• Event Type: Q2FY27 Earnings Conference Call hosted by ICICI Securities Limited, including a question-and-answer session with institutional investors and analysts.
  • Event Date and Time: October 23, 2026. The specific time was not mentioned in the transcript.
  • Purpose: Discussion of Q2FY27 financial results and operational performance, including strategic updates and future outlook.
  • Management Participants:
  • Mr. Vidya Ratan Sharma – Managing Director
  • Mr. Rajiv Kumar – Chief Operating Officer
  • Mr. Sandeep Modi – Chief Financial Officer
  • Mr. Damodar Mittal – Whole-time Director
  • Mr. Debojyoti Roy – Whole-time Director (Executive Director, Raigarh)
  • Ms. Roopali Mehra – Head Sales and Marketing
  • Mr. Vishal Chandak – Head Investor Relations
  • Moderator: Mr. Vikash Singh from ICICI Securities Limited.
  • Availability of Materials: The transcript was submitted to stock exchanges and is available on the company's website at www.jindalsteel.in. No mention of presentation decks or recordings being made available.
  • UPSI Statement: The document does not contain any specific compliance language regarding unpublished price sensitive information (UPSI).

Financial Highlights and Guidance References

  • Financial Period: Q2FY27 (Quarter ended September 2026)
  • Financial Performance:
  • Gross revenue: INR 19,448 crores (up 44% YoY)
  • Net revenue: INR 16,704 crores (up 43% YoY)
  • Sales volume: 2.38 million tons
  • Adjusted EBITDA: INR 2,504 crores (up 34% YoY)
  • EBITDA per ton: INR 10,529 (up 5% YoY)
  • Profit after tax: INR 771 crores
  • Net debt: INR 14,786 crores (reduced by INR 1,141 crores from previous quarter)
  • Net debt-to-EBITDA: 1.51x (improved from 1.71x)
  • Cash and cash equivalents: INR 7,237 crores
  • Q2 Capex: INR 1,228 crores; H1 Capex: INR 3,187 crores
  • Production Targets:
  • H1 production: 4.79 million tons
  • FY27 target: 11 million tons (aiming for 6 million tons in H2)
  • Current blast furnace capacity: Targeting 10,500 tons/day in October, 11,000 tons/day in November, and 12,000 tons/day in December
  • Strategic Themes:
  • Focus on increasing flat product mix to 65% (from current 60%)
  • Ramp-up of newly commissioned slurry pipeline (expected savings of INR 700/ton)
  • Annual growth capex guidance: INR 7,500-10,000 crores
  • Maintain net debt-to-EBITDA below 1.5x through the cycle
  • Market Outlook:
  • Domestic steel demand growth estimated at 10% YoY
  • Export volume: ~100,000 tons per month
  • Positive on EU FTA negotiations and potential relaxation of quota systems
  • Steel deficit of 28 million tons in Europe mentioned

Additional Notes Section

  • The document is a transcript of the earnings conference call submitted as a regulatory filing under SEBI LODR Regulations.
  • The transcript includes detailed management commentary and Q&A session with analysts from various brokerages including Emkay Global, Goldman Sachs, Anand Rathi, HSBC, Axis Capital, Citi, and others.
  • No financial data beyond what was already disclosed in the earnings release appears to have been shared during the call.
  • The company highlighted operational advantages from coal gasification plants during periods of natural gas shortage.