Detail Type

Information

Full Official Name

Jindal Steel & Power Limited

Business Segment

Products/Services

Additional Activities

Steel Manufacturing

Sponge iron, steel plates, hot/cold rolled coils, structurals

Integral to infrastructure and engineering projects

Energy Generation

Electricity production

Supports power generation and broader industrial growth

Coal Mining

Coal extraction

Ensures in-house energy security

Name

Title

Key Responsibilities

Source(s)

Naveen Jindal

Non-Executive Chairman

Provides strategic guidance and oversight at the board level

Craft, Simply Wall St

Mayank Gupta

Chief Financial Officer (CFO)

Leads group accounts and financial strategy; transitions from Sunil Kumar Agrawal effective Jan 30, 2025

GlobalData, MarketScreener

Arpana Kumar Ahuja

Head of Corporate Brand and Communications

Manages corporate branding strategies with over 30 years of industry experience

GlobalData

Anirban Basu

Head of Supply Chain and Logistics

Oversees supply chain operations and logistics

GlobalData

Indradyumna Datta

Head of Digital

Drives digital transformation and IT strategy

GlobalData

RV Sridhar

CEO – Cold Rolling & Downstream Business

Manages operations for cold rolling and downstream business divisions

GlobalData

Ritesh Mohan Srivastava

Chief AI Officer

Leads AI strategy to enhance operational efficiency and sustainability via technological integration

TechCircle

Metric

Value

Notes

Consolidated Net Income

INR 9,334,600,000

Reported for Q4 FY2024

Operating Income

INR 14,495,900,000

Gross Revenues

INR 134,869,600,000

Q4 FY2024

EPS (Actual)

9.39 INR (for period ending 30 Jan 2025)

5.63% below the EPS estimate of 9.95 INR

Key Financial Ratios

Trailing P/E: 16.27 Forward P/E: 44.51

Source: NSE

KPI

Value

Notes

Gross Margin

54.06%

Calculated using Q4 gross profit and sales

Operating Margin

10.75%

Lower due to increased operating expenses

Net Profit Margin

6.92%

Reflects margin compression during Q4

Metric

Value

Source

Market Capitalization

INR 915,664,601,088

NSE

Enterprise Value

INR 1,057,143,128,064

NSE

Revenue (TTM)

INR 500,687,798,272

NSE

EBITDA

INR 2,133 crore (Q3 data)

MarketScreener

Metric

Guidance/Forecast

Commentary

Source

Quarterly Revenue

~₹117.5 billion (flat revenue in Q3 2025)

Short-term revenue remains relatively stable despite a decline in EPS for Q3 2025

MarketScreener

Future Revenue Growth

17.8%-18% p.a.

Forecast for next three years; reflects expectations of increased steel demand

Simply Wall St

Future EPS Growth

38.8% per annum

Indicative of strong long-term improvement despite near-term challenges

Simply Wall St

ROE Projection

Approximately 14.7% in 3 years

Long-term estimate reinforcing strong earnings efficiency

Simply Wall St

Title

Published Date

Type

Key Details

Source

Investment in Odisha

2025-01-28

Investment Announcement

JSPL announced an additional investment of Rs 70,000 crore, with significant capital allocated for capacity expansion at Angul and Keonjhar districts.

Business Standard

JSP TechCatalyst 2025

2025-01-29

Press Release / Event

Two-day conference at the Raigarh plant emphasizing technological advancements in steelmaking, including AI, digital twins, and sustainable practices.

Tribune India

New Offering

Description

Timeline / Milestones

Source

ECO 200 Compact Precision Hydraulic Cylindrical Grinding Machine

A precision engineering solution with advanced hydraulic control systems for small component grinding; live demonstration planned at Grinding Hub 2024 in Germany

Demonstration at Grinding Hub 2024

LinkedIn

RoboTape™ System for 3M™ Tape

An automated adhesive taping solution aimed at increasing production efficiency and reducing material waste

Near-future launch; detailed timeline not specified

LinkedIn

Metric

Value

Notes

Current Market Capitalization

INR 915,664,601,088

Reflects strong equity valuation

Enterprise Value

INR 1,057,143,128,064

52-Week Low / High

723.35 INR / 1097.00 INR

Stock price trading mid-range indicates moderate performance

Post-Earnings Price Movement

Recovery from 776.90 INR (first day post-earnings) to around 880 INR over ensuing weeks

Gradual upward trend post-earnings release

Risk Category

Key Risks

Mitigation Strategies

Source

Market & Price Volatility

Exposure to fluctuating steel prices and economic cycles

Enhance product integration and leverage anti-dumping duties; strategic pricing adjustments

ICICI Direct Research

Regulatory & Policy Changes

Impact of evolving trade regulations and environmental laws

Proactive regulatory reviews, adherence to ESG standards, and alignment with safety protocols

CARE Ratings

Raw Material Supply & Costs

Volatility in prices and supply of iron ore and coking coal

Securing captive supplies; operationalising captive mines in Australia, Mozambique, Odisha, and Chhattisgarh

CARE Ratings

Environmental & Climate Risks

Scrutiny over carbon emissions and resource usage; climate change impacts

Strategic adoption of coal gasification and green steel initiatives; robust ESG practices

Transition Pathway Initiative

Liquidity & Operational Risks

Cash flow variability due to seasonal demand and supply chain issues

Maintaining strong liquidity with gross cash accruals > ₹8,000 crore and sizeable cash reserves

CARE Ratings

Name

Title

Role/Responsibility

Source

Naveen Jindal

Non-Executive Chairman

Provides overall strategic leadership and guidance at the board level

Craft, Simply Wall St

Sunil Kumar Agrawal / Mayank Gupta*

Chief Financial Officer (Transition effective Jan 30, 2025)

Oversees Group Accounts and financial strategy; Sunil Kumar Agrawal served previously while Mr. Mayank Gupta takes over as CFO for enhanced financial leadership

GlobalData, MarketScreener

Arpana Kumar Ahuja

Head of Corporate Brand and Communications

Leads corporate branding and communications strategy with over 30 years of industry expertise

GlobalData

Anirban Basu

Head of Supply Chain and Logistics

Manages the supply chain operations and logistics, backed by extensive leadership experience across industries

GlobalData

Indradyumna Datta

Head of Digital

Oversees digital transformation initiatives and IT strategy, steering digital innovation within the organization

GlobalData

RV Sridhar

Chief Executive Officer – Cold Rolling and Downstream Business

Directs operations for the Cold Rolling and Downstream Business units, leveraging over 30 years of experience in the steel industry

GlobalData

Ritesh Mohan Srivastava

Chief AI Officer

Drives the AI strategy to enhance operational efficiency, product quality, safety measures, and sustainability through AI-powered solutions

TechCircle

Sector

Industry

Key Markets & Applications

Basic Materials

Steel

Construction, automotive, power generation, industrial machinery

Business Segment

Products/ Services

Additional Activities

Steel Manufacturing

Sponge iron, various steel products including plates, hot-rolled and cold-rolled coils, structurals

Integral to infrastructure and engineering projects

Energy Generation

Electricity production

Supports power generation industry

Coal Mining

Coal extraction

Enhances in-house energy resources and power generation

Event Type

Date

Description

Source Reference

Leadership Change

30 Jan 2025

Appointment of a new Chief Financial Officer (Change in Management) as disclosed during the board meeting.

Economic Times, SEBI Disclosures

Category

Details

Mergers/Acquisitions

No significant mergers or acquisitions reported since the last earnings report.

Other Developments

No further corporate restructuring or similar major changes have been noted in the available disclosures.

