Jindal Steel Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2022 • Iron & Steel: 90.0% • Power: 7.6% • Others: 2.3%
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.98x)
- Company has a consistent dividend-paying track record
- Company maintains a comfortable, low leverage position
CONS
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on capital employed of 10.7%
- Company has a low return on equity of 9.2% over last 3 years
- A large part of profit comes from other income (25.3% of PBT)
- Free cash flow has been persistently negative
- Company has delivered a poor profit growth of -9.5% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JINDALSTEL | 1118.30 | 41.97 | 114076.45 | 0.18 | 843.80 | -43.60 | 15482.13 | 25.93 | 8.92 | 17.18 |
| LLOYDSME | 1798.45 | 21.24 | 101236.00 | 0.06 | 1733.89 | 170.25 | 7354.40 | 209.39 | 27.59 | 38.26 |
| JAIBALAJI | 65.17 | 20.30 | 5945.14 | 0.00 | 26.48 | -82.71 | 1353.35 | -13.06 | 9.63 | 5.31 |
| RSL | 189.90 | 31.86 | 1586.95 | 0.26 | 20.20 | 144.24 | 306.54 | 23.65 | 31.72 | 9.37 |
| STEELXIND | 12.13 | 398.57 | 1547.20 | 0.00 | 150.26 | — | 2697.14 | — | 11.97 | 12.70 |
| SALSTEEL | 74.64 | 86.93 | 1080.54 | 0.00 | 30.90 | 419.21 | 873.70 | 584.99 | 4.89 | 15.51 |
| VRAJ | 125.90 | 11.56 | 415.25 | 0.00 | 11.51 | 51.65 | 193.83 | 40.14 | 10.52 | 11.17 |
| VASWANI | 45.00 | 0.00 | 148.26 | 0.00 | 2.52 | — | 91.74 | — | 9.77 | 5.72 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12,588 | 12,250 | 11,701 | 13,487 | 13,618 | 11,213 | 11,751 | 13,183 | 12,294 | 11,686 | 13,027 | 16,218 | 15,482 | |
| 9,960 | 9,964 | 8,859 | 11,042 | 10,779 | 9,013 | 9,567 | 10,912 | 9,289 | 9,605 | 11,393 | 13,279 | 14,296 | |
| Operating Profit | 2,628 | 2,286 | 2,843 | 2,444 | 2,839 | 2,200 | 2,184 | 2,271 | 3,006 | 2,081 | 1,634 | 2,939 | 1,186 |
| OPM % | 20.88% | 18.66% | 24.29% | 18.12% | 20.85% | 19.62% | 18.58% | 17.22% | 24.45% | 17.81% | 12.54% | 18.12% | 7.66% |
| 55 | 32 | 35 | 34 | 34 | 35 | 26 | -1,158 | 30 | 22 | -45 | -550 | 19 | |
| Interest | 329 | 329 | 315 | 321 | 332 | 326 | 313 | 342 | 297 | 371 | 406 | 442 | 548 |
| Depreciation | 588 | 604 | 636 | 995 | 683 | 696 | 698 | 691 | 722 | 750 | 839 | 862 | 926 |
| Profit before Tax | 1,767 | 1,385 | 1,927 | 1,163 | 1,859 | 1,213 | 1,199 | 81 | 2,018 | 982 | 344 | 1,085 | 1,205 |
| Tax % | 4.23% | -0.42% | -0.05% | 19.78% | 28.03% | 29.08% | 20.72% | 463.69% | 25.86% | 35.34% | 43.74% | 3.03% | 29.95% |
| Net Profit | 0 | 0 | 0 | 0 | 1,338 | 860 | 951 | -304 | 1,496 | 635 | 189 | 1,041 | 844 |
| 16.79 | 13.81 | 19.21 | 9.34 | 13.31 | 8.49 | 9.39 | -3.35 | 14.73 | 6.28 | 1.87 | 10.27 | 8.30 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 21,051 | 27,383 | 39,372 | 30,465 | 38,989 | 51,086 | 52,711 | 50,027 | 49,765 | 53,225 | 56,413 | |
| 16,341 | 20,914 | 31,018 | 23,650 | 24,648 | 35,804 | 42,930 | 39,872 | 40,437 | 44,144 | 48,573 | |
| Operating Profit | 4,709 | 6,469 | 8,354 | 6,815 | 14,340 | 15,282 | 9,781 | 10,154 | 9,328 | 9,081 | 7,840 |
| OPM % | 22.37% | 23.62% | 21.22% | 22.37% | 36.78% | 29.91% | 18.56% | 20.30% | 18.74% | 17.06% | 13.90% |
| -61 | -391 | -1,307 | -25 | -387 | -1,245 | -988 | 404 | -677 | 244 | -554 | |
| Interest | 3,742 | 4,060 | 4,368 | 3,826 | 3,204 | 2,006 | 1,616 | 1,496 | 1,531 | 1,725 | 1,768 |
| Depreciation | 3,949 | 3,883 | 5,480 | 3,429 | 3,453 | 2,097 | 2,691 | 2,822 | 2,768 | 3,171 | 3,376 |
| Profit before Tax | -3,043 | -1,864 | -2,802 | -465 | 7,296 | 9,933 | 4,485 | 6,241 | 4,344 | 4,413 | 3,615 |
| Tax % | 16.52% | 12.86% | 13.93% | -23.31% | 24.24% | 16.59% | 28.81% | 4.77% | 34.48% | 23.84% | 24.65% |
