1. At a Glance

Jindal Steel & Power Ltd (JSPL) is the steel-and-mining heavyweight that refuses to play small. With a ₹1.01 lakh crore market cap, it’s got mines in Africa, coal in Indonesia, and a plant in Angul that’s eating up more capex than an influencer’s skincare budget. Q1 FY26 saw revenue of ₹14,336 Cr and EBITDA of ₹2,984 Cr, up 20% QoQ. Profit? ₹1,496 Cr — proving that when steel prices behave, JSPL can flex its muscles without breaking a sweat.

2. Introduction

Steel is boring — unless you’re JSPL, which somehow turns lumps of ore into balance sheets that swing harder than a 1990s Sensex chart.From domestic rails to heavy plates, the company supplies everything that keeps India’s infra dreams standing. Internationally, it’s scattered across continents like a cricket team with too many away matches — Africa, Australia, Southeast Asia, you name it.But here’s the kicker: sales growth over the last five years is a modest 5.7%, while profit has been as volatile as Twitter’s trending list. If you’re looking for stable EPS… you might want to sit down for this one.

3. Business Model (WTF Do They Even Do?)

JSPL’s operations can be split into three muscular arms:

• Steel– Plates, coils, wire rods, rails, structural steel.
• Mining– Captive coal and iron ore mines that feed their steel plants (and keep costs competitive).
• Power– By-product power generation for internal use and sales.The Angul plant is their crown jewel — integrated, high-capacity, and