Jindal Steel Limited · NSE:JINDALSTEL
Jindal Steel — Q3 FY26 Earnings Presentation
26 slides from Jindal Steel's earnings presentation, Jan 30, 2026
Slide 1: Exchange intimation letter - Regulation 30
January 30, 2026 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department, Exchange Plaza, 5th Floor, 1st Floor, New Trading Ring, Plot No. C/1, G Block Rotunda Building, P J Towers, Bandra-Kurla Complex, Bandra (E), Dalal Street, Fort, Mumbai – 400 001 Mumbai-400051 co
Slide 2: Q3FY26 Earnings Presentation
Jindal Steel Ltd. Jindal Jindal (erstwhile SteelSteel Ltd.& Power Ltd.) (erstwhile Jindal Steel & Power Ltd.) Q3FY26 Earnings Presentation Q2FY26 Earnings Presentation 30th January 2026 28th October 2025
Slide 3: Safe harbour statement
Safe harbour statement This presentation may contain certain forward looking statements concerning steel sector, economy and Jindal Steel Limited future business prospects and profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from
Slide 4: Jindal Steel – Building a Nation of our Dreams
Jindal Steel – Building a Nation of our Dreams Growth Focussed Strong Financials Sustainability Driven Industry 4.0 & AI • Scaling up world-class, integrated • Best in class balance sheet • World's first and largest coal • Enterprise AI Transformation — steel production capacity gasification plant f
Slide 5: World class assets – On the cusp of transformative expansion
World class assets – On the cusp of transformative expansion Iron Ore Iron Making Liquid Steel Finished Steel 13.61 ✓ # 17.02 15.60 13.75 MTPA MTPA MTPA MTPA 15.02 ✓ # 13.25 ✓ # 10.61 10.42 9.60 12.60 ✓ # 7.25 MTPA MTPA MTPA MTPA Iron-ore Steel Melting Shop (SMS) Flats Direct Reduce Iron (DRI) 3.11
Slide 6: Angul expansion update
Angul expansion update SBPP (525 MW x 2) Coal pipe conveyor CRM complex CGL - 1 commissioned Both modules operationalised Belt Laying Work Completed in Jan’26 Progressive commissioning of multiple lines in Q4FY26 Utkal B1 Slurry pipeline RMHS BOF3 & PP2 Utkal B1 mine has opened, 94% pipeline complet
Slide 7: Performance highlights
Consolidated performance highlights – Q3FY26 INR 15,172 cr INR 1,593 cr INR 189 cr Performance highlights Gross Revenue Adjusted EBITDA Profit after Tax 2.51 MT 2.28 MT 1.72x Production Sales Net Debt to EBITDA Other key highlights • Highest ever production (up 25% QoQ) and sales (up 22% QoQ) • Oper
Slide 8: CY26 demand outlook – India continues to lead
CY26 demand outlook – India continues to lead World China India Industry update 1,780 1% 3% 860 -2% -1% 0% 180 11% 9% 9% 12% 0% -2% -5% 1,760 845 -5% 165 6% -2% 1,740 830 -10% 150 0% -7% 1,749 1,749 1,773 840 1,720 815 -15% 135 -6% 857 148 831 176 161 1,700 -12% 800 -20% 120 -12% CY24 CY25E CY26E CY
Slide 9: China's exports at a record as production continues to outpace demand
China’s exports at a record as production continue to outpace demand Crude Steel Production Steel Demand (Apparent Steel Consumption) Industry update 1,100 8% 7% 6% 9% 1200 9% 8% 9% 18% 1,000 4% 0% -1% -2% 1% 4% 1000 1% -3% 8% 900 -1% -4% -3% -3% -2% -3% -6% -6% -4% -1% 800 -2% 800 761 767 794 866 9
Slide 10: India Steel Scenario - Q3FY26/9MFY26
India Steel Scenario - Q3FY26/9MFY26 Crude Steel Production (mt) Finished Steel Consumption (mt) • Crude steel/finished steel production grew 2%/0.6% on a QoQ basis. Flat Industry update +11% steel/Long steel production was up +7% 0.7%/0.4% during the same period 124.6 119.6 111.8 111.7 +10% • Long
Slide 11: Rising input cost and subdued steel prices compressed spreads in Q3FY26
Rising input cost and subdued steel prices compressed spreads in Q3FY26 HRC: India domestic and Export FOB Coking Coal: Premium HCC (CNF Australia origin) • Domestic steel prices have HCC (USD/t) Q3FY25 Q2FY26 Q3FY26 Abs YoY Abs QoQ recovered since mid Dec’25 after Industry update HRC (INR/t) Q3FY25
Slide 12: Operational highlights – Q3FY26
Operational highlights – Q3FY26 Crude Steel Production (mt) Sales (mt) Operational highlights Flats as a % of +10% 41% 49% 50% 44% 48% total sales volume 6.60 +4% 6.01 +26% 6.06 +20% 5.85 +25% +22% 2.51 1.99 2.00 1.90 2.28 1.87 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Do
Slide 13: Diversified sales mix anchored in value-added offerings
Diversified sales mix anchored in value-added offerings Sector wise Sales distribution TMT Sales Distribution, in ‘000 tonnes Operational highlights Number of 4,233 5,042 5,545 4% 3% 3% dealers 12% 11% 12% 509 449 522 11% 19% 20% 31% 32% 31% 52% 51% 54% 43% 35% 34% 48% 49% 46% Q3FY25 Q2FY26 Q3FY26 Q
