Jindal Steel Limited's consolidated profit after tax rose 21.3% year over year in Q2 FY27, while steel sales set a second-quarter record and gross revenue reached a quarterly high. The quarter ended Sept. 30, 2026.
Profit was ₹770.64 crore, compared with ₹635.08 crore in Q2 FY26. Gross revenue climbed 44% to ₹19,448 crore from ₹13,505 crore. The company’s gross-revenue measure includes GST and other income. Revenue from operations, a separate measure, increased 42.7% to ₹16,678.54 crore from ₹11,685.88 crore.
Crude steel production grew 20% to 2.40 million tonnes, and sales rose 27% to 2.38 million tonnes. Flat products accounted for 61% of sales, compared with 53% in the preceding quarter. Jindal Steel linked higher average selling prices to a change in product mix, including a larger share of flat products and fewer TMT sales among long products.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 34% year over year to ₹2,504 crore, up from ₹1,875 crore. It was lower than the ₹2,667 crore reported in Q1 FY27. Adjusted EBITDA per tonne reached ₹10,529, compared with ₹10,010 a year earlier. The company cited sequential increases in coking coal, power, fuel and freight costs.
Net debt stood at ₹14,786 crore on Sept. 30, down from ₹15,927 crore on June 30. The net debt-to-EBITDA ratio improved to 1.51 times from 1.71 times, while capital expenditure totaled ₹1,228 crore for the quarter.
Jindal Steel’s earnings presentation sets annual growth capital expenditure at ₹7,500 crore to ₹10,000 crore and says the company aims to keep net debt-to-EBITDA below 1.5 times through the cycle. It also lists a pre-tax return-on-capital-employed target of 18% to 20% for projects.
