prices to increase by 20 to $25 per ton sequentially. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Jashandeep Chaddha from Nomura. Please go ahead.<\/p>\n

Jashandeep Singh Chadha<\/strong><\/p>\n

Hello. Yes, thank you for the opportunity and congratulations sir, for a very good set of numbers. My first question is on realization. We see that realization has improved in the fourth quarter. The steel prices continue to improve in the first quarter as well. So I wanted to understand have your contracts been reset on the higher realizations and what will be the impact of the, you know, what will be the impact on realization in the first quarter? And any comment on the recent dip in steel prices?<\/p>\n

That will be my first question.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

Thank you for your question. So two things. We have a mix in our order book of spot selling as well as contractual selling. So typically in a rising market and a falling market there is usually a lag also in the system. So you can see that IASB has increased significantly and considerably in the last quarter. I think second part of your question was more related to you seeing a slight dip in the market. Yes, but we still feel that at the moment the market’s holding firm and there’s nothing to worry about on that front.<\/p>\n

And we do have contracts on the earlier prices as well which are continuing, which will continue to support us as we move ahead in this quarter. Thank you.<\/p>\n

Jashandeep Singh Chadha<\/strong><\/p>\n

Thank you so much. So it means the realization will remain strong. And my second question is with BoF, you know, commission still significant capacity commission with slurry pipeline expected to come in first quarter and then general belts also largely commission. What will be our general SEAS capacity, sorry CAPEX outlay for FY27 and 28 and which are the key projects now? Which are left and will it be fair to say that now the industry has been looking more at asset setting than any further capacity expansion in the next couple of years.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

That’s a lot of questions in one question. Okay, let me try and break it up. So the first I’ll start reverse. I think you’re 100% right. We finished our CapEx or more or less finished our CAPEX program. Our focus is on sweating that assets and getting returns out of them. So bang on on that. Another question you had is I think our guidance has been fairly clear that we’ll be allocating 7,500 to 10,000 crores to our capital expansion programs or sustainance capex as we call it. So I think that broadly answers your question.<\/p>\n

If I’ve missed any part of the question, feel free to go ahead.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Participants, in the interest of time and fairness to others, please restrict yourselves to two questions. For any more questions you may rejoin the queue. Our next question comes from the line of Darshan Mehta from Daulat Capital. Please go ahead.<\/p>\n

Darshan Mehta<\/strong><\/p>\n

Yes sir. Thanks for giving the opportunity. So my first question was basically we had earlier indicated shift to high throughput and low margin products in Q3. However, since that even in Q4 our share of value added products has fallen QoQ. So can you just provide any timeline that by what time should we be able to recalibrate towards higher value added products and what is the target value added mix for FY27?<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

So I think our thought process on this is fairly clear at the moment we are ramping up our facilities and whilst in ramp up our primary goal is first to achieve capacity utilization and once we start achieving capacity the desired capacity utilization numbers we start going towards the mix optimization. So that’s the way we are approaching it. So I think you’re going to see a little bit of movement in the first two quarters of this year and then it stabilization in the second half of the year.<\/p>\n

Darshan Mehta<\/strong><\/p>\n

Sure sir. So and would you like to call for any one off startup costs in this quarter?<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

Which quarter? Last quarter? This quarter?<\/p>\n

Darshan Mehta<\/strong><\/p>\n

No, this Q4<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

It was all I think most of the startup costs were covered in Q3. There was some fag end of it which was there in Q4 but it’s not anything which is significant and it’s all done now.<\/p>\n

Darshan Mehta<\/strong><\/p>\n

Okay. Okay. Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Vika Singh from ICICI Securities. Please go ahead.<\/p>\n

Vikash Singh<\/strong><\/p>\n

Good afternoon sir and thank you for the opportunity. Sir, can you tell us the contract versus spot sales mix this quarter and expected in the one Q and the another question would be the product mix changes impact on your overall realization because as we see the sequential jump was much higher than what you have realized this quarter. If you could just elaborate on that point for us<\/p>\n

Vishal Chandak<\/strong><\/p>\n

Because hi this is Vishal here for any data related questions. I’ll connect with you offline and can you please repeat the second part of your question.<\/p>\n

Vikash Singh<\/strong><\/p>\n

Our product mix is changing towards more on HRC so obviously it’s a slightly on a blend basis deteriorating. So just wanted to understand the product mix change versus the realization ratio impact. Basically how should we look at the going forward realization increase Basically<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

