1. Opening Hook
India just survived another festive season of credit card EMIs and gold loans—and Jindal Steel survived the monsoon. 🌧️
The company blamed the rain, the economy, and China (in that order), while boasting of “AI-led blast furnaces.” Because when in doubt—add AI.
The Bhagavad Gita says, “You have the right to work, but never to the fruit of work.” Clearly, management took that to heart this quarter.
Stay tuned—because the juicy bits begin after the furnace cools down.
2. At a Glance
- Revenue ₹13,505 cr (↓6% QoQ) – The monsoon did the accounting this time.
- EBITDA ₹1,875 cr – The muscle held, barely.
- EBITDA/tonne ₹10,010 – Decent, if you ignore the furnace tantrums.
- PAT ₹635 cr – Profit, not loss—but not fireworks either.
- Net Debt ₹14,156 cr (↓₹244 cr QoQ) – Debt diet continues, one rupee at a time.
- Capex ₹2,699 cr – When in doubt, spend more steel.
3. Management’s Key Commentary
“Q2FY26 was a defining quarter for Jindal Steel.”
(Translation: we survived without a meltdown—literally.) 😏
“Our EBITDA was impacted by planned shutdowns worth ₹174 crore.”
(Translation: we spent ₹174 crore proving we can plan losses.)
“We commissioned Blast Furnace-II and BOF-II at Angul.”
(Translation: shiny new toys; still learning the buttons.)
“AI is transforming how we operate.”
(Translation: Excel is now called AI.) 🤖
“Value-added steel now forms 73% of sales.”
(Translation: 73% of what we sell has a fancier name.)
“We will cap Net Debt/EBITDA at 1.5x.”
(Translation: we