Metric

Q3 December 2024

Consolidated Net Profit

Rs 951 crore (Down 51% YoY)

Gross Revenues

Rs 13,707 crore

Adjusted EBITDA

Rs 2,133 crore (Down 24% YoY)

Sales Volume

1.90 million tonnes

Capital Expenditure

Rs 2,857 crore

Title

Published Date

Announcement Type

Key Details

URL

Jindal Steel & Power to invest additional Rs 70,000 crore in Odisha

2025-01-28

Investment Announcement

JSPL announced an additional investment of Rs 70,000 crore in Odisha, outlining plans including possible expansion in Keonjhar district and capacity enhancements at its Angul plant. This major investment supports industrial growth and may affect the company’s financial outlook.

Business Standard

JSP TechCatalyst 2025 to Advance Technology-driven Steelmaking

2025-01-29

Press Release / Event Announcement

JSPL hosted a two-day conference at its Raigarh plant focusing on technological advancements in steelmaking. The event gathered global delegates and industry experts to discuss innovations like AI, digital twins, and sustainable practices, reflecting on the company’s commitment to efficiency and future growth.

Tribune India

Executive Name

Position

Resignation Date

Reason Provided

Source

Dinesh Kumar Saraogi

Former Director (ex-CEO)

March 28, 2023

Resigned following allegations of sexual misconduct. A female executive accused him of groping and showing porn on an international flight, leading to his departure. HT News, ET Online

Bimlendra Jha

Managing Director

January 31, 2024

Resigned citing personal reasons. The company announced his exit and later appointed Sabyasachi Bandyopadhyay as the interim MD. Financial Express

Detail Type

Information

Full Official Name

Jindal Steel & Power Limited

Sector

Operations Details

Steel Sector

• Operates integrated steel plants and pellet plants

• Manufactures a diverse range of steel products including sponge iron, mild steel slabs, rails, structural steel, hot rolled plates, iron ore pellets, and coils

• Employs innovative steelmaking techniques such as the world’s first coal-gasification based Direct Reduced Iron (DRI) process to transform high-ash coal into synthesis gas for steel production

Category

Position

Name/Individual

Announcement Date

Details

Appointment/Promotion

Chief Financial Officer (KMP)

Not disclosed

30 January 2025

Management change noted under Regulation 30 (LODR) with a new CFO appointment; further details are not provided in the available information.

Research Task

Key Appointment/Promotion

Individual Involved

Since last earnings

Appointment of CFO (KMP)

Not disclosed

Personnel

Role/Position

Key Contributions & Initiatives

Impact on Performance

Naveen Jindal

Chairman

- Sets strategic vision and core values

Impact Area

Potential Effects

Operational Disruption

Departure may disrupt day-to-day operations due to loss of critical expertise, affecting production efficiency and process continuity Jindal Steel Leadership.

Strategic Direction

Key leaders usually shape long-term strategy; their exit could necessitate re-alignment or delay in strategic initiatives Annual Report 2022-23.

Succession Planning

Absence of a ready successor might result in gaps in leadership, which could affect investor confidence and prompt changes in corporate governance.

Stakeholder Confidence

Uncertainty about future leadership may affect stakeholder sentiment and market perception, potentially impacting financial performance.

Strategy

Description

Clear Succession Plan

Developing and communicating a robust succession plan can reduce uncertainty and maintain continuity.

Interim Leadership

Appointment of interim leaders may help bridge the gap until a permanent replacement is ready.

Communication Strategy

Transparent communications with stakeholders can help manage market expectations and stabilize investor confidence.

Strategic Reassessment

Revisiting strategic goals and adjusting plans to align with the new leadership profile could mitigate long-term disruption.

Date

Change

Details

July 15, 2022

Appointment and Resignation

Appointed Ramkumar Ramaswamy and Sunil Kumar Agrawal as Additional Directors; accepted resignation of Shallu Jindal as Non-Executive Director Business Standard.

March 28, 2023

Reconstitution of Board

Appointed Mr. Damodar Mittal and Mr. Sabyasachi Bandyopadhyay as Additional Executive Directors, resulting in the stepping down of Mr. Dinesh Kumar Saraogi and Mr. Sunil Kumar Agrawal MarketScreener.

October 1, 2023

Redesignation of Leadership

Naveen Jindal transitioned from Executive Director (Chairman) to Non-Executive Director, ensuring his continued guidance without executive remuneration Economic Times.

Section

Details

Advisory Committees

No significant changes in advisory committees have been reported in the provided sources.

Name

Role

Qualifications & Background

Strategic Alignment

Mayank Gupta

Chief Financial Officer (CFO)

- Chartered Accountant (All-India rank holder from ICAI) and Bachelor of Commerce (Honours) from SRCC, Delhi University Marketscreener. - Over 20 years of experience in strategic finance, planning and capital raising at companies such as GE, Maruti Suzuki, CarDekho, Tata 1mg, and Ecom Express HRToday.

His extensive financial leadership background is expected to drive robust financial planning, operational excellence and sustainable growth. His expertise supports JSPL’s vision of continued innovation and efficiency in managing its diversified operations.

Ritesh Mohan Srivastava

Chief AI Officer (CAIO)

- Former Chief Data Scientist at BharatPe with significant experience leading AI, analytics, and digital transformation initiatives HRToday. - Prior roles include senior analytics positions at Novartis, CarDekho Group, Lowe’s Companies, Inc. and 3i Infotech Ltd, providing deep expertise in data-driven decision making and AI technologies TechCircle.

His appointment emphasizes JSPL’s commitment to integrating AI into core operations to enhance efficiency, quality, safety, and sustainability. It aligns with the company’s strategic focus on digital transformation and innovation across manufacturing and power sectors.

Dilip Sinha

President & Chief Human Resources Officer (CHRO)

- Extensive leadership experience in HR and organizational transformation, previously serving at companies like Vedanta Limited, JSW Steel, Reliance Retail, and Sumaria Group SightsIn Plus. - Proven track record in HR transformation, culture building, and strategic human resource management.

His background in driving HR transformation and enhancing organizational culture supports JSPL’s strategic goal of fostering a collaborative and high-performance work environment. This leadership reinforces the company’s focus on aligning human capital with its overall growth objectives.

Earnings Date

EPS Estimate

EPS Actual

Revenue Data

2026-01-28

-

-

Not Provided

2025-11-04

-

-

Not Provided

2025-07-22

-

-

Not Provided

2025-05-12

-

-

Not Provided

2025-01-30

9.95

9.39

Not Provided

Aspect

Details

Company

Jindal Steel & Power Limited (JSPL)

Key Personnel Changes

No specific announcements or identified candidates for replacing any departed key personnel have been found in the available information.

Aspect

Details

Financial Position

JSPL holds a strong liquidity position with healthy gross cash accruals above ₹8,000 crore annually and cash and cash equivalents amounting to ₹3,523.13 crore as of September 30, 2024.

Operational Highlights

JSPL has operationalized coal mines in Australia and Mozambique, and iron ore mines in Odisha and Chhattisgarh, enhancing raw material security.

Strategic Initiatives

The company is focusing on increasing steel production to 30 million tons per year by 2030 with sustainable solutions.

