India: Jindal Steel's volumes hit all-time high in Q4FY26 as new capacities ramp up

• Production and sales hit record highs sequentially and annually
  
  
• EBITDA recovers sharply q-o-q; BOF3 commissioning expands capacity to 15.6 MTPA
  
  

Jindal Steel's steel production reached 2.65 mnt in Q4FY26, rising 6% q-o-q and 26% y-o-y, while steel sales climbed to 2.62 mnt, up 15% q-o-q and 23% y-o-y, both the highest ever quarterly figures for the company. In FY26, production grew 14% y-o-y to 9.25 mnt and sales grew 9% y-o-y to 8.68 mnt, also record annual highs. Consolidated Gross Revenue for Q4FY26 stood at INR 19,399 crore up by 28% q-o-q. The company incurred a capex of INR 2,573 crore during the quarter.

Project update Angul expansion

• BOF2 and BOF3 each 3.0 MTPA: Successfully commissioned during Q4FY26, raising the company's crude steel making capacity to 15.6 MTPA.
  
  
• Blast Furnace - Bhagavati Subhadrika (4.6 MTPA): Commissioned in FY26; ramp-up progressing steadily.
  
  
• CRM Complex (1.2 MTPA): Fully operationalised in FY26.
  
  
• SBPP Power Plant: Both modules (2 x 525 MW) operationalised. Coal pipe conveyor belt also commissioned.
  
  
• Iron Ore Security: Jindal Steel declared preferred bidder for the Thakurani - A1 iron ore block, further strengthening raw material security.
  
  

Other highlights

Steel production hits record high: Consolidated steel production reached 2.65 mnt in Q4FY26, up 6% q-o-q from 2.51 mnt in Q3FY26 and up 26% y-o-y from 2.11 mnt in Q4FY25. For FY26, full-year production was 9.25 mnt, a 14% increase over 8.12 mnt in FY25. The ramp-up of the newly commissioned BOF3 and Blast Furnace capacity drove the volume uplift.

Steel sales surge q-o-q and y-o-y: Consolidated steel sales for Q4FY26 stood at 2.62 mnt, up 15% q-o-q from 2.28 mnt in Q3FY26 and up 23% y-o-y from 2.13 mnt in Q4FY25. For FY26, full-year sales were 8.68 mnt, a 9% increase over 7.97 mnt in FY25. The share of domestic sales was 95% in Q4FY26, up from 94% in Q3FY26, while export share was 7% for the full year FY26 vs. 6% in FY25. Value-added steel (VAS) constituted 61% of sales in Q4FY26.

EBITDA recovers strongly q-o-q: Consolidated Adjusted EBITDA for Q4FY26 was INR 2,647 crore, up 66% q-o-q from INR 1,593 crore in Q3FY26, also up by 18% y-o-y from INR 2,251 crore in Q4FY25. For FY26, Adjusted EBITDA was INR 9,099 crore, a decline of 3% y-o-y from INR 9,339 crore in FY25.

Profitability: The company reported a consolidated PAT of INR 1,041 crore for Q4FY26, compared with INR 189 crore in Q3FY26. For the full year FY26, PAT was INR 3,361 crore against INR 2,846 crore in FY25.

Revenue performance: Gross Revenue for Q4FY26 was INR 19,399 crore increased by 28% q-o-q as well as 25% y-o-y. Net Revenue stood at INR 16,484 crore for the quarter. For FY26, Consolidated Gross Revenue was INR 62,412 crore, up 8% y-o-y from INR 58,044 crore in FY25.