ConcernTalking point
Capital efficiency slipping
ROCE has fallen for 4 consecutive years, from 27.0% to 9.8%.
Importance 63 / 95 · profitability
JINDAL STEEL LIMITED · Research view
JINDAL STEEL LIMITED
NSE: JINDALSTELBSE: 532286ISIN INE749A01030Face value ₹1consolidated
₹1,099
−2.70% · 2026-10-01 · 52-wk ₹986–₹1,289
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Stock has run ahead of the business
Over 4 years the stock returned 16.2% a year while profit shrank 16.0% a year.
Importance 63 / 95 · business vs stock
WatchTalking point
Volatile earnings
Profit has swung sharply over 4 years (from ₹2,846 to ₹6,766) — one year is a weak guide to the earnings power.
Importance 56 / 95 · growth
Context
Higher P/E than peers
Trades at 41.28× earnings — 125% above the iron and steel median of 18.33×.
Importance 55 / 95 · valuation
Section 03 · The company
Who is this company?
Classified by the exchange under Commodities › Metals & Mining › Ferrous Metals › Iron & Steel.
- Market cap
- ₹1.12 L cr
- FY2026 revenue
- ₹53,225 cr
- FY2026 net profit
- ₹3,361 cr
- Net worth
- ₹51,841 cr
- Total debt
- ₹22,038 cr
- EPS (basic)
- ₹33.12
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 4 iron & steel.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Profit has swung sharply over 4 years (from ₹2,846 to ₹6,766) — one year is a weak guide to the earnings power.
Rule EARNINGS_VOLATILE
- Revenue growth per year
- +1.0%over 4 years
- Revenue growth
- +7.0%vs last year
- Net profit growth
- +18.1%vs last year
- Change in net profit since FY22
- −50%
Reported net profit grew 18.1% (FY2025 → FY2026), but pre-tax profit was ₹4,428 — a large exceptional item this year accounts for most of the gain, so the underlying trend is softer than the headline.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Concern
Q1 FY27 net profit was ₹844 cr, down 43.6% from ₹1,496 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Watch
Q1 FY27 net profit declined 43.6% while revenue grew 25.9% vs the same quarter last year — a gap of 69.5 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
Strength
Q1 FY27 revenue was ₹15,482 cr, up 25.9% from ₹12,294 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 11,213 | — | 860 | — | 7.7% |
| Q3 FY25 | 11,751 | +0.4% | 951 | −50.7% | 8.1% |
| Q4 FY25 | 13,183 | −2.3% | −304 | −132.5% | −2.3% |
| Q1 FY26 | 12,294 | −9.7% | 1,496 | +11.8% | 12.2% |
| Q2 FY26 | 11,686 | +4.2% | 635 | −26.2% | 5.4% |
| Q3 FY26 | 13,027 | +10.9% | 189 | −80.2% | 1.4% |
| Q4 FY26 | 16,218 | +23.0% | 1,041 | −443.0% | 6.4% |
| Q1 FY27 | 15,482 | +25.9% | 844 | −43.6% | 5.5% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹56,413 crTTM
- EBITDA
- ₹9,631 crTTM
- EBIT
- ₹6,255 crTTM
- PBT
- ₹3,615 crTTM
- Net profit
- ₹2,709 crTTM
C. Corporate actions
21 Aug 2026DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
22 Aug 2025DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
22 Aug 2024DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
18 Aug 2023DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
20 Sept 2022DividendDividend - Rs. - 2.0000 — ₹2.00/share
16 Mar 2022DividendInterim Dividend - Rs. - 1.0000 — ₹1.00/share
11 Jul 2014DividendDividend - Rs. - 1.5000 — ₹1.50/share
13 Sept 2013DividendDividend - Rs. - 1.6000 — ₹1.60/share
10 Sept 2012DividendDividend - Rs. - 1.6000 — ₹1.60/share
12 Sept 2011DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
13 Sept 2010DividendDividend - Rs. - 1.2500 — ₹1.25/share
14 Sept 2009DividendDividend - Rs. - 5.5000 — ₹5.50/share
14 Sept 2009Bonus issueBonus issue 5:1 — 1:6
12 Sept 2008DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share
27 Feb 2008DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
21 Jan 2008Otherother
6 Sept 2007DividendFinal Dividend - Rs. - 12.0000 — ₹12.00/share
22 Dec 2003Otherother
3 Sept 2001DividendDividend - Rs. - 5.0000 — ₹5.00/share
2 Aug 2000DividendNIL Dividend - Rs. - 0.0000 — ₹0.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROCE has fallen for 4 consecutive years, from 27.0% to 9.8%.
