Jindal Steel Q2 FY27 Earnings Review Update

Financial Performance Overview Jindal Steel delivered robust top-line and bottom-line growth for the second quarter of FY27, driven by higher sales volumes and enhanced product realizations. Revenue: Surged 43% year-over-year (YoY) to ₹16,679 crore, up from ₹11,686 crore in Q2 FY26. For the first half of FY27, gross revenue reached ₹37,282 crore. Profitability: Net profit rose 21% YoY to ₹774 crore, compared to ₹638 crore in the corresponding quarter last year. Operating Metrics: Earnings before interest, tax, depreciation, and amortization (EBITDA) grew 24% YoY to ₹2,573 crore. However, EBITDA margins contracted by 240 basis points to 15.4% from 17.8% a year ago, reflecting broader industry cost pressures despite a sequential improvement in average selling prices. Operational Highlights Volume: Q2 crude steel production stood at 2.40 million tonnes, with sales closely tracking at 2.38 million tonnes. H1 FY27 production and sales reached 4.79 MT and 4.61 MT, respectively. Sales Mix Optimization: The sequential improvement in average selling prices was supported by a strategic shift toward a higher share of premium flat steel products and a deliberate reduction in thermo-mechanically treated (TMT) long steel products. Domestic Focus: Domestic consumption remained the primary growth engine, accounting for 92% of total sales in Q2, a slight increase from 91% in the preceding quarter. Strategic Developments & Balance Sheet Logistics Infrastructure: The company successfully commissioned the 192-km Barbil–Angul slurry pipeline, backed by an 18 MTPA iron ore slurry-making and pumping complex. This integrated asset will significantly optimize raw-material transportation, lower fuel consumption, and reduce operational emissions.