Earnings Date

EPS Estimate (INR)

EPS Actual (INR)

EPS Surprise (%)

2025-01-30

9.95

9.39

-5.63

2025-05-12

Not Available

Not Available

Not Available

2025-07-22

Not Available

Not Available

Not Available

2025-11-04

Not Available

Not Available

Not Available

2026-01-28

Not Available

Not Available

Not Available

Metric

Current Quarter

Previous Quarter

Change

Revenue

Not provided

Not provided

Not available

Net Income

Not provided

Not provided

Not available

EPS

Not provided

Not provided

Not available

Gross Margin

50.53%*

Not provided

Not available

Operating Income

Not provided

Not provided

Not available

Additional Metric

Value

Quarterly Revenue Growth (TTM)

0.4% (0.004)

Quarterly Earnings Growth YoY

-50.7% (-0.507)

Fiscal Date

Quarter

Year

Net Income (INR)

2024-03-31

4

2024

9,334,600,000

Financial Metric

Value (INR)

Operating Income

14,495,900,000

Pretax Income

11,635,200,000

Income Tax

2,300,600,000

Date

EPS Estimate (INR)

EPS Actual (INR)

Difference (INR)

Surprise (%)

2025-01-30

9.95

9.39

-0.56

-5.63

Metric

Value

Market Capitalization

915,664,601,088 INR

Enterprise Value

1,057,143,128,064 INR

Trailing PE

16.2673

Forward PE

44.5130

PEG Ratio

44.5130

Price to Sales (TTM)

1.8288

Price to Book (MRQ)

1.9383

Enterprise to Revenue

2.111

Enterprise to EBITDA

11.17

KPI

Value

Fiscal Year End

2024-03-31

Most Recent Quarter

2024-06-30

Gross Margin

50.53%

Profit Margin

8.16%

Operating Margin

12.64%

Return on Assets (TTM)

7.54%

Return on Equity (TTM)

13.27%

Revenue (TTM)

500,687,798,272 INR

Revenue Per Share (TTM)

496.595 INR

Quarterly Revenue Growth

0.40%

Gross Profit (TTM)

263,937,703,936 INR

EBITDA

103,572,500,000 INR

Net Income (TTM)

40,868,999,168 INR

Diluted EPS (TTM)

55.63 INR

Quarterly Earnings Growth YoY

-50.70%

KPI

Value

Total Cash (MRQ)

42,344,898,560 INR

Total Cash Per Share (MRQ)

41.833 INR

Total Debt (MRQ)

172,664,504,320 INR

Total Debt to Equity (MRQ)

35.959

Current Ratio (MRQ)

1.1086

Book Value Per Share (MRQ)

466.87 INR

Operating Cash Flow (TTM)

38,679,400,000 INR

Levered Free Cash Flow (TTM)

59,384,200,000 INR

KPI

Value

Shares Outstanding

1,002,427,670

Float Shares

383,350,144

Average 10-Day Volume

2,729,784

Average 90-Day Volume

3,440,036

Percent Held by Insiders

63.36%

Percent Held by Institutions

19.64%

52-Week Low

723.35 INR

52-Week High

1097.00 INR

52-Week Change

8.57%

Beta

1.343

50-Day Moving Average

874.836 INR

200-Day Moving Average

946.338 INR

Forward Annual Dividend Rate

2 INR

Forward Annual Dividend Yield

0.22%

Trailing Annual Dividend Rate

0 INR

Trailing Annual Dividend Yield

0%

5-Year Average Dividend Yield

0.54%

Payout Ratio

3.59%

Dividend Frequency

Unknown

Last Ex-Dividend Date

2024-08-22

Last Split Factor

6-for-1

Last Split Date

2009-09-14

Metric

Current Quarter (2024-03-31)

Same Quarter Last Year (2023-03-31)

YoY Change (%)

Revenue

134,869,600,000 INR

345,946,800,000 INR

-60.99% (approx.)

Net Income

9,334,600,000 INR

4,656,800,000 INR

+100.46% (approx.)

Metric

Current Quarter Value

Same Quarter Last Year Value

YoY Change Calculation / Note

EPS

Data not available

Data not available

Not available due to missing EPS data

Gross Margin

Calculated at approx. 54.08%*

Calculated at approx. -20.49%*

Approx. +74.57 percentage points (improvement)

Operating Income

14,495,900,000 INR

11,670,000,000 INR

+24.2% increase (approx.)

Metric

Q4 2024 (Mar 31, 2024)

Q3 2024 (Dec 31, 2023)

QoQ Change (Approx.)

Observation

Sales

134,869,600,000 INR

117,013,200,000 INR

+15.3%

Sales volume increased, a positive driver.

Cost of Goods Sold

61,902,600,000 INR

44,868,800,000 INR

+38%

Sharp rise in production/input costs; major detractor.

Gross Profit

72,967,000,000 INR

72,144,400,000 INR

+1.1%

Marginal increase despite higher sales, reflecting cost pressure.

Operating Expenses*

44,910,500,000 INR

40,465,100,000 INR

+11%

Increase in expenses negatively affected operating income.

Operating Income

14,495,900,000 INR

22,068,900,000 INR

-34.2%

Significant decline, driven by increased COGS and expenses.

Non-operating Interest Expense

3,206,200,000 INR

3,151,400,000 INR

~+1.7%

Remained largely consistent; minor impact.

Pretax Income

11,635,200,000 INR

19,269,500,000 INR

-39.7%

Decline reflecting lower operating income.

Income Tax

2,300,600,000 INR

-10,400,000 INR

Notable swing

Q3’s negative tax and Q4’s positive tax contributed to net income drop.

Net Income

9,334,600,000 INR

19,279,900,000 INR

-51.6%

Substantial decrease in profitability.

EBIT

14,841,400,000 INR

22,420,900,000 INR

-33.8%

Reflects similar impact as operating income.

EBITDA

24,790,400,000 INR

28,777,600,000 INR

-13.9%

Less severe drop, indicating partial cushioning from depreciation and amortization adjustments.

Aspect

Impact

Detail

Increased Sales

Driver

Sales grew by approximately 15.3% QoQ, indicating strong demand or improved pricing. NSE

Rising COGS

Detractor

Cost of goods increased by about 38%, significantly eroding gross margins.

Operating Expense Growth

Detractor

An 11% increase in operating expenses further squeezed operating income.

Tax Swing

Detractor

A move from a negative tax in Q3 to a substantial tax expense in Q4 further reduced net income.

Margin Type

Q4 2024 (%)

Q3 2024 (%)

Observation

Gross Margin

~54.1%

~61.6%

Deterioration largely due to higher COGS despite increased sales.

Operating Margin

~10.8%

~18.9%

Significant decline mainly driven by cost pressures.

Metric

Value (INR)

Revenue

500,267,600,000

Cost of Goods Sold

216,922,600,000

Gross Profit

283,345,000,000

Operating Income

73,790,000,000

Net Income

59,433,200,000

EBITDA

103,572,500,000

Factor

Expected Impact on Performance

Revenue Growth

Increase in sales volume or pricing adjustments

Cost Management

Changes in input costs and operational efficiencies

Operating Expenses

Efficiency improvements or higher expenses

Market Conditions

Demand fluctuations, raw material price changes

Capital Expenditures

Investments impacting growth and efficiency

Financing Activities

Changes in debt levels and interest expenses

Observation

Details

Missing Comparative Data

No prior year financial data provided to compare with the 2024 figures.

Inability to Quantify Contributions

Lacking historical data, it is not possible to isolate the impact of revenue changes, cost trends, etc.

Conclusion

Without historical data, the specific factors behind any YoY growth or decline in performance cannot be definitively identified. Further analysis would require access to financial reports for consecutive periods to observe changes and trends.

Metric

Guidance/Forecast

Period/Comments

Revisions to Previous Guidance

Revenue (Quarterly)

~₹117.5 billion

Q3 2025 revenue was largely flat versus Q3 2024 MarketScreener

No explicit revision reported

Revenue Growth (Future)

17.8%–18% p.a. average growth

Forecast for the next three years Simply Wall St

No revision details provided

EPS (Quarterly)

Q3 EPS stood at ~₹9.39

Q3 2025 EPS showed a decline compared to Q3 2024 (₹19.21) MarketScreener

No explicit revision reported

EPS Growth (Future)

38.8% per annum

Long-term forecast over the next three years Simply Wall St

No revisions mentioned

Return on Equity (ROE)

Approximately 14.7% in 3 years

Projected future ROE as per long-term estimates Simply Wall St

No revisions noted

Assumption Category

Specific Assumption

Source/Reference

Commodity Prices

Future earnings guidance assumes a reduction in input costs such as a USD 10/tonne drop in coking coal prices and an INR 100-200/tonne reduction in iron ore prices.

Elara Securities Report

Demand Scenario

The outlook incorporates expectations that the demand-supply balance for long products will be more favorable due to seasonal spikes in construction and related sectors.

Elara Securities Report

Capital Expenditure (Capex)

Guidance assumes a significant capex outlay to fund expansion initiatives including increased VAP capacity, logistic enhancements, and other infrastructure projects.

