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Jindal Steel

JINDALSTEL NSE
₹1,149.00 No trade today
P/E
43.11
View as Markdown
MCP
Close 4 Nov 2026 ₹1,149.00 +103.50 +9.90% 1Y
Start ₹1,045.50

Key Fundamentals

LargecapFerrous MetalsMetals & Mining

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
9.70%
Debt to Equity
0.44
EPS (TTM)
₹26.65
Book Value
₹513.36
Market Cap
—
P/E (TTM)
43.11
P/B
2.24
ROE
8.22%
Dividend Yield
0.18%
EBITDA
₹9,988 Cr
52W High
₹1,306.20
52W Low
₹977.10
Volume
0

Peer Comparison

Commodities › Metals & Mining › Iron & Steel

Jindal Steel peer comparison
JSW Steel
₹1,343.0011.55₹3,24,536 Cr2.900.54%10.20%11.00%₹1,99,021 Cr₹31,708 Cr
Tata Steel
₹179.9320.38₹2,21,171 Cr2.232.27%11.70%12.50%₹2,39,756 Cr₹11,263 Cr
Jindal Steel (this company)
₹1,149.0043.11₹1,14,107 Cr2.240.18%8.22%9.70%₹56,413 Cr₹2,709 Cr
Steel Authority of India
₹170.4916.49₹69,475 Cr1.131.40%6.57%7.92%₹1,11,135 Cr₹4,272 Cr
Jindal Stainless
₹688.8017.48₹56,473 Cr2.670.59%17.70%19.30%₹44,026 Cr₹3,239 Cr
Sarda Energy & Minerals
₹441.2013.77₹15,290 Cr1.930.47%15.10%16.90%₹5,665 Cr₹1,151 Cr
NMDC Steel
₹39.49136.17₹11,356 Cr0.880.00%0.45%3.06%₹13,938 Cr₹84 Cr
Median 7 companies₹441.2017.48₹69,475 Cr2.230.54%10.20%11.00%₹56,413 Cr₹3,239 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

44 Weak

Data confidence 100/100

Category scores

Quality
45
Average
Returns, margins, earnings quality 22% weight
Valuation
42
Weak
Cheap vs sector & own history 24% weight
Growth
63
Good
Sales & profit trajectory 9% weight
Financial Health
31
Poor
Solvency, leverage, coverage 9% weight
Momentum
39
Weak
Trend strength, vol-adjusted 12% weight
Ownership
51
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

3
  • The company has delivered a poor sales growth of 9.01% 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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish4213
OscillatorsBearish423
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
66.70
Neutral
MACD (12,26,9)
2.14
Bullish
SMA (50)
1,104.52
Bullish
SMA (200)
1,139.38
Bullish

As of

Analyst Rating

Based on 31 analysts
BUY74%

23 of 31 analysts rate Buy, 4 Hold, 4 Sell.

As of

BUY
23
74%
HOLD
4
13%
SELL
4
13%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+10.58%
5Y+9.01%
3Y+0.01%
1Y+6.95%
TTM+16.46%

Net profit

Net profit growth by window
10YTurned to profit
5Y−4.66%
3Y−5.43%
1Y+18.10%
TTM−9.79%

Operating cash flow

Operating cash flow growth by window
10Y+5.22%
5Y−9.64%
3Y−0.65%
1Y−33.44%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+0.58 pp
5Y−19.67 pp
3Y−0.45 pp
1Y−0.84 pp
TTM−3.45 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹21,603 Cr
Mar 2018₹33,286 Cr
Mar 2019₹46,966 Cr
Mar 2020₹37,923 Cr
Mar 2021₹34,579 Cr
Mar 2022₹51,166 Cr
Mar 2023₹53,212 Cr
Mar 2024₹50,354 Cr
Mar 2025₹49,765 Cr
Mar 2026₹53,225 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹2,538 Cr
Mar 2018−₹1,616 Cr
Mar 2019−₹2,412 Cr
Mar 2020−₹400 Cr
Mar 2021₹4,267 Cr
Mar 2022₹6,766 Cr
Mar 2023₹3,974 Cr
Mar 2024₹5,943 Cr
Mar 2025₹2,846 Cr
Mar 2026₹3,361 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹3,255 Cr +25.3% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

Jindal Steel Ltd trades at ₹1,105 as of 2026-11-03 with a market cap of ₹1,12,444 crore. The stock carries a P/E of 41.46x and P/B of 2.15x, with a debt-to-equity ratio of 0.44. While long-term sales and stock returns have been solid, recent profit growth has turned negative and return ratios remain modest for the metals sector.

Bull Case 6
  • Strong long-term wealth creation with a 10-year stock CAGR of 30%, significantly outperforming broader market indices over the same period
  • Compounded sales growth of 11% over 10 years demonstrates the company's ability to scale revenue through commodity cycles
  • TTM revenue growth has accelerated to 16%, indicating a meaningful pickup in top-line momentum
  • Debt-to-equity ratio of 0.44 is manageable for a capital-intensive steel producer, suggesting the balance sheet is not over-leveraged
  • 5-year stock CAGR of 18% and 3-year stock CAGR of 15% show sustained medium-term price appreciation
  • 5-year ROE averaging 11% shows the company has generated reasonable shareholder returns through the cycle despite the capital-heavy nature of the business
Bear Case 8
  • TTM profit growth has contracted by 19%, signalling significant earnings pressure despite revenue growth of 16% — pointing to margin compression
  • P/E of 41.46x is elevated for a cyclical steel company, leaving limited room for earnings disappointments
  • 3-year compounded profit growth of just 1% indicates near-stagnant earnings over a meaningful period
  • ROE of 6.48% as of 2026-11-03 is low for a metals producer trading at 2.15x book value, implying the market is pricing in significant future improvement
  • ROCE stands at just 7.45%, barely above typical cost-of-capital levels, questioning the quality of capital allocation
  • Dividend payout has been low at 5.54% of profits over the last 3 years, with the current dividend yield at only 0.18%, offering negligible income to shareholders
  • 5-year compounded sales growth of 9% is modest for a company in an expanding steel market, reflecting limited organic volume ramp-up
  • 3-year compounded sales growth of 0% shows the company experienced a prolonged period of revenue stagnation before the recent TTM pickup

