Jindal Steel Ltd.record ₹19,448 Cr sales, EBITDA +34%, debt ratio 1.51x

Jindal Steel's Q2 FY27 call, held on 23 October 2026, reported record gross revenue of ₹19,448 crore, up 44%, on a record Q2 sales volume of 2.38 million tons, with adjusted EBITDA of ₹2,504 crore, up 34% on the year, or ₹10,529 a ton, and profit after tax of ₹771 crore against ₹844 crore in Q1. Net debt fell ₹1,141 crore to ₹14,786 crore, and net debt to EBITDA improved from 1.71 times to 1.51 times, just above the 1.5 times target.

The 192-km iron ore slurry pipeline was commissioned, later than hoped, and is expected to save ₹700 a ton. The new Angul blast furnace is at about 10,000 tons a day against a September goal of 11,000 to 12,000, and management aims for 6 million tons of production in H2. Coking coal is expected to rise $20 to $25 a ton in Q3. The company switched to coal gas during a propane shortage. Of 9 earlier promises, 1 was met, 5 are on track, 1 is partly met and 2 were delayed.