Business Standard Report

Capacity Expansion

Revised timelines with commissioning of additional crude steel capacity delayed from FY26 to FY27, along with phased expansions using new projects investments.

Business Standard Report

Operational Efficiency

The outlook is underpinned by assumptions of improved product mix, higher utilization of captive coal, cost saving measures, and sustained EBITDA margins despite pressures.

Elara Securities Report, Moneycontrol Report

Metric

Assumed Impact/Change

Underpinning Assumption Detail

EBITDA/tonne

Decline expected QoQ due to input cost pressures

Partially offset by lower coking coal and iron ore prices along with operational initiatives

Revenue Growth

Moderate revenue growth assumed (e.g., 18% p.a. forecast)

Relies on favorable demand for long products and overall market conditions

Capex Investment

Increased capex (additional Rs160bn to previous Rs310bn)

Investment to boost VAP capacity and expand infrastructure, expected to pressure near-term performance but support long-term growth

Capacity Timelines

Revision of crude steel commissioning timeline

Extension from FY26 to FY27 to accommodate higher capex and expansion projects

Factor

Implication on Future Earnings

Lower Input Costs

Expected to ease margin pressure and partially offset weak steel prices.

Improved Demand for Long Products

Seasonal demand, especially in construction, is assumed to drive sales and justify guidance levels.

Strategic Capex and Capacity Expansion

Though near-term headwinds from high capex are acknowledged, these investments are expected to yield long-term benefits.

Operational Enhancements

Efficiencies and cost saving measures are assumed to sustain stable EBITDA margins despite cyclical pressures.

Indicator

Value (INR)

Fiscal Date

2024-03-31

Total Sales

500,267,600,000

Detail

Information Available

Revenue by Product Lines

Not provided in the data

Revenue by Geographic Regions

Not provided in the data

Research Question

Findings

Were there any new product launches or discontinuations at Jindal Steel & Power Limited that impacted revenue during the current earnings period?

No evidence of any new product launches or discontinuations impacting revenue was identified in the current earnings period.

Aspect

Details

Citation

New Product Launches

No direct mentions of new product introductions were noted in the available reports.

Reuters

Product Discontinuations

There were no disclosures regarding the discontinuation of any products affecting revenue in the current period.

Moneycontrol

Related Capital Projects

Reports focused on capital expenditures, capacity expansions, and technology integration (such as new investments in cold rolling, galvanising, and colour coating lines) which are not categorised as product launches.

ETMarkets

Technology Focus

Initiatives like JSP TechCatalyst 2025 centre on technological innovation and digital transformation but do not report on launching a new product or discontinuing an existing product line.

Tribune India

Period

Revenue (INR million)

Net Income (INR million)

Remarks

Q3 (Dec 31, 2024)

117,770.5

9,504.8

Revenue largely unchanged; profit down significantly.

Nine Months (Dec 31, 2024)

366,775.2

31,515.3

No changes suggestive of product-driven revenue shifts.

Quarter

Fiscal Date

Revenue (INR)

Q1 2024

2023-06-30

125,883,400,000

Q3 2024

2023-12-31

117,013,200,000

Q4 2024

2024-03-31

134,869,600,000

Comparison

Revenue Change (INR)

Percentage Change

Q3 2024 to Q4 2024

134,869,600,000 - 117,013,200,000 = 17,856,400,000

≈ 15.26% increase

Date

EPS Estimate

EPS Actual

Difference

Surprise (%)

2025-01-30

9.95

9.39

-0.56

-5.63

Aspect

Details

Overall EPS Performance

The company reported a negative EPS surprise of 5.63% during the current period.

Implications for Product/Services

Although specific product or service performance metrics are not provided, the EPS miss may indicate a broader underperformance of the company’s operating segments, including existing products or services.

Data Availability

Only consolidated EPS data is available; detailed breakdowns by product or service categories are not provided in the current information.

Information Provided

Information Lacking

Consolidated EPS data

Segmented performance metrics for individual products or services

Period

Date

Average Revenue Estimate (INR)

Year-Ago Sales (INR)

Sales Growth (%)

Current Quarter

2025-03-31

131,500,000,000

134,869,600,000

-3%

Current Year

2025-03-31

496,871,325,470

496,817,000,000

0%

Next Year

2026-03-31

609,249,640,830

490,250,666,670

24%

Margin Type

Calculation

Value

Gross Margin

72,967,000,000 / 134,869,600,000 ≈ 0.5406

54.06%

Operating Margin

14,495,900,000 / 134,869,600,000 ≈ 0.1075

10.75%

Net Margin

9,334,600,000 / 134,869,600,000 ≈ 0.0692

6.92%

Margin Type

Calculation

Value

Gross Margin

72,144,400,000 / 117,013,200,000 ≈ 0.6164

61.64%

Operating Margin

22,068,900,000 / 117,013,200,000 ≈ 0.1888

18.88%

Net Margin

19,279,900,000 / 117,013,200,000 ≈ 0.1648

16.48%

Metric

Previous Quarter

Current Quarter

Change

Gross Margin

61.64%

54.06%

Decrease

Operating Margin

18.88%

10.75%

Decrease

Net Margin

16.48%

6.92%

Decrease

Quarter

Fiscal Date

Cost of Goods Sold (INR)

Other Operating Expenses (INR)

Non-Operating Interest Expense (INR)

Q4

2024-03-31

61,902,600,000

44,910,500,000

3,206,200,000

Q3

2023-12-31

44,868,800,000

40,465,100,000

3,151,400,000

Q1

2023-06-30

53,039,900,000

43,644,500,000

3,291,100,000

Cost Component

Observed Trend

Commentary

Cost of Goods Sold (COGS)

Increase in Q4 relative to Q3 and Q1

Noticeable rise in Q4 (61.9 billion INR) compared to Q3 (44.9 billion INR), indicating higher production costs.

Other Operating Expenses

Relatively stable with slight variance

Values remain in the 40-45 billion INR range across Q1, Q3, and Q4, suggesting consistent overhead spending.

Non-Operating Interest Expense

Stable with minor fluctuations

Interest expenses range narrowly around 3.15-3.29 billion INR, showing consistency in financing costs across the period.

Metric

Q3 (Dec 31, 2023)

Q4 (Mar 31, 2024)

Q1 (Jun 30, 2024)

Sales (INR)

117,013,200,000

134,869,600,000

125,883,400,000

Cost of Goods Sold (INR)

44,868,800,000

61,902,600,000

53,039,900,000

Gross Profit (INR)

72,144,400,000

72,967,000,000

72,843,500,000

Gross Margin (%)

~61.7%

~54.1%

~57.9%

Other Operating Expenses (INR)

40,465,100,000

44,910,500,000

43,644,500,000

Operating Income (INR)

22,068,900,00

14,495,900,000

20,405,400,000

Operating Margin (%)

~18.9%

~10.8%

~16.2%

Net Income (INR)

19,279,900,000

9,334,600,000

16,918,000,000

Net Profit Margin (%)

~16.5%

~6.9%

~13.4%

Factor

Impact Description

Sales Increase vs. Gross Profit Growth

Q4 saw a rise in sales compared to Q3; however, the gross profit did not increase proportionately, reducing the gross margin.

Rising Cost of Goods Sold

A higher cost of goods sold in Q4 relative to sales pressured the gross margin.

Increased Operating Expenses

The escalation in other operating expenses in Q4 (44.91B INR vs. 40.47B INR in Q3) compressed the operating income margin.

Non-operating Interest and Tax Variations

Although non-operating interest expenses remained largely stable, slight differences (and tax impact) could have contributed to net margin changes.

Metric

Annual (Mar 31, 2024)

Sales (INR)

500,267,600,000

Cost of Goods Sold (INR)

216,922,600,000

Gross Profit (INR)

283,345,000,000

Operating Expense (INR)

168,457,200,000

Operating Income (INR)

73,790,000,000

Net Income (INR)

59,433,200,000

Factor

Potential Impact

Market and Raw Material Costs

External factors impacting commodity prices and raw material costs may affect cost structure and margins.

