Jindal Steel Limited has released the transcript of its earnings conference call held on January 31, 2026. The call, which discussed the company's financial results for the third quarter of FY26, featured management including CEO Mr. Gautam Malhotra, CFO Mr. Sunil Agrawal, and Whole-Time Director Mr. Damodar Mittal. The management provided an update on the macro-economic scenario, noting the supply-demand imbalance in the Chinese steel industry and its impact on global markets. They highlighted India's improved trade dynamics, with crude steel production rising 2% quarter-on-quarter and demand increasing by 0.5%. India turned into a net steel exporter in Q3 FY26 after six quarters, with net exports of 0.8 million tons. A definitive safeguard duty on select steel imports for three years was notified by the Ministry of Finance. Business updates included the operationalization of SBPP Module 1 (525 MW) and synchronization of Module 2 (525 MW) of the acquired power plant. The company also commissioned CCL1 with a capacity of 0.2 million tons per annum in January 2026, broadening its product portfolio. The Utkal B1 mine has been opened, and the 3 million tons per annum basic oxygen furnace 3 at Angul remains on track for commissioning by Q4FY26, which will bring the steelmaking capacity to 15.6 million tons. Financially, total production in Q3 FY26 increased by 25% quarter-on-quarter to 2.51 million tons, and sales volume rose by 22% to 2.28 million tons. Consolidated gross revenue increased by 12% to ₹15,172 crore, while consolidated adjusted EBITDA was ₹1,593 crore (10.5% margin). This EBITDA includes a one-time BF2 start-up cost of ₹350 crore. Consolidated PAT for the quarter was ₹189 crore. The company invested ₹2,076 crore in CAPEX during the quarter, bringing the cumulative CAPEX under the current expansion program to ₹32,925 crore. Consolidated net debt as of December 31, 2025, was ₹15,443 crore, with a net debt to EBITDA ratio of 1.72x. The company emphasized its focus on AI and digitalization for operational efficiency and sustainability initiatives, noting its inclusion in the S&P Global Sustainability Yearbook 2026. For Q4FY26, an increase in coal consumption costs by $18-$20 per ton sequentially is expected, while domestic steel prices are higher by approximately ₹3,000-₹3,500 per ton compared to December 2025.
