Jindal Steel & Power Reports Record Production and Sales in FY’25, Sets Ambitious FY’26 Targets

Jindal Steel & Power (JSP) posted its record crude steel output and sales during the financial year 2025 (FY’25) riding on strong performances from different mills. The firm posted a 2% y-o-y increase in steel output at 8.12 mnt from FY’24’s 7.92 mnt. Q4 FY’25 production rose by 3% y-o-y at 2.11 mnt from 2.05 mnt of Q4 FY’24, with capacity utilisation at 85%, against 83% last year.

JSP also recorded a 4% FY’25 growth in sales of steel at 7.97 mnt from FY’24 at 7.67 mnt. Q4 FY’25 sales rose by 6% y-o-y to 2.13 mnt from Q4 FY’24 at 2.01 mnt. Export contributed 9% of the sales in FY’25 versus 6% last year, though the share of exports declined to 3% in Q4 FY’25 from 11% in Q4 FY’24.

The company has also planned ambitious crude steel production of 9 to 10 mnt for FY’26 based on commissioning a new blast furnace at its Angul unit shortly and greater utilization of installed capacity JSP is expecting 0.2 to 0.3 mnt from existing operations, whereas the new furnace will contribute 0.7 to 1.6 mnt. The company is planning to post steel sales of 8.5 to 9 mnt in FY’26.

Cumulative capex under the current expansion program stands at INR 25,924 crore, while another INR 21,119 crore is awaiting expenditure, excluding investments in joint ventures and projects related to ports. The major projects such as Angul Blast Furnace and BOC2 slurry pipeline are on track, with the first hot metal from Angul due in Q1 FY’26.

Even with the record production, JSP’s EBITDA decreased 6% y-o-y to INR 9,570 crore in FY’25 from INR 10,231 crore in FY’24. EBITDA declined minutely by 1% in Q4 FY’25 to INR 2,482 crore.

Steel prices were mixed in Q4 FY’25, with domestic HRC prices marginally higher, and rebar prices correcting after a sharp spike. Coking coal prices fell by $11 per tonne, and iron ore prices were unchanged.

JSP continues to streamline its operations, preparing itself for growth that will be sustained in the next fiscal year.