I think I would stay away from saying the word deteriorating. Yes, we are increasing our flat sales and you picked up correctly on the especially on the HR side and over there also we continue to expand our value added portfolio. Along with that we have the downstream facilities which will actually add more capability and more niche products downstream which will also add to our realization and our value addition program and ratios on that. In terms of how the numbers will pan out. I think earlier our teams have already spoken about it.<\/p>\n

I think today we are around 50, 50% flat sales will increase in times to come and move towards 70% odd as we move ahead.<\/p>\n

Vikash Singh<\/strong><\/p>\n

Noted. And any Update on the FY27 at least in the production guidance as well as the benefit which we are going to receive from the infrastructure projects combined.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

I think the guidance I’ve given infrastructure<\/p>\n

Vishal Chandak<\/strong><\/p>\n

Because if you’re specifically referring to any project as such because we have already just announced the FY27 production and sales guidance at 11\/11 percent, 11 to 11 and a half million tons of production and 10 to 10 are up 10 and a half to 11 million tons of sales.<\/p>\n

Vikash Singh<\/strong><\/p>\n

Yeah, that I see on your presentation. I think this was on a slide 5 infrastructure related. If you can tell me the slurry pipeline and the port facility how much savings we are actually building in from those two projects.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

So I think of slurry, we’ve been clear in the past slurry will come online and it will start delivering in this financial year. And roughly about 700 rupees is the savings that we indicated on that. And if you want to take it to a per ton basis on steel level it will be roughly about 750 to 1000 rupees as we ramp up.<\/p>\n

Operator<\/strong><\/p>\n

Not. Thank you and all the best. Thank you. The next question comes from the line of Kiran Naik from Modi Fincap. Please go ahead.<\/p>\n

Kiran Naik<\/strong><\/p>\n

Thank you for giving me an opportunity. Excuse, can you hear me sir?<\/p>\n

Operator<\/strong><\/p>\n

Please.<\/p>\n

Kiran Naik<\/strong><\/p>\n

Hello.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

Yes, we can hear you.<\/p>\n

Kiran Naik<\/strong><\/p>\n

Thank you. So can you give me a guidance for revenue growth for FY27?<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

I think we’ve given you the guidance for our sales and production numbers and I think revenue is a function of a lot of other things. So we’ll stick with that for the time being.<\/p>\n

Kiran Naik<\/strong><\/p>\n

EBITDA margin will be how much for 27.<\/p>\n

Vishal Chandak<\/strong><\/p>\n

So current EBITDA is a function of several things. A lot of which includes raw material and the pricing which remains outside our control.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

And also I’d like to add, I think if you look at our performance over the years and quarters largely we’ve been a very robust and a consistent performer on our EBITDA numbers as well as percentages. So I think that should provide enough confidence for you to take guidance from that.<\/p>\n

Kiran Naik<\/strong><\/p>\n

Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Satya Deep Jain from Ambit Capital. Please go ahead.<\/p>\n

Satyadeep Jain<\/strong><\/p>\n

Hi. Thank you. The first question on the write downs in, I’m not sure if I missed in the prepared remarks what the write down in JPML and bologg.<\/p>\n

Sunil Agrawal<\/strong><\/p>\n

Hi, this is Sunil Agarwal. So basically we have written down the W symbol Australian assets by 834crore mainly because you know we are going to close that mine. So we have already closed the shaft and that’s why took the heat of around 834 crores or India level if you can see that we have already. During the quarter.<\/p>\n

Satyadeep Jain<\/strong><\/p>\n

So the remaining loans that you have, is it safe to say that there would be no additional write downs now?<\/p>\n

Sunil Agrawal<\/strong><\/p>\n

So that’s. That’s right. So we don’t expect any further item. This is represented by the independent valuation done by Repute agency.<\/p>\n

Satyadeep Jain<\/strong><\/p>\n

Okay. Just on the road rail breaks that the company was going to buy. What is the current position? How many rail breaks have already been acquired? How many are there?<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

So we are about, I think our railway program was about 79 rakes. We had about 72 rakes and the remaining rakes also very soon getting delivered. So I think in the next two, three months we should be all in.<\/p>\n

Satyadeep Jain<\/strong><\/p>\n

Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Mitesh from HSBC Bank. Please go ahead. Mitesh, please go ahead with your question and kindly unmute your line in case if you’re on mute. Since we don’t have a response we’ll move to the next participant. The question comes from the line of Somaya V from Avendus Park. Please go ahead.<\/p>\n