Currency and Regulatory Changes

Fluctuations in currency and policy changes could contribute to variations in the cost efficiencies of operations.

Scale of Operations

Growth in overall sales volume might not result in proportional growth in profits if cost structures do not optimize equivalently.

Description

Amount

Period

Notes

One-time charges/cost savings

N/A

Current

No significant one-time items or cost savings were explicitly reported in the available data.

Fiscal Date

Period

Cost of Goods (INR)

Sales (INR)

2024-03-31

Current

61,902,600,000

134,869,600,000

2023-12-31

Previous

44,868,800,000

117,013,200,000

2023-06-30

Earlier

53,039,900,000

125,883,400,000

Metric

Current Annual (2024-03-31)

Prior Data

Notes

Cost of Goods

216,922,600,000

N/A

Previous annual period data not available for direct YoY comparison.

Aspect

Details

Source

Digital Technology Adoption

Integration of AI, IoT, and digital twins into production processes to enhance operational efficiency and competitiveness.

Tribune

Sustainable Operations

Focus on sustainable practices such as green steel innovations, including sessions on hydrogen applications and CCUS technologies.

ET Manufacturing

Aspect

Details

Source

Process Improvement

Emphasis on supply chain optimisation sessions at JSP TechCatalyst 2025 suggesting a strategic re-evaluation to boost resilience and efficiency.

Tribune

Technology Integration

Utilisation of digital platforms and automation to monitor, manage, and streamline supply chain operations, ensuring proactive management of potential challenges.

ET Manufacturing

Quarter

Fiscal Date

Inventory (INR)

Q4 2024

2024-03-31

70,773,700,000

Q2 2024

2023-09-30

53,103,700,000

Metric

Q4 2024 (2024-03-31)

Q3 2024 (2023-12-31)

Sales

134,869,600,000

117,013,200,000

Cost of Goods Sold

61,902,600,000

44,868,800,000

Gross Profit

72,967,000,000

72,144,400,000

Operating Income

14,495,900,000

22,068,900,000

Period

Annual Inventory (INR)

2024

70,773,700,000 (as at 2024-03-31)*

Aspect

Observation

Inventory Buildup

~33% QoQ increase may indicate stockpiling due to delays.

COGS Increase

Higher production/input costs potentially due to supply issues.

Operational Efficiency

Decline in operating income despite stable gross profit.

Cost Implications

Elevated supply chain costs impact overall cost structure.

Date

EPS Estimate

EPS Actual

Difference

Surprise (%)

2026-01-28

N/A

N/A

N/A

N/A

2025-11-04

N/A

N/A

N/A

N/A

2025-07-22

N/A

N/A

N/A

N/A

2025-05-12

N/A

N/A

N/A

N/A

2025-01-30

9.95

9.39

-0.56

-5.63

Metric

Q4 2024 (Mar 31, 2024)

Sales

INR 134,869,600,000

Cost of Goods Sold

INR 61,902,600,000

Gross Profit

INR 72,967,000,000

Operating Income

INR 14,495,900,000

Net Income

INR 9,334,600,000

Aspect

Detail

Sales and Marketing Information

Not explicitly provided in the financial data. Fields related to selling, general, and administrative expenses are null.

Significant Campaigns/Initiatives

No detailed campaigns or strategic initiatives are indicated in the available financial documents.

Link to Revenue Growth

While overall revenue figures show growth, there is no direct breakdown attributing this to sales and marketing efforts.

Component

Available Data

Comments

Operating Cash Flow

Not available in retrieved dataset

Detailed driver information not provided in available data.

Investing Cash Flow

Not available in retrieved dataset

Detailed driver information not provided in available data.

Financing Cash Flow

Not available in retrieved dataset

Detailed driver information not provided in available data.

Parameter

Detail

Data Availability

The retrieved dataset does not include cash flow details for the current earnings period.

Task Description

Determine key drivers behind changes in cash flow components during the current period.

Data Impact on Analysis

Insufficient data prevents analysis on factors like changes in working capital, debt structure, or capital expenditures.

Observation

Impact

Key Drivers Analysis

Due to the absence of detailed cash flow data, no specific drivers can be identified for the period.

Required Further Data

Detailed cash flow statements detailing operating, investing, and financing activities are needed.

Description

Amount (INR)

Operating Cash Flow

38,679,400,000

Net Income

62,412,700,000

Other Non-Cash Items

13,216,600,000

Accounts Receivable

-7,432,600,000

Other Assets/Liabilities

-29,517,300,000

Investing Cash Flow

-85,875,800,000

Capital Expenditures

-84,266,100,000

Net Acquisitions

1,193,600,000

Purchase of Investments

-4,651,700,000

Sale of Investments

1,760,000,000

Other Investing Activity

88,400,000

Financing Cash Flow

30,998,000,000

Long Term Debt Issuance

68,572,800,000

Long Term Debt Payments

-49,837,200,000

Short Term Debt Issuance

15,874,700,000

Common Stock Repurchase

-1,607,500,000

Common Dividends

-2,004,800,000

Free Cash Flow

-25,087,400,000

End Cash Position

33,064,100,000

Comparison Period

Change in Operating Cash Flow

Note

Quarter-over-Quarter (QoQ)

Data not available

Quarterly cash flow data is not provided.

Year-over-Year (YoY)

Data not available

Insufficient historical annual data for comparison.

Description

Q4 2024 (INR)

Q2 2023 (INR)

Change (INR)

Current Assets

177,482,500,000

151,094,100,000

+26,388,400,000

Non-Current Assets

609,669,300,000

571,026,700,000

+38,642,600,000

Total Assets

787,151,800,000

722,120,800,000

+65,031,000,000

Description

Q4 2024 (INR)

Q2 2023 (INR)

Change (INR)

Current Liabilities

160,095,500,000

147,730,400,000

+12,365,100,000

Non-Current Liabilities

179,549,800,000

156,154,100,000

+23,395,700,000

Total Liabilities

339,645,300,000

303,884,500,000

+35,760,800,000

Description

Q4 2024 (INR)

Q2 2023 (INR)

Change (INR)

Total Shareholders' Equity

447,506,500,000

418,236,300,000

+29,270,200,000

Common Stock

1,002,400,000

1,005,000,000

(Comparable values)

Area

Observation

Assets

Increase driven by higher current and non-current assets, reflecting growth in inventories and properties NSE.

Liabilities

Rise in both current and non-current liabilities indicates increased short-term and long-term obligations NSE.

Equity

Growth in shareholders' equity suggests an overall improvement in financial strength during the period NSE.

Debt Item

2024-03-31 (Q4)

2023-09-30 (Q2)

Difference

Percentage Change

Short-Term Debt

58,521,300,000 INR

51,532,600,000 INR

+6,988,700,000 INR

≈ +13.5%

Long-Term Debt

106,200,100,000 INR

83,140,900,000 INR

+23,059,200,000 INR

≈ +27.8%

Total Debt

164,721,400,000 INR

134,673,500,000 INR

+30,047,900,000 INR

≈ +22.3%

Balance Sheet Item

2024-03-31 (Q4)

2023-09-30 (Q2)

Difference

Percentage Change

Cash and Cash Equivalents

33,064,100,000 INR

35,481,600,000 INR

-2,417,500,000 INR

≈ -6.8%

Inventory

70,773,700,000 INR

53,103,700,000 INR

+17,670,000,000 INR

≈ +33.3%

Accounts Receivable

16,645,400,000 INR

7,092,600,000 INR

+9,552,800,000 INR

≈ +134.6%

Date

Open Price (INR)

Close Price (INR)

Volume

2025-02-01

792.75

776.90

4,257,643

2025-02-07

809.95

844.55

6,993,440

2025-02-20

852.10

879.30

1,283,212

2025-02-27

853.00 (approx.)

