Jindal Steel has appointed Gautam Malhotra as its new CEO, effective October 28, 2025. The company also released its Q2FY26 financial results, reporting a gross revenue of ₹13,505 Cr and a profit after tax of ₹635 Cr. The company’s crude steel production reached 2.00 MT during the quarter. Furthermore, the board approved the unaudited financial results for the second quarter and half-year ending September 30, 2025.
Leadership Change
Gautam Malhotra has been appointed as the new Chief Executive Officer (CEO) of Jindal Steel, effective October 28, 2025. This decision follows the recommendation of the Nomination and Remuneration Committee and is in accordance with Section 203 of the Companies Act, 2013. Malhotra brings over 19 years of experience to the role.
Q2FY26 Financial Performance
Jindal Steel reported a consolidated gross revenue of ₹13,505 Cr for Q2FY26, a decrease of 6% QoQ. The company’s profit after tax (PAT) stood at ₹635 Cr for the quarter. Steel production reached 2.00 MT, and sales volume was 1.87 MT. Exports accounted for 10% of sales during Q2FY26, an increase from 7% in the previous quarter (Q1FY26).
H1FY26 Performance Overview
For the half-year ended September 30, 2025 (H1FY26), Jindal Steel reported a gross revenue of ₹27,841 Cr. Profit after tax for H1FY26 was ₹2,131 Cr. The company’s crude steel production for the half-year stood at 4.09 MT.
Debt and Capex
Consolidated net debt stood at ₹14,156 Cr as of September 30, 2025, reduced from ₹14,400 Cr as of June 30, 2025. The net debt to EBITDA ratio was 1.48x as of the end of Q2FY26. Total capex for the quarter was ₹2,699 Cr, primarily driven by ongoing expansion projects at Angul.
Angul Expansion Progress
Jindal Steel commissioned its second-largest blast furnace, the Bhagavati Subhadrika BF-II, at Angul, with a rated capacity of 4.6 MTPA. It also commissioned a 3 MTPA Basic Oxygen Furnace (BOF-II) at Angul, increasing crude steel capacity at the Angul plant to 9 MTPA.
Source: BSE