Satyadeep Jain<\/strong><\/p>\n

Thanks for the opportunity sir. So my first question is on iron ore. So if you could just help with the kind of pricing trends that we saw last quarter and also in terms of captive services outside buying, if you could give us a mix and also possible a mine level, Tensa Cassia and the newer mine.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

Okay, so I think mine level you can take it offline with Vishal but largely speaking we saw that the pricing was more or less stable and our mix is about 60, 40,<\/p>\n

Satyadeep Jain<\/strong><\/p>\n

60 captive. That’s a bit 60. Sir. So in terms of incremental volumes that we are bringing in this year. So in terms of markets, how do we plan to. Are we going to go into newer markets or in the existing markets? We have the headroom to kind of have this sales put in. So how do we see in terms of this incremental 2 million tonnes last year in terms of placing in markets and which markets would be more in the eastern or will we have to move to your markets?<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

So I think there are a couple of ways we’re looking at this. Firstly with a wide product portfolio and the fact that we have a very rich value added mix and value addition is actually in our DNA we are able to cross sell products to existing customers and we become a good natural choice for them to Start buying other products also which we’ve just launched from us. So we become kind of a more or less one stop shop for them for a large portion of the portfolio. Second part I think you’re talking about which markets I think that’s more difficult to answer.<\/p>\n

But we continue to remain focused on what we define as our strategic markets and our strategic markets where we have strong presence where usually closer to where we are and also markets are which tend to be larger in size. So that’s the way we look about it. But generally we’re thinking that our customers actually benefit from cross selling opportunities that we bring on the table now.<\/p>\n

Satyadeep Jain<\/strong><\/p>\n

Okay sir, on the mining efforts. So if you could just help us speak about Australia in terms of Mozambique and South Africa. So what are the kind of contribution that we have had in this quarter and also with respect to the Australian assets, is there any, is there any cash flow you mentioned that winding down of assets. So is there any cash outflow that is required from our side by the time this kind of gets closed?<\/p>\n

Sunil Agrawal<\/strong><\/p>\n

So I will take the first one. So basically as you say regarding the Australian mine so hardly we have since we have already closed and we have retains lot of people so we have very minimal expenditure cash flow there. So that. That is one question regarding our Mojar being finance. We are clearly we are operating EBITA positive level so we are getting all the M calls from there to our for our captain unit hope that. Yeah South Africa also. South Africa also is operating but due to some local issues.<\/p>\n

So we are not EBITDA positive but that mine is operating at.<\/p>\n

Vishal Chandak<\/strong><\/p>\n

So Maya, just to add to it, if you look at the entire big picture of the overseas acid mine base, the only place where we have taken the large part of the right down is on Australia. Rest of the mines on a net basis are functioning on an EBITDA positive largely.<\/p>\n

Satyadeep Jain<\/strong><\/p>\n

Got. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Amit Morara from Access Capital. Please go ahead.<\/p>\n

Amit Murarka<\/strong><\/p>\n

Yeah hi, thanks for the opportunity. Just two questions. Firstly on the Tamil captive power plants, just wanted to understand when do we expect the ramp up on those capacities and what really is the strategy on the power production from there? I believe you will have some excess power capacity at hand once you fully ramp up these the expanded power capacity. So will you be looking to sell in the merchant market or will you just think of using it for capital consumption?<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

So I think the ramp up will be complete between the first within the first half of this year. In terms of the excess power. Yes, we intend to sell it. But if you look at the overall picture and the financials, it’s not really material to that but it does two, three things. One, obviously we can sell the excess power but it gives us stability of power for our assets and it gives us redundancy, redundancy of power for our facilities as well. So that’s the way to think about it. But yes, it will contribute to the bottom line but it’s not material.<\/p>\n

Amit Murarka<\/strong><\/p>\n

Understood. And also is it fair to say that now there’ll be no excess sell of sale of byproducts going ahead with the ramp up in steel capacities happening now?<\/p>\n

Operator<\/strong><\/p>\n

Yeah, that’s right.<\/p>\n

Amit Murarka<\/strong><\/p>\n

Okay. And this very lastly like you are also looking to increase your EC capacity for some of the mines which I believe is still pending. So when is that expected to come through?<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

It’s underway. I think pinpointing date will be difficult but the process is underway and it’s working fairly well. And at the moment with the current capacities, I think within that also we’re fairly comfortable.<\/p>\n

