Jindal Steel & Power Ltd. (JINDALSTEL) AI Stock Analysis

• Market Cap: ₹1.21T
• Dividend Yield: 0.2%
• Average Volume (3M): 25.00K
• Price to Earnings (P/E): 140.8
• Beta (1Y): 1.38
• Revenue Growth: -2.21%
• EPS Growth: -46.30%
• Country: IN
• Employees: 5,938
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 2.00
• Shares Outstanding: 1,020,088,100
• 10 Day Avg. Volume: 26,145
• 30 Day Avg. Volume: 24,999
• PEG Ratio: -0.61
• Price to Book (P/B): 1.93
• Price to Sales (P/S): 1.83
• P/FCF Ratio: 420.10
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹1,263.67
• Price Target Upside: 6.47% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 36.9
• Revenue Forecast (FY): ₹533.83B

• Rating: 57 Neutral
• Price Target: ₹1,268.00 ▲(6.83% Upside)
• Action: Reiterated Date: 10/28/25
• Date: Action: Reiterated 10/28/25

Jindal Steel & Power Ltd. receives an overall score of 57, reflecting a stable yet challenging financial outlook. The company's strong operational efficiency and healthy balance sheet are offset by revenue volatility and high capital expenditures impacting cash flow. Technical indicators suggest a neutral to slightly bearish trend, while the high P/E ratio indicates potential overvaluation.

Positive Factors

Operational efficiency (margins)

Stable EBIT (13.42%) and EBITDA (16.82%) margins indicate durable operational efficiency and scale in core steel processes. Such margin stability supports resilience through commodity cycles, funds reinvestment in value-added capacity, and underpins sustainable cash generation over months.

Healthy leverage and equity base

A low debt-to-equity ratio (~0.39) and equity ratio near 55% provide financial flexibility. This moderate leverage reduces refinancing and solvency risk, allowing the company to fund capex cycles and absorb demand shocks without forcing distress sales or heavy external financing over the medium term.

Strong operating cash conversion

An operating cash flow to net income ratio of 3.85 shows the business converts accounting profits into cash efficiently. Robust cash conversion from operations supports working-capital needs and reduces dependency on external funding for near-term investments and operations over the coming months.

Negative Factors

Revenue volatility and recent decline

Inconsistent revenue growth and a recent year-over-year decline create uncertainty in demand visibility. For a commodity-linked steel business, this undermines predictable utilization planning, capacity recovery timelines and makes multi-quarter earnings and margin planning more challenging for management and investors.

Free cash flow strained by capex

A FCF-to-net-income ratio of 0.08 signals that heavy capital expenditure is absorbing most operating cash. Persistently low free cash flow limits ability to de-lever, return capital to shareholders, or build reserves, forcing tougher trade-offs between growth projects and financial prudence over months.

Weaker returns and margin compression

ROE of ~5.96% alongside a declining net margin (~5.61%) implies reduced shareholder returns and potential margin pressure. Over the medium term this can constrain reinvestment efficiency and investor confidence, especially if pricing and input-cost volatility persist across steel cycles.

Jindal Steel & Power Ltd. Business Overview & Revenue Model

Company Description

Jindal Steel & Power Limited operates in the steel, power, mining, and infrastructure sectors in India and internationally. It operates through Iron and Steel Products, Power, and Others segments. The company offers track and crane rails, and flash-butt welded rail panels; and medium and heavy hot rolled parallel flange beams and column sections for use in refineries, metro rail projects, airports, flyovers, power plants, highways, malls, and high rise buildings. It also provides discrete and cut to length plates, and hot rolled coils that are used in general engineering and structural fabrication, railway wagons, pressure vessels and boilers, oil and gas pipelines, bridges and flyovers, shipbuilding, earthmoving equipment, wind mills, and defense equipment; angles and channels for infrastructure, and industrial and light construction segments; TMT rebars; wire rods for various applications; round bars; and fabricated sections. In addition, the company offers suspended concrete flooring systems for use in steel frame structures, RCC frame buildings, poured insitu or precast concrete frames, light gauge steel frames, and conventional structural brick wall constructions; semi-finished products for pipe industries, integrated mills, and rolling facilities; and coal-based sponge iron products. Further, it operates coal and iron ore mines located at various locations in India and internationally; a 3400 MW thermal power plant in Tamnar, Chhattisgarh; and a 258 KM long 400 KV double circuit transmission line to pump the power into the National Grid in India. Additionally, the company produces cement under the Jindal Panther brand; and provides structural steel fabrication and project management services for constructing steel buildings, as well as offers engineering based customized construction solutions. The company was incorporated in 1979 and is based in New Delhi, India.

