Jindal Steel
Jindal Steel
Metals & Mining F&OKey Fundamentals
LargecapIron & SteelMetals & MiningTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
3- The company has delivered a poor sales growth of 9.10% over past five years.
- Company has a low return on equity of 9.84% over last 3 years.
- Dividend payout has been low at 5.54% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoJindal Steel & Power Ltd trades at a market cap of ₹1,13,546 Cr with a PE of 43x and PB of 2.29x. TTM sales growth has rebounded to 16%, but TTM profit has declined 19%, and the 3-year ROE averages around 10% while dividend payout remains low at 5.5% of profits.
- Strong long-term stock CAGR of 30% over 10 years and 23% over 5 years, reflecting sustained wealth creation
- TTM revenue growth of 16% marks a sharp recovery after 3-year compounded sales growth of just 0%
- 10-year compounded profit growth of 13% demonstrates the company's ability to deliver earnings expansion through commodity cycles
- 10-year compounded sales growth of 11% shows a reasonable long-term top-line trajectory for a metals & mining company
- 5-year ROE of 11% indicates the company has generated adequate returns on equity over a medium-term horizon
- Market cap of ₹1,13,546 Cr provides large-cap scale and liquidity, reducing concentration risk for portfolio holders
- PB ratio of 2.29x is not excessively stretched for a steel company that has delivered 23% stock CAGR over 5 years
- PE of 43x is elevated for a cyclical metals company, implying the stock prices in significant earnings recovery that may not materialize
- TTM compounded profit has declined 19%, signaling margin compression or rising input costs in the most recent period
- 3-year compounded sales growth of 0% highlights a prolonged period of top-line stagnation
- 3-year compounded profit growth of only 1% shows negligible earnings improvement over a meaningful period
- 3-year ROE of approximately 10% and last-year ROE of 8% reflect a declining return profile, down from the 5-year average of 11%
- Dividend payout of just 5.54% of profits over 3 years and a yield of 0.18% offer minimal income return to shareholders
- 5-year compounded sales growth of 9.1% is considered poor relative to sector peers and broader market growth expectations
- 5-year compounded profit growth of only 1% despite 9% sales growth suggests structural margin erosion or rising cost pressures
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Q1 profit drops 43.6% Aug 25
Consolidated net profit fell 43.6% YoY to ₹844 crore in Q1 FY27, while EBITDA margin contracted sharply from 24.43% to 17.18%.
- Freight costs more than double Aug 24
West Asia crisis pushed freight to Europe from $40-45 to $80-90/tonne (some routes $100-120), making Indian steel uncompetitive globally vs China.
- Debt-to-equity ratio rising Aug 17
Debt-to-equity increased to 0.43 in Mar 2026 from 0.38 in Mar 2025, reflecting higher leverage during the capacity expansion phase.
- Sebi fines insider trading violations Sep 9
Sebi penalised two designated persons ₹1 lakh each for trading during the window closure period around June 2023 quarterly results.
- Kotak upgrades, ₹1,350 target Aug 25
Kotak raised target to ₹1,350 (15.4% upside), citing 17% volume CAGR and 31% EBITDA CAGR over FY26-29. 26 of 34 analysts rate it a buy.
- Long steel price recovery tailwind Aug 25
Long steel prices rose 12% in the past month, directly benefiting Jindal Steel which has 50% of volume mix in long products — highest among peers.
- Production ramp to 12.5 MT by FY28 Aug 24
New MD V.R. Sharma targets 12-15 MT production by FY28 using existing 15.6 MT crude steel capacity, with 60%+ value-added product mix.
- Annual revenue and profit up Aug 17
FY26 consolidated revenue rose to ₹53,225 crore from ₹49,765 crore, net profit improved to ₹3,376 crore from ₹2,855 crore, and ROE rose to 6.61%.
- Guinness Record steel slag road Sep 13
Built world's longest steel slag road (1.85 km, 4-lane) using 200,000 tonnes of processed slag, offering 35% thinner pavement and up to 40% cost savings.
- AGM passes all nine resolutions Aug 28
Shareholders approved all resolutions at the 47th AGM including reappointment of Naveen Jindal and appointment of V.R. Sharma as MD.
- Investor meet at Elara Dialogue Aug 26
Jindal Steel will participate in Ashwamedh - Elara India Dialogue 2026 on Sep 1 in Mumbai with analyst one-on-one and group sessions.
- Nuclear reactor tech discussions Aug 21
Jindal Steel is in early talks with Russia's Rosatom and France's EDF on reactor technology collaboration; no financial terms or timeline disclosed.