Amit Murarka<\/strong><\/p>\n

Okay, understood. Yeah, that’s it for me. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Sara Singh from Dhan Securities. Please go ahead.<\/p>\n

Sara Singh<\/strong><\/p>\n

Hi. Thank you for taking my question. So two questions. First is wanted your input on the overall steel demand in India. Especially with the ongoing inflationary trends that we are seeing across commodities. Are we hearing some kind of delays in CAPEX executions across both public and private companies?<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

No, nothing like that. I think it’s fairly healthy. I think I indicated towards a 9, 9.5% market increase that we expecting and with the kind of infrastructure program that we’re rolling out, we don’t see any issues on that side.<\/p>\n

Sara Singh<\/strong><\/p>\n

Got it. Second question is actually on the timeline of the ramp up of the slurry pipeline. So if it gets the project gets onboarded in Q1 so by when can we expect a full 100% ramp up or at least at the level of 750 to 1000 rupees per ton of steel savings.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

See full utilization will not happen this year because this utilization will increase as the other facilities that we are coming up in the future also come online, namely TP2. So but in terms of savings, whatever material we bringing in we will save on that material per ton basis. As I indicated, that is not a function of how much utilization we have.<\/p>\n

Sara Singh<\/strong><\/p>\n

Got it. That’s all from my side. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Rashi from Citigroup. Please go ahead.<\/p>\n

Raashi<\/strong><\/p>\n

Thank you. What was NSR increase during the quarter sequentially<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

Just indicated the ASP increases about 4700 rupees per ton.<\/p>\n

Raashi<\/strong><\/p>\n

Okay. And spot versus what we saw in the fourth quarter then how much upside is there for realizations to go up to where spot is at the moment?<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

Q1,<\/p>\n

Raashi<\/strong><\/p>\n

Q1 and going forward as in if Q2 will be higher than Q1 and Q1 Q2 basically how much more upside do we have on realization?<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

I think predicting the market will be difficult but all I can tell you is that the market’s holding up. It’s healthy. And as I indicated because of the way we do a product mix and a contract mix, we are in a comfortable position at the moment.<\/p>\n

Raashi<\/strong><\/p>\n

Okay then on the cost side, in the last quarter, that’s the third quarter you had a one time startup cost of about 1500 rupees a ton and you indicated that there was something this quarter as well. So what is the total quantum as not this quarter. What is the income?<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

125 crores.<\/p>\n

Raashi<\/strong><\/p>\n

That was the amount<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

Earlier as I indicated earlier. It’s done now.<\/p>\n

Raashi<\/strong><\/p>\n

So we can expect a reversal of this entire thing going forward.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

It’s a cost. Cost can’t be reversed.<\/p>\n

Raashi<\/strong><\/p>\n

No. As in it won’t recurring. That was.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

Oh yeah, that’s what it’s over.<\/p>\n

Raashi<\/strong><\/p>\n

Yeah, yeah. Okay. And the coking coal cost increase during this quarter was how much? $20.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

About $20. Yes.<\/p>\n

Raashi<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

The next question comes from the line of Indrajit Agarwal from clsa. Please go ahead.<\/p>\n

Kiran Naik<\/strong><\/p>\n

Hi, a couple of questions. Given that our flat steel exposure is rising, what kind of end markets are we tracking in terms of segments? Is it more autos, discretionary? What kind of end markets are we already talking?<\/p>\n

Pankaj Malhan<\/strong><\/p>\n

Always. Sorry. First of all thank you for your question. We’ve been maintaining that we are an infrastructure led organization and we also ramping up our facilities. Our focus would be largely led, you know would be on infrastructure sector followed by building and construction and then of course into the downstream facilities then followed with the automobile sector.<\/p>\n

Kiran Naik<\/strong><\/p>\n

So do we need some kind of approvals from the consumers on these or fresh approvals from the consumers on these or what we have is good enough for now.<\/p>\n

Pankaj Malhan<\/strong><\/p>\n

See our HSM has gone very well in terms of getting the approvals and we have developed all the grades which are needed for all the niche products. Be in the process of ramping them up in this quarter and going forward also<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

To add on to that, I think if you think the thing to look at over here is this is not something which will hold our plans. We are well positioned to execute our plans going forward.<\/p>\n

Kiran Naik<\/strong><\/p>\n

Sure. And lastly, if you can give the flat and long mix for 4Q and FY26 as a whole.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

