JINDAL STEEL Quarterly Results Analysis-Q2FY2027

Financial performance and key operating metrics (Consolidated) : Operating Revenue for Q2FY27 is Rs. 16,679 Crs., 42.72% growth YoY, Total Income is Rs. 16,704 Crs., 42.67% growth YoY, Gross Profit is Rs. 8,438 Crs., 31.99% growth YoY, EBITDA is Rs. 2,504 Crs., 33.55% growth YoY, But EBITDA Margin is 14.99% declined by 102 Basis points YoY, PBT Rs. 1,084 Crs., 10.31% growth YoY, PAT Rs. 771 Crs., 21.35% growth YoY. On QoQ basis Op. Revenue is up by 7.73%, Total Income is up by 7.76%, But EBITDA is down by 6.11%, PBT is down by 10.05% PAT is also down by 8.67%. Q-o-Q moderation primarily to “higher raw materials and operating costs,” despite higher volumes and improved mix. Sales volume: 2.38 MnT, 27.27% growth YoY (record Q2 sales volume), Domestic Sales Volume 2.19 MnT, 29.59% growth YoY. Net debt: down ₹1,141 cr to ₹14,786 cr (Sep end) from ₹15,927 cr (Jun end). Q3 coking coal impact expected $20–25/ton; freight elevated due to Middle East conditions; other expenses should normalize post-monsoon. Slurry pipeline: ₹700/ton saving on 20 ktpd begins, Coal gasification: structural reduction in downstream fuel cost versus propane. Commercial mix is shifting structurally toward flats/plates, reducing cyclical TMT exposure and targeting higher NSR.