- ₹2 per share final dividend Aug 17
Declared ₹2.00 per share final dividend for 2026, consistent with payouts in 2023-2025, with ex-date of Aug 21, 2026.
TL;DR: Jindal Steel is transitioning from a build phase to a harvest phase, with strong analyst consensus (26/34 buy) and a clear volume ramp path to 12.5 MT by FY28 on existing capacity. The key risk is near-term margin compression — Q1 FY27 profit fell 43.6% YoY and EBITDA margins halved — compounded by surging freight costs from the West Asia crisis. However, the 12% recovery in long steel prices and Jindal's 50% long product mix provide a direct earnings lever. The trend is cautiously improving as the company moves past peak capex, but global freight disruptions and margin normalization remain near-term overhangs.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 12,588 | 12,250 | 11,701 | 13,487 | 13,618 | 11,213 | 11,751 | 13,183 | 12,294 | 11,686 | 13,027 | 16,218 | 15,482 |
| Expenses | 9,960 | 9,965 | 8,859 | 11,042 | 10,779 | 9,013 | 9,567 | 10,922 | 9,289 | 9,605 | 11,398 | 13,289 | 12,822 |
| Operating Profit | 2,628 | 2,285 | 2,843 | 2,444 | 2,839 | 2,200 | 2,184 | 2,262 | 3,006 | 2,081 | 1,629 | 2,929 | 2,660 |
| OPM % | 21% | 19% | 24% | 18% | 21% | 20% | 19% | 17% | 24% | 18% | 13% | 18% | 17% |
| Other Income | 55 | 32 | 35 | 35 | 34 | 35 | 26 | -1,158 | 30 | 22 | -45 | -550 | 19 |
| Interest | 329 | 329 | 315 | 321 | 332 | 326 | 313 | 342 | 297 | 371 | 406 | 442 | 548 |
| Depreciation | 588 | 604 | 636 | 995 | 683 | 696 | 698 | 691 | 722 | 750 | 839 | 862 | 926 |
| PBT | 1,767 | 1,384 | 1,927 | 1,164 | 1,859 | 1,213 | 1,199 | 72 | 2,018 | 982 | 339 | 1,074 | 1,205 |
| Tax % | 4% | 0% | 0% | 20% | 28% | 29% | 21% | 523% | 26% | 35% | 44% | 3% | 30% |
| Net Profit | 1,692 | 1,390 | 1,928 | 933 | 1,338 | 860 | 951 | -304 | 1,496 | 635 | 189 | 1,041 | 844 |
| EPS in Rs | 16.54 | 13.6 | 18.9 | 9.17 | 13.14 | 8.44 | 9.32 | -3.33 | 14.65 | 6.26 | 1.87 | 10.24 | 8.28 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 19,359 | 19,469 | 21,603 | 33,286 | 46,966 | 37,923 | 34,579 | 51,166 | 53,212 | 50,354 | 50,129 | 53,455 | 56,413 |
| Expenses | 13,919 | 16,032 | 16,894 | 26,817 | 38,553 | 31,092 | 21,472 | 35,607 | 43,270 | 40,153 | 40,640 | 43,751 | 47,114 |
| Operating Profit | 5,440 | 3,437 | 4,709 | 6,469 | 8,412 | 6,831 | 13,107 | 15,559 | 9,942 | 10,202 | 9,488 | 9,704 | 9,299 |
| OPM % | 28% | 18% | 22% | 19% | 18% | 18% | 38% | 30% | 19% | 20% | 19% | 18% | 16% |
| Other Income | -1,644 | -79 | -362 | -584 | -1,470 | 74 | -1,861 | -1,884 | -539 | 156 | -1,065 | -603 | -554 |
| Interest | 2,606 | 3,254 | 3,441 | 3,866 | 4,264 | 3,768 | 2,753 | 1,888 | 1,446 | 1,294 | 1,312 | 1,517 | 1,768 |
| Depreciation | 2,733 | 4,068 | 3,949 | 3,883 | 5,480 | 3,429 | 2,414 | 2,097 | 2,691 | 2,822 | 2,768 | 3,171 | 3,376 |
| PBT | -1,543 | -3,964 | -3,043 | -1,864 | -2,802 | -291 | 6,078 | 9,690 | 5,266 | 6,241 | 4,344 | 4,413 | 3,600 |
| Tax % | -6% | -22% | -17% | -13% | -14% | 37% | 30% | 30% | 25% | 5% | 34% | 24% | — |
| Net Profit | -1,452 | -3,087 | -2,538 | -1,616 | -2,412 | -400 | 4,267 | 6,766 | 3,974 | 5,943 | 2,846 | 3,361 | 2,709 |