862.00

1,967,080

Metric

Value

Market Capitalization

INR 915,664,601,088

Enterprise Value

INR 1,057,143,128,064

Trailing P/E Ratio

16.27

Forward P/E Ratio

44.51

Aspect

Data/Observation

Pre-Earnings Price Data

Not available from provided data

Post-Earnings Performance

Gradual recovery from 776.90 INR to around 880 INR

Current Market Capitalization

INR 915,664,601,088

Parameter

Data/Observation

Updated Price Targets

Not explicitly updated in the available report details

Analyst Rating Updates

No significant change mentioned following the recent earnings report

Representative Ratings (Current)

Strong Buy: 9, Buy: 6, Hold: 3, Sell: 4, Strong Sell: 2 ET Markets

Consensus

Ratings/updates remain broadly consistent post-Q4 results

Parameter

Data/Observation

Earnings Report Impact

Q4 results showed robust PAT growth (100% YoY increase) despite revenue decline ET Markets

Market Reaction

Mixed-to-positive sentiment; stable rating distribution indicates confidence from analysts despite some caution due to revenue contraction

Trading/Tactical Sentiment

Short-term recommendations from other market experts (not directly linked to rating updates) note a buy stance for JSPL, reflecting moderate bullish bias Moneycontrol

Metric

Value (INR)

Notes

Latest Reported Close (2025-03-10)

905.30

Based on weekly time series data

52-Week Low

723.35

Indicates the lower bound over last year

52-Week High

1097.00

Indicates the upper bound over last year

Metric

Value

Notes

Quarterly Earnings Growth (YoY)

-50.7% (approx.)

Indicates a significant decline in earnings YoY

Aspect

Available Data/Insight

Notes

Industry Benchmark

Nifty Metal Index is mentioned in market reports (e.g., ICICI Direct) as responding positively to India’s growing steel demand.

No direct numerical comparison with JSPL stock performance is provided. ICICI Direct

Major Competitors

Key competitors include Tata Steel, JSW Steel, and Steel Authority of India Limited (SAIL).

Detailed comparative stock performance metrics (quarter-over-quarter or YoY changes) for these firms are not provided in the dataset. CB Insights

Comparison Aspect

Jindal Steel & Power Limited

Industry Benchmark / Competitors

Recent Stock Price Position

Moderate within 52-week range

Positive sentiment noted for domestic steel sector; explicit numeric comparisons not available.

Quarter-over-Quarter Performance

Detailed Q-o-Q stock price change data unavailable.

Market reports hint at resilience amid cyclical steel demand; further granular data required.

Year-over-Year Performance (Earnings)

Approximately -50.7% earnings growth YoY

Broader industry outlook is mixed with upward demand trends in steel, though direct competitor figures are not provided.

Aspect

Details

Source

CEO's Highlights

Insufficient details provided in the available information to determine specific statements.

Not enough details from provided transcripts YouTube MarketScreener

CFO's Highlights

Insufficient details provided in the available information to determine specific statements.

Not enough details from provided transcripts

Future Plans

No explicit future plans were detailed in the available data.

Insufficient information

Positive Outcomes

The provided data does not list any specific positive outcomes mentioned by the management.

Insufficient information

Challenges

The available information lacks elaboration on challenges highlighted during the call.

Insufficient information

Data Availability

Description

Detailed Transcript

Not available in the provided messages/history.

Key Financial Metrics & Elaborations

Financial details were mentioned in search results for related sessions but not detailed here.

Context and Managerial Commentary

Specific commentary by the CEO and CFO on future plans, outcomes, or challenges was not included in the provided information.

Analyst/ Brokerage

Specific Adjustment Details

Data Period/FY Range

Motilal Oswal

Cut EBITDA estimates by 6% to 17% based on weaker-than-expected volume growth

FY25-FY27

ICICI Securities

Reduced EBITDA estimates by 12%-13% and downgraded rating from ‘Buy’ to ‘Hold’; target price cut from Rs 1,215 to Rs 870

FY25-FY26

Nuvama

Reduced volume estimates by 1 to 1.2 million tonnes per year leading to a 13% reduction in EBITDA estimates; maintained a ‘Buy’ rating (target price cut from Rs 1,292 to Rs 1,097)

FY26-FY27

Aspect

Detail

Reference URL

Earnings Miss

Q3 earnings reflected a 3% miss in EBITDA estimates for the first time in four quarters; EBITDA fell 23% YoY & net profit dropped 51% YoY

NDTVProfit

Volume Growth Concerns

Weaker-than-expected volume resulting in significant cuts to forecasts

NDTVProfit

Cost Escalation

Increased reliance on market procurement of iron ore due to lower output from the Tensa mine, offsetting benefits from higher steel prices and lower coking coal prices

NDTVProfit

New Capex Announcement

Announcement of Rs 16,000 crore new capex raised concerns among analysts regarding potential impact on performance

NDTVProfit

Category

Detail

Source

Unexpected Analyst Queries

No unexpected or noteworthy questions were explicitly reported.

Reuters

Management Responses

Specific responses addressing such questions were not detailed in the available communications.

Reuters

Date

EPS Estimate (INR)

EPS Actual (INR)

Difference (INR)

Surprise (%)

2025-01-30

9.95

9.39

-0.56

-5.63

2026-01-28

N/A

N/A

N/A

N/A

2025-11-04

N/A

N/A

N/A

N/A

2025-07-22

N/A

N/A

N/A

N/A

2025-05-12

N/A

N/A

N/A

N/A

Period

Date

Current Estimate (INR)

7 Days Ago

30 Days Ago

60 Days Ago

90 Days Ago

Current Quarter

2025-03-31

10.21

11.37

11.37

11.37

10.28

Next Quarter

2025-06-30

20.47

20.90

20.90

20.90

20.13

Current Year

2025-03-31

42.15

42.35

42.81

50.82

51.17

Next Year

2026-03-31

66.24

67.21

68.52

80.04

80.23

Aspect

Observation

Historical Performance

The only complete historical quarterly data (2025-01-30) shows an EPS shortfall of 5.63% vs. estimates. This indicates a modest earnings performance for that period.

EPS Growth Forecast

Forecasts show significant EPS growth, with the next quarter and next year estimates notably higher than current figures.

Cyclical Factors

While the steel industry is known for cyclical fluctuations (influenced by raw material costs, seasonal demand, etc.), the provided data does not isolate such cyclical trends. Additional historical and sector-specific details are necessary to confirm cyclical effects.

Period

Sales (in INR)

Operating Income (in INR)

Net Income (in INR)

Notes

Q4 2024

134,869,600,000

14,495,900,000

9,334,600,000

Lower net income compared to Q3 despite higher sales

Q3 2024

117,013,200,000

22,068,900,000

19,279,900,000

Strong operating performance

Q1 2024

125,883,400,000

20,405,400,000

16,918,000,000

Consistent figures with moderate performance fluctuation

Annual 2024

500,267,600,000

73,790,000,000

59,433,200,000

Consolidated annual performance shows scale

Company

Market Focus & Position

Revenue Growth (QoQ/YoY)

Profitability & Comments

Jindal Steel & Power Limited

Diversified steel production & power generation

Mixed QoQ; Annual strong scale

Notable QoQ volatility; Trendlyne data indicates negative growth in some TTM metrics CB Insights

Bhilai Steel Plant

Heavy structural steel; railway & infrastructure

Data not provided

Focuses on robust infrastructure segments; stable demand

Severstal

Fully integrated steel & mining operations

Data not provided

Diversified portfolio gives resilience against market cycles

Kobe Steel USA

Focus on advanced materials and integrated tech

Data not provided

Emphasizes technological edge and market niche

Industry Trend

Impact on QoQ Performance

Impact on YoY Performance

Details & Sources

Raw Material & Input Price Volatility

Margin pressure and short-term variability

Fluctuating costs can compress margins YoY

Changes in prices of iron ore and coking coal affect cost structure Mysteel

Demand Shifts in End Markets

Short-term demand fluctuations

Variability due to cyclical trends in construction and automotive sectors

Global economic factors and regional policies impact steel consumption, as seen in varied growth expectations in 2024-2026 Eurofer

Trade Policies & Safeguard Duties

Interim price adjustments

Structural changes in market competition, supporting domestic mills

Implementation of safeguard duties may boost domestic prices, impacting margins LinkedIn

Global Economic Conditions

Short-term volatility

Extended impact on revenue growth and production volumes

Weak real estate and manufacturing sectors versus robust growth in emerging markets influence YoY performance World Steel Association

Q&A Topic

Management Clarification/Additional Guidance

Capital Allocation & CAPEX

No specific clarifications provided in available transcripts.

