Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹10,675.00 last close on 9 Oct 2026 +2.39%
Research updated
Jindal Steel & Power Ltd.
NSE: JINDALSTELBasic MaterialsSteel
- Last close
- ₹1,016.70
- Day change
- +₹6.70 (+0.66%)vs
- Market cap
- ₹1.03 lakh crIndian rupees
- Research updated
- 1 report
About Jindal Steel & Power
Jindal Steel & Power Ltd. is a key player in the steel and energy sectors, primarily producing a comprehensive range of steel products. The company's primary function is to manufacture sponge iron, steel, and electricity generation, which supports the infrastructure and manufacturing industries globally. Jindal Steel & Power operates in vital industries such as construction, automotive, power generation, and industrial machinery. The company's steel products, including plates, hot-rolled and cold-rolled coils, and structurals, are integral to various engineering and construction projects worldwide. Additionally, Jindal Steel & Power is involved in coal mining and power generation, making it a significant player in India's energy landscape. Its role in the financial market is underscored by its influence on the commodities sector, both domestically and internationally, reflecting its capacity to impact steel supply chains and energy markets. Established with a vision to innovate and contribute to sustainable growth, Jindal Steel & Power continues to foster advancements in infrastructure development.
- Sector
- Basic Materials
- Industry
- Steel
- Listing
- NSE: JINDALSTEL
- Employees
- 5,796
- Headquarters
- New Delhi, India
- ISIN
- INE749A01030
- Website
- jindalsteel.in
Public research · Report of
Business model & financial foundation
Jindal Steel (NSE: JINDALSTEL), Integrated steel (flat and long products, captive power and mining): revenue of ₹53,225 crore in FY26 (+7.0% on FY25), an EBITDA margin of 18.1%, net profit of ₹3,367 crore and net debt of ₹16,019 crore.
- Revenue, FY26 (₹ crore)
- 53,225
- consolidated
- Revenue growth, FY26
- +7.0%
- on FY25
- EBITDA margin, FY26
- 18.1%
- EBITDA (reported, before other income) / revenue
- Net profit, FY26 (₹ crore)
- 3,367
- to owners
- Return on equity, FY26
- 6.8%
- on average equity
- Net debt, FY26 (₹ crore)
- 16,019
- Net debt (company-reported)
- Market capitalisation (₹ crore)
- 1,15,037
- at the close of 12 Oct 2026
Company profile
Jindal Steel is an integrated steel producer with 15.6 MTPA of capacity at Angul (Odisha, 12.0 MTPA) and Raigarh (Chhattisgarh, 3.6 MTPA) after the FY26 Angul expansion, making flat products (HRC, CRM, plates) and long products (rails, TMT, structurals). It runs captive coal and iron-ore mines, captive power and a coal gasification-based DRI route, and imports coking coal. FY26 production was 9.25 MT and sales 8.68 MT.
| Item | Value |
|---|---|
| Legal name | Jindal Steel Limited (formerly Jindal Steel & Power Limited) |
| Exchange and ticker | NSE: JINDALSTEL; BSE: 532286 |
| ISIN | INE749A01030 |
| Sector | Basic Materials |
| Industry | Integrated steel (flat and long products, captive power and mining) |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Lodha & Co. LLP |
| Market capitalisation | ₹1,15,037 crore (12 Oct 2026) |
| Shares outstanding | 101.67 crore shares (FY26) |
| Price | ₹1,017 (close, 12 Oct 2026) |
| 52-week range | ₹977.1 - ₹1,306 (to 12 Oct 2026) |
| Website | https://www.jindalsteel.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Jindal Steel Odisha Ltd | 100% | 6 MTPA steel plant at Angul (expansion), project loan guaranteed by parent |
| JSP Metallics Ltd | 99% | Steel operations subsidiary |
| Jindal Paradip Port Ltd | 51% | Port at Paradip, phased commissioning FY27 |
| Jindal Steel (Mauritius) Ltd | 100% | Overseas holding company; negative net worth, emphasis of matter |
| Wollongong Resources (Australia) | 100% | Coking coal mining, impaired FY25 and FY26 |
| Jindal Mining SA | 73.94% | South Africa coal |
| Jindal Synfuels Ltd | 70% | Coal gasification / synfuels |
| Urtan North Mining Co | 66.67% | Mining |
Subsidiary list from ICRA rationale Oct 2025 (based on FY25 annual report), not AOC-1; one reportable segment (steel).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 62.69% | 62.69% | 62.69% | |
| Promoter holding pledged | 10.87% | 10.91% | 9.92% | |
| Foreign institutions | 9.02% | 9.20% | 8.84% | |
| Domestic institutions | 19.09% | 19.13% | 19.52% | |
| of which mutual funds | 14.42% | 14.49% | 15.17% | |
| Retail | 5.50% | 5.29% | 5.35% | |
| Other | 3.70% | 3.69% | 3.60% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Jindal Steel (NSE: JINDALSTEL; renamed from Jindal Steel & Power) is an integrated steelmaker with 15.6 MTPA installed after the Angul expansion completed in Mar-26 (Angul 12.0, Raigarh 3.6). It sells flat products (HRC, CRM, plates) and long products (rails, TMT, structurals) mainly to the domestic market; exports were 6.8% of FY26 sales. It controls captive power, iron ore and thermal coal (Utkal, Gare Palma, Roida) and a coal-gasification DRI route, but imports most of its coking coal, so its margin is the spread between domestic steel prices and seaborne coking coal. One reportable segment (steel). The 6 MTPA expansion sits in wholly owned Jindal Steel Odisha, whose project loan the parent guarantees.
