Jindal Steel Q2 Results, October 23, 2026: Profit Rises 21% to ₹771 Crore

Jindal Steel Q2 results, announced on Friday, October 23, showed consolidated profit after tax of ₹771 crore for the September quarter, up from ₹635 crore a year earlier, a rise of about 21%, according to the company’s Q2 FY27 earnings presentation filed with BSE. The steelmaker, which used to be called Jindal Steel & Power, sold more steel and got better prices for it. The catch is that it earned less per tonne than it did in the June quarter.

Jindal Steel Q2 results: the main numbers

All consolidated figures below are from the earnings presentation, comparing Q2 FY27 with Q1 FY27 and Q2 FY26:

• Gross revenue (including GST and other income): ₹19,448 crore, against ₹17,834 crore in Q1 and ₹13,505 crore a year ago
• Net revenue: ₹16,704 crore, against ₹15,501 crore and ₹11,708 crore
• Adjusted EBITDA: ₹2,504 crore, against ₹2,667 crore and ₹1,875 crore
• Profit after tax: ₹771 crore, against ₹844 crore and ₹635 crore
• Adjusted EBITDA per tonne: ₹10,529, against ₹11,937 and ₹10,010

Moneycontrol reported profit attributable to shareholders at ₹774 crore, also up 21%. The small gap with ₹771 crore is because one is total profit and the other is the shareholders’ share of it.

Volumes up, flats share up

Crude steel production held at 2.40 million tonnes, the same as the June quarter even with the monsoon, and up from 2.00 million tonnes a year earlier. Sales did better. They rose 6% sequentially to 2.38 million tonnes, which the company put down partly to selling off inventory. A year ago the quarter’s sales were 1.87 million tonnes.

The product mix is the more interesting bit. Flat products made up 61% of sales, up from 53% in the June quarter. The presentation notes that hot-rolled coil stayed at a premium to TMT bars during the quarter, and the company said its average selling price rose on a higher share of flats and lower TMT sales within long products. Domestic buyers took 92% of volumes.

Why profit fell from the June quarter

So why did EBITDA slip sequentially if volumes and prices both rose? Costs. The presentation says raw material costs went up because of costlier coking coal, while power, fuel and freight costs also rose. That is how EBITDA per tonne fell by more than ₹1,400 in three months. The adjusted EBITDA figure also strips out a one-off foreign exchange gain of ₹68 crore this quarter, against a ₹206 crore gain in Q2 FY26.

The half-year picture is weaker. Moneycontrol noted that April-September profit attributable to shareholders fell 24% to ₹1,619 crore from ₹2,132 crore, as energy and input costs bit.

Debt, capex and the slurry pipeline

Net debt came down to ₹14,786 crore at the end of September from ₹15,927 crore at the end of June, and net debt to trailing EBITDA improved to 1.51 times from 1.71 times. The company’s own target is to keep that ratio below 1.5 times through the cycle, so it is just above the line. It also reported a cash balance of ₹7,237 crore and spent ₹1,228 crore on capex in the quarter, per Moneycontrol.

On projects, Jindal Steel commissioned a 192-km iron ore slurry pipeline from Barbil to Angul in Odisha, backed by an 18 million tonne per annum slurry facility. It should cut the cost and hassle of moving ore by road to the Angul plant, where the expansion is under way.

What we take from this: the volume and mix story is working, but coking coal and energy costs are eating the gains. Watch EBITDA per tonne next quarter more than the headline profit. If you want a framework for reading results like these, our guide on how to analyse quarterly results of a company is a good start, and our JSW Steel Q2 results post shows how a larger rival fared in the same quarter.

Disclaimer: This article is for information and education only and is not investment advice. Do your own research or consult a SEBI-registered adviser before making any investment decision.