How the Company Makes Money

JSPL makes money mainly by manufacturing and selling steel and steel-related products. Its core revenue stream is generated from (1) sales of finished steel products (e.g., rails, plates, hot-rolled/cold-rolled coil/sheet, structural sections, and wire rods) to a mix of end users and intermediaries; revenue is typically driven by shipped volumes and realized steel prices, with margins influenced by input costs (such as iron ore, coal/coke, alloys, power, freight) and product mix (value-added products vs. commoditized grades). A second revenue stream comes from (2) power generation and sale of electricity, where earnings depend on plant availability, fuel sourcing/cost, and the extent to which power is used captively for steel operations versus sold externally (where applicable). Additional earnings can come from (3) by-products and ancillary sales associated with steelmaking (such as certain process by-products) and (4) services/other operating income tied to logistics, processing, or project-related activities, where disclosed. Key factors that materially affect how JSPL earns include global and domestic steel demand cycles, infrastructure and capital-spending trends, export opportunities and trade measures, raw-material linkage/security and cost competitiveness, and operating efficiency/scale across its manufacturing and power assets. Specific material partnerships or customer concentration details are null.

Jindal Steel & Power Ltd. Financial Statement Overview

Summary

Jindal Steel & Power Ltd. shows a mixed financial performance. Strong operational efficiency is indicated by a stable EBIT margin of 13.42% and EBITDA margin of 16.82%. However, revenue volatility and a decline in net profit margin to 5.61% pose challenges. The balance sheet is moderately stable with a healthy debt-to-equity ratio of 0.39, but cash flow is strained due to high capital expenditures.

Income Statement

Jindal Steel & Power Ltd. shows a mixed income statement performance. The gross profit margin remained strong at around 53%, and the net profit margin for the most recent year was approximately 5.61%, which is a decline from the previous year. Revenue growth has been inconsistent, with a notable decline in the most recent year, indicating some volatility in revenue streams. The EBIT margin was 13.42%, and the EBITDA margin was 16.82%, showing stable operational efficiency despite revenue fluctuations.

Balance Sheet

The company's balance sheet reflects moderate financial stability. The debt-to-equity ratio is 0.39, which is relatively healthy for the steel industry. Return on equity has decreased to 5.96%, signaling reduced profitability for shareholders. The equity ratio stood at 54.96%, indicating a solid equity foundation. Despite some fluctuations, the company's leverage remains under control.

Cash Flow

Cash flow analysis shows challenges in free cash flow growth, which was negative due to high capital expenditures. The operating cash flow to net income ratio was strong at 3.85, indicating efficient cash generation from operations. However, the free cash flow to net income ratio was only 0.08, reflecting strain on free cash flow due to investment activities. This suggests a need for cautious capital management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	484.42B	497.65B	500.27B	527.11B	510.86B	345.41B
Gross Profit	261.48B	258.06B	277.45B	280.30B	303.28B	235.27B
EBITDA	83.22B	81.82B	100.96B	97.27B	171.47B	143.49B
Net Income	29.66B	28.12B	59.38B	31.74B	57.53B	36.34B
Balance Sheet
Total Assets	0.00	858.39B	787.15B	694.27B	766.44B	778.40B
Cash, Cash Equivalents and Short-Term Investments	56.61B	58.85B	44.60B	51.67B	38.71B	69.77B
Total Debt	0.00	184.06B	164.72B	130.46B	135.02B	299.10B
Total Liabilities	-474.19B	384.20B	339.65B	304.08B	395.48B	469.04B
Stockholders Equity	474.19B	471.85B	443.16B	387.07B	356.25B	318.14B
Cash Flow
Free Cash Flow	0.00	2.17B	-25.09B	8.27B	131.03B	111.03B
Operating Cash Flow	0.00	108.24B	60.08B	72.76B	160.48B	119.61B
Investing Cash Flow	0.00	-123.23B	-83.44B	-40.90B	-23.31B	-18.84B
Financing Cash Flow	0.00	8.09B	13.81B	-25.00B	-151.20B	-46.12B

Jindal Steel & Power Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1186.90
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:JINDALSTEL, the sentiment is Positive. The current price of 1186.9 is below the 20-day moving average (MA) of 1207.78, above the 50-day MA of 1133.91, and above the 200-day MA of 1032.72, indicating a neutral trend. The MACD of 11.46 indicates Positive momentum. The RSI at 51.17 is Neutral, neither overbought nor oversold. The STOCH value of 29.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:JINDALSTEL.

