Jindal Steel Q1 FY ’26: Net Debt to EBITDA at 1.49x, Production Down by 1%

Jindal Steel Limited's Q1 FY ’26 earnings report showed a 1% quarter-on-quarter decrease in production to 2.09 million tonnes and a 10% decrease in sales volume to 1.90 million tonnes. Consolidated gross revenue fell 8% to Rs. 14,336 crores due to lower volumes partially offset by an increase in the average selling price (ASP). Consolidated adjusted EBITDA stood at Rs. 2,984 crores, up by 35% on a quarter-on-quarter basis, and consolidated PAT was Rs. 1,496 crores, 36% higher than the adjusted PAT on a quarter-on-quarter basis. The company's net debt as of 30th June was Rs. 14,400 crores, an increase of Rs. 2,443 crores sequentially due to working capital build-up. The net debt to EBITDA stood at 1.49x. The company has spent Rs. 28,150 crores of the total announced CAPEX of Rs. 47,043 crores till 30th June ’25. The first 0.2 million tonnes continuous galvanizing line at Angul has been commissioned.