52% flat, 48% longs.<\/p>\n

Kiran Naik<\/strong><\/p>\n

This is for the full year.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

This is for the Q4<\/p>\n

Kiran Naik<\/strong><\/p>\n

And full year.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

Sorry.<\/p>\n

Kiran Naik<\/strong><\/p>\n

For the full year. FY26,<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

951.<\/p>\n

Kiran Naik<\/strong><\/p>\n

Sorry.<\/p>\n

Operator<\/strong><\/p>\n

Are your questions answered, Indrajit?<\/p>\n

Kiran Naik<\/strong><\/p>\n

Yes. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Pratik Singh from IIFL Capital. Please go ahead.<\/p>\n

Prateek Singh<\/strong><\/p>\n

Hi. Thanks for the opportunity. Wanted to get a sense about the metallic balance. Right now as the DRI plant is to commission. So understand that we have 15 million tons of iron making and 15.6 million tons of crude steel making. So is there any plan to buy DRI or other metallics from outside and produce more this year or. That’s something we would be looking at. And DRI brand, once it comes up it is the only one which will be contributing to our iron making facilities.<\/p>\n

Vishal Chandak<\/strong><\/p>\n

So Pratik Vishal here. So as you must have noted that we have already announced our guidance for the production and sales volume for this year. So that would explain the kind of volumes that we are looking up and how we plan to deliver. As and when our DRI comes up which obviously is under construction phase, we will have more metallics and for the next year the volumes will continue to ramp up. So I would suggest if you can take the current guidance and work accordingly that would be great.<\/p>\n

Prateek Singh<\/strong><\/p>\n

Understood. And given that we have seen price increase in 4Q sequentially every month where to assume that the current NSRs would be or current ASPs would be still higher than what we delivered in 4Q?<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

It is. But yeah, it’s holding strong. It is higher and at the moment we don’t see anything which is otherwise.<\/p>\n

Prateek Singh<\/strong><\/p>\n

Understood. Thanks and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Rajesh Ravi from HDFC Securities. Please go ahead.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Hi, good afternoon. My first question pertains to this tax impact of the S40 crore. Write down in Australia. So does it have any tax impact on the reported P and L?<\/p>\n

Sunil Agrawal<\/strong><\/p>\n

We have written down 1,433 crore and that will save a tax on that.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

So this 840 crore is net of taxes or this is before tax.<\/p>\n

Sunil Agrawal<\/strong><\/p>\n

So 840 crore is on the Australia balance sheet. Yes,<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Australia<\/p>\n

Sunil Agrawal<\/strong><\/p>\n

And India level. If we have written off 1433 and that is subject to income tax benefit.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Okay, so these are numbers. These are gross<\/p>\n

Sunil Agrawal<\/strong><\/p>\n

Numbers. You can calculate the tag accordingly. Right.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Understood. And second is on the value added product share that has come down to around 61% from 66%. Q&Q just wanted to understand the pricing gain versus the you know average price increase for steel. Is it because this was tapered down also on account of lower share of value added product?<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

No, I think I indicated earlier that as we ramping up we’re gonna focus on both the things capacity utilization as well as the value add mix. What you need to also appreciate that you know value addition and value added products is something which is built into our DNA and we continue to focus on that and in times to come it will come back to its normal, normal robust levels and improve further. We also have additional capacities or in our flats in the plate segment on our heat treated plates which are doing very well and they also growing.<\/p>\n

So that will also add to our value added mix.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Understood. And versus steel prices. You know what would be the you know concurrent increase that we have seen in the which we can expect for coking coal and iron ore prices in Q1?<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

Coking coal I’ve already indicated is going to be about 20 to $25 increase in this quarter.<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

And for iron ore<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

That’s difficult to predict. It’s a monthly thing that happens. So it’s fairly difficult to predict without any basis current price. For<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

April basis April prices<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

It’s plus minus 100, 150 rupees here and there. So that’s how it moves. But anything beyond that is very difficult try to articulate. Understood,<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Understood. And lastly when you mentioned the slurry pipeline. 750 rupees per saving once fully ramped up. This is on the company level saving.<\/p>\n

Satyadeep Jain<\/strong><\/p>\n

Yes,<\/p>\n

Rajesh Ravi<\/strong><\/p>\n

Sorry, at steel level. Okay, understood. Great. Thank you. I’ll come back in queue.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Mitesh Shah from HSBC bank. Please go ahead.<\/p>\n