Rule ROCE_DECLINING_STREAK
- EBITDA margin now
- 18.8%
- 5-year range
- 18.8–30.5%
- ROE FY2026
- 6.8%
- ROCE FY2026
- 9.8%
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 2.14×).
Rule CFO_CONSISTENTLY_EXCEEDS_PAT
Operating cash flowNet profit
- Total debt
- ₹22,038 cr
- Operating cash flow ÷ net profit
- 2.14×FY2026
- Free cash flow
- ₹−2,370 cr
- Current ratio
- 1.25×
Section 08 · Relative position
How does it compare with peers?
Ranked against 4 iron & steel (FY2026, consolidated).
Revenue growth
JINDALSTEL · 3rd of 4 · set median 7.5%
EBITDA margin
JINDALSTEL · 1st of 4 · set median 16.1%
Return on equity
JINDALSTEL · 3rd of 4 · set median 9.0%
P/E ratio
JINDALSTEL · 4th of 4 · set median 18.3×
Context
Trades at 41.28× earnings — 125% above the iron and steel median of 18.33×.
Rule PE_ABOVE_PEERS
- P / E
- 41.3×TTM to Jun 26
- P / B
- 2.2×latest book
- P / S
- 2.0×TTM sales
- Earnings yield
- 2.4%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 33.3× · P/S 2.1× · ROE 6.8%. TTM and full-year profit differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Watch
Over 4 years the stock returned 16.2% a year while profit shrank 16.0% a year.
Rule STOCK_RAN_AHEAD
- 1-year return
- +3.2%
- 3-year return
- +56.7%
- 5-year return
- +173.6%
- From 52-wk high
- −14.7%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹1,120
- vs 200-day avg
- Below₹1,134
- RSI (14)
- 40.5neutral
- MACD histogram
- -5.1
- From 52-wk high
- −14.7%
- From 52-wk low
- +11.5%
- 30-day volatility
- 23.1%ann.
- 6-month return
- −1.9%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- ConcernCapital efficiency slippingROCE has fallen for 4 consecutive years, from 27.0% to 9.8%.ROCE_DECLINING_STREAK · conviction 63
- WatchStock has run ahead of the businessOver 4 years the stock returned 16.2% a year while profit shrank 16.0% a year.STOCK_RAN_AHEAD · conviction 63
- WatchVolatile earningsProfit has swung sharply over 4 years (from ₹2,846 to ₹6,766) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 56
- WatchReported profit carries a one-offFY2026 pre-tax profit includes a ₹871 exceptional charge (19.7% of PBT) — the underlying trend differs from the reported number.PROFIT_INCLUDES_EXCEPTIONALS · conviction 42
- WatchProfit growingReported net profit grew 18.1% (FY2025 → FY2026), but pre-tax profit was ₹4,428 — a large exceptional item this year accounts for most of the gain, so the underlying trend is softer than the headline.PROFIT_GREW_YOY · conviction 37
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 51,086 | 52,711 | 50,027 | 49,765 | 53,225 |
| Total income | 51,136 | 52,768 | 50,183 | 49,932 | 53,553 |
| EBITDA | 15,564 | 9,992 | 10,357 | 9,662 | 9,988 |
| Profit before tax | 11,173 | 4,486 | 6,241 | 4,353 | 4,428 |
| Net profit | 6,766 | 3,974 | 5,943 | 2,846 | 3,361 |
| EPS (₹) | 56.4 | 39.1 | 59.1 | 27.8 | 33.1 |
| Net worth | 37,095 | 39,019 | 44,751 | 47,419 | 51,841 |
| Total debt | 12,862 | 12,435 | 15,896 | 17,842 | 22,038 |
| Operating cash flow | 16,048 | 7,276 | 6,008 | 10,824 | 7,204 |
| Free cash flow | 13,176 | 873 | −2,418 | 217 | −2,370 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 3.2 | -5.1 | -0.5 | 7.0 |
| Profit growth YoY | — | -41.3 | 49.6 | -52.1 | 18.1 |
| Profitability | |||||
| EBITDA margin % | 30.5 | 19.0 | 20.7 | 19.4 | 18.8 |
| Net margin % | 13.2 | 7.5 | 11.8 | 5.7 | 6.3 |
| Return on equity % | 18.2 | 10.4 | 14.2 | 6.2 | 6.8 |
| Return on capital % | 27.0 | 14.4 | 13.4 | 11.0 | 9.8 |
| Leverage & cash | |||||
| Debt to equity | 0.35 | 0.32 | 0.36 | 0.38 | 0.43 |
| Cash flow ÷ profit | 2.37 | 1.83 | 1.01 | 3.80 | 2.14 |
| Current ratio | 0.99 | 1.00 | 1.11 | 1.06 | 1.25 |