Jindal Steel Q2 results largely in-line with estimates; profit declines, revenue up 4%

Jindal Steel, (formerly Jindal Steel & Power Ltd) reported second-quarter results largely in line with Street expectations. The company posted a consolidated net profit of ₹638 crore, marginally below the CNBC-TV18 poll estimate of ₹640 crore and down 25.9% year-on-year from ₹861 crore.

Revenue from operations rose 4.2% to ₹11,685 crore, above the poll estimate of ₹11,154.6 crore, while EBITDA stood at ₹2,080.5 crore versus an estimate of ₹1,962 crore.

EBITDA margin came in at 17.8%, nearly matching expectations of 17.6%, but lower than 19.6% in the same quarter last year.

The company’s total capex for the quarter stood at ₹2,699 crore, primarily driven by expansion projects at Angul.

During the period, Jindal Steel commissioned the country’s second-largest blast furnace—Bhagavati Subhadrika BF-II—at its Angul plant, with a rated capacity of 4.6 million tonnes per annum (MTPA). This more than doubled the site’s hot-metal capacity from 4.25 to 8.85 MTPA.

Additionally, the company commissioned a 3 MTPA Basic Oxygen Furnace (BOF-II) at Angul, raising crude steel capacity there from 6 MTPA to 9 MTPA, and overall steelmaking capacity from 9.6 to 12.6 MTPA.

With both BF-II and BOF-II now synchronised, Angul remains on track to reach 12 MTPA and take JSPL’s total capacity to 15.6 MTPA within FY26.

The board also approved the appointment of Gautam Malhotra as Chief Executive Officer and Key Managerial Personnel, effective October 28, 2025.

Ahead of the results, shares of Jindal Steel closed 3.93% higher at ₹1,074.90 on the NSE.