| EPS in Rs | -13.97 | -32.42 | -24.93 | -14.56 | -17 | -1.07 | 35.62 | 56.4 | 31.11 | 58.21 | 27.57 | 33.01 | 26.65 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 5% | 6% | 3% | 7% | 6% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 91 | 91 | 92 | 97 | 97 | 102 | 102 | 101 | 100 | 100 | 101 | 102 |
| Reserves | 20,951 | 32,345 | 29,959 | 30,288 | 31,988 | 32,035 | 31,713 | 35,524 | 38,606 | 44,216 | 47,084 | 50,797 |
| Borrowings | 42,466 | 46,797 | 45,850 | 42,962 | 39,559 | 36,824 | 29,910 | 13,502 | 13,046 | 16,472 | 18,406 | 22,610 |
| Other Liabilities | 12,028 | 13,166 | 14,674 | 15,884 | 17,357 | 20,780 | 16,116 | 27,517 | 17,674 | 17,888 | 20,175 | 24,126 |
| Total Liabilities | 75,537 | 92,398 | 90,575 | 89,230 | 89,001 | 89,742 | 77,840 | 76,644 | 69,427 | 78,676 | 85,766 | 97,635 |
| Fixed Assets | 46,643 | 65,038 | 65,932 | 68,450 | 69,039 | 69,382 | 54,350 | 45,488 | 43,542 | 48,384 | 48,989 | 64,102 |
| CWIP | 9,068 | 11,827 | 9,716 | 4,978 | 4,027 | 3,126 | 1,712 | 2,538 | 7,870 | 9,611 | 16,725 | 8,372 |
| Investments | 1,785 | 392 | 368 | 146 | 150 | 181 | 1,156 | 470 | 907 | 819 | 2,201 | 3,168 |
| Other Assets | 18,040 | 15,142 | 14,559 | 15,657 | 15,784 | 17,054 | 20,624 | 28,147 | 17,108 | 19,862 | 17,851 | 21,993 |
| Total Assets | 75,537 | 92,398 | 90,575 | 89,230 | 89,001 | 89,742 | 77,840 | 76,644 | 69,427 | 78,676 | 85,766 | 97,635 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 1,182 | 4,333 | 6,850 | 7,724 | 9,027 | 8,814 | 11,961 | 16,048 | 7,347 | 6,008 | 10,824 | 7,204 |
| Investing | -6,717 | -2,262 | -1,998 | -1,431 | -832 | -1,476 | -1,884 | -2,331 | -4,090 | -8,344 | -12,323 | -10,734 |
| Financing | 5,708 | -2,672 | -5,108 | -6,276 | -8,261 | -7,016 | -4,612 | -15,120 | -2,500 | 1,381 | 809 | 2,803 |
| Net Cash Flow | 173 | -601 | -256 | 17 | -67 | 322 | 5,465 | -1,403 | 757 | -955 | -689 | -727 |
| Free Cash Flow | -3,868 | 480 | 4,496 | 6,103 | 7,837 | 7,308 | 11,124 | 13,176 | 945 | -2,418 | 334 | -2,343 |
| CFO/OP | 28 | 127 | 144 | 120 | 107 | 128 | 91 | 116 | 101 | 66 | 130 | 88 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 32 | 27 | 29 | 20 | 24 | 34 | 30 | 9 | 7 | 12 | 10 | 12 |
| Inventory Days | 323 | 181 | 185 | 191 | 146 | 207 | 196 | 130 | 87 | 117 | 87 | 115 |
| Days Payable | 137 | 129 | 150 | 162 | 117 | 181 | 133 | 94 | 69 | 78 | 88 | 126 |
| Cash Conversion Cycle | 218 | 79 | 64 | 50 | 53 | 60 | 92 | 45 | 24 | 52 | 8 | 1 |
| Working Capital Days | 87 | -83 | -141 | -62 | -58 | -79 | -65 | -1 | -38 | -21 | -35 | -11 |
| ROCE % | 5% | -1% | 1% | 3% | 4% | 5% | 17% | 24% | 14% | 13% | 11% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY08–FY27.
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Company Information
Jindal Steel & Power Ltd is one of the India's leading steel producers with significant presence in sectors like steel and mining. The group has global presence through subsidiaries, mainly in Australia, Botswana, Indonesia, Mauritius, Mozambique, Madagascar, Namibia, South Africa, Tanzania and Zambia.[1]
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