Jindal Steel Q3 Results: Revenue rises 11%, margin contracts; volumes improve QoQ

Jindal Steel Ltd

reported a mixed operating performance for the December quarter, with revenue growth supported by higher steel volumes, even as operating margins contracted sharply amid cost pressures.

Revenue for the quarter rose 10.9% year-on-year to ₹13,026 crore, broadly in line with Street expectations. However, EBITDA declined 25.2% year-on-year to ₹1,632 crore, with operating margin falling to 12.5% from 18.6% in the same quarter last year, undershooting the CNBC-TV18 poll estimate of 12.8%.

Net profit for the quarter declined 80% year-on-year to ₹188.5 crore, compared with ₹951 crore a year ago and lower than the CNBC-TV18 estimate of ₹430 crore.

Operationally, the company reported a strong sequential improvement in volumes. Steel production increased 25% quarter-on-quarter to 2.51 million tonnes, while steel sales rose 22% quarter-on-quarter to 2.28 million tonnes.

Consolidated net debt stood at ₹15,443 crore at the end of the quarter, higher than ₹14,156 crore as of September 30, 2025. Capital expenditure during the quarter was ₹2,076 crore, primarily towards expansion projects at Angul.

On the project front, Jindal Steel operationalised SBPP Module-1 (525 MW) during the quarter and synchronised SBPP Module-2 (525 MW) with the grid in January 2026, completing the turnaround of the 1,050 MW power plant acquired under the IBC framework. The company also commissioned CCL-1 with a capacity of 0.2 MTPA in January 2026, which is expected to support product diversification and margin enhancement over time.

The Utkal B1 mine was opened during the quarter, with overburden removal currently underway. The 3 MTPA Basic Oxygen Furnace-III at Angul remains on track for commissioning in Q4 FY26, which will take steelmaking capacity to 15.6 million tonnes, while other projects continue to progress as scheduled.

Ahead of the earnings announcement, shares of Jindal Steel Ltd closed at ₹1,125.20 on the NSE, down 2.97%.