Earnings before interest, taxes, depreciation and amortisation (EBITDA) declined 11.5% to ₹2,660.4 crore from ₹3,004 crore in the corresponding quarter last year. The EBITDA margin stood at 17.18% compared with 24.43% a year ago.
Against the CNBC-TV18 poll estimates, the company’s net profit came in below the expectation of ₹930 crore, while revenue was higher than the estimated ₹13,998 crore. EBITDA was above the poll estimate of ₹2,498 crore.
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Jindal Steel reported steel production of 2.40 million tonnes and steel sales of 2.23 million tonnes during Q1 FY27. The company’s consolidated gross revenue stood at ₹17,834 crore, down 8% sequentially. Adjusted EBITDA was reported at ₹2,667 crore for the quarter.
Production and sales declined sequentially by 10% and 15%, respectively, due to planned maintenance shutdowns across key facilities during the quarter. The company said the share of value-added steel (VAS) increased to 66% in Q1 FY27 from 61% in Q4 FY26. The share of exports stood at 9% during the quarter compared with 5% in the previous quarter.
Jindal Steel’s consolidated net debt stood at ₹15,927 crore as of June 30, 2026, compared with ₹16,019 crore as of March 31, 2026. The company’s net debt to EBITDA ratio increased to 1.71x as of June 30, 2026, from 1.66x at the end of March 2026. The company incurred a total capital expenditure (capex) of ₹1,959 crore during the quarter.
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Last week, Jindal Steel announced that its chief executive officer (CEO), Gautam Malhotra, will resign from his position, citing personal commitments.
In his resignation letter, titled “Moving On,” Malhotra described serving the company as a “privilege” and thanked the Board and Chairman for their trust in him. He is to step down from his role on July 15. Malhotra’s tenure as chief executive officer spanned just under nine months, but his stint with Jindal Steel spanned over two years.
He had joined Jindal Steel in May 2024 and worked across mining, production and AI adoption before being appointed CEO and Key Managerial Personnel on October 28, 2025. During the period, he was credited with strengthening the company’s commercial value chain, particularly in sales generation, go-to-market strategy and logistics support.
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During the March quarter, Jindal Steel reported a consolidated net profit of ₹1,041 crore, compared to a loss of ₹304 crore during the same period last year. The company also recorded its highest-ever quarterly production and sales for the period.
Prior to joining Jindal Steel, Malhotra founded FuelBuddy, designed as a doorstep fuel delivery company, bringing about 19 years of experience in operations and strategy. He holds an MBA with Honours from Manchester Business School and received the Economic Times Leadership Excellence Award in 2022.
Until his departure on July 15, Malhotra said he would focus on ensuring a “smooth and orderly transition,” extending support through the handover process. Jindal Steel has not indicated an official timeline for naming his successor.
Shares of Jindal Steel Ltd ended at ₹1,037.85, down by ₹2.25, or 0.22%, on the BSE.
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