Volume Expansion Parameters

No detailed guidance available regarding volume targets or expansion decisions.

Export Strategy & Domestic Demand

No detailed discussion on market dynamics or export policies was noted.

Financial Policy/Payout Guidance

No in-depth clarifications on payout policy or balance sheet position provided.

Initiative

Geographic Focus

Timeline

Financial Investment Details

Citation

Odisha Industrial Expansion & Capacity Augmentation

Odisha, India (Angul facility; potential Keonjhar plant)

Angul expansion expected by Q1 FY27; additional expansion initiatives in Odisha planned in the coming years

Additional investment of Rs 70,000 crore statewide; Angul facility expansion allocated Rs 31,000 crore (75% of funds) for increasing crude steel capacity by 65% (to 15.9 MTPA) and finished steel capacity by 83% (to 13.75 MTPA)

Business Standard, Moneycontrol

European Acquisition and Revamp Initiative

Italy (Taranto plant)

Decision expected in the coming weeks

Revised bid raised to approximately €4 billion: proposal includes an asset payment of about €1 billion (approximately €500 million in cash plus €500 million in inventories) and an additional €3 billion slated for revamping the Taranto plant

Economic Times

Aspect

Odisha Initiative

Italian Acquisition Initiative

Geographic Focus

Expansion within Odisha to improve capacity and boost local industrial development

Expansion into the European market by acquiring a distressed steelmaker

Timeline Detail

Angul expansion set for Q1 FY27; other initiatives in the coming years

Decision expected within weeks as part of ongoing tender process

Financial Commitment

Rs 70,000 crore total investment; Rs 31,000 crore capex for Angul facility expansion

Total proposal value approx. €4 billion (with detailed breakdown for asset payment and revamp investments)

Expansion Strategy

Geographic/Market Focus

Key Strategic Segment

Financial/Investment Details

Source Citation

Acquisition of Vitkovice Steel

Europe (Czech Republic)

Green steel manufacturing

Deal size of approximately €150 million (~INR 1,000 crore); marks first European acquisition

Entrepreneur

Bid for Italian Steelmaker (ADI)

Italy

Transformation to energy-efficient EAFs (green steel production)

Bid exceeding USD 1 billion aimed at modernizing ADI's traditional blast furnaces to electric arc furnaces

Wirecable

Renewable Energy Expansion (JIRE)

Domestic and international

Renewable power generation (solar, wind, hybrid, hydro)

Targeting a 5 GW capacity within four years; planned investments of $2.5 billion over five years; acquisitions of operational assets are in progress

Economic Times

Strategic Acquisition Opportunities

Domestic (e.g., Odisha) and overseas

Steel production capacity expansion and green technology upgrades

Focus on becoming the largest steel producer at a single location in Odisha; evaluation of potential acquisition opportunities with disciplined debt levels (tolerance of 1.5x)

MarketScreener

Partnership/Collaboration

Strategic Focus

Description

Financial/Capacity Details

Source Citation

Wind Energy Collaboration with Suzlon

Decarbonization & Energy Security

Suzlon to supply state-of-the-art wind turbines for captive consumption at steel plants in Chhattisgarh and Odisha

Order includes 65 S144 wind turbine generators (3.15 MW each); supports low CO₂ steel production approach

WindInsider

Risk Category

Key Risks (Details)

Mitigation Strategies (Details)

Market and Price Volatility

- Price-taker status in the competitive steel market exposes JSPL to fluctuations in steel prices and economic cycles. - Volatility of domestic vs. import prices impacts profitability (e.g., four-year low in domestic steel prices at ~₹47,000/ton). ICICI Direct Research

- Achieving higher process integration and increasing value-added products to remain insulated from market volatility. - Benefiting from subsequent regulatory measures (including safeguard and anti-dumping duties) to stabilize domestic pricing.

Regulatory and Policy Changes

- Exposure to changes in government policies such as export/import duties impacting raw material and steel prices. CARE Ratings - Ongoing adjustments in environmental and safety regulations.

- Continuous review of regulations with proactive adaptations in strategies. - Aligning ESG initiatives and safety measures to comply with evolving domestic and international regulations (see Jindal Steel ESG Profile).

Raw Material Price Volatility and Supply Risks

- High vulnerability due to dependence on third-party suppliers for iron ore and coking coal. - Fluctuating raw material costs impacting the profitability of steel production. CARE Ratings

- Securing captive supply: Currently 60% of iron ore and 50% of coking coal requirements are met captive. - Operationalisation of captive mines in Australia, Mozambique, Odisha, and Chhattisgarh to boost raw material security.

Environmental and Climate Change Risks

- Increasing scrutiny due to high power, water consumption and carbon emissions. - Climate change effects impacting safety and operational protocols (e.g., extreme weather conditions influencing occupational safety). Transition Pathway Initiative

- Implementing comprehensive ESG strategies including climate change policy oversight through dedicated board committees. - Initiatives like coal gasification technology to reduce carbon emissions and align with domestic and international climate targets. - Enhanced occupational safety and emergency protocols to address climate-related risks. LinkedIn Post

Liquidity and Operational Risk

- Exposure to cash flow volatility due to market cycles and operational risks. - Seasonal fluctuations impacting supply and demand. CARE Ratings

- Maintaining a robust liquidity position with healthy gross cash accruals (above ₹8,000 crore annually) and sizeable cash & cash equivalents (₹3,523.13 crore as of September 30, 2024). - Secured availability of both fund-based and non-fund based facilities, ensuring readiness for short-term exigencies.

Financial Metric

Value (as on referenced date)

Source

Gross Cash Accruals

> ₹8,000 crore annually

CARE Ratings

Cash & Cash Equivalents (including margin money)

₹3,523.13 crore (as on September 30, 2024)

CARE Ratings

Fund-Based Facility

₹1,600 crore

CARE Ratings

Non-Fund Based Facilities

₹16,240 crore

CARE Ratings

Metric

Q4 2024 (Mar 31, 2024)

Q3 2024 (Dec 31, 2023)

Sales

134,869,600,000 INR

117,013,200,000 INR

Cost of Goods Sold

61,902,600,000 INR

44,868,800,000 INR

Gross Profit

72,967,000,000 INR

72,144,400,000 INR

Operating Income

14,495,900,000 INR

22,068,900,000 INR

Net Income

9,334,600,000 INR

19,279,900,000 INR

Metric

FY2024 (Mar 31, 2024)

Sales

500,267,600,000 INR

Cost of Goods Sold

216,922,600,000 INR

Gross Profit

283,345,000,000 INR

Operating Income

73,790,000,000 INR

Net Income

59,433,200,000 INR

Observation

Explanation

Sales vs. Profitability Mismatch

Although Q4 2024 showed roughly 15% higher sales than Q3 2024, the operating and net incomes were significantly lower. This suggests that increased revenue might be accompanied by higher costs and margin pressures. NSE

Fluctuation in Operating Income

The decline in operating income from Q3 to Q4 indicates potential issues in cost control or unexpected increases in operational expenses. This variability highlights the importance of monitoring cost structures closely. NSE

Yearly Consolidation Masks Quarterly Volatility

The robust annual results for FY2024 underline strong overall performance. However, the quarterly discrepancies reflect seasonal or operational challenges that may impact short-term profitability even as annual figures remain strong. NSE

Area

Pattern

Implication

Revenue Growth

Increase in sales observed in Q4 compared to Q3

Growth in top-line revenue may not automatically lead to improved profitability if cost controls and expense management are not equally enhanced.

