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
Q2FY27 gross revenue INR 19,448 cr vs 13,505 cr a year ago; adjusted EBITDA 2,504 cr; PAT 771 cr vs 635 cr; sales 2.38 MT.
By ScoutQuest · · 1 min read
- Gross revenue
- INR 19,448 cr in Q2FY27 vs 13,505 cr a year ago
- PAT
- 771 cr vs 635 cr
- Net debt / EBITDA
- Net debt fell to ₹ 14,786 cr; net debt to EBITDA at 1.51x vs target below 1.5x
- Period
- Q2FY27
- Positioning
- Jindal Steel presents itself as an integrated steelmaker with assets across iron ore, coal, iron making, liquid steel and finished steel, expanding liquid steel capacity from 9.60 to 15.60 MTPA.
📉 Consolidated gross revenue reached ₹ 19,448 cr in Q2FY27 against ₹ 13,505 cr in Q2FY26, and PAT rose to ₹ 771 cr from ₹ 635 cr, though it fell from ₹ 844 cr in Q1FY27. Adjusted EBITDA was ₹ 2,504 cr (Q1FY27 ₹ 2,667 cr) and EBITDA per ton ₹ 10,529 versus ₹ 11,937 the prior quarter.
📈 The company attributes margin pressure to seasonal weakness and higher coking coal costs; Premium HCC rose to 269 USD/t from 200 a year earlier, while TMT prices dipped in July 2026 before recovering.
📉 Net debt fell to ₹ 14,786 cr from ₹ 15,927 cr in Q1FY27, with net debt to EBITDA at 1.51x versus a stated target of below 1.5x through the cycle. Management states cash balance is INR 7,237 cr against a commitment to maintain INR 3,000 cr liquidity.
🏭 Management says it will keep investing INR 7,500-10,000 cr a year in growth capex, primarily from internal accruals, targeting 18-20% project pre-tax ROCE; it says current ROCE of 8% is set to improve as new facilities ramp up.
Also from Jindal Steel
Audio recording of earnings call held on October 23, 2026 uploaded on company website
23 Oct 2026
Board approves Q2 and H1 FY27 results; auditor's limited review conclusion unmodified
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
- Gross revenue, Q2FY27 (consolidated)₹ 19,448 cr
- Gross revenue, Q2FY26 (consolidated)₹ 13,505 cr
- Adjusted EBITDA, Q2FY27₹ 2,504 cr
- PAT, Q2FY27₹ 771 cr
- PAT, Q2FY26₹ 635 cr
- Adjusted EBITDA per ton, Q2FY27₹ 10,529
- Net debt, Q2FY27₹ 14,786 cr
- Net debt to EBITDA (TTM), Q2FY271.51x
- Steel sales, Q2FY272.38 MT
- Profit after tax, H1FY27 (consolidated)1,614 (INR cr)
- Cumulative capex, Q2FY2743,637 (INR cr)
- Cash balanceINR 7,237 cr
- Current ROCE8%
- Dividend declared, FY26200%
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