JINDALSTEL · Metals & Mining
Jindal Steel Ltd. reported revenue of ₹13,027 cr for October to December 2025, +10.9% on the year and +11.5% on the quarter. Over the last four quarters revenue comes to ₹50,190 cr, +0.2% on the four before.
Operating profit (EBITDA) was ₹1,629 cr, a margin of 12.5%, −608 bps on the year and −530 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 12.5% to 24.5%). Operating costs grew +19.1%, faster than revenue at +10.9%, so operating profit grew less than sales.
Net profit was ₹189 cr, −80.1% on the year and −70.2% on the quarter, with earnings per share of ₹1.87. Profit before other income, one-offs and tax grew faster, at −67.3%; other income, one-offs or tax held the headline back. The tax rate was 44% against an average of 27% over the previous 6 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹2,016 cr, −50.6% on the four before.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹19.45 over the last four quarters, the stock at ₹1,146.00 trades at 58.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹11,701 cr | ₹13,487 cr | ₹13,618 cr | ₹11,213 cr | ₹11,751 cr | ₹13,183 cr | ₹12,294 cr | ₹11,686 cr | ₹13,027 cr | ₹16,218 cr | ₹15,482 cr | ₹16,679 cr |
| YoY | — | — | +8% | −8% | +0% | −2% | −10% | +4% | +11% | +23% | +26% | +43% |
| EBITDA margin | 24.3% | 18.1% | 20.8% | 19.6% | 18.6% | 17.2% | 24.5% | 17.8% | 12.5% | 18.1% | 17.2% | 15.4% |
| Other income, % of PBT | 2% | 3% | 2% | 3% | 2% | −1,608% | 1% | 2% | −13% | −51% | 2% | 2% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 0% | 20% | 28% | 29% | 21% | — | 26% | 35% | 44% | 3% | 30% | 29% |
| Net profit | ₹1,928 cr | ₹933 cr | ₹1,338 cr | ₹860 cr | ₹951 cr | −₹304 cr | ₹1,496 cr | ₹635 cr | ₹189 cr | ₹1,041 cr | ₹844 cr | ₹771 cr |
| YoY | — | — | −21% | −38% | −51% | −133% | +12% | −26% | −80% | — | −44% | +21% |
| Core profit YoY | — | — | +7% | −13% | −38% | +9% | +9% | −19% | −67% | +32% | −40% | +10% |
| EPS | ₹18.90 | ₹9.17 | ₹13.14 | ₹8.44 | ₹9.32 | −₹3.33 | ₹14.65 | ₹6.26 | ₹1.87 | ₹10.24 | ₹8.28 | ₹7.59 |
| Flags | · | · | ✓ | ✓ | 1 | 1 | ✓ | ✓ | 1 | 1 | 2 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Jindal Steel Ltd. reported revenue of ₹13,027 cr (+10.9% on the year) and net profit of ₹189 cr (−80.1% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved −67.3% on the year, against −80.1% for reported profit.
None of the 6 checks that could run raised a question.
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