Board approves Q2 and H1 FY27 results; auditor's limited review conclusion unmodified
Board meeting on October 23, 2026 approved the unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026.
By ScoutQuest · · 2 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 16,678.54 | 11,685.88 | +42.7% | 15,482.13 | +7.7% |
| Total income | 16,703.54 | 11,707.82 | +42.7% | 15,501.32 | +7.8% |
| Profit before tax | 1,083.56 | 982.25 | +10.3% | 1,204.58 | −10% |
| Profit after tax | 770.64 | 635.08 | +21.3% | 843.80 | −8.7% |
| Total comprehensive income | 675.87 | 505.77 | +33.6% | 943.66 | −28.4% |
| Basic EPS | 7.61 | 6.28 | +21.2% | 8.30 | −8.3% |
- Total income YoY growth
- +42.7%
- Period
- For the quarter ended 30th Sept, 2026 Unaudited
Auditor's review
Conclusion: Unmodified
Notes to the results
- Parent holds ₹ 575.73 crores equity (fully impaired) and ₹ 4,769.02 crores loan in JSML, which has accumulated losses of ₹ 3,113.23 crores and negative net worth of ₹ 1,503.81 crores; prepared on going concern basis.
Board meeting outcome
The board met on October 23, 2026 and approved the unaudited financial results of the company for the second quarter and the six months ended September 30, 2026, prepared on both a standalone and a consolidated basis. The limited review reports and a press release were shared along with the results.
The auditor's conclusion
- Chartered accountants S S Kothari Mehta & Co. LLP reviewed the standalone results and stated that nothing came to their attention that would suggest a material misstatement; the conclusion is unmodified.
- The consolidated review report also carries an unmodified conclusion, with the auditor relying on the reports of other auditors and on management-certified information for certain subsidiaries, joint ventures and associates.
- The auditors note that a review gives moderate, not full audit, assurance.
Standalone earnings (figures as printed, in ₹ crore)
- Total Revenue From Operations: 15,270.45 for the quarter, against 12,108.60 in the same quarter a year earlier.
- Profit after tax: 860.65 for the quarter, against 920.67 a year earlier.
- Profit after tax for the half year: 1,946.62, against 2,544.57 in the first half of the previous year.
The numbers point to lower year-on-year profit even as revenue from operations was higher.
What the notes say about subsidiaries
- The company holds an equity investment of ₹ 575.73 crores in its wholly owned subsidiary Jindal Steel (Mauritius) Limited, and a provision for impairment has been created on the entire amount.
- That subsidiary's outstanding loan balance, including interest, is ₹ 4,768.02 crores after write-offs. It has accumulated losses and a negative net worth, and its accounts are prepared on a going concern basis with continued financial support from the parent.
- Management considers the outstandings recoverable after write-offs, supported by an independent valuation report and by positive EBITDA at one of the subsidiary's own subsidiaries during the six-month period.
Other points investors may want to track
- The company has a single reportable operating segment, steel manufacturing.
- The results carry the usual statement that previous period figures have been regrouped or reclassified where needed to make them comparable.
What this means for a retail reader
The update is a routine quarterly results announcement. The key takeaways are the auditor's clean review conclusion, a year-on-year fall in standalone profit after tax for both the quarter and the half year, and the notes spelling out the impaired investment and loan exposure to the Mauritius subsidiary. Read the standalone and consolidated sets together before drawing conclusions about the group's earnings.
Also from Jindal Steel
Audio recording of earnings call held on October 23, 2026 uploaded on company website
23 Oct 2026
Jindal Steel Q2FY27: gross revenue INR 19,448 cr, PAT INR 771 cr as coal costs squeeze margins; net debt falls to INR 14,786 cr
23 Oct 2026
NRC approves grant of 6,50,056 and 24,960 stock options under Employee Benefit Scheme – 2022
23 Oct 2026
More numbers
- Total Revenue From Operations, standalone, Q2 FY2715,270.45 (₹ in crore)
- Total Revenue From Operations, standalone, Q2 FY2612,108.60 (₹ in crore)
- Profit after tax, standalone, Q2 FY27860.65 (₹ in crore)
- Profit after tax, standalone, Q2 FY26920.67 (₹ in crore)
- Profit after tax, standalone, half year FY271,946.62 (₹ in crore)
- Profit after tax, standalone, half year FY262,544.57 (₹ in crore)
- Provision for impairment on investment in Jindal Steel (Mauritius) Limited₹ 575.73 crores
- Outstanding loan balance of Jindal Steel (Mauritius) Limited, including interest₹ 4,768.02 crores
- Total income, latest quarter16,703.54 (₹ in crore)
- Total income, year-ago quarter11,707.82 (₹ in crore)
- Total income, previous quarter15,501.32 (₹ in crore)
- Total comprehensive income, latest quarter675.87 (₹ in crore)
- Total comprehensive income, year-ago quarter505.77 (₹ in crore)
- Total comprehensive income, previous quarter943.66 (₹ in crore)
- Profit after tax, latest quarter770.64 (₹ in crore)
- Profit after tax, year-ago quarter635.08 (₹ in crore)
- Profit after tax, previous quarter843.80 (₹ in crore)
- Revenue from operations, latest quarter16,678.54 (₹ in crore)
- Revenue from operations, year-ago quarter11,685.88 (₹ in crore)
- Revenue from operations, previous quarter15,482.13 (₹ in crore)
- Profit before tax, latest quarter1,083.56 (₹ in crore)
- Profit before tax, year-ago quarter982.25 (₹ in crore)
- Profit before tax, previous quarter1,204.58 (₹ in crore)
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