| Net Profit | -2,540 | -1,624 | -2,412 | -574 | 5,527 | 8,285 | 3,193 | 5,943 | 2,846 | 3,361 | 2,724 |
| EPS | -27.73 | -15.38 | -17.00 | -1.08 | 35.63 | 56.40 | 31.54 | 59.24 | 27.79 | 33.09 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 4.86% | 6.33% | 3.38% | 7.20% | 6.04% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 6%
- 3 Years:
- 0%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- -2%
- 3 Years:
- 2%
STOCK PRICE CAGR
- 10 Years:
- 30%
- 5 Years:
- 23%
- 3 Years:
- 18%
- 1 Year:
- 8%
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 12%
- 3 Years:
- 9%
- Last Year:
- 7%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 92 | 97 | 97 | 102 | 102 | 101 | 100 | 100 | 101 | 102 |
| Minority Interest | 647 | 440 | -526 | -776 | -878 | 1,471 | 313 | 435 | 234 | 942 |
| 29,942 | 30,266 | 31,941 | 32,034 | 31,712 | 35,524 | 38,606 | 44,216 | 47,084 | 50,791 | |
| 43,704 | 43,327 | 39,511 | 38,144 | 30,141 | 13,576 | 13,851 | 15,154 | 17,972 | 21,481 | |
| Trade Payables | 2,915 | 4,190 | 5,204 | 5,567 | 4,038 | 5,252 | 4,700 | 4,682 | 5,713 | 8,778 |
| 16,822 | 14,367 | 15,743 | 17,599 | 13,036 | 23,347 | 17,168 | 19,736 | 21,953 | 23,448 | |
| Total Liabilities | 94,121 | 92,687 | 91,970 | 92,670 | 78,152 | 79,270 | 74,738 | 84,322 | 93,056 | 1,05,543 |
| 65,900 | 68,444 | 69,034 | 69,382 | 54,350 | 45,488 | 43,542 | 48,384 | 48,989 | 64,102 | |
| Capital Work in Progress | 8,714 | 3,877 | 2,906 | 1,974 | 890 | 1,736 | 7,106 | 8,872 | 15,518 | 7,265 |
| 368 | 146 | 150 | 181 | 1,156 | 470 | 907 | 819 | 2,201 | 3,168 | |
| 3,599 | 4,960 | 6,510 | 6,369 | 5,943 | 7,281 | 5,887 | 7,077 | 5,610 | 8,023 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,665 | 1,363 | 1,729 | |
| Cash & Bank | 477 | 468 | 422 | 906 | 6,152 | 3,669 | 4,717 | 4,024 | 4,180 | 4,142 |
| 15,062 | 14,792 | 12,949 | 13,858 | 9,661 | 20,626 | 12,579 | 13,481 | 15,196 | 17,114 | |
| Total Assets | 94,121 | 92,687 | 91,970 | 92,670 | 78,152 | 79,270 | 74,738 | 84,322 | 93,056 | 1,05,543 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 6,805 | 7,780 | 8,997 | 8,728 | 11,909 | 18,008 | 10,052 | 6,008 | 10,824 | 7,204 | |
| Cash from Investing | -1,999 | -1,431 | -832 | -1,476 | -1,884 | -2,331 | -4,090 | -8,344 | -12,323 | -10,734 |
| Cash from Financing | -5,108 | -6,276 | -8,261 | -7,016 | -4,612 | -15,120 | -2,500 | 1,381 | 809 | 2,803 |
| -257 | 17 | -67 | 322 | 5,465 | -1,403 | 757 | -955 | -689 | -727 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-28 - JINDAL STEEL LIMITED has informed the Exchange regarding Proceedings of Annual General Meeting held on August 28, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
2026-08-26 - JINDAL STEEL LIMITED has informed the Exchange about Schedule of meet
2026-08-13 - JINDAL STEEL LIMITED has informed the Exchange about Schedule of meet
2026-08-10 - JINDAL STEEL LIMITED has informed the Exchange about Schedule of meet
2026-08-07 - JINDAL STEEL LIMITED has informed the Exchange about Schedule of meet
2026-08-07 - JINDAL STEEL LIMITED has informed the Exchange about Copy of Newspaper Publication
2026-08-06 - JINDAL STEEL LIMITED has informed the Exchange about Business Responsibility and Sustainability Report for the financial year 2025-26
2026-08-06 - JINDAL STEEL LIMITED has informed the Exchange about Tax Transparency Report for the Financial Year 2025-26
2026-08-06 - JINDAL STEEL LIMITED has informed the Exchange that Record date for the purpose of Dividend is 21-Aug-2026.
News
Recent coverage and analyst commentary for JINDALSTEL
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Jindal Steel Ltd.
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