| Peer | Why the dossier compares them |
|---|---|
| JSW Steel (JSWSTEEL) | Largest Indian integrated flat steel producer; same domestic HRC price exposure and imported coking coal |
| Tata Steel (TATASTEEL) | Integrated Indian steelmaker with captive iron ore; India business is the closest margin comparator |
| Steel Authority of India (SAIL) | State-owned integrated producer with flat and long mix and captive ore |
| NMDC Steel (NSLNISP) | Recent 3 MTPA greenfield integrated plant, comparable ramp-up economics |
| Shyam Metalics (SHYAMMETL) | Eastern India long-steel and ferro producer, overlaps JSPL's long products |
| Lloyds Metals & Energy (LLOYDSME) | Captive iron-ore miner integrating into steel, competes for the same investor theme |
| Jindal Stainless (JSL) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (net of GST and captive sales) | 69,647 | 52,711 | 50,027 | 49,765 | 53,225 |
| Cost of revenue (vendor classification) * | 49,566 | 24,197 | 21,692 | 23,560 | 37,573 |
| Other operating costs (vendor classification) * | 4,243 | 17,553 | 16,846 | 18,416 | -3,615 |
| EBITDA (vendor classification) * | 16,405 | 9,992 | 10,357 | 9,653 | 9,836 |
| EBIT * | 12,996 | 5,931 | 7,536 | 5,656 | 6,010 |
| Finance cost (net) | 1,823 | 1,446 | 1,294 | 1,312 | 1,517 |
| Profit before tax | 11,173 | 4,485 | 6,241 | 4,344 | 4,413 |
| Total tax expense | 2,925 | 1,292 | 298.0 | 1,498 | 1,052 |
| Net profit after tax (incl. NCI) | 6,766 | 3,974 | 5,943 | 2,846 | 3,361 |
| Diluted EPS (₹) | 56.40 | 31.54 | 59.15 | 27.83 | 33.16 |
| COGS (materials + traded goods + inventory change) | 22,020 | 23,560 | 25,495 | ||
| Employee benefits expense | 1,288 | 1,184 | 1,251 | ||
| Other expenses net of cost of captive sales | 16,518 | 15,527 | 16,820 | ||
| EBITDA (reported, before other income) | 10,201 | 9,494 | 9,660 | ||
| Other income | 156.6 | 167.5 | 328.2 | ||
| Depreciation and amortisation | 2,822 | 2,768 | 3,171 | ||
| Exceptional items gain/(loss) | 0.00 | -1,229 | -871.4 | ||
| Share of profit/(loss) of JVs and associates | -0.10 | -9.07 | -15.1 | ||
| Profit attributable to non-controlling interest | 4.90 | 33.6 | -6.51 | ||
| Profit attributable to owners of the equity | 5,938 | 2,812 | 3,367 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity (incl. NCI) | 37,095 | 39,019 | 44,751 | 47,419 | 51,841 |
| Total borrowings (current + non-current) | 13,502 | 13,046 | 15,896 | 17,842 | 22,268 |
| Cash, bank balances and current investments | 3,463 | 4,183 | 4,694 | 5,885 | 6,249 |
| Trade receivables | 1,264 | 974.5 | 1,665 | 1,363 | 1,729 |
| Inventories | 7,281 | 5,887 | 7,077 | 5,610 | 8,023 |
| Trade payables | 5,252 | 4,700 | 4,683 | 5,713 | 8,778 |
| Net property, plant and equipment * | 10,468 | 10,639 | 45,790 | 11,893 | 14,974 |
| Capital work in progress * | 1,736 | 7,106 | 8,872 | 16,545 | 8,201 |
| Total assets * | 76,644 | 69,427 | 78,715 | 85,839 | 97,762 |
| Net debt (company-reported) | 11,203 | 11,957 | 16,019 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 13,561 | 8,480 | 3,868 | 8,781 | 7,204 |
| Free cash flow (vendor definition) * | 13,103 | 898.9 | -2,509 | 216.9 | -2,370 |
| Dividends paid (the provider's sign: an outflow is negative) * | -98.4 | -204.6 | -200.5 | -199.9 | -204.2 |
| Capital expenditure (purchase of PPE incl CWIP) | -2,872 | -6,402 | -8,427 | -10,490 | -9,574 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 102.01 | 100.63 | 100.40 | 101.05 | 101.67 |
| Adjusted EBITDA (company; excl. one-off FX gains) | 10,231 | 9,570 | 9,099 | ||
| Adjusted EBITDA per tonne (₹) | 12,008 | 10,482 | |||
| Steel production (consolidated) (mt) | 7.92 | 8.12 | 9.25 | ||