Cost Structure

Higher cost of goods sold in Q4

Rising input costs or changes in procurement/pricing strategies may affect margins, warranting further cost optimization efforts.

Profit Margins

Significant drop in operating and net margins

Margin compression during periods of higher sales suggests that operational efficiencies and expense oversight are critical for sustaining profitability.

Offering

Description

Timeline

Source

ECO 200 Compact Precision Hydraulic Cylindrical Grinding Machine

A new precision engineering solution designed for small components. Positioned as a game-changer in precision engineering with advanced hydraulic control systems for grinding.

Live demonstration and showcase at Grinding Hub 2024 in Germany

LinkedIn

RoboTape™ System for 3M™ Tape

An automated adhesive taping solution aimed at increasing production efficiency and sustainability by reducing manual taping limitations and material waste.

Near-future launch - detailed timeline not provided

LinkedIn

Service/Technology

Description

Timeline

Source

Advanced Precision Diamond Tools

Tools engineered to reduce turnaround time, minimize chemical usage, and support resharpening services. They integrate sustainability with precision manufacturing.

Details not specified

LinkedIn

Aspect

Details

Investment Amount

$2.4 billion over the next six years Yieh

Current Capacity

8.6 million tons of steel per annum

Target Capacity by 2024

15.9 million tons of steel per annum

Long-term Target Capacity

50 million tons by 2030 LinkedIn

Pellet Capacity Increase

From 15 million tons to 21 million tons by fiscal 2024

Technology Upgrades

Adoption of advanced steel-making technologies and green steel production methods

New Facilities

Establishment of new manufacturing facilities across India

Aspect

Details

Employment

Significant job creation expected

Efficiency

Improved efficiency through technology upgrades

Environmental Impact

Reduced environmental footprint through green steel production methods

Market Position

Strengthening of JSPL's position in the global steel market

Aspect

Details

Debt Reduction

Plan to become a company with no net debt by 2023

Net Debt Reduction Target

Reduce net debt by 40 billion rupees by the end of 2023

Revenue Growth

Expected increase due to higher production capacity

Cost Management

Focus on cost-effective measures to expand operating margins

Time Frame

Expected Impact

Quarter-on-Quarter (QoQ)

Incremental capacity additions leading to gradual revenue growth and operational efficiency improvements

Year-on-Year (YoY)

Significant capacity expansion expected to drive substantial revenue growth and market share increase

Aspect

Details

National Vision

Aligns with India's goal of becoming a global steel powerhouse

Sustainability Goals

Commitment to green steel production and sustainability

Product/Service/Project

Investment / Capex Details

Expected Operational Enhancement

Timeline & Additional Notes

Crude Steel Capacity Expansion

Revised capex increased from Rs 240bn to Rs 310bn; Additional Rs 160bn

Increase capacity from 9.6m tonnes to 15.9m tonnes by FY26-27

Extended commissioning for 2.4m tonnes from FY26 to FY27; near-term headwinds due to heavy capex outlay Business Standard

Value-Added Product Lines (Galvanizing & Colour-Coated)

Part of the incremental capex; specific plants include

600,000-tonne galvanizing and 500,000-tonne colour-coated facilities

Enhanced product mix to target premium and niche markets

Expected to improve profitability and market differentiation, thereby positively impacting long-term revenue ETMarkets

Logistics and Infrastructure Improvements

Investment in coal pipe conveyor, transmission lines, port and railway logistics

Enhances supply chain efficiency, reducing cost and investment recovery period

Improved operational efficiency and competitiveness which supports robust market positioning Reuters

Impact Category

Details

Expected Outcome

Notes

Revenue Growth

Increased production capacity & enhanced product mix

Long-term revenue uplift from higher sales volume and premium pricing

Conservative forecast estimates revenue to grow at an 18% annual rate over the next 3 years Simply Wall St

Market Position

Diversification into value-added segments and efficient logistics

Strengthened competitiveness and improved market share

Upgraded product portfolio positioned to capture market segments less price sensitive

Short-term Financial Impact

Heavy capex outlay & deferred commissioning timelines

Potential near-term headwinds including increased debt and cash outflows

Trades off immediate profitability but set for long-term benefits as projects mature

Challenge

Description

Potential Impact on Earnings

Citation

Economic Downturn

Global or domestic recessions could lower infrastructure spending and overall demand for steel products.

Reduced sales volumes and pricing pressures may depress earnings.

ET Manufacturing

Supply Chain Disruptions

Geopolitical tensions, raw material shortages, and transportation delays inherent in global supply chains.

Increased costs, production delays, and increased operational risk can negatively affect margins.

Thomson Reuters

Regulatory & Trade Compliance

Evolving trade regulations, tariff changes and stricter oversight (e.g., EU-related measures) might apply.

Increased compliance costs and altered sourcing strategies may impact profitability.

Fractory

Preparedness Aspect

Initiatives/Measures

Strength & Implications

Citation

Technology Integration

Organized JSP TechCatalyst 2025, focusing on digital transformation (AI, IoT, digital twins) to improve processes.

Enhances operational efficiency and resilience against disruptions.

ET Manufacturing

Operational Flexibility

Emphasis on supply chain optimisation and process innovations to cope with market and logistical uncertainties.

Improves ability to adjust to dynamic challenges and maintain earnings.

ET Manufacturing

Financial Resilience

Robust financial performance in FY 2023 with strong operating income (INR 72,439,400,000) and net income (INR 39,740,900,000).

Provides buffer and investment capacity to mitigate future downturns and supply chain issues.

Company Financials

Metric

Value (INR)

Sales

527,111,800,000

Operating Income

72,439,400,000

Net Income

39,740,900,000

Gross Profit

285,138,700,000

EBITDA

99,917,900,000

Initiative

Technologies / Focus Areas

Description

Source

JSP TechCatalyst 2025

Artificial Intelligence (AI), digital twins, IoT, robotics, AR/VR, blockchain

A two-day conference and exhibition designed to expose and integrate advanced technologies into steelmaking processes. Focus areas include process improvement, digital transformation, and sustainable, green innovations.

Economic Times

Focus Area

Details

Implementation Approach

Source

Digital Transformation

Adoption of AI, digital twins, IoT and robotics for improved operational processes

Through tech showcase events and direct integration into steelmaking processes

Economic Times

Green & Sustainable Steel

Integration of hydrogen-based and eco-friendly production methods aligning with global environmental goals

Prioritized in discussions and demonstrations at industry forums, aligning with self-reliance and sustainability goals

Economic Times

Workforce Empowerment

Use of advanced technological tools to enhance skills and expertise among engineers

Through hands-on exhibits and expert-led sessions to bridge technology with workforce development

Economic Times

Aspect

Details

Source

Integrated Approach

R&D is embedded within broader technological and operational enhancement programs rather than as a standalone expenditure category.

Economic Times

Technology & Sustainability

Emphasis on leveraging digital innovation alongside green technologies to drive next-generation products and services in steelmaking.

Economic Times

Knowledge Dissemination

Use of conferences and tech events to expose teams to cutting-edge industry trends, fostering internal R&D collaboration and innovation.

Economic Times

Aspect

Available Information

Reported R&D Milestones/Achievements

No specific research and development milestones or achievements were disclosed in the current earnings period.

Future Product Innovation Alignment

There are no details provided on how current R&D achievements align with the company’s future product innovation plans.

Financial Data Related to Earnings

The earnings release, available on NSE, reported financial figures such as EPS, but it did not include R&D related details.

Additional Context

The available report focused on overall financial performance, with no emphasis on R&D milestones or innovation projections.