Pinakin Parekh<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes Mitesh, please go ahead.<\/p>\n

Pinakin Parekh<\/strong><\/p>\n

Yeah. Hi, this is Pinakin over here from hsbc. A couple of questions. First can you give us a timeline of what are the key projects which will be commissioned in S27 and 28?<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

I think the projects slurry will be commissioned in this quarter. We already indicated ports will be commissioned. And we have two projects left which we had indicated for this financial year which were DRI2 and PP2.<\/p>\n

Pinakin Parekh<\/strong><\/p>\n

Sure. So the DRI plant is what? Q2, Q4. How should we look at it?<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

It’s towards the end of the year.<\/p>\n

Pinakin Parekh<\/strong><\/p>\n

Okay. Second is if you look at Q4 volume sales of 2.62 and the guidance effectively it’s Fair to say that the Q4 sales is going to be the run rate for this year. I mean sequentially unlikely to see any big pickup in sales volume.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

I think, you know, the market is seasonal, so this factors in the seasonality as well.<\/p>\n

Pinakin Parekh<\/strong><\/p>\n

Okay, got it. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Ashish Jain from Macquarie Group. Please go ahead.<\/p>\n

Ashish Jain<\/strong><\/p>\n

Hi sir, Good afternoon. So my first question is, you know, a clarification. This cost saving from slurry pipeline which you said is 150 rupees per ton is on the full volumes, the full steel volumes of the company. Right, like on like 10, 11 million ton kind of number. Is that the way to think<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

So earlier indicated that 700 rupees per ton of INO coming in, which will translate to that kind of a number, but that is not dependent on it going towards the full utilization.<\/p>\n

Ashish Jain<\/strong><\/p>\n

Secondly, you know, in terms of our raw material security, you know, where do we see rtels, you know, moving in terms of, let’s say in the next two years or so versus where we are on thermal coking coal and iron ore. And by security I mean that for integration.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

Yeah, I think all our announcements are there. The new mines are also announced, so that’s also available. So we have the coal mine and the iron mine as I indicated. And the current capacities are already, I think in the pack for each mine. So if you want any further details, I think Vishal can take it offline.<\/p>\n

Ashish Jain<\/strong><\/p>\n

Thank you, sir. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to the management for the closing remarks.<\/p>\n

Gautam Malhotra<\/strong><\/p>\n

Thank you. And once again thank you for joining us on a Saturday afternoon. Overall, General Steel is well positioned to benefit from the ongoing industry dynamics and deliver sustainable growth in the coming years. Thank you. Once again, ladies and gentlemen, I would like to invite you and thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir. Ladies and gentlemen, on behalf of GM Financial Institutional securities, that concludes this conference call. Thank you for joining us and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Jindal Steel & Power Limited (NSE: JINDALSTEL) Q4 2026 Earnings Call dated May. 02, 2026 Corporate Participants: Vishal Chandak \u2014 Head, Investor Relations and Strategic Finance Gautam Malhotra \u2014 Chief Executive Officer Sunil Agrawal \u2014 […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,9858,10089],"class_list":["post-182225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-jindalstel","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":130458,"url":"https:\/\/alphastreet.com\/india\/jindal-steel-power-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":182225,"position":0},"title":"Jindal Steel & Power Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 2, 2022","format":false,"excerpt":"Key highlights from Jindal Steel & Power Limited (JINDALSTEL) Q4 FY22 Earnings Concall Q&A Highlights: Amit Dixit from Edelweiss asked about the guidance on coking coal cost price increase in FY23. 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Sharma MD said there's a little pressure on the international energy businesses and worldwide, the coking coal\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":182225,"position":1},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":132350,"url":"https:\/\/alphastreet.com\/india\/jindal-steel-power-limited-q1-fy23-earnings-conference-call-insights\/","url_meta":{"origin":182225,"position":2},"title":"Jindal Steel & Power Limited Q1 FY23 Earnings Conference Call Insights","author":"Praveen","date":"August 4, 2022","format":false,"excerpt":"https:\/\/youtu.be\/SivJFq-TTYY Key highlights from Jindal Steel & Power Limited (JINDALSTEL) Q1 FY23 Earnings Concall Q&A Highlights: Amit Dixit from Edelweiss asked about the maintenance plans at Angul and Raigarh and if any intermittent shutdown can be seen at the DRI plant. 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