Jindal Steel & Power Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NMDC	75 Outperform	₹700.36B	10.41	―	4.05%	20.05%	15.58%
GPIL	75 Outperform	₹170.44B	28.50	―	0.39%	-0.96%	-11.90%
SAIL	73 Outperform	₹635.27B	40.58	―	1.21%	6.45%	1.13%
JINDALSAW	69 Neutral	₹126.88B	10.37	―	1.18%	-13.69%	-30.57%
LLOYDSME	67 Neutral	₹626.01B	16.62	―	0.07%	22.86%	20.96%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JINDALSTEL	57 Neutral	₹1.21T	140.76	―	0.20%	-2.21%	-46.30%

Jindal Steel & Power Ltd. Corporate Events

Jindal Steel Wins Preferred Bidder Status for Key Odisha Iron Ore Block

Jindal Steel has been named the preferred bidder by the Government of Odisha for the Rengalaberha North-East Extension and Nuagan West iron ore block in Keonjhar district, following an online auction process. The 84-hectare block, explored to G2 level and estimated to hold about 38 million tonnes of iron ore, attracted a final price offer from Jindal Steel of a 111.15 percent premium to the state government.

Securing this block strengthens Jindal Steel’s captive raw material base, reinforcing its mine-to-metal model and potentially improving long-term supply security for its integrated steel operations. The award also underscores the company’s aggressive resource-acquisition strategy in Odisha, with implications for its cost structure, competitive positioning in the domestic steel market, and the state’s mineral revenue stream.

Jindal Steel Lines Up Investor Meetings With Major Mutual Funds in Mumbai

Jindal Steel Limited has announced a scheduled series of analyst and institutional investor meetings in Mumbai on March 10, 2026, including group and one-on-one interactions with major fund houses such as ICICI Prudential Mutual Fund, HDFC Mutual Fund, Birla Mutual Fund, Kotak AMC, Bandhan Mutual Fund, Invesco Mutual Fund, and Pictet. The planned engagements underscore the company’s ongoing investor-relations efforts and signal continued interest from large institutional stakeholders, although the timetable remains subject to change based on logistical exigencies for the company and participants.

Jindal Steel Schedules One-on-One Meets With Global Investors in Mumbai

Jindal Steel Limited has announced that its representatives will participate in one-on-one meetings with leading global financial institutions, including JP Morgan Chase & Co. and Goldman Sachs & Co., in Mumbai on February 26, 2026. The scheduled analyst and institutional investor interactions underscore the company’s ongoing efforts to maintain active engagement with the investment community, which can influence market perception and support transparency for shareholders, though the timetable remains subject to change.

The meetings are being disclosed in line with Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements, highlighting the company’s adherence to regulatory norms and formal communication practices. By making this schedule publicly available and hosting details on its website, Jindal Steel reinforces its commitment to corporate governance and continuous information flow to market participants and other stakeholders.

Jindal Steel Schedules Analyst and Investor Meetings for February 25, 2026

Jindal Steel Limited has announced its participation in upcoming analyst and institutional investor interactions in line with disclosure requirements under SEBI’s listing regulations. The company’s representatives will attend the IIFL 17th Entrepreneurial India Conference 2026 in Mumbai and the DB India Credit Connect meeting in Delhi on February 25, 2026, through group and one-on-one formats, with the schedule subject to change.

These planned engagements underscore the company’s ongoing efforts to maintain active communication with the investment community and enhance transparency around its business outlook and performance. The intimation, which will also be available on the company’s website, signals continued focus on investor relations and may support informed decision-making by shareholders and market participants.

Jindal Steel Faces Non-Material GST Demand After Odisha Tax Audit

Jindal Steel Limited has disclosed that it received a GST demand order from the Joint Commissioner, CGST & Central Excise, Rourkela Commissionerate, following a GST audit in Odisha for FY 2021-22 and 2022-23, alleging excess availment of input tax credit amounting to Rs 2.15 crore, plus interest and a penalty of Rs 21.53 lakh. The company stated it is reviewing the order and considering necessary actions, including an appeal where required, while emphasizing that the amounts involved are not material and are not expected to affect its financials, operations or other business activities, suggesting limited immediate impact for shareholders and other stakeholders.

Jindal Steel Grants Over 5.7 Lakh Stock Options Under 2022 Employee Scheme

Jindal Steel Limited has approved the grant of 571,909 stock options to eligible employees of the company and its subsidiary under the Jindal Steel Employee Benefit Scheme 2022, as cleared by the Nomination and Remuneration Committee on December 20, 2025. The options, which are compliant with SEBI’s Share Based Employee Benefits and Sweat Equity Regulations 2021, will convert one-for-one into equity shares with a pricing formula of face value plus 50% of the market price, vest in five equal annual tranches of 20%, and can be exercised within five years of vesting, reinforcing the company’s long-term employee retention and alignment strategy.