NEW DELHI, INDIA – Jindal Steel and Power Limited (JSPL) reported its financial and operational results for the third quarter (Q3) and nine months (9M) of the fiscal year 2025-26, showcasing robust volume growth alongside margin pressures.
Operational Performance: Record Quarterly Production
The company achieved its highest-ever quarterly production during Q3 FY26.
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Steel Production: 2.51 Million Tonnes (MT), a significant 25% increase quarter-on-quarter (QoQ).
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Steel Sales: 2.28 MT, up 22% QoQ.
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Domestic Focus: Share of domestic sales increased to 94% from 90% in the previous quarter.
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Value-Added Steel (VAS): Maintained a strong product mix with VAS share at 66%.
Consolidated Financial Snapshot for Q3 FY26
While volumes surged, financial metrics showed a mixed picture due to market conditions.
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Gross Revenue: ₹15,172 Crore, up 12% QoQ.
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Adjusted EBITDA1: ₹1,593 Crore, a decline of 15% QoQ.
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Profit After Tax (PAT): ₹189 Crore (Q2 FY26: ₹635 Crore; Q3 FY25: ₹951 Crore).
Nine-Month Consolidated Performance (9M FY26)
For the cumulative nine months of FY26:
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Steel Production: 6.60 MT
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Steel Sales: 6.06 MT
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Gross Revenue: ₹43,013 Crore
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Adjusted EBITDA1: ₹6,452 Crore
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PAT: ₹2,320 Crore
Key Financial Metrics and Debt Position
The company's expansion activities impacted its balance sheet.
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Net Debt: Increased to ₹15,443 Crore as of December 31, 2025, from ₹14,156 Crore at the end of Q2.
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Net Debt/EBITDA Ratio: Rose to 1.72x from 1.48x in the previous quarter.
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Capital Expenditure (Capex): Capex for the quarter stood at ₹2,076 Crore, primarily directed towards ongoing expansion projects at Angul.
Major Project Updates: Commissioning Milestones Achieved
JSPL announced significant progress on key projects:
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SBPP Power Plant (1,050 MW): Successfully turned around the plant acquired under IBC. Module-1 (525 MW) was operationalized in Q3, and Module-2 was synchronized with the grid in January 2026.
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CCL-1 (0.2 MTPA): Commissioned in January 2026, broadening the product portfolio.
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Utkal B1 Mine: Opened, with overburden removal underway.
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Angul Expansion (BOF-III): The 3 MTPA Basic Oxygen Furnace-III remains on track for commissioning in Q4FY26, which will raise total steelmaking capacity to 15.6 million tonnes.
Standalone Financial Results
The standalone entity (excluding subsidiaries) also reported its performance:
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Q3 PAT: ₹672 Crore
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9M PAT: ₹3,217 Crore
Outlook and Management Commentary
The press release highlights the company's focus on executing its growth projects. The timely commissioning of BOF-III in Q4 is expected to be a key driver for future volume and revenue growth. The management emphasizes a strong domestic sales mix and a focus on value-added products.