| Steel sales (consolidated) (mt) | 7.67 | 7.97 | 8.68 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (net of GST and captive sales) | 11,213 | 11,751 | 13,183 | 12,294 | 11,686 | 13,027 | 16,218 | 15,482 |
| Cost of revenue (vendor classification) * | 5,147 | 5,149 | 6,412 | 5,120 | 6,745 | 8,336 | 7,633 | |
| Other operating costs (vendor classification) * | 3,659 | 4,179 | 4,314 | 3,912 | 4,408 | 4,678 | 4,892 | |
| EBITDA (vendor classification) * | 2,235 | 2,210 | 2,333 | 3,036 | 1,639 | 3,195 | 2,679 | |
| EBIT * | 1,539 | 1,512 | 413.4 | 2,314 | 745.3 | 1,516 | 1,753 | |
| Finance cost (net) | 325.9 | 312.8 | 341.6 | 296.6 | 371.3 | 406.5 | 442.3 | 548.2 |
| Profit before tax | 1,213 | 1,199 | 71.8 | 2,018 | 982.3 | 338.9 | 1,074 | 1,205 |
| Total tax expense | 352.8 | 248.5 | 375.4 | 521.9 | 347.2 | 150.3 | 32.9 | 360.8 |
| Net profit after tax (incl. NCI) | 860.5 | 950.9 | -303.6 | 1,496 | 635.1 | 188.6 | 1,041 | 843.8 |
| Diluted EPS (₹) | 8.49 | 9.39 | -3.35 | 14.73 | 6.28 | 1.87 | 10.30 | 8.34 |
| COGS (materials + traded goods + inventory change) | 5,147 | 5,149 | 6,412 | 5,120 | 5,293 | 6,745 | 8,336 | 7,633 |
| Employee benefits expense | 275.1 | 308.7 | 298.3 | 304.7 | 321.1 | 303.3 | 321.8 | 367.3 |
| Other expenses net of cost of captive sales | 3,591 | 4,109 | 4,202 | 3,864 | 3,990 | 4,345 | 4,621 | 4,821 |
| EBITDA (reported, before other income) | 2,200 | 2,184 | 2,271 | 3,006 | 2,081 | 1,634 | 2,939 | 2,660 |
| Other income | 34.8 | 26.4 | 71.8 | 30.4 | 21.9 | 9.53 | 266.4 | 19.2 |
| Depreciation and amortisation | 696.0 | 698.1 | 690.6 | 721.5 | 749.5 | 838.7 | 861.8 | 926.4 |
| Exceptional items gain/(loss) | 0.00 | 0.00 | -1,229 | 0.00 | 0.00 | -54.6 | -816.8 | 0.00 |
| Share of profit/(loss) of JVs and associates | 0.00 | 0.08 | -9.15 | -0.03 | -0.02 | -4.72 | -10.4 | -0.38 |
| Profit attributable to non-controlling interest | -0.43 | 0.40 | 35.8 | 2.00 | -3.15 | -1.85 | -3.51 | -0.99 |
| Profit attributable to owners of the equity | 860.9 | 950.5 | -339.4 | 1,494 | 638.2 | 190.4 | 1,045 | 844.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 56.8% | -24.3% | -5.1% | -0.5% | 7.0% |
| EBITDA margin | 20.4% | 19.1% | 18.1% | ||
| Net margin | 11.9% | 5.7% | 6.3% | ||
| Return on equity | 14.2% | 6.1% | 6.8% | ||
| Return on capital employed | 23.3% | 11.6% | 13.4% | 9.0% | 8.6% |
| Return on assets | 8.0% | 3.4% | 3.7% | ||
| Net debt (₹ crore) | 11,203 | 11,957 | 16,019 | ||
| Net debt / EBITDA | 1.10x | 1.26x | 1.66x | ||
| Interest cover | 7.13x | 4.10x | 5.82x | 4.31x | 3.96x |
| Asset turnover | 0.90x | 0.72x | 0.68x | 0.60x | 0.58x |
| Receivable days | 7 | 7 | 12 | 10 | 12 |
| Inventory days (on revenue) | 38 | 41 | 52 | 41 | 55 |
| Payable days (on revenue) | 28 | 33 | 34 | 42 | 60 |
| Cash conversion | 0.65x | 3.12x | 2.14x | ||
| Capex intensity | 4.1% | 12.1% | 16.8% | 21.1% | 18.0% |
| Free cash flow (₹ crore) | 10,689 | 2,078 | -4,559 | -1,708 | -2,370 |
| Dividend payout | 3.4% | 7.1% | 6.1% | ||
| EPS, diluted (₹) | 56.40 | 31.54 | 59.15 | 27.83 | 33.16 |
| Book value per share (₹) | 363.7 | 387.7 | 445.7 | 469.3 | 509.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (reported, before other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (company-reported); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (reported, before other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Jindal Steel & Power
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Prices are the last close on the NSE, 9 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 12 Oct 2026.
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