Jindal Steel announced the appointment of Gautam Malhotra as the new CEO, effective October 28, 2025. The company also released its Q2FY26 financial results, with a gross revenue of INR 13,505 Cr and an adjusted EBITDA of INR 1,875 Cr. The share of exports increased to 10% in Q2FY26. The appointment and financials were announced in a board meeting held on October 28, 2025.
Leadership Transition
Gautam Malhotra has been appointed as the Chief Executive Officer of Jindal Steel, effective October 28, 2025. This decision follows the recommendation of the Nomination and Remuneration Committee.
Q2FY26 Financial Performance
Jindal Steel has announced its financial results for the second quarter of fiscal year 2026. Key highlights from the announcement include:
- Gross Revenue: INR 13,505 Cr
- Adjusted EBITDA: INR 1,875 Cr
- Profit After Tax (PAT): INR 635 Cr
Operational Highlights
Key operational details from the announcement include:
- Steel production for the quarter: 2.00 MT
- Steel sales for the quarter: 1.87 MT
- Exports now contribute 10% of revenue, up from 7% in the previous quarter (Q1FY26)
- Value-added steel contributed to 73% of total revenue in Q2FY26.
Debt and Capex
The announcement contained these figures regarding Jindal Steel’s debts and capital expenditure:
- Consolidated Net Debt as of September 30, 2025: INR 14,156 Cr
- Net Debt to EBITDA: 1.48x
- Total Capex for the quarter: INR 2,699 Cr
Angul Expansion
Jindal Steel commissioned a 4.6 MTPA blast furnace and a 3 MTPA Basic Oxygen Furnace (BOF) at Angul. With these additions, the Angul site’s hot metal capacity has more than doubled from 4.25 to 8.85 MTPA. Overall steelmaking capacity is expected to reach 15.6 MTPA within the current financial year.
Source: BSE