Slide 14: Strengthening the value-added portfolio through new product rollouts
Strengthening the value-added portfolio through new product rollouts Operational highlights Galvanized Coil for Roofing High Carbon Grade in Clutch Plate Auto grades in CV Applications High Tensile Steel for Strapping Boiler & Pressure Vessel HRPO Grade in Racking System Image Source - Google Slide
Slide 15: Supporting India's infrastructure build-out
Supporting India’s infrastructure build-out Operational highlights Ratle Hydroelectric Power Project Pune Metro Rail Dibang Hydroelectric Power Project Mumbai Metropolitan Region Nagpur Metro Rail Corporation Ltd. Versova-Bandra Sea Link Development Authority Partnering India’s nation-building journ
Slide 16: Social impact across key themes
Social impact across key themes Environment and agriculture Health & Nutrition Sports Sustainable livelihood & women empowerment CSR • Cultivated 341 acres across • Facilitated Health Care for • 1,900+ athletes trained across • Empowered 3,200+ Angul, Barbil and Patratu with 46,505 mothers and child
Slide 17: Awards and recognitions
Awards and recognitions • BCC&I Social Leadership Award 2025 for Health, Community Development & Women Development (Kishori Express) • Brand Honchos Indian Social Impact Award 2025 Awards for Best Rural Health Care Impact of the Year (Project Vatsalya) • Rotary International (National) CSR Award 202
Slide 18: Q3FY26 Highlights – Consolidated
Q3FY26 Highlights – Consolidated Financials ₹ 15,172 cr ₹ 1,593 cr ₹ 6,981 ₹ 189 cr Gross revenue* Adjusted EBITDA# Adjusted EBITDA per ton PAT Q2FY26 - ₹ 13,505 cr Q2FY26 - ₹ 1,875 cr Q2FY26 - ₹ 10,010 Q2FY26 - ₹ 635 cr Q3FY25 - ₹ 13,707 cr Q3FY25 - ₹ 2,133 cr Q3FY25 - ₹ 11,209 Q3FY25 - ₹ 951 cr 2.
Slide 19: 9MFY26 Highlights – Consolidated
9MFY26 Highlights – Consolidated Financials ₹ 43,013 cr ₹ 6,452 cr ₹ 10,650 ₹ 2,320 cr Gross revenue* Adjusted EBITDA# Adjusted EBITDA per ton PAT 9MFY25 - ₹ 42,519 cr 9MFY25 - ₹ 7,088 cr 9MFY25 - ₹ 12,121 9MFY25 - ₹ 3,149 cr 6.60 MT 6.06 MT ₹ 15,443 cr 1.72x Steel Production Steel Sales Net Debt Ne
Slide 20: Q3FY26 Net debt and EBITDA bridge
Q3FY26 Net debt and EBITDA bridge Consolidated Net Debt Movement (INR cr) Financials 14,156 -1,062 15,443 2,341 -152 160 As at 30th Sep’25 Long term Long term debt Short term loans Change in C&CE As at 31st Dec’25 debt raised repayment Consolidated Adjusted EBITDA Movement (INR cr) 34 1,875 424 -615
Slide 21: Balance Sheet Strength and Capital Discipline to Enable Value Creation
Financials FY20 35,918 FY21 22,146 FY22 8,876 FY23 6,953 FY24 11,203 Net Debt (INR cr) Slide 20 Q1FY25 10,462 Q2FY25 12,464 -57% Q3FY25 13,551 Q4FY25 11,957 Q1FY26 14,400 Q2FY26 14,156 Q3FY26 15,443 © 2026 Jindal Steel. All rights reserved. FY20 4.56 FY21 2.00 FY22 0.57 FY23 0.70 FY24 1.10 Net Debt/
Slide 22: Capital allocation framework – status update
Capital allocation framework – status update Our commitment Current status Financials • Continue to invest in steel & ancillary business ➢ Continue to invest - Angul expansion Scope & area of (mines, power, ports) with green-tech primarily • SBPP both Module 1 & 2 operationalised operations in India
Slide 23: Financial performance – Consolidated
Financial performance – Consolidated INR cr Quarterly Performance YTD Performance Financials Particulars Q3FY26 Q2FY26 Q3FY25 9MFY26 9MFY25 Gross Revenue* 15,172 13,505 13,707 43,013 42,519 Net Revenue 13,036 11,708 11,777 37,069 36,678 Adjusted EBITDA** 1,593 1,875 2,133 6,452 7,088 Depreciation &
Slide 24: Financial performance – Standalone
Financial performance – Standalone INR cr Quarterly Performance YTD Performance Financials Particulars Q3FY26 Q2FY26 Q3FY25 9MFY26 9MFY25 Gross Revenue* 15,787 14,021 13,395 44,315 41,758 Net Revenue 13,565 12,119 11,452 38,120 35,846 Adjusted EBITDA** 1,578 1,752 2,027 6,188 6,636 Depreciation & Am
Slide 25: Key factors influencing the consolidated performance – Q3FY26
Key factors influencing the consolidated performance – Q3FY26 All figures in INR Cr Key factors Financials Volumes • Production volume up by 25% QoQ on account of new capacity ramp up • Sales volume up by 22% QoQ commensurate with production • Net Revenue increased by 11% QoQ driven by 22% increase
Slide 26: Investor Relations Contact
Investor Relations Contact: ir@jindalsteel.in Corporate Office: Jindal Centre 12, Bhikaiji Cama Place, New Delhi Website – www.jindalsteel.in © 2026 Jindal Steel. All rights reserved.