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Jindal Steel delivered a strong Q2FY27 with 21% profit growth, 27% volume increase, and meaningful deleveraging as net debt-to-EBITDA improved to 1.51x. Key infrastructure milestones like the 192 km slurry pipeline and methane switchover support the production ramp-up thesis. Risks are limited to elevated coking coal costs and a senior HR exit. The trend is clearly improving, with analysts projecting 25% EBITDA CAGR through FY29E and further capacity utilization gains expected in H2FY27.

Headwinds 2
  • Higher raw material & freight costs Oct 26

    Jindal Steel faced headwinds from higher coking coal and ocean freight costs in Q2FY27, with FY28/29E EBITDA estimates tweaked down ~1% each on elevated coking coal expectations.

  • HR head resignation Nov 1

    Sukhjit S. Pasricha resigned as Head of Human Resources effective October 31, 2026, citing personal commitments, creating a leadership gap in a key function.

Positives 5
  • Q2 profit up 21%, revenue up 26% Oct 22

    Jindal Steel reported Q2FY27 consolidated net profit of ₹771 crore (up 21% YoY), total income of ₹15,289 crore (up 26% YoY), and gross revenue of ₹19,448 crore (up 44% YoY).

  • Sales volume surged 27% YoY Oct 22

    Sales volume rose 27% YoY to 2.38 MT with domestic sales at 92% of total; production held steady at 2.40 MT despite monsoon challenges, up 20% YoY.

  • Net debt reduced, leverage improved Oct 22

    Consolidated net debt fell to ₹14,786 crore from ₹15,927 crore QoQ, with net debt-to-EBITDA improving to 1.51x from 1.71x.

Neutral 2
  • Board meeting for Q2 results Oct 6

    Jindal Steel scheduled its board meeting for October 23 to review Q2FY27 financial results; no performance figures were pre-disclosed.

  • Guinness record for slag road Oct 22

    The company entered Guinness World Records for building a 1.85 km four-lane road exclusively with processed steel slag in Raigarh, Chhattisgarh.

Quarterly Results

₹ Cr
JINDALSTEL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
16,679
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
14,106
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
2,572
OPM %
21%
19%
24%
18%
21%
20%
19%
17%
24%
18%
13%
18%
17%
15%
Other Income
55
32
35
34.35
34
35
26
−1,158
30
22
−45
−550
19
—
Interest
329
329
315
321
332
326
313
342
297
371
406
442
548
566
Depreciation
588
604
636
995
683
696
698
691
722
750
839
862
926
947
PBT
1,767
1,384
1,927
1,163
1,859
1,213
1,199
72
2,018
982
339
1,074
1,205
1,084
Tax %
4%
0%
0%
20%
28%
29%
21%
523%
26%
35%
44%
3%
30%
29%
Net Profit
1,692
1,390
1,928
933
1,338
860
951
−304
1,496
635
189
1,041
844
771
EPS (₹)
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
—

Sep 2026: from the results filed on 23 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
JINDALSTEL profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
19,359
19,469
21,603
33,286
46,966
37,923
34,579
51,166
53,212
50,354
49,765
53,225
56,413
Expenses
13,919
16,032
16,894
26,817
38,553
31,092
21,472
35,607
43,270
40,153
40,277
43,521
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 (₹)
−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

₹ Cr
JINDALSTEL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
JINDALSTEL cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
28
127
144
120
107
128
91
116
101
66
130
88

Ratios

JINDALSTEL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
−36
−11
ROCE %
5%
−1%
1%
3%
4%
5%
17%
24%
14%
13%
11%
10%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Jindal Steel insights

65 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 62.69%
  • DIIs 19.70%
  • FIIs 8.75%
  • Public 5.69%
  • Others 3.16%

10.07% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Jindal Steel

What does Jindal Steel Ltd do?
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…
Where is Jindal Steel Ltd (JINDALSTEL) listed?
Jindal Steel Ltd trades as JINDALSTEL on the NSE and under code 532286 on the BSE.
Which sector does Jindal Steel Ltd belong to?
Jindal Steel Ltd is classified under the Metals & Mining sector, in the Iron & Steel industry.
What is the PE ratio of Jindal Steel Ltd?
Jindal Steel Ltd trades at a PE ratio of 43.11 as of 4 Nov 2026, on earnings per share of ₹26.65, against a book value of ₹513.36 per share.
What is the 52-week high and low of Jindal Steel Ltd?
Over the last 52 weeks Jindal Steel Ltd has traded between ₹977.1 and ₹1,306.2 as of 4 Nov 2026.
Does Jindal Steel Ltd pay dividends?
Jindal Steel Ltd has a dividend yield of 0.18%.
What is the Return on Equity (ROE) of Jindal Steel Ltd?
Jindal Steel Ltd reported a return on equity of 8.22%. Its debt-to-equity ratio is 0.44.

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.

Website jindalsteelpower.com
Listed 29 Sep 1999
Face Value ₹1

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